You may or may not be surprised that most home buyers begin their home search on the Internet. This web site is designed to help them do just that with the very best property search tool available.
Home sellers would be wise to select a Realtor who can provide them with the maximum Internet exposure, such as that provided here.
Check out this video:
Test your ability to spot mortgage fraud. Select this link.
Fortunately the Federal Trade Commission has released the MARS (Mortgage Assisstance Relief Services) program, designed to help distressed homeowners avoid the fraud that is so prevelent in the market place. Effective, 2/28/11 all providers of mortgage assistance relief are prohibited from collecting fees upfront. They are also prohibited from giving distressed homeowners the impression that they are connected to any government entity or giving the impression the distressed homeowners are obligated to continue to use their services.
Heritage Oak Properties is an organization which provides such services and applauds the MARS program.
Toward that end we provide the following disclosures:
Heritage Oak Properties is in compliance with the Federal Trade Commission Mortgage Assistance Relief Services (MARS) requirements.
- We charge NO upfront fees
- You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will NOT have to pay us for our services.
- Heritage Oak Properties is not associated with the government, and our service is not approved by the government or you lender. (Nor does the government disapprove of our service.)
- Even if you accept this offer and use our services, your lender may not agree to change your loan.
WHAT LESS GOVERNMENT INTERVENTION IN THE MORTGAGE MARKET WILL MEAN TO YOU
In the continuing effort to reduce government spending and get the country back on an even fiscal keel the Obama administration is discussing the reduction of Fannie Mae and Freddie Mac, or their elimination all together; turning most of the mortgage market over to the private sector.
These two government-controlled giants purchase the vast majority of mortgages on the secondary market. Lenders usually adhere to Fannie Mae and Freddie Mac guidelines to ensure the marketability of the loans made. So, when Fannie Mae and Freddie Mac speak, EVERYBODY listens. What will happen as that influence fades away and the private sector fills the rather large void?
Borrower costs go up. Loan servicers will yield to investor pressure, increasing the portion of the purchase cost that a borrower must bring to the table. Ten percent to twenty-five percent down payments will become the norm. Other fees and charges will be added to the loan acquisition costs. Credit Suisse, one of the two largest banks in the world, estimates that interest rates themselves could increase by as much as 2%! Even if they do not jump that much the impact on the housing market will be catastrophic.
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Obviously, NOW is the time to buy and get your loan approved and funded. In a year or two it is going to be MUCH more difficult to qualify and costs are going to be higher.
MORTGAGE DELINQUENCIES LOWEST IN 2 YEARS!
Jay Brinkmann, the Mortgage Banker’s Association (MBA) chief economist, said that the U.S. has
turned the corner” in the foreclosure crisis!
Mortgage delinquencies, or late mortgage payments, are the first stage of the foreclosure
process. This leading indicator of foreclosures yet to come is an important factor for those
charged with predicting what is going to happen in the foreclosure arena around the country.
The MBA reports that the number of borrowers who were behind in their mortgage payments
dropped to the lowest level in two years during the fourth quarter of 2010. This is excellent news.
Perhaps that light at the end of the tunnel is not Union Pacific engine 3209 after all!
Read the complete story from Inman News by selecting this link:
The U. S. Treasury and the Department of Housing and Urban Development have been charged by the president with the responsibility of developing programs to help distressed homeowners try and save their homes or, at the very least, avoid having a foreclosure and all of the problems associate with having a foreclosureson one’s credit record.
To that end they developed the HAMP (Home Affordable Modification Program) designed to help distressed homeowners obtain loan modifications so that they can keep their homes. Although the HAMP program has not been a huge success there are homeowners who have been able to keep their homes, making modified payments, because of this program. Unfortunately, in order to qualify the homeowners must have sufficient income.
Many homneowners who lose their home in foreclosure not only lose thier home but still end up owing the lien holder(s) for all or part of the mortgage on that home. They spend years getting nasty phone calls and deaing with collection agencies: not a pleasant prospect.
To help those homeowners avoid foreclosure the HAFA (Home Affordable Foreclosure Alternative) program was developed. That program is designed to help distressed homeowners avoid foreclosure and try and eliminate any liability those homwowners may have with their lenders.
Almost anyone will tell you that neither program has been a resounding success. In fact, the results have been poor and only a small number of homeowners have actually been helped. The government agencies know that and are trying to modify these programs so that they can help more homeowners. Program guidelines are being changed. If you have tried them and were unsuccessful, try again!
One thing that they do know. Most distressed homeowners do not try and work their way out of trouble. They shut down and do nothing. WE MUST get the word out. HELP IS AVAILABLE! Check out this video.
Call them TODAY!
If you know someone who needs help have them call HUD or call us and we will discuss your options. There is NO CHARGE. IT IS TIME TO TAKE THE FIRST STEP!