Fannie Mae’s Deed for Lease Program
Chris Thorman of Software Advice recently detailed the ins and outs of Fannie Mae’s new Deed for Lease program (D4L). Announced earlier this month, Fannie Mae’s D4L program allows qualified borrowers who cannot pay their mortgage to remain in their homes as renters - after they give up the deed to their property. Once a borrower has exhausted all of their other

First-Time Homebuyer Credit Continues to Drive Home Sales
Sales of existing U.S. home sales rose for the seventh time in eight months in October, largely spurred by the first-time homebuyer tax credit, according to the National Association of Realtors. “Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” said NAR chief economist Lawrence Yun. “With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer.” Sales were up 10.1 percent in October from September to a season

When Will Foreclosure Statistics Match the General Economic Trends?
The U.S. economy is expanding again. The recession is technically over. Things are looking up. So why do foreclosure rates continue to climb and when will they stop? In the most recent survey from the Mortgage Bankers Association, mortgage foreclosure/delinquency rates have hit a new high, with 7.4 million Americans, or 14 percent of homeowners facing some sort of foreclosure issue during the third quarter. The MBA reports that 9.6 percent of borrowers were delinquent on their home loans, and an additional 4.5 percent had already entered the foreclosure process. That means about 1 out of every 7 homeowners in delinquent or in foreclosure! “Job losses continue

Bad Credit - You Still May Be Able to Refinance Your Mortgage to a Lower Rate
In today’s tough economic times it is no surprise that many homeowners are struggling. For the first time ever, many people have gotten behind on their bills and as a result their credit scores have slipped. The good news is that s low credit score does not necessarily mean you cannot refinance your home. With close to record low interest rates, now may actually be the best time for you to attempt to refinance, even with bad credit. With a less than stellar credit score, it will take some time and effort on your part to obtain a mortgage refinance. You will need to carefully review your credit report. Look for any discrepancies and if at all possible get them corrected i

More Fed Mortgage Support May Be in Order
Speaking at the Economic Club of New York today, Federal Reserve Ben Bernanke seemed to imply that the mortgage markets may need the Fed’s help longer than he previously expected. Bernanke made it clear that the state of the U.S. economy is still frail. “The flow of credit remains constrained, economic activity weak, and unemployment much too high. Future setbacks are possible.” He also said, “Unfortunately, reduced bank lending may well slow the recovery.” And according to the numbers, that has been true in recent past. The Fed’s senior loan officer survey from October reported that 25 percent of lenders had tightened their mortgage standards of single-family p