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HAMP Home Affordable Mortgage Program Info

Thursday, November 3, 2011
by Tom Stachler,ABR,CDPE - Group One Realty Team

HAMP or Home Affordable Mortgage Program Information

For several years now we have been waiting for a government assist program that would allow homeowners who are upside down (owe more on home than the market value) on their mortgage to at Lease refinance to lower current rates.  Unfortunately, the banker lobbyists would not allow the administration to mandate this type of relief if the amount of the mortgage exceeded 110% of of the market value.  Frankly, they would make more money getting TARP contributions if they foreclosed, so not much incentive to take a long term rate hit.  

With the Occupy Wall Street movement, the coming elections etc, talk has gotten serious again about creating a program that would allow homeowners who do pay make timely payments to refi their higher rate mortgage.  Keep in touch with this governement web site To Get Information on HAMP or Home Affordable Mortgage Program for the latest developments.  

On a related side note, check out this video about a passive way to protest and support the Occupy Wall Street Movement

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MORTGAGE RATES DROP

Friday, August 19, 2011
by Tom Stachler,ABR,CDPE - Group One Realty Team

MORTGAGE RATES CONTINUE THEIR THREE WEEK DROP to hit record low's.  Rates on loans tracked by Freddie Mac are now nearly a full percentage pointe below their 2011 highs seen in February.

Of course this means its a good time to purchase real estate or even re-finance as rates seem to be in the low's 4% range.  That's a new all-time low for 30 yr fixed rate loans according to Freddie Mac records dating to 1971, surpassing the previous record of 4.17 percent set during the week ending Nov. 11, 2010.  

Please Click Here to access the properties for sale inventory within the Board of REALTORS database MLS system. 

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Mortgage Rates Drop

Sunday, January 16, 2011
by Tom Stachler - Group One Realty Team - Real Estate

Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®). The survey results showed lower mortgage rates for both long- and short-term rates, with the 30-year reaching a four-week low.

30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.8 point for the week ending January 13, 2011, down from last week when it averaged 4.77 percent. Last year at this time, the 30-year FRM averaged 5.06 percent.

15-year FRM this week averaged 4.08 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.45 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 percent this week, with an average 0.7 point, down from last week when it averaged 3.75 percent. A year ago, the 5-year ARM averaged 4.32 percent.

1-year Treasury-indexed ARM averaged 3.23 percent this week with an average 0.6 point, down from last week when it averaged 3.24 percent. At this time last year, the 1-year ARM averaged 4.39 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, reports, “Bond yields drifted lower following the release of the December employment report , which was weaker than the market consensus forecast and implied that the labor market is still in a sluggish recovery. Fixed mortgage rates followed bond yields lower for a second consecutive week, bringing them to a four-week low.”

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HAFA Rules Relaxed for Short Sales

Wednesday, January 12, 2011
by Tom Stachler - Group One Realty Team - Real Estate

Welcome to 2011, it is going to be a great year and I'm excited to see where it takes us!

Changing Short Sale Rules - The HAFA program has been a mixed bag, but last week the Treasury Department changed the rules to make short sales easier. 

Here are the primary changes to HAFA: 

- Those seeking a short sale must get an answer within 30 days
- Lender Servicers are no longer required to verify a borrower's financial information
- Lender Servicers are no longer required to determine if the debt-to-income exceeds 31%
- Though Second lien holders no longer must accept 6% of the unpaid balance - 

Overall, these changes should help expedite short sales, which is good news for Home owners, realtors, investors and ultimately the banks.

If you are looking for a way to sell you home that you feel is worth less than you owe on it, we can help.  Please contact us on this link or try the chat button at the bottom of the page.  You can also stop by this helpful short sale information site as we by clicking here.  


Here is to a healthy, wealthy, and exciting 2011!

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Displaying blog entries 1-4 of 4

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