How did the foreclosure crisis get out of hand? Read below.
Where U.S. Homeowners Are Losing Value Fastest |
Homeowners with Citigroup loans in foreclosure-rich Virginia Beach, Va., and Orlando, Fla., are in luck. The mortgage giant announced today that it will impose a moratorium on most foreclosures and modify $20 billion in mortgages to enable homeowners who are not behind on their loans, but in danger of falling behind, to avoid foreclosure. |
Those that don’t fall under the plan? They’re in hot water. Well, underwater. |
Virginia Beach homeowners who bought homes this year possess a paltry 5.2% of home equity, and 34.5% owe more on their property than it’s worth, according to Zillow.com, a real estate research group. That’s the worst rate in the country. Even in Orlando and Miami, two cities hammered by bad loans and home-equity dips, only 30% and 29% of homeowners are underwater, respectively. It’s a similar story in El Centro, Calif., Bakersfield, Calif., and Cumberland, Md. |
What’s certain to follow? Foreclosures.
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Here is a great resource to help A Foreclosure Survival Guide
www.stopbankforeclosurestips.com/website/sales.html
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The new government program has to many hoops for people to qualify or too much discount for lenders to release their current loan
Hope for Homeowners will be offering a 30 year fixed rate mortgage meaning the borrower’s last payment will be the same as the first payment except for escrow fees. The Hope for Homeowner program will maintain FHA’s long standing requirement that new loans be based on a families ability to repay the mortgage. Only owner occupants are eligible for FHA-insured mortgages. |
Their mortgage debt-to-income must be at least 31 percent;
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The new HOPE for Homeowners mortgage payment must be at or below 31 percent of the borrower’s income, unless there is “trial modification” period prior to loan application. A trial modification would give borrowers the opportunity to demonstrate their capacity and willingness to make a mortgage payment that does not exceed 38 percent of their monthly income.
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Here is a great resource to help A Foreclosure Survival Guide
www.stopbankforeclosurestips.com/website/sales.html
Just copy and paste in your browser.
Tags: Uncategorized
