By Kevin Chiu Millions of homeowners at risk of foreclosure can be saved from losing their homes through mediation, according to a new report issued by the non-profit National Consumer Law Center. The report reviewed existing foreclosure programs in 19 states to come up with recommendations for states to adopt. Programs the organization feels are… Continue reading Mediation Can Save Homeowners from Foreclosure
Category: Connecticut
Connecticut housing market
Underwater Refinances Show Jump
By Mike Colpitts The Obama administration’s long criticized Home Affordable Mortgage Program (HAMP) showed a major improvement last week, pushing refinances for underwater homeowners higher, according to the Mortgage Bankers Association. “Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded… Continue reading Underwater Refinances Show Jump
Jumbo Mortgage Rates to Feel Little Impact
By Mike Colpitts Loan limits on jumbo mortgages are scheduled to be slashed as a result of changes required in the Housing and Economic Act of 2008. However, the impact is expected to be limited by many lenders. The Federal Housing Administration (FHA) will reduce mortgage limits on loans in the highest metropolitan areas of… Continue reading Jumbo Mortgage Rates to Feel Little Impact
HUD Launches Emergency Home Loans
By Mike Colpitts In a move that has been awaited more than a year, the Housing and Urban Development Department launched the Emergency Homeowners Loan Program to help unemployed homeowners at risk of foreclosure in 27 states. The program is slated to help only a small number of troubled homeowners during its life-span. The White… Continue reading HUD Launches Emergency Home Loans
First Home Price Decline in Year
Core Logic, a heavily viewed monitor of U.S. home prices said its home price index dropped for the first time in 2010 in August, sending prices just 1.5% lower for the year. However, the index also showed positive appreciation in more than a handful of states. The Core Logic index has had an unusually low… Continue reading First Home Price Decline in Year