Reverse mortgages are all in the news. Radio and TV ads are produced, paid-for and aired, just to convince our senior population that their financial salvation may lie in a simple “reverse” mortgage. But, are reverse mortgages the panacea, the supreme financial solution, that will cure all ills?

Reverse mortgages represent a small fraction of the mortgage market. But they’re growing fast because of a much touted advantage — they let seniors with small nest eggs tap equity in their homes for cash, without having to repay the loans as long as they stay in the homes. As the oldest baby boomers turn 62 this year, they’re likely to face high-pressure pitches for reverse mortgages. (more…)

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Facing foreclosure, homeowners can still save money, their credit or their house if they act quickly. Even when declaring bankruptcy, avoiding a foreclosure on your credit report can salvage a homeowner’s ability to rebuild credit and buy another house, which makes the struggle against a possible foreclosure well worthwhile.

One thing a beleagured homeowner never should do is to sign over the property title to another company: Some companies promise that after the mortgage is current they will re-sign the property back over to you. This rarely happens. Instead, the company is likely to pull out equity, not make any mortgage payments and allow the property to be foreclosed. You will not be able to save the property from future foreclosures because the property is no longer in your name. (more…)

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In a move unprecedented in the residential mortgage loan industry, Countrywide Financial Corp. has announced that it is modifying terms on their mortgage loans. Also it is taken other steps that has allowed 81,266 struggling mortgage borrowers to remain in their homes last year.

The lender has been under pressure from politicians and regulators to prevent foreclosures where possible. Lenders also often find that they are better off accepting lower monthly payments from a borrower than going through a foreclosure, which typically results in a large loss.

In a further 7,880 cases last year, Countrywide said, it agreed to “short sales,” in which the borrower sells the home for less than the loan balance and the lender agrees not to demand the remaining amount due. (more…)

search for : residential mortgage loan industry, Countrywide Financial Corp, prevent foreclosures

$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

search for : Valle Crucis, NC, Blowing Rock, NC, Blue Ridge Mountains

The outlook for anyone interested in buying or selling real estate has been buoyed by the lowest mortgage interest rates in two years. Mortgage rates have hit 5.73 percent on average nationwide for 30 year fixed rate conforming loans and 5.21 percent for 15-year fixed, and about the same for 5-year hybrid adjustables, according to the Mortgage Bankers Association of America.

Low mortgage rates like these normally are a powerful stimulus for home sales, but there’s a sobering underside to the current declines: They are being caused in part by bond market investors’ fears of a U.S. recession. Investors are putting their money into ultra-safe Treasury bonds, lowering the benchmark 10-year Treasury rates that affect the pricing of long-term mortgage money. (more…)

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Type the words “credit repair“, “bad credit” or “bad credit repair” into an Internet search engine. The results will be similar to that seen by thousands of consumers every day. While we recommend that you fully research all the methods available to you when trying to repair poor credit, some of the Web sites that come up in a search for “credit repair” will do you more harm than good.

A typical credit repair scam might work in one of a couple of fashions. There is almost always the promise that your credit history will be made to disappear. In return you’ll be asked for a large payment upfront, sometimes as much as $1,000 to $1,500.

For one typical scam, the credit repair organization will tell you that you’ll get a brand-new Social Security number. Since the Social Security number is new, it won’t be marred with non-pay, or slow-pay blemishes and your credit history will be reported as perfect.

We should know better. (more…)

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With blessings from both the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Affairs, HopeNow is providing much-needed help for many of this nations beleaguered subprime mortgage borrowers. Refinanced mortgages with fixed rates are available from a HopeNow program to homeowners meeting their qualifications.

Organization of HopeNow is the work of mortgage servicers who represent 90 percent of the subprime market with over 2 million subprime mortgage holders. Impetus to the promotion of the HopeNow programs have been boosted by those holding mortgages that could reset to higher rates in the next two years.

The HopeNow program’s fast track effort is speeding early applicants through the refinance process to free up time for mortgage servicers’ to focus on the more difficult cases. (more…)

The first step in buying any home nearing foreclosure is to retain counsel and get an immediate title search to determine liens or encumbrances against the property. The, if possible, you chould also talk with the homeowners who are facing foreclosure. Perhaps they would be willing to sell the house to you if you will pay off their mortgage.

Even if they are unwilling to do this, at least you will have had an opportunity to inspect the entire property. That’s always a must; for as homeowners near foreclosure the propensity to maintain the property seems to vanish. (more…)

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More and more seniors are choosing reverse mortgages, allowing them to have near-instant access to the equity of their home investment. A reverse mortgage relieves the borrower from making monthly mortgage payments. With a reverse mortgage the lender pays the borrower. Income and credit history are irrelevant. The mortgage is based on the equity built into the borrower’s investment in the home.

The amount borrowed must be repaid, plus interest, when when the borrower dies, sell the home or moves out. If the home is worth less than the loan amount, the Federal Housing Administration makes up the difference. That’s the reason why mortgage insurance is required. (more…)

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A home-equity line of credit works a lot like a credit card. The account has a set credit limit and the owner can usually borrow as much or as little as needed. Many credit lines charge a variable rate of interest, much like a credit card. The amount paid in finance charges depends on the direction of the prime rate.

However, unlike an unsecured revolving credit-card debt, the line of credit is almost always secured by home equity. For some homeowners, if a financial crisis hits and they can’t pay back the home equity line of credit (HELOC), they could lose their house.

Before applying for a line of credit, applicants need to make sure they are getting a good deal. That means checking up on their credit scores. In today’s financial environment, only consumers with excellent credit and substantial home equity will qualify for the best rates. The closer to a score of 700 you come makes you a better borrower in this marketplace. Generally, consumers need a credit score of 740 or higher to get the best deals. (more…)

search for : home-equity line of credit, prime rate, home equity, home equity line of credit, HELOC