Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions.
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Help with a down payment With most lenders requiring borrowers to put down at least 20 percent as a down payment – unless using an FHA or VA loan, or purchasing mortgage insurance – the best holiday gift some people might receive would be help with a down payment on a house.
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Recently enacted California legislation, CCP §580(e), was originally intended to put individual short sale sellers of 1-4 units, with regard to deficiency issues, in the same position as foreclosed individuals by prohibiting lenders in first position from seeking a deficiency after the short sale had closed. Even more recently the deficiency protection for borrowers in this section has been expanded to include junior lien holders.
While at first glance this revision appears to aid homeowners, it could mean that junior lienholders may no longer approve short sales.
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Buyers’ lenders don’t want a buyer who overpays meaning that said buyer is already ‘underwater’ after their Lender’s appraisal, a leading cause of escrow’s often falling out. House hunt in these neighborhoods…
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Despite continuing low mortgage rates, one prominent Detroit bankruptcy attorney says ARMs remain a looming danger and should be avoided.
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Please contact Congress today and ask them to make it clear to the regulators to implement a more reasonable QRM that will keep credit-worthy buyers in the market and able to acquire a loan.
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“The Obama administration proposes to reduce the “footprint” of Fannie Mae and Freddie Mac by reducing the ceiling on loans that the two government-controlled lenders can guarantee as of October 1, 2011. Current federal law allows the two agencies to guarantee mortgages up to $729,750 in some high-home price areas. The administration recommends that Congress [...]
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