Month: January 2012

HAMP extended until Dec. 2013; HAMP’s Eligibility also Extended

The Home Affordable Modification Program (HAMP), one of the Obama  administration’s foreclosure prevention programs is extended until December 31, 2013. The extension of one of the administration’s foreclosure prevention programs was announced last Friday by Housing and Urban Development (HUD) Secretary Shaun Donovan, Assistant Treasury Secretary Tim Massad, and White House National Economic Council Director …

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From the Ashes of “House of Cards Collapsed”

During his recent State of the Union address, President Obama said these are  the facts: “In 2008, the house of cards collapsed. We learned that mortgages had been sold to people who couldn’t afford or understand them.” President Obama proposed a plan that would give responsible homeowners an opportunity to refinance their mortgages. As mortgage …

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4 Essential First Steps for Homebuyers

The Mortgage Bankers Association (MBA) reported that mortgage applications surge amid record-low rates. In a press statement released last Wednesday, MBA said that mortgage applications increased 23.1 percent from one week earlier. Freddie Mac Senior Vice President Paul Mullings, in his blog, wrote, “Mortgage rates are at 50-year lows – the 30-year fixed-rate mortgage averaged …

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Foreclosure Processing Timelines Continue to Increase, RealtyTrac Reports

The average days to foreclose is up to 348 nationwide; over 800 days in New York, New Jersey and Florida, this according to the 2011 year-end foreclosure report released last Thursday by RealtyTrac. A total of 2.69 million foreclosure filings – including default notices,  scheduled auctions and bank repossessions – were reported this year. The …

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