Actually, this news may help homeowners in trouble throughout the U.S..The Hope For Homeowners (H4H) initiative that was part of the July stimulus package began to be implemented Oct. 1.The H4H program allows troubled homeowners to keep their home, while enabling lenders to receive a Federal Housing Administration (FHA) guarantee on the loans. Under terms of the voluntary program, lenders agree to refinance the existing mortgage at 90 percent of the current appraised value and assume the loss on the remaining balance; the new loan is an FHA guaranteed 30 year, fixed-rate, fully amortized, fully documented loan; and the homeowner must forego a portion of the home’s future appreciation to the FHA when it is sold.The FHA has posted a list of lenders participating in the HOPE for Homeowners program. When contacting the lenders, the FHA is strongly encouraging consumers to also contact their servicing lender and any subordinate lien holders as their participation is vital in order to refinance into a H4H mortgage. The program is voluntary and servicing lenders may offer different solutions for avoiding foreclosure. The FHA plans to update the list weekly on Fridays. The list is available at:
HOPE for a Whopping 312 Homeowners | Seattle Bubble — News … – where’s my refinance bailout too, they screamed?†That’s why anything to do with bailing out some of the foreclosures gets stonewalled. The majority aren’t cowering in fear and rightfully so. ↠Homes in San Diego 16% Cheaper than in …
TaxProf Blog: IRS Will Assist Homeowners by Subordinating or … – The IRS yesterday announced (IR-2008-141) two forms of relief for financially strapped homeowners if one of the more than 1 million existing federal tax liens is preventing the refinancing of their mortgage or the sale of their home: …
The Privatopia Papers: IRS to help homeowners refinance or sell … – IRS to help homeowners refinance or sell homes – Yahoo! News: “WASHINGTON – The Internal Revenue Service said Tuesday it will try to make it easier for homeowners in financial straits to refinance or sell their homes. …
San Diego homeowners face decision dilema – SAN DIEGO–I have written posts in the past here regarding my belief that homeowners who were capable of making their mortgage payment but were walking away from a “bad investment†were acting irresponsible and actually feeding the …
Man, am I glad I talked my dad into not buying a house he most likely couldn’t afford, 8 years ago, and I was only 15! Too bad all these sob’s didn’t do the same.
To those who think only low income people are losing their homes. WRONG….middle-class folks are losing their homes MORE than low income folks are. I think it makes some people feel good to try to put a rationale on this that it has to be people with low income, than to accept the fact that it is middle income folks more so.
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No matter how one looks at it, there’s always going to be housing markets that are overhyped. If somehow those markets can support whatever the hype is all about, the real estate price will remain high. If they don’t then house prices will plummet. A typical example of the latter is Southern Cal (San Diego and the Southern OC come to mind). SF is in an unusual situation. RE prices will continued to go up as long as people are willing to blow their money on housing, even if it’s exorbitantly overpriced. Meanwhile, the city’s infrastructure is crumbling. That can only go that far. As more and more middle-class people and families abandon SF, the city will be stuck with the hyper-rich and the indigent, neither of which will contribute much (or anything) to the tax-base. The moneyed rarely have any desire to plow money into their “beloved” city, and the indigent don’t have any. My bets are on “going down”.
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FANNIE MAE AND FREDDI MAC are the public companies traded on stock market. When there was profit the investors got the profit. When they are in loss WHY Taxpayers are asked to pay for the loss. ??????????????? FANNIE MAE AND FREDDI MAC should NOT be bailed out.
They are raising interest rates to shore up the banks. They don’t care diddlysquat about the struggling homeowners. The rising interest rates now will cause more with adjustable mortgages to go into default. This is just a temporary slowing and even if the slow figure holds, the bottom line is more people are going to default despite bailing out Fannie Mae which is basically giving money to the foreign investors like China and Russia. Let them default! The price of housing NEEDS to go down another $200,000! Why should our tax dollars and the Federal Treasury print monies to devalue our dollars to keep people in overpriced housing they could not afford to begin with? They can walk away now and buy cheaper homes.
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Although the foreclosures may have plateau, the correction still has a little ways to go. Sorry, fundamental values stand for SOMETHING and are really your best bet against big losses.
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