|
|||||
|
The Associated Press recently reported that more people are dropping out of the Obama administration’s loan modification program — a sign, experts say, that foreclosures will rise and cause further damage to an already weakened housing market. The Treasury Department says that, of the 1.3 million homeowners who enrolled in the program since March 2009, 530,000 … Continue reading More Homeowners Leaving Government Loan Program While the 30-year mortgage rate increased, the rate for the 15-year mortgage went down to a record low. The Wall Street Journal reported that the 30-year rose slightly from 4.78% last week to 4.79% for the week ending June 3. Meanwhile, the 15-year rate dropped from 4.21% last week to 4.2% this week — the … Continue reading Affordable Financial Services Weekly Finance Review April was one of the cruelest months for homeowners seeking aid from the federal government to pay their mortgages. The Washington Post reported yesterday that 280,000 borrowers — or 20% of homeowners — were dropped from the Making Home Affordable program, raising questions about the effectiveness of stemming the tide of foreclosures. Treasury data showed that … Continue reading 1 in 5 Homeowners Dropped from Federal Mortgage Aid Program in April With foreclosures at an all-time high and 25% of homeowners finding themselves underwater on their mortgages, many homeowners find themselves seeking help. CNNMoney.com reported that the Obama administration recently announced that loan servicers will be required to lower balances in the loan modification process. Freddie Mac and Fannie Mae — two government-controlled mortgage owners — say … Continue reading Where Can You Get Help With Your Mortgage Payments? Bloomberg News reported today that 23% of mortgage holders owe more than what their home are worth in the first quarter of 2010. According to Zillow, a property data provider based in Seattle, more than one in 1,000 homes were repossessed by lenders in March — the highest rate since Zillow recorded such data in … Continue reading More Than 20% of Homeowners Say They’re Underwater A recent article in the New York Times discusses the new phenomenon of voluntary defaults on mortgages. While it has always been common for homeowners who could not afford to pay to default on their mortgages, the economic crisis has given rise to a new trend of people who voluntarily choose not to pay. Despite programs … Continue reading Walking Away From Your Home |
 |
||||
|
Copyright © 2012 Affordable Financial Services Blog - All Rights Reserved |
|||||
Recent Comments