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Tag Archive mortgage

The Trouble with Tribbles or Why Loan Modifications are Failing to Solve the Foreclosure Problem


A star review for the best of the bestWelcome Back Readers! I put up a post the yesterday about how FHA has recently changed their policies to allow loan modifications for qualifying borrowers before they miss a payment. This is a great policy and I sincerely hope it willhelp more people stay in their homes. The problem though is that in many cases it won’t. Loan modifications nationwide are failing to help avoid foreclosures. Why is that? What does it have to do with Tribbles again? Read on after the jump to find out!

FHA Allows for Loan Modifications for Homeowners Who Haven’t Yet Missed a Payment


A star review for the best of the bestWelcome Back Readers! It was a busy week last week in the real estate world, the Lancaster County PA Real Estate Market is moving quickly.I apologize for the shortage of posts recently due to thisbut you can expect a little more consistency in the coming weeks. I wanted to start of this week with a nice change announced by HUD last Friday.

Until HUD made this change to the rules for FHA loans, in order to qualify for a loan modification, struggling homeowners had to actually MISS payments. So, if you knew you were going to be in torouble, you had to let it happen before you were eligible for loss mitigation. Check out the release from HUD on the details of the program.

The complete press release from HUD is after the jump

Did FHA Just Throw First Time Buyers in Front of the Bus for a PR Gain?


A star review for the best of the best

Welcome Back Readers!

I apologize in advance for the negative tone of this post, but it is information that people who plan on buying this year need to have. Let me start with this: There are many solutions available to FHA’s problems, andthere are other programs that allow cash poor buyers to still purchase homes. It is not the end of the world, FHA is still a fine program, but I have an issue with their changes not offering a solution to their problem.

Call me if you want to find out how low money downprograms can still benefit you, in the meantime please be aware of the following info.

FHA has announced policy changes today that will potentially have a negative impact on the housing market. Read on after the jump to seeexcerpts from areleaseby NAR:

It Isn’t a Question of “If” Waiting Will Cost You, but Rather “How Much?”


A star review for the best of the bestWaiting. Sometimes a wise strategy, sometimes a foolish one. When it comes to home buying, waiting will surely cost you. There are a number of reasons why, but beforeI go into that, let’s get one thing clear…. if you aren’t in a positions to buy, if you truly can’t afford it, don’t do it. But if you are unsure, if you are “thinking about it”, if you are planning to “start looking” in a few months, you need to hop off the fence and start now. Waiting is a mistake. Here’s why:

HUD Secretary Donovan woke up this morning and got himself a gun……


A star review for the best of the best … and he plans to use it to take out the US Housing Market!

I know, very dramatic. Maybe even a little uncalled for. On the other hand, there is really no other way to describe how potentially dangerous the policy changes that HUD Secretary Donovan is proposing this week. What are those changes?

The numbers are in and they’re…… not that bad!


I know, I know, not the most inspiring title but seriously, when we look at market statistics in today’s ecnomy not that bad is pretty darn good! Read on to find out more!

It’s Back! PHFA Allows Buyers to use the First Time/Repeat Buyer Tax Credit to Close!


It’s official! Today, Pennsylvania Housing Finance Agency (PHFA) announced that it has allocated funding in the amount of $5,000,000 for the continuation of their Tax Credit Advance (TCA) program! This is a limited time offer,so take note,once they run out of money it will be too late, so you need to move now if you want to take advantage of it! Read further for details!

A Whole New World – Why the New and Expanded Tax Credit May Save the US Economy!


This past Friday, President Obama signed into law H.R. 3548. This bill, at it’s heart a bill to extend unemployment A star review for the best of the bestbenefits {which, by the way, is being completely overlooked as the critical step it was to help the unemployed workers in this country, but that’s a topic foranother day(see, I’m overlooking it too!)} contained a roundly supported amendment to Extend and Expand the First Time Home Buyer Tax Credit that was set to expire this month. Unless you were hiding under a rock, by now you’ve no doubt heard countless talking heads telling you that this bill will either (A) Save the US Economy or (B) Leadthe US Economyinto a head on Collision with the ever growing Mountain of National Debt.

Well, if you were looking for someone to supportChoice (B), you should probably look elsewhere. But if you were looking for someone to explain just why this bill is critical to the recovery of the nation’s housing market and just may save our entire economy, then keep on reading!

Home Buyer Tax Credit Passes House 403-12!


A star review for the best of the bestWith aquickand resounding “Yes” vote, the House today passed HR3548, extending and expanding the Home Buyer Tax Credit! All we need now is forPresidentObama to sign the bill into law!

Home Buyer Tax Credit Passes Senate 98-0!


A star review for the best of the bestThe Senate voted today 98-0 to pass the HR 3548. HR 3548 is a bill that extendsunemploymentbenefits for an additional 20 weeks and contains an amendment that extends the existing $8,000 First Time Buyer Tax Credit and adding a tax credit for Move Up buyers!

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