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Major Revamp Of The Home Affordable Refinance Program Announced

This could be very big news, and probably is, and will certainly lead to a major uptick in residential mortgage refinancing. As reported everywhere yesterday:

“Seeking to breathe new life into a sagging economy, President Obama announced Monday he will attempt an executive branch rescue of homeowners trying to refinance underwater mortgages, with a [...]

Strategic Defaults Could Get Very Ugly: With Home Prices

There has been much written in the last couple of weeks about the latest National quarterly home value numbers. None of it good. Many people are coming to realize that we may very well see even lower prices in the future.

But what does this mean for “strategic defaults”?

An excellent article addressing this question appeared recently [...]

What If We Are Only 25% Thru All Of The Foreclosures?

Mark Hanson, who in his former life was a highly successful mortgage banker, now an independent real estate and finance sector analyst, does not post publicly very often but when he does it is always worth a read. In his latest post he opines on a number of housing related subjects, including the number of [...]

FHA Rolls Out Principal Reducing Refis for Underwater Borrowers

There has been a lot of buzz as of late about a new refinancing initiative that promises to “reduce principal.” While there are many conditions on eligibility, and while as proposed it would only be available to “primary home” borrowers (thus excluding the second home and investment property owners here in the Ocean City Maryland [...]

Short Sales Not Immune To Debt Collectors: Experts say it’s best to know your risk when considering a short sale.

The Orlando Sentinel had a good article today that is worth a read by any homeowner considering a short sale as a way to get out of an underwater loan. Although it is a Florida-focused article, the same caution would also apply to a Maryland homeowner:

“What these homeowners, whose loans are “underwater,” may [...]

Owners Stop Paying Mortgages, and Stop Fretting

Another article found today about how clever it is not to pay your mortgage, and how we may be in for a VERY, VERY LONG ride to home price and mortgage stabilization in America:

“For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but [...]

Ocean City Maryland REOs Spark Concerns With Market Recovery

The Maryland Coast Dispatch had an interesting article this Friday about the impact of, what might be, a potential tsunami of Ocean City Maryland resort condominium and home foreclosures and REOs in the future:

“Locally however, Worcester County is below both the state and national average for foreclosure properties, but, according to Robert Smith, [...]

Fannie Mae Sees Strategic Default on the Minds of Underwater Borrowers

HousingWire.com is reporting that more borrowers are increasingly planning “strategic defaults” with their housing debt:

“A contagion effect within communities is leading borrowers to consider default as an acceptable option in the face of financial hardship, Fannie found. Both delinquent and current mortgage borrowers are more than twice as likely to have seriously considered [...]

Walking away from mortgage debt in Maryland can still haunt you

We’ve been noticing recently in many of the real estate agent ads and Web Sites, claims by agents to special expertise in negotiating short sales and deeds in lieu of foreclosure with lenders on behalf of their buyer and seller clients. Various “Certifications” in such negotiation expertise are out there and are being touted by [...]

Some Argue That Mortgage Default Is A “Patriotic Duty”

Michael David White at NewObservations.net had an interesting piece last week arguing that defaulting on one’s mortgage is a patriotic duty:

“The government is dropping nuclear bombs on the mortgage market and nobody is dying. They can’t move the product. What has been taking off are foreclosures. They are soaring. The general feeling is [...]

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