www.themortgageadvantage.com It’s official. Our government is slowly killing the Arizona housing market. President Obama torpedoed the already distressed home financing industry by announcing the gradual raising of down payments to a minimum of 10% on conventional loans. He touted a 2009 survey by the Federal Reserve Bank of St. Louis that reported families who placed minimum down on their home purchases were more likely to default. Really? 2009 is eons ago in housing terms and those figures are probably reflective of the 100% loans offered from 2004 through 2007. But you would have to actually pay attention to today’s numbers to know families aren’t ‘Toughing it out’ in a house that has lost 50% (or more) of its value, no matter what they put down. In 2004 studies surfaced proclaiming 100 percent financing was hunky dory. At that time housing prices were increasing, the economy was swinging. What could possibly go wrong? Or maybe it was the same survey that reported the more paperwork you sign, the less likely you will foreclose. “Homes Are Now Difficult to Buy” incentive program, or HAND in keeping with the governments love of catchy acronyms, was joined by FHA’s broadcast of a second mortgage insurance premium (MIP) increase in six months to help shore up its reserves. Before September, the monthly MIP on a 0000 FHA loan was .66. After April it will be 1.67, that’s right, a 0.00 a month jump in payment. In the 30’s the government stepped in to save the …
The NY Times finally spilled the beans on how you can possibly get lower monthly payments, a 3% interest rate (for awhile at least) and reduction in how much you owe on your mortgage. For more info please visit www.MortgageReliefFormula.com
Background on NACA’s “Save the Dream” program, which has helped homeowners across America restructure and renegotiate home mortgages and home loans they can no longer afford. For more information, please go to www.naca.com
Hello everyone, and welcome back from a nice long three day Labor Day weekend! I just wanted to share with everyone a short sale success story from the buyer point of view. I am currently representing an FHA buyer who got their offer accepted on an approved short sale with two different lenders. This home is probably worth 335k and we got our offer accepted at 305k. That is great news as long as we follow the banks rules that they set forth. Here are the terms of the short sale approval. The purchase price was 305k. The second lien holder wanted my buyer to contribute 9k to them to satisfy their payoff amount. Lastly, we have to close the transaction in 23 days. Lucky enough for everyone involved, my buyer could actually do this and get a great deal on a home that is in awesome shape! We are still in the middle of this deal, but our home inspection went well on Saturday and the loan is looking good. Most lenders would have a very tough time getting an FHA loan done in 23 days. Fortunatley, I work with The Renno Lending Team at Prospect Mortgage here in Valencia and they know how to get it done!!!! Keith and Jason Renno just closed a similar loan for me last month in 20 days. My buyer is looking forward to getting this deal done and moving into their new home at an awesome price. This proves that there are some great short sale buys out there for buyers who can follow the banks rules and get escrow closed quickly. If you are a buyer interested in a short sale listing …
1stopforeclosurehelp.net 9 ways to get stop foreclosure help and end your foreclosure. Read though at the and see how others stopped their own foreclosure or got the stop foreclosure help they needed.
Financial Theory (ECON 251) This lecture is about optimal exercise strategies for callable bonds, which are bonds bundled with an option that allows the borrower to pay back the loan early, if she chooses. Using backward induction, we calculate the borrower’s optimal strategy and the value of the option. As with the simple examples in the previous lecture, the option value turns out to be very large. The most important callable bond is the fixed rate amortizing mortgage; calling a mortgage means prepaying your remaining balance. We examine how high bankers must set the mortgage rate in order to compensate for the prepayment option they give homeowners. Looking at data on mortgage rates we see that mortgage borrowers often fail to prepay optimally. 00:00 – Chapter 1. Introduction to Callable Bonds and Mortgage Options 12:14 – Chapter 2. Assessing Option Value via Backward Induction 42:44 – Chapter 3. Fixed Rate Amortizing Mortgage 57:51 – Chapter 4. How Banks Set Mortgage Rates for Prepayers Complete course materials are available at the Open Yale Courses website: open.yale.edu This course was recorded in Fall 2009.
www.60minuteloanmod.com LOAN MODIFICATION Hardship letter – IS IT RIGHT FOR ME? Free 60 Minute Loan Modification info CD So here’s some good—though much-belated—news. The folks who regulate nationally chartered banks and thrifts are going to start releasing data detailing if modifcations increase, keep the same, or decrease a borrower’s monthly payments, and then how well those modifications fare over time. (I won’t go into the details here, but a lot of modifications, counterintuitively, don’t lower what a borrower pays each month.) In March, we’re supposed to get data on what’s happened to loans in each category since receiving modifications in the first and second quarter of 2008.
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