June 2010 Entries
Homeowners who walk away from their homes and default on their mortgages even though they can afford to make payments without trying alternatives to foreclosure may find they are unable to get a Fannie Mae backed loan for 7 years.
Some homeowners in neighborhoods affected by high rates of distressed homes are opting to strategically “walk away” from their homes due to the falling values.
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Senate Majority Leader, Harry Reid, wants to extend the time limit for homebuyers to qualify for the $8,000 tax credit to September 30th. Current terms required the buyer to complete a purchase by June 30th.
The $8,000 tax credit boosted sales this past Spring. First time homebuyers were limited to an $8,000 tax credit while current homeowners were limited to $6,500 tax credit.
The proposal is presented as an amendment to a bill that would extend jobless benefits through the end of November. The Senate is expected to take up the...
Rates on 30 year fixed mortgages fell to the lowest rate this year at $4.72%.
The average rate on a 15-year fixed-rate mortgage hit 4.17 %, the lowest on records dating back to August 1991.
This news has not stimulated the mortgage application rate. According to the Mortgage Bankers Association, the rate was down 35% from last month.