Commercial Real-Estate Crush, The Next Crisis Not to Be Wasted?
Monday 6th of September 2010 06:21:32 AM
Posted by admin / Under Refinancing
| As I walked home recently from a weekend trip to the grocery store, I passed a total of 13 vacant offices with signs saying "for lease" or "for sale." These spaces ranged from approximately 500 to 5,000 square feet according to their signs, and they are stretched along a main, commercial street in the center of Tucson, AZ. There is also an eight-screen movie theater that sits empty as well. These empty commercial spaces ... are empty now, and have been for quite some time. I found it intriguing that both in the central portion of Tucson and also in... |
Refinancing lifeline fails to reach most 'underwater' homeowners
Monday 6th of September 2010 06:21:32 AM
Posted by admin / Under Refinancing
| Refinancing lifeline fails to reach most 'underwater' homeowners Federal plan misses about 97 percent of eligible borrowers By Renae Merle Saturday, October 24, 2009 A seven-month-old government program to help homeowners with little or no equity refinance their mortgages has so far reached fewer than 3 percent of those targeted, with many struggling borrowers deciding that the benefits of a new loan aren't worth the closing costs. This lackluster performance reflects the difficulty of helping the growing segment of "underwater" homeowners -- those who owe more than their home is worth. The program is a key component of the Obama... |
Commercial Real Estate Next Big ‘Shoe to Drop’
Monday 6th of September 2010 06:21:32 AM
Posted by admin / Under Refinancing
| Describing it as a developing story, Fox News Channel’s Bret Baier just reported that President Barack Obama was briefed today about “the next big financial shoe to drop” — commercial real estate. It dovetails perfectly with what I reported nine months ago in a post, Trendwatcher: ‘Crash of ‘09? Will Be Worst Ever", and portends of more radical financial shenanigans — bailouts, stimulus packages, etc. — coming out of Washington, D.C. |
Refinance Rules Expanding to 125% Loan-to-Value
Monday 6th of September 2010 06:21:32 AM
Posted by admin / Under Refinancing
| Homeowners taking part in the Obama administration's housing rescue program through Fannie Mae and Freddie Mac will now be eligible even if their loan-to-value ratio is up to 125 percent. That means they can have up to 25 percent negative equity and still get a refinance.The rule changes, part of the government's attempts to restore housing affordability and stem the foreclosure crisis, apply to loans backed up by Fannie Mae and Freddie Mac.Previously, homeowners could borrow up to 105 percent of their home's value. The new loan-to-value ratio is set up at 125 percent in a further effort to address... |
Tough Workouts - Yahoo Finance and CNNMoney
Monday 6th of September 2010 06:21:32 AM
Posted by admin / Under Refinancing
| Case 1: "They want to stay in the house; they've lived there for 15 years and, well, it's home. They're way underwater, owing about $510,000 on a property not worth much more than $350,000 right now..." Case 2: "She has been in the home for 23 years, but family health problems, divorce and economic factors have conspired against her and she's never been able to substantially pay down the loan." |
Low Mortgage Rates to Spur New Wave of Defaults
Monday 6th of September 2010 06:21:32 AM
Posted by admin / Under Refinancing
| Low Mortgage Rates to Spur New Wave of Defaults Posted on December 26th, 2008 Talk about unintended consequences. The following is significant insight from the street level. This is especially important for those of you thinking that these low mortgage rates will lead housing and the consumer to the Promised Land. /snip These days the process has changed a bit. Now the first thing done after the loan application is taken is to call the appraiser for a comparable sale check to see if the value at which the home owner states the house is worth is on target. Therein... |
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