If you are looking to refinance your home, mortgage rates are currently at their lowest levels in 14 months. However, there are still hundreds of thousands of households in the U.S. that have yet to take advantage of the Home Affordable Refinance Program. The average household saves over 30 percent in monthly payments with a … Continue reading Mortgage refinancing rates at their lowest in 14 months
Tag: refinance
Chase offers no doc refis, principal reduction
JPMorgan Chase ($36.30 0%) went from fast-tracking foreclosures to rubber stamping and pre-approving some borrowers for refinances and even principal reduction. The five largest mortgage servicers signed a $25 billion deal with federal prosecutors and 49 state attorneys general in March to settle foreclosure abuses and documentation problems in the past. Chase agreed to provide … Continue reading Chase offers no doc refis, principal reduction
Speeding Up Short Sales
With rules that take effect next month, federal regulators have hopes of greatly streamlining the short sale process.Starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days. (In a short sale, a lender agrees to accept … Continue reading Speeding Up Short Sales
Foreclosures and resulting blight infest once-safe neighborhoods
Foreclosed homes invite drugs and crime. But the city of L.A. and lenders aren't dealing effectively with the problem.By Hector TobarMay 29, 2012William Perez has been waiting a long time to tell someone all the sad and crazy things he's seen. Perez runs a crew that crisscrosses Los Angeles and the Antelope Valley doing the … Continue reading Foreclosures and resulting blight infest once-safe neighborhoods
Short Sale Incentive
Bank of America is offering to pay delinquent homeowners up to $30,000 if they sell their homes through short sale to avoid foreclosure.The homeowners must start the short sale process by the end of this year and close the deal by Sept. 26, 2013, to be eligible for the incentive. The amount of assistance "will … Continue reading Short Sale Incentive
Boomers and refis: a warning
It’s a mortgage problem that is likely to intensify as homeowning baby boomers by the millions shift into retirement: Though they may have significant financial assets tucked away in retirement accounts, their diminished monthly incomes may not be sufficient to meet some lenders’ hyper-strict underwriting rules. Jim Eberle of McLean, Va., found this out the … Continue reading Boomers and refis: a warning
Technology to support HARP 2.0
First American Title Unveils New Solution in Support of HARP 2.0 First American Title Insurance Company announced Tuesday the availability of Quick Start HARP – a title, signing, and settlement program that features proprietary technology to facilitate the processing of refinance closings under the newly revamped Home Affordable Refinance Program, more commonly known as HARP … Continue reading Technology to support HARP 2.0
1.17 Million Short Sales Initiated through Equator
Equator saw 1.17 million short sales initiated Default servicing technology company Equator says nearly 1.2 million short sales were initiated through its module over the past two years. The company tracks this data through its default servicing platform, which helps mortgage industry clients deal with loan modifications, short sales, deeds-in-lieu, foreclosure processing and REOs. Los … Continue reading 1.17 Million Short Sales Initiated through Equator
Fannie Mae Removes ‘Ability to Repay’ from HARP 2.0 Guidelines
Fannie Mae has updated its Selling Guide to reflect the recently announced changes to the Home Affordable Refinance Program (HARP). Most of the revisions had been previously announced in November, but there’s one nuance that stands out, and until this week, had been absent the HARP 2.0 discussion. Fannie Mae has removed the “reasonable ability … Continue reading Fannie Mae Removes ‘Ability to Repay’ from HARP 2.0 Guidelines
Smaller Mortgage Originators In Demand
Smaller mortgage originators see surge in demand Despite a 2.6% drop in mortgage applications last week, some small mortgage firms say business is booming as homeowners race to nab low interest rates before year end. Leif Thomsen, CEO of Mortgage Master in Walpole, Mass., said about 80% of his firm's business is refinancing. However, he … Continue reading Smaller Mortgage Originators In Demand
The Law Office of Beth Mann, P.C. 