Freddie Mac Offers Distressed Homeowners a Complete Guide to Foreclosures and Alternatives

Freddie Mac is now offering distressed homeowners a complete guide to foreclosure and how to avoid it, from assessing your situation to what to do when your home has been foreclosed on, as part of a new website launched this week as a one-stop resource for homeowners. The "MyHome by Freddie Mac" site offers homeowners … Continue reading Freddie Mac Offers Distressed Homeowners a Complete Guide to Foreclosures and Alternatives

Mortgage rates dip slightly after last week’s high

Average long-term U.S. mortgage rates eased this week after hitting their highest levels this year in the previous week. Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage declined to 4 percent this week from 4.04 percent a week earlier. The rate on 15-year fixed-rate mortgages slipped to 3.23 percent … Continue reading Mortgage rates dip slightly after last week’s high

Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic's April 2015 National Foreclosure Report released Tuesday. Completed foreclosures, which are a measure of homes actually lost to foreclosure, declined by … Continue reading Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

Representative Waters Asks HUD For More Transparency For Non-Borrowing Spouses on HECMs

U.S. Representative Maxine Waters (D-California) has written a letter to Department of Housing and Urban Development (HUD) Secretary Julián Castro asking for relief and more transparency for seniors participating in HUD's Home Equity Conversion Program (HECM). At the center of the issue is the fate of surviving non-borrowing spouses upon the death of the last … Continue reading Representative Waters Asks HUD For More Transparency For Non-Borrowing Spouses on HECMs

January existing home sales come in flat compared to December

2015 sales expected to pick up where 2014 left off By: Trey Garrison, Housingwire.com Auction.com projects that existing home sales for January will fall between seasonally adjusted annual rates 4.9-5.21 million annual sales, with a targeted number of 5.06 million. This suggests that January sales will be up from one year ago and essentially flat … Continue reading January existing home sales come in flat compared to December

Foreclosures Falling, But Delinquency Rate Climbing

The nation's foreclosure inventory fell to its lowest level in almost seven years in November, but the percentage of delinquent mortgage loans is on the rise, according to Black Knight Financial Services' November 2014 "First Look" at Mortgage Data. Delinquent mortgages, which are those more than 30 days overdue but not in foreclosure, jumped by … Continue reading Foreclosures Falling, But Delinquency Rate Climbing

Freddie Mac’s Mortgage Portfolio Expands For Third Straight Month

November marked another month of expansion for Freddie Mac's mortgage portfolio, which grew again as new business ticked up. According to Freddie Mac's monthly volume summary, released Monday, the company's total portfolio ended November at an estimated $1.9 trillion, up an annualized 0.4 percent. Year-to-date, the portfolio's growth rate is an average -0.7 percent, the … Continue reading Freddie Mac’s Mortgage Portfolio Expands For Third Straight Month

Frequently asked questions about buying a short sale – freddieMac

What is a short sale? A short sale occurs when a property is sold at a price lower than the amount the homeowner owes on the mortgage, and the homeowner's mortgage lender(s) agrees to the "short" payoff. A lender might accept a short sale with the property worth less than the balance of the mortgage, … Continue reading Frequently asked questions about buying a short sale – freddieMac

What Sellers should know about the Mortgage Foregiveness Debt Relief Act not being extended

The Mortgage Forgiveness Debt Relief Act applies to homeowners who are NOT insolvent on the date of the sale. The internal revenue code has an existing exclusion of forgiven debt from income when the borrower is insolvent on the date of the sale (IRS Publication 4681). this has been an existing part of the tax … Continue reading What Sellers should know about the Mortgage Foregiveness Debt Relief Act not being extended

Foreclosure and Shadow Inventory Both Decline in February

CoreLogic released its National Foreclosure Report for February, 2014, reporting 43,000 completed foreclosures for the month, a 13.1 percent decrease from January, 2014. Yearly, foreclosures declined 15 percent from February, 2013. Comparatively, foreclosures averaged 21,000 per month before the housing crisis from 2000 to 2006. Since September, 2008, 4.9 million foreclosures have been completed. As … Continue reading Foreclosure and Shadow Inventory Both Decline in February