Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Why are mortgages getting cheaper?

The average rate of a 30-year fixed mortgage fell to 4.08% this week, the fourth consecutive week of declines and the lowest level this year, according to Freddie Mac.

A higher Federal Funds rate makes it more expensive for banks to borrow money, which can translate into higher borrowing rates for consumers. But recent global uncertainty and signs that the White House might not be as productive with its agenda as many thought has caused yields to recently fall. The 10-year Treasury yield is around 2.23%, down from around 2.62% nearly a month ago. Mortgage rates have moved lower as well.

Freddie Mac predicts that we will see rates increase to around 4.5% by the end of the year.  Potential home buyers should welcome the drop in rates with open arms as the busy buying season heats up.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

 

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

What the Fed Rate Hike Means for Homebuyers

Last week the Federal Reserve increased its benchmark interest rate by one-quarter of a percentage point. This marked the second increase in three months and the third increase since 2015. As a result, mortgage rates have already increased. The average rate of a 30-year fixed mortgage jumped to a 2017 high of 4.21 percent, up from 3.68 percent last year.

What this means for house hunters is that buying a home is going to be more expensive. “That is going to create a bit of sticker shock for some buyers looking to buy this spring,” said Len Kiefer, deputy chief economist at Freddie Mac.

Fortunately, the changes in the Federal Reserve benchmark interest rate are somewhat predictable. The market expects two more Fed rate hikes before the end of the year. However, another increase is not likely in the next few weeks.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://money.cnn.com/2017/03/15/pf/fed-rate-hike-mortgage-rates/index.html?iid=SF_LN

http://www.cnbc.com/2017/03/15/fed-raises-rates-at-march-meeting.html

Foreclosures, Timothy Kingcade Posts

HAMP Being Replaced with New Foreclosure Prevention Program, Flex Modification

Fannie Mae and Freddie Mac have announced their replacement for the Home Affordable Modification Program (HAMP).  The Flex Modification foreclosure prevention program is designed to help families stay in their homes by offering reductions on their monthly mortgage payments.

“The new Flex Modification announced by Fannie Mae and Freddie Mac (the Enterprises) today was designed based on lessons learned from crisis-era loan modification programs to help borrowers stay in their homes and avoid foreclosures whenever possible,” the FHFA said in a statement.

The Flex Modification also reflects input received over the course of extensive engagement with lenders, mortgage insurers, consumer advocates, and other stakeholders, the statement adds.  The FHFA believes that by avoiding the high costs associated with foreclosures, Flex Modification will result in significant savings for the Enterprises and taxpayers, while borrowers facing financial hardships can obtain a sustainable modification.

The new modification will replace the current Fannie Mae Standard and Streamlined Modification offerings on and after Oct. 1, 2017.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Why You Shouldn’t Panic about Rising Mortgage Rates

Although mortgage rates have been on a steady rise in recent months, buyers should not panic because rates are still historically low. According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage rose to 4.16 percent, up from 4.13 percent last week. This is up from 3.97 percent last year. This means buyers will pay approximately $21 more per month compared to a year ago on a $241,000 mortgage with a 20 percent down payment.

According to economists, the rise in interest rates should not deter potential buyers. In 1996, the average rate was 5.67 percent and in 1990 it was 10.13 percent. However, for the past ten years rates have been under five percent.

Mortgage rates are forecasted to gradually increase throughout 2017. As a result, home prices are also expected to rise.

“The era of ultra-low interest rates is over,” said Lawrence Yun, chief economist of the National Association of Realtors. “The short-term rate hike will be followed by several additional rounds of increases in 2017 and 2018. Despite these moves, mortgage rates will not rise alarmingly.”

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

 

 

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Mortgage Fraud Rising Most in Low Down Payment Loans

Earlier this week, we did a posting on mortgage fraud being on the rise. As it stands, the report showed a 3.9% year-over-year increase in fraud risk, as of the end of the second quarter of 2016. CoreLogic’s Mortgage Fraud Report analyzes the collective level of loan application fraud risk the mortgage industry is experiencing each quarter.

However, what is most noteworthy about the report is the loan type that is showing the greatest fraud risk increase is high-LTV purchase loans.

Nearly two years ago, Fannie Mae and Freddie Mac introduced 3% down mortgages, which have made their way into both big and small lender offerings since then, with some even offering as low as 1% down offerings.

The new low down payment programs were launched as a way to extend credit opportunities for first time home buyers since the access to credit tightened significantly after the financial crisis. But as the credit box loosens, the risk of mortgage fraud heightens, as seen in the report.

A balance is definitely needed. If current trends of higher LTV purchases and increased credit availability continue, mortgage fraud will likely rise over the next few years.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Debt Relief, Foreclosures, Timothy Kingcade Posts

U.S. Extends Limited Reduction of Mortgage Principal for Stressed Homeowners

A federal regulator this week announced an initiative to allow certain homeowners facing foreclosure to reduce the principal on their mortgages. However, the plan is limited and comes years after advocates began pushing for greater relief in the wake of the housing crash.

The Federal Housing Finance Agency will help approximately 33,000 people whose mortgages are backed by Fannie Mae and Freddie Mac, the housing finance companies seized by the government in 2008.

The plan balances the agency’s statutory mandate to “maximize assistance for homeowners,” while not adversely affecting the finances of Fannie Mae and Freddie Mac.

The program is available to homeowners who were at least 90 days delinquent on mortgage payments as of March 1. The outstanding principal on the mortgage must be less than $250,000, and the value of the home must be at least 15% less than what is owed on the loan.

The mortgage principal could be reduced no lower than 15% above market value, meaning the homeowner still would be underwater. No more than 30% of the total principal could be forgiven. Eligible borrowers should expect to hear from their mortgage servicer by Dec. 31.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com

 

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

30-Year Mortgage Interest Rates Rise to 3.67 Percent

After months of historically low interest rates, Freddie Mac released that the average 30-year mortgage rates rose slightly last week to 3.67 percent, up from 3.66 percent. The average 15-year mortgage rate rose from 2.93 percent to 2.94 percent. This time last year, the average 30-year mortgage rate was 4.27 percent and the 15-year rate was 3.33 percent.

The record low rate was in November and December of 2012, when the average 30-year rate reached 3.35 percent and the 15-year rate dropped to 2.66 percent. Rates remained low through the first quarter even though the Federal Reserve ended its monthly bond purchases last October, designed to maintain long-term rates. The Federal Reserve recently released that short-term rates will not rise any time soon after more than six years at zero.

Recent hiring gains have failed to create a stronger housing market. Home construction is down 2.5 percent from March 2014, according to the Commerce Department. Although the economy has experienced steady job growth, low mortgage rates and cheaper gas, the real estate market has yet to experience a significant boost.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Credit, Foreclosures, Timothy Kingcade Posts

Mortgage Rates Continue to Increase

Although the 30-year fixed-rate average is down year to date from 4.28 percent to 3.73 percent, mortgage rates moved higher again this week. One week ago the fixed rate average was 3.69 percent, up .04 percent. Earlier in February, the rate hit a 21-month low of 3.59 percent.  The 15-year fixed-rate average also increased from 2.99 percent to 3.05 percent in the past week. The one-year ARM average moved higher to 2.45 percent, up .03 percent from last week.

With mortgage rates rising for the second consecutive week, housing starts declined 2 percent according to Len Kiefer, Freddie Mac deputy chief economist. However, Kiefer said home builders are remaining confident in new home sales. In addition to housing starts, home loan applications were also down approximately 13 percent last week. The refinance index decreased 16 percent while the purchase index dropped 7 percent. Economists say it is no coincidence that mortgage rates hit the highest number of 2015 and home loan applications dropped sharply, particularly for refinances.

Click here to read more on the rise in mortgage rates this week.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

117,088 Foreclosures Prevented in Second Quarter by Fannie Mae, Freddie Mac

According to the Federal Housing Finance Agency’s quarterly report, Fannie Mae and Freddie Mac completed approximately 117,000 foreclosure-prevention actions in the second quarter of 2013. The modifications, repayment and forbearance plans helped 75 percent of struggling homeowners manage their mortgage payments and keep their homes. The short sales and deeds-in-lieu allowed 25 percent of the borrowers to avoid foreclosure.

Additional findings from the second-quarter report included:

• One-third of the permanent loan modifications in the quarter included principal forbearance.
• More than half of the homeowners who received a permanent loan modification in the quarter had their monthly payment reduced by more than 30 percent.
• The number of Fannie Mae and Freddie Mac delinquent loans dropped nationally during the quarter. This was attributed to a drop in seriously delinquent loans.
• Borrowers who were more than 60 days delinquent on a Fannie Mae or Freddie Mac loan dropped 7 percent during the quarter.
• As of June 30, about 11 percent of the borrowers whose loan was modified in the third quarter of 2012 had missed two or more payments.

Click here to read more on the Federal Housing Finance Agency’s quarterly report.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Fannie Mae & Freddie Mac Suspend Foreclosures in Sandy Affected Areas

Fannie Mae and Freddie Mac recently announced that both will temporarily suspend foreclosure proceedings in federally declared disaster areas due to Superstorm Sandy. Borrowers in these areas will receive a 90-day mandatory suspension on foreclosure sales and evictions. Freddie Mac announced that by issuing the suspension, the communities and neighborhoods could focus on a faster recovery from the storm.
Freddie and Fannie are also offering storm victims the option to postpone mortgage payments by phone for up to 12 months. The lenders did so in order to introduce a quicker and easier forbearance method to borrowers. Additionally, they have ordered their insurers to expedite payments on insurance claims to help borrowers with destroyed properties and daily living expenses such as hotel rooms. Fannie and Freddie will also alleviate restrictions on payments to contractors so that repairs can be done faster.
To read more on this story visit: http://money.cnn.com/2012/11/09/real_estate/foreclosure-storm-relief/index.html?iid=HP_River
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.