Countrywide Financial Corp, the nation’s largest mortgage lender, is having serious trouble funding it’s loans. This is part of the overall mortgage crisis. Lenders are going out of business. Others can’t fund loans. All have restricted their lending guidelines. The mortgage market has gotten a lot tougher for homeowners:
American Home Mortgage has filed for bankruptcy. Other lenders have also recently filed. For the owner of distressed property, this topsy turvy news is not good. Bottom line, there are less lenders out there available to refinance and those that are still viable have more restricted underwriting guidelines for new loans (i.e., refinancing). Here is […]
The New York Times has just published an interesting article on hard money lenders. These are private lenders that charge a higher rate of interest. I have seen clients accept such loans at rates ranging from 9 to 15%, with the idea being that they will refinance again a year later into a more conventional […]
Two million mortgages are about to go up. An impending disaster for homeowners . . .
The housing slump continues . . .
Melville, New York based American Home Mortgage is closing . . .
Recent news resports indicate that foreclosures are on the rise. This has been expected for some time given the poor loans that many people took (i.e, interest only, adjustable rate).
So many clients and new callers tell me that they have been led astray by mortgage brokers, that it seems to me more the rule than the exception that mortgage brokers are a problem. There are, of course, some very good ones. I have had many positive experiences working with a few who were able […]
The Bergen Record has an interesting article about the difficulties property owners are facing trying to refinance adjustable rate mortgages into fixed rate loans. Many people are now in foreclosure because they took interest only mortgages that kept their beginning mortgage payments artificially low. Many of these “ARMs” are now resetting and the mortgage payments […]
Business Week has posted an article on foreclosure rescue scams. The bottom line here is that homeowners should stay away from unlicensed real estate speculators, especially those who are “doorknockers.” Many of them will outright lie to a homeowner to get their deed. Instead, consult a licensed attorney with foreclosure experience for help.