Upside Down Mortgage

Archive for December, 2007

Mortgage Fraud Oregon

Real estate markets in Washington, Oregon and Idaho composing the greater Pacific North-West have made the annual U.S. Housing Predictor Top 25 market forecast.

Housing Predictor, which is an information driven web site forecasts more than 250 local housing markets in all 50 states, and names the Top 25 markets annually in January, updating the list as local market conditions demand. The Top 25 markets have the highest probability of appreciation of all U.S. markets forecast.

Fourteen states are now represented by local housing markets in the Top 25 that are appreciating, despite the national real estate slump. Housing Predictor has a special report this month on just how "The Worst May Be Over in the U.S. Real Estate Slowdown."

Propelled by a growing high tech boom and a healthy aerospace industry, the real estate market in Seattle, Washington, which appeared as though it would slow down and depreciate in 2007 earlier in the year was added to the list.

Portland, Oregon, which has seen it's home prices more than double in the last six years alone and Boise, Idaho were also named to the Top 25 list. Boise is forecast by the U.S. Census Bureau to easily double in size over the next decade. Boise is business friendly and has been named by many periodicals to be the best place to start a new business in the nation.

The Housing Predictor Top 25 Market Forecast is regarded as a leading resource for real estate buyers, owners, investors and real estate professionals. The addition of the three Pacific North-West markets comes shortly before the annual mid-year update of the Top 25 U.S. markets, which is issued July 1st each year projecting housing market appreciation through the end of the year.

The top markets growing leap into 14 states are further evidence that local housing markets in a majority of the nation are appreciating or are at least stabilizing as the U.S. real estate market rebounds from a nationwide slowdown triggered by higher interest rates and massive fraud in mortgage lending. Congress is considering the institution of new laws to further control mortgage lending, which has been rampant with unethical lending practices forcing many homeowners into foreclosure.

About the Author:

Mike Colpitts is the Editor of Housing Predictor, which provides more than 250 local housing market forecasts in all 50 U.S. states. To see the latest complete Top 25 Market Forecast, check on your housing markets forecast and search real estate listings visit

http://www.housingpredictor.com

Article Source: ArticlesBase.com - Washington, Oregon And Idaho Real Estate Markets Make Top 25 Forecast

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!

Mortgage Relief Program Obama

Question: Obama's mortgage relief programs?

Where can I go for free help? Do I start off calling my mortgage Co? I need to reduce my mortgage payment, or foreclosure wont be to far away.

Answer: I have two solutions with which I have had direct experience: One...mortgage help. Contact one of the big lenders (Wells Fargo, Bank of America...) and ask about the HARP (Home Affordability Refinance Program). This program was set up by the Obama administration to get ppl either into a lower, fixed rate, or lower their mortgage payments. The Loan-to-Value ratio (which is the ratio of the value of your home vs. your loan amount) is typically capped at 80% for a traditional refi. But under HARP, you can actually be underwater and still re-fi. The LTV allowed under HARP is currently at 125%!! Two....foreclosure. My wife and I were in a bad situation over a year ago. We opted for a short sale, which ultimately helps everyone involved, from you to the bank to your neighbors. In order to pursue this, you must already be 2 months behind in your mortgage. Then contact a real estate agent, and your mortgage company. Then get ready to move out and become a renter. It's obviously not an ideal situation, but the home will sell for more that it would under a repossession, which will help the values of the other homes in the neighborhood. It is also only a 2-yr black mark on your credit, as opposed to 7 years with a foreclosure. Don't be afraid to call your mortgage company. they can't evict you over the phone, so just let them know what is going on. In the end, it's pretty painless (outside of moving out).

Obama Gets Rock Star Welcome

Loss Mitigation At Bank Of America

Right now there are numerous options available to people who require aid in keeping their houses from being foreclosed upon. Many banks, including BOA, are now open to the idea of approving loan modifications.

There are things you must know to do to your request in order to have an improved chance of approval.

1. Contact the Loss Mitigation Department at your financial establishment and ask for information regarding the loan modification requirements. These necessities are not supplied online and so you need to contact B. O. A right to get this info. If you go thru the method of applying without having all of the needs, you haven't any chance of being taken seriously and getting an approval.
two. In order to better represent your case, a loan alteration difficulty letter is required together with your claim. This is your formal, in writing request for the alteration. Don't apply without this!

three. Before writing your loan difficulty letter, sit down with all of your finance records and work out a workable budget with the payments you are hoping to have ready. This could show you if the loan modification will help right your present position or not. This will also show your fiscal institution that you have done your homework and with the modified repayment plan in place you will be able to keep up with your payments.
four. When working out your new budget and difficulty letter, be very concise and honest. Make an outline of exactly how much you are able to afford to pay and at the rate you want get. This information will be very helpful when you write your hardship letter as it will help you to persuade them that you are needing to keep your place and trying to discover a solution. Please consider any likely earnings changes that will occur, such as a pay raise in the future.

five. You must be honest! Every bit of information that you put into these documents must be honest. B. O. A, nor any other lender will tolerate lies. If you are deceitful on your request or your difficulty letter you will be rejected! To be on the safe side, read over all of your info twice to make sure all is in order. Go line by line, number by number.
6. When applying for your loan modification, have all your info together at once. Send the application, letter and all relevant information in one envelope. This could help BOA in processing your application faster and easier and if you are approved, you will get your loan alteration that far faster.

Following these steps will make the entire application process a lot easier and help you in getting the loan modification you are after. A BOA loan alteration isn't all that difficult to get if you put in a bit of effort.

About the Author:

Rick writes often on his blog about Average Mortgage Rates, Cheap Payday Loans and Snel Geld.

Article Source: ArticlesBase.com - Mortgage Loan Modification Approval

Why Are Loan Modifications So Popular