June 30, 2006

Mortgages: Keeping Delinquencies at Bay

The other shoe has not yet dropped. Mortgages have gotten more costly for some homeowners as interest rates have climbed steadily since early last year, but borrowers are generally keeping up with their payments, the Mortgage Bankers Association says. Of course, that could change as interest rates on adjustable mortgages rise next year and beyond, but analysts say a growing economy could also mitigate any problems.

Late last month, the association released figures showing that in the first three months of this year, delinquencies on on…(Read More)

Source: NY Times

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Filed under Real Estate News by Kirk McDonough.
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Suits Challenge Credit Bureaus

In a case with potentially far-reaching significance for mortgage applicants nationwide, a South Carolina consumer has filed class-action lawsuits against the three national credit bureaus, charging that they allow a practice that lowers the credit scores of millions of people.

Depressed scores raise the interest rates and fees that mortgage lenders offer. Sometimes the higher rates lead to monthly payments that are hundreds of dollars higher than they otherwise would be.

The three lawsuits charge that…(Read More)

Source: Washington Post

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Filed under Real Estate News by Kirk McDonough.
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30-year rate rises to 6.78%, highest in over four years

Interest rates on 30-year mortgages rose for a third straight week, hitting the highest level in more than four years as investors continued to express worries about inflation. (Read More)

Source: Baltimore Sun

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Filed under Real Estate News by Kirk McDonough.
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June 29, 2006

Sales of New Homes Show Unexpectedly Strong Rise

Analysts are still looking for sales of both new and existing homes to fall about 10 percent this year as rising mortgage rates crimp demand.

Sales of new homes rose in May, surprising economists who had forecast that housing would slow because of rising mortgage rates.

The Commerce Department reported Monday that sales of new single-family homes increased 4.6 percent in May, to a seasonally adjusted annual rate of 1.234 million units. But the median price of homes sold declined — to $235,300, a drop of 4.3 percent from the April sales price. (Read More)

Source: NY Times

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Filed under Real Estate News by Kirk McDonough.
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June 28, 2006

Rethinking Foreclosure Lending Leads

Subprime Foreclosure applicants now have a legal alternative to foreclosure that does not require any new loans or credit checks. Referral program assures subprime professionals future business from dedicated clients.

Eugene, OR (PRWEB) June 28, 2006 — Subprime Foreclosure applicants now have a legal alternative to foreclosure that does not require any new loans or credit checks. Referral program assures subprime professionals future business from dedicated clients.

According to the Mortgage Bankers’ Association, the Seasonally Adjusted (SA) percent of new foreclosures decreased 2 basis points for prime loans and 8 basis points for FHA loans, while increasing 15 basis points for subprime loans and 5 basis points for VA loans. Compared with the first quarter of 2005, prime ARMs, subprime ARMs and subprime Fixed Rate loans (FRM) had higher delinquency rates than last year. During the first quarter of 2006, the SA delinquency percentage rate for prime ARMs increased 24 basis points, the rate for subprime ARMs increased 177 basis points and the rate for subprime FRM loans increased 51 basis points.

US Mortgage Correction, an ethical approach to the Foreclosure Prevention Industry with 27+ legal ways to keep homeowners in their home and on title. http://www.usmortgagecorrection.org/ is dedicated to professionals and homeowners across America, providing them with insider information and representation. Their ethical approach to Lender Mediation assures homeowners accurate, fair options. Their Professional Loss Mitigators have been there and they know what it feels like to be losing your home to foreclosure.

Unlike other companies, they have a 100% success rate, and here’s why. They will not accept a case unless they know without any doubt that they can reinstate or modify the mortgage.

They are not lenders, nor do they care what the owner’s credit score or history is. They have personal contacts with every lending institution in the U.S. They know what a homeowner’s entitlements are. Regardless of a homeowners current situation, they can assist them through the use of government and non-government programs that the lender must comply with.

US Mortgage Correction works on a referral basis only. A professional refers an individual homeowner to the company to assist the homeowner so they may stay in their home and on Title. Once US Mortgage Correction is certain that the homeowner will be able to stay in their home, the homeowner signs a contract stating that they will return to the referring professional when such services are needed (usually 12 to 18 months out).

With US Mortgage Correction, instead of throwing out these leads, lenders and other professionals can turn subprime applicant homeowners into some of a their most dedicated leads and loyal customers. Visit US Mortgage Correction to learn more.

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Press Contact: Cindy Sekiguchi
Company Name: US MORTGAGE CORRECTION, LLC
Email: email protected from spam bots
Phone: 888-741-8762
Website: http://www.usmortgagecorrection.org/

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Filed under Press Release by Kirk McDonough.
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