If you are in the market for a new home, now is the time to lock in a record low interest rate on your mortgage. NEW YORK (Reuters) – Interest rates on standard U.S. 30-year mortgages dropped in the latest week to levels just shy of record lows as concerns of a deepening recession boosted [...]
The country is in a recession and consumers are feeling the pinch of the credit crunch. With banks tightening their lending, it’s becoming more and more difficult to get auto loans, mortgages and even credit cards. However, there are ways to reach your credit goals if you’re diligent. The credit crunch is affecting consumers in [...]
Those who are facing debt problems should consider the government grant programs that will provide money that you never have to pay back. While these programs have been around for several years, it has only been recently that the federal government has been aggressive about funding and promoting these options. Government grants for debt relief [...]
It seems as if the housing market is the key to the current financial crisis. When can we expect to see a recovery in the housing market? It looks like the U.S. homebuilding story entering 2009 may be much like 2008, with weak demand, high cancellations, lower pricing, and industry inactivity. Current housing market conditions remain weak, [...]
Continue reading about When Will The Housing Market Recover?
Up to this point, the federal government has seemed to have, ”miss the boat”, when it comes to repairing the country’s economic woes. Apparently you have to be behind in mortgage payments to benefit from the latest proposed foreclosure bailout. WASHINGTON – With foreclosures spiking, the Federal Reserve is taking steps to try to keep some distressed [...]
Continue reading about Will Fed’s Proposed Foreclosure Plan Work?
If you are paying too much every month for your mortgage it may be time to refinance. A drop in interest rates could mean big savings for you. If you have made your payments on time and have a good overall credit score refinancing at a lower mortgage rate could lower your monthly payment and help you [...]
Continue reading about Should You Refinance Your Home Mortgage?
In the face of an intractable credit crisis and a recession that could be the deepest since World War II, economists are expecting another downcast year for housing in 2009. Mission Residential Chief Economist Richard Moody, for example, projects home prices to continue along their downward slope for the entire year before hitting bottom in [...]
Homeowners looking for government assistance with increasing mortgage payments may have some good news. Unfortunately, Bush’s recent plan leaves many struggling families out of the deal. This article published on 12/18 outlines some of the specifics, what the mortgage bail out means to you: On Dec. 6, Treasury Secretary Henry Paulson, with the support of [...]
If you rent a home that is in danger of going into foreclosure or already has, there is good news for you this holiday season. PHILADELPHIA (Reuters) – Fannie Mae will allow tenants to remain in their homes and avoid eviction even if the building’s landlord goes into foreclosure, The Wall Street Journal reported on Sunday. Fannie [...]
What’s the best way to go about reworking your mortgage terms? Here’s what you need to know. Get the proposals Let’s look at the programs that have been proposed. The FDIC has a proposal for mass loan modifications for troubled borrowers. Sheila Bair, the FDIC chair, said that program could potentially prevent 1.5 million foreclosures. [...]
