The four largest mortgage lenders in the United States were grilled on Capitol Hill on Thursday about the limited number of home loans they have modified for homeowners facing foreclosure. My favorite quote was from Ohio Rep. Dennis Kucinich who asked David Lowman, chief executive of home lending at JPMorgan Chase & Co.: “I just [...]

This just in…From The Wall Street Journal, Nick Timiraos (04/27/10): States Craft Programs for Stressed Owners Arizona, Florida, and Michigan have proposed using federal funds to pay down loan balances for struggling borrowers and to subsidize mortgage payments for those who remain out of work. The plans are in response to a foreclosure-prevention effort championed [...]

HAFA (Home Affordable Foreclosure Alternatives), is a part of the Home Affordable Modification Program (HAMP) which aims to help homeowners who are unable to qualify for a loan modification by providing them with the option to pursue a short sale. Under the program, financial incentives are provided to both the lender and the borrow. The [...]

Before you jump on the refinance bandwagon, ask your self an important question: How long do you plan on staying in this house? You’ll need to know what the real savings will be once you back out points and fees. Look at your monthly mortgage decrease versus the amount of months you intend on staying [...]

This post courtesy Bankrate.com & CNBC.com (portions edited) HAFA SHORT SALE RULES MAY HELP SELLERS By Michele Lerner • Bankrate.com Homeowners struggling to sell their homes in a short sale are getting some relief, thanks to the federal government’s Home Affordable Foreclosure Alternatives, or HAFA, program. Up to now, many short sales — in which [...]

The Wall Street Journal recently reported that the number of people underwater on their mortgages (those who owe more than the property is currently worth), has increased to 23% nationally. Arizona is second only to Nevada with 47.9% of all home owners with a mortgage having negative equity in the third quarter of 2009. Another [...]

The latest act of civil disobedience surrounding the housing crisis involves a University of Arizona professor who is advising homeowners that they should walk away from their home if it’s underwater. According to the LA Times, University of Arizona law school professor Brent T. White has published an academic paper titled, “Underwater and Not Walking [...]

More great news about the national real estate market was reported on Monday.  September had an increase of 6.1% in Pending Home Sales.  The rise from 110.1 million to 103.8 million marked the largest annual increase on record and the longest streak of gains since the measurement began in 2001. The gains are attributed to homebuyers rushing [...]

On July 5th, I wrote an entry to this blog titled: “Washington, We Still Have A Problem…”. Now, 2-1/2 months later, we still have the same problem. Call it S.S.D.D. (same stuff… different day) After going through what was called “The Sub-Prime Mortgage Crisis”, we are now heading (with force) toward a “Prime Mortgage Crisis”. [...]

I was fumbling around on YouTube last night (a great way to kill several hours) and I came across a video from CBS News that aired in the summer of 2008, over 1 year ago. It was kind of like picking up a 1 year old newspaper and reading the headlines of doom and gloom. [...]