Posts Tagged ‘home owners’
Monday, November 9th, 2009
Last week, CitiMortgage suggested in a USA Today article that 1 in 5 homeowners currently in default of their mortgage are doing so strategically or voluntarily. They cite Sharon Sakson as one of these ’strategic defaults.’ Ms Sakson was laid off as a television writer and producer. After losing her job, she ‘burned through her savings to pay her mortgage.’ Burned through her savings. Ms Sakson is possibly the worst strategist I know. She strategically lost her job then voluntarily burned through her savings to make her mortgage payments. She eventually ‘walked away’ from her New Jersey home.
Clearly, we’re made to think Sakson and others who ‘walk away’ from their homes are bad people. How CitiMortgage and other lenders can get away with this type of character assassination is beyond belief. Even more unbelievable, USA Today refuses to call lenders out on this practice.
Readers should also note the USA Today article is not entirely accurate with regard to the seven-year wait period. If the foreclosed property is a primary residence, a borrower may be eligible for a new mortgage in five years.
DHW asks: USA Today’s decision to ‘blame the victim’ struck a nerve with a lot of folks at DesperateHouseWise. Have you had to walk away from your home?
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Tags: american, americans, blame the victim, buyers, citi, citi mortgage, citigroup, citimortgage, default, employment, fannie mae, foreclosure, freddie mac, guidelines, home buyers, home owner, home owners, home seller, home values, homebuyers, homeowner, homeowners, Housing, housing news, housing prices, housing report, job, laid off, lender, loan, mortgage, Real Estate, real estate news, sakson, Sales, savings, seller, strategic, strategic default, strategic defaults, strategically, unemployment, usa today, usatoday, voluntarily
Posted in Editorial, Housing Article, citi, citimortgage, home prices, home value, strategic default, strategic defaults | 1 Comment »
Saturday, November 7th, 2009
DesperateHouseWise.com added a new page to its site. Modification Center offers helpful information for homeowners seeking a loan modification or refinance. Find information about Making Home Affordable and local foreclosure prevention events. You can even find a free, HUD-approved housing counselor.
DHW also added Housing Tax Credits. This page provides in-depth information regarding the recent extension and additions to the housing tax credits.
DHW asks: Have you applied for a loan modification? How was your experience?
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Tags: $6500, $8000, $8000 tax credit, 6500 tax credit, 6500 tax credit extension, 8000 tax credit extension, and Business Assistance Act of 2009, bill h.r. 3548, buyer, buyers, counslor, fannie mae, first time buyers, first time homebuyers, foreclosure, foreclosure prevention, guidelines, h.r. 3548, home, home buyers, home owner, home owners, home seller, homebuyers, homeowner, homeowners, Homeownership, house, Housing, housing counselor, housing news, housing report, housing tax credits, lender, loan, loan modification, loan modification letter, modification center, mortgage, Obama, President, president barack obama, President Obama, Real Estate, real estate news, refinance, seller, tax credit, tax credit extension, Worker, worker home ownership and business assistance act of 2009, worker homeownership and business assistance act of 2009
Posted in Housing Article, foreclosure prevention, housing counselor, housing tax credit, housing tax credits, loan modification, loan modification center, making home affordable, refinance | No Comments »
Thursday, November 5th, 2009
Fannie Mae is expanding its ‘Deed for Lease’ program to help thousands of homeowners facing foreclosure. The program is designed for those who want to stay in their homes but do not qualify for President Obama’s loan modification program. Participants transfer their title to Fannie Mae and rent back for up to one year.
Some facts about the program:
- Fannie Mae has hired an outside agency to manage the properties (name of agency has not been released)
- Rent cannot exceed 31% of the homeowners’ pretax income
- Homeowners must be able to prove they can afford the market rent (established by the management company)
- Participants must use the home as their primary residence
DHW asks: Do you think ‘Deed for Lease’ is a good idea?
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Tags: barack obama, deed for lease, deed for lease guidelines, deed in lieu, deed in lieu of foreclosure, fannie mae, foreclosure, freddie mac, guidelines, home owners, homeowners, Housing, lease, leasing, Obama, President, president barack obama, President Obama, Real Estate, real estate news, rent, renting, Sales, short sale, short sales, shortsale, shortsales
Posted in Housing Article, deed for lease, fannie mae, foreclosure, lease, rent | No Comments »
Tuesday, October 27th, 2009
The AP reported a rise in the The Standard & Poor’s/Case-Shiller home price index of 20 major cities. However, industry experts remain concerned with rising unemployment.
DHW asks: Are home prices up in your area?
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Tags: case-shiller, case-shiller home price index, employment, home owner, home owners, home prices, home sales, home seller, home sellers, home values, homeowner, homeowners, house sales, Housing, housing credit extension, housing news, housing peak, housing prices, major cities, news, prices, Real Estate, real estate news, Sales, seller, sellers, standard and poor's, unemployment
Posted in Housing Article, case-shiller, home prices, home sales, price index, standard and poor's, standard and poor's case-shiller price index | No Comments »