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Foreclosure prevention funding application deadline is Sept. 16
August 12, 2011 By Leave a Comment
There’s still time for homeowners facing foreclosure to apply for the Emergency Homeowners’ Loan Program (EHLP) through the PA Housing Finance Agency (PHFA). The deadline to apply for EHLP assistance is September 16.
Pennsylvania received $105 million to aid homeowners facing foreclosure through the U.S. Department of Housing and Urban Development (HUD). This foreclosure prevention program is intended to help families in danger of losing their homes due to involuntary unemployment, under-employment or for medical reasons. [Read more...]
A Little Known Strategy for Cutting Mortgage Payments – “Recasting”
January 11, 2011 By Leave a Comment
Recently the New York Times printed an interesting article on the concept of “recasting” as a means of lowering mortgage payments. From the article:
“A little-known strategy, called “recasting,” or “re-amortization,” is available through some mortgage lenders and servicers. It involves paying off a lump sum of the principal amount and asking to have the monthly payments reset according to the original interest rate and loan terms. The lump sum reduces the principal, so your new monthly payments decrease slightly and you save on interest paid over the life of the loan.”
One of the primary appeals of recasting is that it typically involves no (or a small) fee and doesn’t require the credit requirements of refinancing.
To learn about recasting (and perhaps help some of your clients who may be looking for ways to lower payments) check out the full article here.
(If the link is not working, cut and paste the following in your browser: http://nyti.ms/fdHPlN)
Fannie Mae offers option to save home from foreclosure – “Deed for Lease”
November 18, 2009 By Leave a Comment
Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the options of renting their homes for a year. The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether it will only add to the mushrooming losses at the company, which has received billions in taxpayer money. The new “Deed for Lease” program allows homeowners to transfer title to Fannie Mae and sign a one-year lease, with potential month-to-month extensions after that. It also helps to save money because the lender does not need to complete the often lengthy and time-consuming foreclosure process. Fannie Mae executives said the rental program is designed to help delinquent homeowners who do not qualify for a loan modification, but still want to stay in their home. Click here for more information.
50% of Foreclosures Concentrated in 1% of the Country
March 10, 2009 By Leave a Comment
Nearly 12 percent of all American home owners with a mortgage–a record 5.4 million–were one month late or actually in foreclosure at the end of 2008, according to data from the Mortgage Bankers Association. Among home owners with subprime adjustable-rate mortgages, 48 percent are behind in their payments. The increase in foreclosures is being fueled by rising unemployment.
While numbers of foreclosures are declining in states that were initially hardest hit by the crisis, the situation is getting worse in Texas and New York City, places that appeared early on to be immune from the problem. Meanwhile, a report by RealtyTrac shows that most of the 1.5 million foreclosures in 2008 were focused in 35 counties. These locales represent about 1 percent of all the counties and are clustered in Michigan, Ohio, Southern California, Nevada, Arizona, South Florida and Washington, D.C. One quarter of last year’s foreclosures happened in just eight counties in Arizona, California, Florida and Nevada, places where the market boomed and prices skyrocketed. About 20 percent of U.S. households live in these key counties, but they account for more than 50 percent of the foreclosures last year. In more than 650 other counties nationwide – about 20 percent – foreclosures have actually dropped since 2006.
Why You Shouldn’t Keep a Mortgage Just for the Tax Deduction
This is a post from CJ at WiseMoneyMatters.com. This post represents CJ’s viewpoints, which are not necessarily my viewpoints. (Although I, too, hope to pay off my mortgage early.)
I think this logic is misguided. Let me show you why. [Read more...]