Is there a way to solve the housing and credit crisis by renting foreclosed homes? A reader has several suggestions for making neighborhoods better by having ex-homeowners rent foreclosed homes. These homeowners are renting homes for $1,000 per month, money that could be used to stabilize neighborhoods that have a lot of foreclosed homes.
A 64 year old reader is hoping to retire and move to live closer to her children. She wants to move into an age-restricted community, where the home prices have gone down. But her house is also worth less. She wonders selling her house in a down market might also mean that it is a good time to buy a home? If she is buying and selling houses, can this be the right time to buy and sell?
I'll be filling in for WSB talk show host Clark Howard tomorrow from 1p to 4p ET on Newtalk 750 WSB. You can listen live to the show at the [wsbradio....
HUD announced a new loan modification program for FHA borrowers that will help FHA borrowers who are having trouble making their mortgage payments by creating a second interest-free loan for up to 30 percent of the loan amount. New monthly payments will be amortized on the remaining portion of the loan balance, which should lower monthly costs for homeowners. The second, interest-free loan does not have to be repaid until the primary loan is paid off.
The Department of Housing and Urban Development (HUD) announced a new program designed to help FHA borrowers refinance their mortgages. FHA will allow mortgage servicers to provide a an interest-free second loan of up to 30 percent of the loan balance that does not have to be paid until the primary loan is paid off. Mortgage servicers can rewrite the terms of FHA loans, even FHA loans that are delinquent.
Unemployment and foreclosure may be more directly linked according to the Midyear report released by RealtyTrac. While Sunbelt states like California, Florida, Nevada and Arizona dominate the foreclosure landscape, other states that are facing high levels of unemployment are showing above average levers of unemployment. According to RealtyTrac, growing unemployment may have more of an effect on foreclosures than lasting effects from subprime loans.
On paper it seems so obvious. Of course you wouldn't get sucked in by a scam artists promising you super low rates in exchange for wiring a few months...
In a new twist on the Nigerian email scam, online rental ads are soliciting potential renters to wire money for several months rent, in exchange for super low rent rates. A scam alert from the FBI warns against the latest Nigerian scam. Online rentals found through sites like Craigslist are attracting this new Nigerian scam. The FBI warns renters searching for apartments and rentals to be wary of anyone asking for personal information, or who isn't local.
Congressman Barney Frank says that the HOPE NOW Alliance and the mortgage mortgage industry must continue to improve their efforts to provide mortgage modifications. Barney Frank said that if loan modification progress is not seen, more drastic legislative measures, like bankruptcy modification of mortgages, will be on the agenda. The HOPE NOW Alliance says they have seen a slight drop in mortgage modifications, but an overall increase in mortgage workouts since May.
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