Where are mortgage interest rates are going?

Renter Nation

The American dream of owning a home is still very much alive, but it will be no more than a dream for a growing number of people over the next five years. That's bad news for home builders, who already have big troubles, as June's reports on housing starts, existing-home sales, building permits and unsold-home inventories showed. But it is good news for anyone renting out a home, apartment or condo, or any real-estate investment trust specializing in residential rental properties.

Most U.S. households own the dwelling they live in, and that isn't likely to change. But demographic and economic forces, together with some perversities of government policy, are combining to push the share of ownership back to where it was in the early 1990s. Already, in the wake of the housing bust that brought on the Great Recession, the share of U.S. households owning homes has slid steadily—from 69% at its peak in 2004 to 67.2% in this year's first quarter. And the rate is likely to fall to its 1993-94 level of 64% by 2015.

http://finance.yahoo.com/real-estate/article/110173/renter-nation?mod=realestate-buy

Buy now at historical low interest rates 3.75% 15 year fix or 4.25% 30 year fix!

As home prices fall, more borrowers walk away

When David Martin and his wife bought their north Seattle condo five years ago, they figured they had plenty of time to downsize if they needed to before they retired.Now, with the property worth roughly $60,000 less than the balance of their mortgage, Martin, 68, has been giving serious thought to just walking away, a process lenders call "strategic default."

Read full article here:

As home prices fall, more borrowers walk away

Nation’s debt passes grim milestone

The nation's debt has reached a symbolic milestone. With gross domestic product of roughly $15 trillion and total debt of $15.23 trillion, our total debt is now bigger than our economy, as USA Today noted Monday.

What's more, the Obama administration's projections put our debt at more than $23 trillion by 2020, well in excess of the projected $22.5 trillion GDP. Analysts agree that the rising debt ratio is not good, but they can't agree on just how bad it is, and while there's at least some agreement among economists about how to fix the problem, lawmakers have no such common ground — which is one of the biggest hurdles to actually doing something about the debt dilemma.

Read full article here:
Nation’s debt passes grim milestone

New ASC Loan Modification Approval 2% interest & $189,000.00 Off Balance

OK new approval this time it's ASC taking in the you know what! Here is what the Borrower had and now has!

OLD TERMS

$387,490.62 Principal Balance

6.225% Interest Rate 

$2,263.91 PITI -Payment included taxes and insurance

NEW TERMS

218,500.00  Principal Balance

2.225% for the first 5 years

4.00% is the cap or the highest the interest rate can go.

$957.42 PITI - New Payment includes taxes and insurance

 $1117.74 PITI -New Payment includes taxes and insurance after 6 years!

Bank will forgive $189,459.20 of the total balance of $407,959.20 if the borrower does not miss a payment for the next 3 years! 

Check out the APPROVAL HERE! 

2nd Mortgage (Line Of Equity) Bank of America Approval

Client had a 2nd Mortgage with Bank of America and he owed $101.935.19 with late charges and all.  Here is the approval we got the bank to settle for $20,000.00 even.  That's about 19% of the balance that was owed.
Client will save over $244,000.00 since that's what he would have paid back over the life of the loan! Call today 800-208-4753 Let us settle your debts for you!
DOWNLOAD THE ACTUAL APPROVAL BELOW
http://www.mediafire.com/file/5xt6xc5k53jv2h6/BOFA%202ND%20MTG%20APPROVAL%209%2020110001.pdf

Washington's debt-ceiling deal may have made things worse for the U.S. economy, says Mohamed El-Erian

US BANK New Loan Modification Approval

Here is a new loan modification approval with US BANK. My client had an adjustable arm loan with no escrow included in the payments. Borrower is saving over $20,004.60 just in the first 5 years! Check out the approval here.

OLD TERMS

5.875% Adjustable Interest Rate
$2,437.14 Principal and Interest
348.00 Taxes and Insurance
______

$2,785.14 Total Principal and Interest Taxes and Insurance

NEW TERMS


4.25% Fixed Interest Rate for 5 years
$2,103.73 Principal and Interest
$348.00 Taxes
______.

$2,451.73  Total Principal and Interest Taxes and Insurance

NEW TERMS

4.875% Fixed Interest Rate for remaining term of 22 years 

$2,226.67 Principal and Interest 

$348.00 Taxes 

______.

$2,574.67  Total Principal and Interest Taxes and Insurance

Borrower is saving over $75,000.00 over the life of the loan

Obama Administration Defends Housing Bailout

Will Banks Be Forced to Reduce Loan Principal?

It's the Inequality, Stupid

A huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244.

 

 Read the rest of the file HERE

Get Started today Refinance Interest Rates starting at 4.50% - 4.75% 

Loan Modifications We Deal with All Lenders Interest Rates starting at 2.50% 

 

Turning the Tables: Philadelphia Man Forecloses on Wells Fargo Office

A feud between a homeowner and his mortgage company ends with an order to seize property – but it's not in the order you might expect.
Patrick Rodgers is taking his frustration all the way to the bank – literally. When he was fed up with Wells Fargo's lack of answers, he sued them. When they still paid him no heed, he foreclosed on the company's local office.

Read more: http://newsfeed.time.com/2011/02/18/turning-the-tables-philadelphia-man-forecloses-on-wells-fargo-office/#ixzz1EKhh04IZ

Refinance

Purchase Loans

Short Sales

Loan Modification

New Loan Modification Approval Central Mortgage Company!

This new approval is from Central Mortgage Company.  The borrower had a pay option arm which is the worse possible loan you could have since the balance keeps going up every month. To make matters worse the interest rate was adjustable at 6.875%.  Also there comes a time in this type of loan that you will not be allowed to pay just the minimum payment and you will have to pay the full Amortized Payment (Principal, Interest, Taxes & Insurance) in order to stay current on your mortgage.   Here is the Loan Modification terms from Central Mortgage Company below:

NEW LOAN MODIFICATION TERMS

$229,403.70 LOAN BALANCE
4.0% Interest Rate for first 2 Years $764.68 Interest Only
2% Interest Rate on the 3rd Year $1009.07 Principal and Interest
3% Interest Rate on the 4th Year $1119.19 Principal and Interest
4% Interest Rate on the 5th Year $1231.41 Principal and Interest
4.75% is the Interest for the remaining loan term (20 years) $1316.10 Principal and Interest 
ACTUAL APPROVAL 



OLD MORTGAGE TERMS

$229,403.00 LOAN BALANCE
6.875% Interest Rate
Pay Option Loan -No Principal or Interest were being paid towards the loan so the borrowers
balance kept going up every month. 
$1020.69 Minimum payment which ($375.00) was Property Taxes and Insurance.
Fully Amortized at 6.875% would have been $1,882.02 with Property Taxes and Insurance
best case scenario if the Interest Rate would have been a Fixed Rate which it was not.



Benefits of New Loan Terms

The New Loan Terms are that the Borrower will now be able to see their Mortgage Balance  reduced every month with each mortgage payment made.  The Interest rate is fixed
and the loan is impounded also.  The fully Amortized Rate of 4.75% after all adjustments are at
current market interest rates

Feel free to contact me with any questions you may have regarding loan modifications.  Start today
Save your house and your money! Banks are doing loan modifications

Updated Loan Modification Approvals

Here is the direct link to all my approvals for this year.  As of December 2010 I have seen
many banks move to help borrowers out with loan modifications. 

Loan Modification Approvals

2nd Mortgage Settement with Ocwen Loan Servicing LLC

Borrower was late 9 months and was owed $59,000.00 on a 2nd mortgage with Ocwen Loan Servicing LLC.
We received a settlement offer of $4,000.00.  Once the Borrower pays the $4,000.00 the 2nd loan is paid and the 2nd lien is released! Check out the Old Terms and New Terms.  The Client will save over $162502.31 since he would have paid $166,502.31 over the life of the loan once all the payments would have been made.  Actual Approval


Old Terms

$47,619.15 Original Loan Amount* Actual Loan Amount $59,000.00 with all late fees
11.25% Interest Rate
30 Years Fix
$462.51 Payment
$166,502.31 Total Payments after 30 Years
$118,883.16 Total Interest paid after 30 Years

New Terms

$4,000.00 Payment
$ 0 Payment
0 2nd mortgage

New Loan Modification Approval Aurora Home Loans

Here is a new approval from Aurora Home Loans.  Clients had a 7.25% interest rate and Interest Only Paymentt and were facing financial hardship due to slow down in their income.   Borrower will save over $90,000.00 for the first 5 years and their interest rate will cap out at 4.50% for the life of the loan.  That's a drop of 2.75% percent! Check out the new approval  Aurora Approval and you can also visit this link for my past loan modification approvals http://bit.ly/loanmodapprovals


Old Terms

$488,000.00 Loan Amount
7.25% Interest Rate
$3.227.38 PITI  (Interest Only, Taxes and Insurance)

New Terms 

$529,899.43 Loan Amount
2.00% first 5 years
4.50% fixed for the life of the loan
$1,679.49 (PITI) Principal, Interest, Taxes and Insurance Payment for the 1st 5 years!
$2,257.92 (PITI) Principal, Interest, Taxes and Insurance Payment payment for the life of the loan!

Outlook for 2011 and 2012: Loan Modification, Interest Rates & Taxes Predictions

As we close out 2010 I just want to say that it's been another roller coaster year just like last year CHECK IT OUT  While i was wrong about interest rates going up this year I do still believe they will go up in the future which i now see anywhere between the next 12 to 24 months.  Also I see higher taxes for everything that can be taxed will be taxed!!! Our Governments will need to find ways to make up revenue somewhere since unemployment will continue to rise or at best stay where they are at.  The elephant in the room that no one is still talking about is the continuing of the foreclosure and shadow inventory of homes many states are not reporting since that would spook everyone out.

As with everything it will come back full circle since a foreclosed home costs not only the person that owned the home but the surrounding homes as lost value.  Also costs City, County and then State and Federal governments revenue in the long run.  I see 2011 and 2012 are going to be some more difficult years for all of us and I feel that with all the data that is out right now I believe the Government and Banks will have no choice but to streamline the loan modification process.

I have seen many approvals this year and I see the moving trend towards that direction for the forseeable future.  What i advice many people to do is secure your financial foundation do not wait until your behind on your house payment 3 to 6 months to look for help! I still see many homeowners keep paying on their car or credit cards before making their house payment...WHY??? Banks are in a bad spot do not believe all the "Good News" you hear on the News or read on the internet! Banks will work with you but you first need to speak up and ask for help or if you do not have time hire someone i know it's hard to find people that are honest or care about your financial well being but there is Ask around to family and friends! Well that's my opinion on where we are going and if you decide that you need help I'm here for your Debt Settlement, Loan Modification, Refinance and Short Sale needs.  Good Luck!

New Approval!!! CITI-Mortgage Borrowers Gets interest rate of 2% !!!

This Approval is from Citi Mortgage.  The Borrower had a 6.30% interest rate that was adjustable.
When we applied for a loan modification the first time the bank wanted to give the borrower a $63.00
reduction! We re-applied and this time around we got a the "Making Home Affordable" Loan Mod
Approval.  The Borrower will be saving over $90,000.00 in the first 5 years! Click HERE for a copy
of the loan modification approval

OLD MORTGAGE TERMS

$415,618.67 -Loan Amount
6.30% Interest Rate
Adjustable Rate
$2,399.33 Principal & Interest
$1,161.47 Taxes & Insurance
$3,560.80 Total Payment


NEW MORTGAGE TERMS


$442,878.71 -Loan Amount
2.00% Interest Rate

Fixed Rate

$1,774.26 Principal & Interest
$400.08 Taxes & Insurance
$2,037.05 Total Payment
$1,523.75 Monthly Savings!!!

Call today and let's get started on your Loan Modification request! Loan Modifications are happening
everyday! Save your House and Your Money!

Robo-Signing Foreclosure Freeze Update

Here’s a quick update on the impacts we are seeing from “Robo-Gate”. For those that missed this major foreclosure news item, robo-gate refers to the foreclosure freezes implemented by various lenders after revelations that foreclosure filings were being attested to in a robotic fashion that may not have met legal requirements. In the beginning the freezes were limited primarily to 23 states that use the judicial foreclosure process, but on October 8th the impact grew when Bank of America announced a national foreclosure freeze.

Stop Foreclosure and get some help

Were here to help here's what we can do:

* Prevent foreclosure
* Explain the foreclosure alternatives:
o Forbearance
o Repayment plans
o Loan modification
o Short sale
o Deed in lieu or "Cash for Keys"
o Bankruptcy
* Apply for government loan modification and mortgage relief programs
* Assistance in talking with your lender

We are here to help — Whether you are having trouble with your housing expenses, have fallen behind on your mortgage payments, or are facing immediate foreclosure
Feel free to contact us at 800-208-4753 Office or email at refionce@gmail.com

Read full article here: Robo-Signing Foreclosure Freeze Update

Current Loan Modification Approvals!

Here is a Updated List of Loan Modification Approvals

As you will see the approvals are from Every Lender out there!
We are currently offering a payment plan to get your loan modification
reviewed by your lender since we believe all homeowners needing help
deserve the help they need on't forget to visit our site or sign up for our Weekly 
Newsletter for updated News and Loan Modification Approvals
and read about the money our clients are saving!

Current Loan Modification Approvals CLICK HERE