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If you are currently behind on your mortgage payments – or foresee that you will soon be unable to continue making your payments – take heart: you do have options and more importantly, we can help. Now serving the greater Seattle area, learn how we can help you today.
The "Making Home Affordable" Program On March 4, 2009 President Obama's Homeowner Affordability and Stability Plan "Making Home Affordable," took effect. Many lenders have completed thier review of the modification eligibility criteria for GSE (Fannie Mae and Freddie Mac) and select non-GSE loans. To begin assessing if you may qualify for a modification or refinance, contact your lender or servicer as they may have posted a notation regarding your eligibility. We anticipate having more information in the coming weeks. Lenders continue reviewing the guidelines and analyzing the information to determine how the plan may help you. Visit your lender or servicer's Web site for further details and ongoing updates. If you are current on your mortgage, we encourage you to stay current as there are plan options for current borrowers. If you do not think you are eligible for President Obama's plan, there are currently a full range of loan workout programs designed to help homeowners who are unable to meet their home loan obligations. Contact your lender/servicer or your local bank/mortgage lender for more information.
Mortgage Delinquencies Increase Again TransUnion.com reports that the number of borrowers at least two months behind on their mortgage payments increased for the ninth consecutive quarter, to 5.22 percent. The first-quarter U.S. average is 14 percent higher than the fourth-quarter average and 62 percent higher than during the same period a year earlier. Furthermore, TransUnion.com reports that the quarterly delinquency-growth rate is almost twice that seen during 2001's recession. Geographically, delinquency rates were highest in Nevada and Florida and lowest in North Dakota. Genworth helping clients stave off foreclosure Genworth Financial Inc. has stepped up its efforts to help people avoid foreclosure, having arranged more than 15,400 "workouts" nationwide during the year ended March 31. That is a 66.7-percent increase from the year before. For the Virginia-based mortgage insurer, these workouts make sense in that they have prevented foreclosure on more than $2 billion of mortgage debt.
Delinquencies, Foreclosures Hit Record Levels in MBA National Delinquency Survey Mortgage delinquencies and foreclosures reached record levels during the first quarter, the Mortgage Bankers Association reported yesterday in its National Delinquency Survey. And until the economy pulls out of the current recession, said MBA Chief Economist Jay Brinkmann, the numbers will continue to be “sobering, but not unexpected.” MBA reported foreclosure actions were initiated on 1.37 percent of first mortgages during the first quarter, a 29 basis point increase over the fourth quarter of 2008 and a 36 basis point increase from one year ago. Both the level of foreclosures started and the size of the quarter-by-quarter increase represented records. The delinquency rate for mortgage loans on one-to-four-unit residential properties fell to 8.22 percent on a non-seasonally adjusted basis, down by 41 basis points from 8.63 percent in the fourth quarter of 2008.
Answer Desk: Housing relief backlash
Also: For all you doubters — once and for all — income taxes are legal
By John W. Schoen
Senior producer
updated 10:43 a.m. PT, Mon., Feb. 23, 2009
Last week’s long-awaited foreclosure relief effort from the Obama administration touched a nerve among homeowners who didn’t get in over their heads in the borrowing frenzy. Or who are also struggling to make their payments but don’t want or expect government help. Why, they ask, should my taxes be used to help pay my neighbor’s mortgage? It turns out there is a pretty good answer.
Moving on: Diary of a busted boomer A chronicle of one man's struggle to save his home from foreclosure updated 4:59 p.m. PT, Wed., March. 11, 2009 Rip Brown, 48, grew up in New England and, with a college degree and MBA, began a career in commercial banking in the 1980s. By the 1990s, married with two children, he was building a solid resume as a corporate controller for several Fortune 500 companies, including W.R. Grace and Wal-Mart. In 2005, he set up a global consulting business with clients in Europe and Mexico. But Brown’s fortunes shifted. In 2004, to pay for his daughters’ education, he borrowed against the rising value of the Boston home he bought in 2002. By 2006, unable to cover the cost of running his business, he declared bankruptcy but continued to pay on the house. In 2007, his mortgage rate jumped three percentage points to 11 percent, more than he could afford. Hoping to work out more affordable terms with the bank, he took on a long-term project in New York last year. In November, Brown’s client prematurely terminated the project after the banking crisis shut their credit line. Out of work since, his 18-month struggle to save his home finally ended in foreclosure on Jan. 29 at 2 p.m. These are excerpts from a diary Brown kept:
The Mortgage Modification Mess President-elect Obama, congressional leaders and various regulators, lenders and community groups are proposing more aggressive measures to try to stop the rising pace of home foreclosures. No matter what measures are enacted, these programs will likely encounter the same financial and legal hurdles that have slowed public and private foreclosure preventions for the past year. The Mortgage Modification Mess Complete Story
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Contact us today, we look forward to working with you.
Submitted by nwloss on Sat, 12/13/2008 - 04:11.
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At Northwest loss Mitigation Services, we work with you to avoid foreclosure and mitigate its associated negative credit impact.
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