Forclosuers at an All Time High
Mon, 07/28/2008 - 12:42And there may be more trouble on the horizon. As the national interest rates begin to rise, those that saved money the past few years on adjustable rate mortgages will see their mortgages rise as well. If interest rates rise enough, these mortgages can easily become too much for families already stretched thin by the cost of living increases. This may lead to even more foreclosures, putting even more strain on the economy.
But the news isn't all 'doom and gloom'. There are many organizations around that can help Stop Foreclosures, and provide people with the help they need to keep their home, even if you have bad credit. Federal assistance programs, and bankruptcy laws exist to protect people with financial troubles, to prevent them from becoming homeless. And as the situation worsens, the government will do more to provide assistance. But these programs are becoming more and more stained as the economy worsens, inflation builds, and more and more people need the assistance.
There are several actions that need to be taken to prevent your home being foreclosed. First you should find an organization or company that can help you with loans and mortgage. They can help you find a better mortgage rate. A professional at one of these financial institution can help find an alternate to foreclosing. An option is to refinance but if you are not in the position to do so you can reconstruct your loan agreement. This is called a Loan Modification. It has to first get accepted and then for a couple months you do not have to make your payments. Then depending on the date of your closure and your current rates you may be able to negotiate a lower mortgage rate. Don't let the bank take your home.
What Mortgage Rates Will Do Over The Next 30 Days (July 2, 2009 Edition)
Thu, 07/02/2009 - 13:32today, mortgage rates are still higher than the government's "ideal" sub-5 percent level, but Wall Street isn't worrying about inflation as much. Data has improved in a lot of sectors, but it can't necessarily be categorized as "strong". Plus, gas prices are falling. Both of these developments are...
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Act Quickly On That Mortgage Quote — Mortgage Rates Are Changing Every 2 Hours, 58 Minutes
Wed, 07/01/2009 - 12:15Mortgage rate volatility is back in a big way, folks. To put the pace of change in perspective, consider this: * In the last 60 days, lenders have issued 4 or more rates sheets in a day once per week * In the last 365 days, lenders have issued 4 or more rates sheets in a day once per month. The...
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Chart : Comparing The Fed Funds Rate To 30-Year Fixed Mortgage Rates
Mon, 06/29/2009 - 14:26Since 2000, the spread between the Fed Funds Rate and the 30-year fixed rate mortgage has been as narrow as 1 percent and as wide as 5 percent. There was even a period in the 1970s and 1980s where the spread was negative; where mortgage rates were lower than the Fed Funds Rate.
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What Mortgage Rates Will Do Over The Next 30 Days (June 18, 2009 Edition)
Thu, 06/25/2009 - 15:01With rising mortgage rates threatening the housing market's recovery and the employment sector showing signs of life, there was this pervasive nervousness on Wall Street pre-FOMC that the Fed would make a bold statement to keep the economy on track. This would have been awful for mortgage rates. ...
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Mortgage Rate-Locking Strategies Ahead Of This Week’s Federal Reserve Meeting
Tue, 06/23/2009 - 11:30So that brings us to today's Federal Open Market Committee meeting. Looking at the chart at top, markets are 99.3% certain that the Federal Reserve won't raise the Fed Funds Rate from its current range of "near-zero". Investors have come to this conclusion because the Fed has repeatedly said it...
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The Untimely Timing Of The Freddie Mac Primary Mortgage Market Survey
Mon, 06/22/2009 - 14:14To a consumer, one of the most difficult facets of shopping for a mortgage is figuring out just what mortgage rates are doing at any given time. Despite countless websites and blogs devoted to the topic of mortgage, the most important part of a person's research -- the darn price -- can't be found...
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Trends In Mortgage Rates : How Mortgage Rates Behave In The Summer Months
Tue, 06/16/2009 - 14:20Mortgage rates are rising in this summer but don't look so shocked -- rates seem to rise every summer. As recorded by Freddie Mac, since 2006, 30-year fixed-rate conforming mortgage rate have made a habit of rising in May, June, July and August before settling down through football season. This...
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Answering The Question That Everyone’s Asking : “What Should I Do About Rising Mortgage Rates?”
Mon, 06/15/2009 - 11:00Mortgage rates have risen sharply since the last week of May, putting a large dent into the Cincinnati homebuyer's monthly budget. Furthermore, the moves have been steep enough that mainstream media sees fit to cover the story. In this 3-minute interview with First Business, Dan Green answer some...
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The 3 States That Accounted For More Than Half Of The Nation’s Foreclosure Activity in May 2009
Fri, 06/12/2009 - 12:36According to data from its May 2009 foreclosure trends report, foreclosure-tracker RealtyTrac showed that more than 50 percent of the country's foreclosure last month were concentrated across just 3 states: California, Florida, Nevada. On a population basis, these 3 states represent 19 percent of...
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