$25 Billion Mortgage Settlement: What It Means To You

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After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers: Ally/GMAC, Bank of America,Citi, JPMorgan Chase, Wells Fargo . The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments [...]

The State of the Union Address and Obama’s Housing Plans

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I admittedly missed the Presidential address last night, but found the entire speech online and read it. Wow – this President has a fantastic speech writer, it made me feel very Patriotic and teary reading it over my morning coffee.  No matter if you are on the left or right of the issues, I have [...]

Interest Rates Hit New Low: Flirting with 4%

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Could now be the time to get off the proverbial fence and buy a new home?  Some homeowners are concerned that if they sell their current residence they may lose money, or only break even with today’s real estate prices.  However with the new interest rates flirting with 4% (or even 3% if you do [...]

Could HARP Fix Your High Interest ARM Loan?

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Traditional loan modifications, including the federal Home Affordable Modification Program (HAMP) have failed miserably to relieve struggling homeowners of mortgage payments they simply cannot afford. The largest lender in the program, Bank of America, has completed modifications for fewer than 2 percent of the 200,000 borrowers it has enrolled! Foreclosures continue to climb.  I recently [...]

Wait – My Dream Condo Can’t Be Financed?

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I can’t tell you how many times we have worked with buyers who want to purchase a condo in a condo building that is not FHA approved, and thus they cannot obtain financing for a mortgage.  They are so disappointed because it was the perfect condo for them.  Seems ridiculous doesn’t it?  A willing and [...]

3 Major Loan Servicers Denied Government Financial Incentives

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Big news today  for Tampa homeowners who are under water on their home.  The Treasury Department is withholding financial incentives from 3 of 10 of the major mortgage servicers participating in President Obama’s Making Homes Affordable program loan modification program and the HAFA short sale program. For the first time, the administration’s monthly “housing scorecard” [...]

Do you Qualify for a Loan Modification? Free Online Calculator

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The Treasury Department is offering a free online calculator that helps borrowers estimate whether or not they qualify for the Home Affordable Modification Program ( HAMP). The calculator is available at checkmynpv.com. In the two years since its launch, HAMP has helped more than 270,000 borrowers receive permanent loan modification, thus lowering their monthly mortgage [...]

Obama Calls for Principal Reductions, Longer Term Modifications

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The following article was released May 12th and we wanted to post it in its entirety. President Obama said that struggling homeowners need even more help from the banks, in a CBS town hall that aired Thursday. Calling housing “the biggest headwind on the economy right now,” Obama broached two relatively new ideas for the [...]

Rate on 30 Year Mortgages Falls to 4.8%

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Great news via the Wall Street Journal!  Mortgage rates this week fell for the first time in more than a month, with the average rate on a 30 year fixed mortgage falling to 4.8%.  Rates have been going up mostly as of late with increases the previous four weeks, after declining much of last year.  [...]

FL Law Firm Settles in Robo Signing Case

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A Fort Lauderdale based law firm is the first in the U.S. to agree to pay a settlement in the latest robo signing scheme for mishandling foreclosures. The law offices of Fort Lauderdale based Marshall C. Watson, which handled one of the largest volumes of foreclosures for Freddie Mac until the government withdrew its business [...]

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