Foreclosure Prevention Scams
Posted on Created: Monday, 07 September 2009 14:01
Many Americans are in trouble when it comes to their mortgages these days.  Foreclosures are on the rise, in part because of the economic crisis, and preventing yourself from falling behind on payments is at the forefront of your mind if you are a homeowner these days.  There are many resources available for homeowners who are falling behind on payments, but there are also many people out there who are looking to scam these needy homeowners.                  Many of these people advertise “foreclosure-prevention services” for just over a thousand dollars.  Homeowners usually assume that this is a small price to pay for the dividends that will come from the services.  However, the only thing that the homeowners gain is a whole lot of anxiety about lost time and money.  As if losing the thousand dollars that they invested in foreclosure protection, homeowners lose weeks, or even months, of valuable market time, because all that time looking into foreclosure pro ...
 
Fannie and Freddie Back...Sort of
Posted on Created: Wednesday, 02 September 2009 11:55
Lenders Fannie Mae and Freddie Mac were recently taken over by the federal government.  This was bad news for those who were counting on low-income housing, the reason being that companies such as Fannie Mae and Freddie Mac were providing the large majority of the required funding for these low income houses.  Once companies like these were repossessed by the federal government, all of the funds previously allocated to the low-income housing projects went right out the window.                  The reasons why these two major companies were repossessed are many.  Under the new Obama administration, America hoped that the real estate market would be rejuvenated.  While Obama tried to fix the problem with his new housing program, it failed to achieve the desired results.  Many complained about a gap in communication between the companies and the consumers, and this was evidently blamed on companies such as Fannie Mae and Freddie Mac.                 ...
 
Home Sales at 2-Year High
Posted on Created: Tuesday, 01 September 2009 15:07
For the majority of the last few years, the housing market has looked bleak.  Foreclosures have been increasing at an alarming rate recently, construction of new homes had slowed considerably, and overall sales were obviously down.  However, it appears as if the worst is behind us, and we have a special tax credit to thank.                 Home sales in July rose to a two-year high.  This is due to two factors almost entirely:  home prices that remain about 30 percent lower than mid-2006 levels and a special 8,000 dollar tax credit for first time buyers.  The opportunity for buyers to claim this tax credit ends on November 30, so experts say the increased numbers in sales is due to a rush in buying by consumers who wanted to take advantage of the opportunity.  In fact, experts say that this special tax credit spurred 350,000 sales that would not have occurred otherwise.                 Home prices are also beginning to stabilize, causing an additio ...
 
Low-Income Apartments Lose Funding
Posted on Created: Monday, 31 August 2009 14:25
Yet another problem has been exposed by the recent financial crisis in America.  The housing market has suffered a huge blow, but it gets even worse, especially for Americans looking for low-income housing.  It appears that funding for low-income housing has decreased by more than half since last year.  This could be a disastrous situation for an already depleted American real estate market.   True, there are many, many homes sitting on the market untouched, but for certain brackets of America, these homes are unaffordable.                  Many Americans were counting on low-income housing, such as apartments, built for the express purpose of providing such citizens with a home.   Without funding for these apartments, many of these low-income Americans will join the ranks of the homeless.  This would cause a subsequent decrease in the economy, because these Americans will be putting less money back in the market.                 What has cause ...
 
Loan Modifications Aren’t Getting It Done
Posted on Created: Wednesday, 12 August 2009 15:13
Is President Obama’s new loan modification program really working? Sure, it was a great idea- and a necessary one, at that. It aimed to help out 500,000 floundering customers in need of a modification on their loan by the end of this year. However, new data suggests that this may not do enough for the American people. Foreclosure rates are at an all-time high, and more people may be losing their homes than getting help. In addition, many Americans who aren’t at the point of foreclosure just yet, but still need help in order to avoid getting there, are being passed up because there are more pressing matters; namely, already-foreclosed Americans. If the people who are just about to fall into foreclosure cannot be helped, then that means there will be a steady influx of Americans falling into foreclosure, and the government will never catch up with the number of ailing homeowners. True, the program is young (it started just a few months ago), but it is not curbing the number of ...
 
Scam Artist Run Rampant
Posted on Created: Friday, 31 July 2009 11:17
In a real estate market like this, where potential homeowners are eager to get a good rate from the bank, the last thing that one wants to hear about is a scam. However, prosecutors all over the nation, almost two hundred of them, in fact, are suing lenders for allegedly squandering loan applicants out of money. The ones being sued advertise as “loan modification consultants”, and are supposed to be working with the consumer to get the best deal possible on a loan. However, many of these consultants appear to have been corrupted, and have been giving raw deals to their clients. As if consumers in today’s market don’t have enough to worry about. Their problems range from increased competition on foreclosed homes to low job confidence due to the economy. Now, when one wants to get a better deal on their loan to save money, one must first make sure that the loan consultant that they are seeing is credible enough to do business with. Offenses attributed to some of these consu ...
 
Mortgage Applications on the Rise Again
Posted on Created: Sunday, 19 July 2009 20:23
A few weeks ago, mortgage applications were declining, and had been for the past seven months. This is due to many factors, including the bad state of the economy and overall job uncertainty. However, last week, mortgage applications rose from those low numbers by almost eleven percent. The slide in demand for mortgage applications appears to have reached its bottom. The rates of these applications themselves remain unchanged, but the number of actual applications is on the rise. This is good news for a flailing real estate market, because it signifies that more Americans are secure in their jobs and willing to put some money out there. The actual figure of these applications is 493.1, which is a 10.9 percent increase from the preceding week, when applications slid again. However, mortgage applications were not the only aspect of the market on the upswing. Purchase rates and the refinancing index also experienced a rise by 6.7 and 15.2 percent, respectively. In an era when ma ...
 
 
 

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