Suze Orman on Underwater Mortgages
Home Ownership at 46-Year Low
Couple Threatens to Foreclose on BofA
MORTGAGE RATES » Home Mortgage Loan News
Thousands of homes in foreclosure have been waiting to be processed by mortgage lenders are finally beginning to make their way through the pipeline, says a new report by RealtyTrac, an online marketplace for foreclosed properties. As a result, the number of filings climbed by 7 percent in October.
Delayed Foreclosure Paperwork Finally Being Processed 
Two recent reports have highlighted the unwanted yet very real link between foreclosure and homes with an underwater mortgage. One report found the foreclosure process is moving so slowly throughout half of the country, it could take decades to clear millions of delinquent and foreclosed homes. In the second separate report, the delayed foreclosure process was blamed for a sharp increase homeowners saddled with negative equity.
Backlogged Foreclosure Could Take Decades to Clear
The struggling housing market is expected to see home values fall even further in the coming months, causing a triple dip. According to Fiserv, a financial analytics company, home values will likely fall another 3.6 percent by June 2012.
Home Values to Drop to 35 Percent Below the Peak in 2006
Fiserv revealed on Monday that the besieged housing market is still on a downward spiral as home values continue to fall. With prices expected to drop until at least the summer of next year, they are likely to reach a new low of 35 percent below the peak reached in early 2006.
President Barack Obama is set to announce changes to the government’s Home Affordable Refinance Program (HARP) on Monday. The mortgage refinance program, which has been criticized in the past for not impacting the number of homeowners intended, is expected to adjust its requirements so that it will be easier for borrowers to capitalize on current low-interest rates even if they owe much more than their homes are worth.
HARP Refinance Program Struggles to Help Intended Borrowers
Two U.S. Senators are preparing to introduce a bipartisan bill which provides non-U.S. citizens residence visas if they purchase homes within the country. According to a new report from the Wall Street Journal, the bill is designed to help the suffering housing market and encourage foreign investment in the United States.
Bill Will Grant Visas to Home Buyers Spending $500,000+
Government officials and big banks are working on a plan to make refinancing available to some borrowers who are saddled with underwater mortgages, according to a new report from the Wall Street Journal. Sources close to the matter say the refinancing plan will only apply to mortgages owned by banks currently working with officials.
Plan to Help Borrowers Who Lack Equity in Homes
As home prices continue to plummet and unemployment remains a huge problem, more and more homeowners are turning in the keys to their homes and refusing to make any more payments on their mortgages. However, walking away from an underwater mortgage, known as strategic default, has long been a subject of controversy and often viewed as highly irresponsible– until now.
There are many events in life that require the answer to the question: Are you ready? One of the biggest is buying a house. This huge financial investment requires a lot of thought behind the decision to take the plunge, including finding the best mortgage rates and saving enough to make the required down payment.
The mortgage world has had ups and downs over the past couple of days with mortgage rates dropping below 4 percent for the first time ever, while home ownership dropped to the lowest point in over 70 years. One bit of data would normally impact the other in a healthy housing market, which shows just how badly turned upside down the market truly is.
30-Year Fixed Mortgage Rates Drop Below 4 Percent
Millions of current and former homeowners will have an opportunity to have their foreclosure cases examined to determine whether they should be compensated for banks’ mistakes. A sweeping review of how mortgage loans for homes going through foreclosure have been managed over the past couple of years is being planned by federal regulators, according to a recent Wall Street Journal story.