Refinance or modify while it’s still possible

Interest rates have been very low for several years, and right now they are lower than ever, yet millions of mortgage borrowers who could profit from a refinance haven’t. Similarly, millions of borrowers who are having trouble making their mortgage payments but want to remain in their homes could have their mortgages modified to make …

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Three mortgage mistakes to avoid

The mortgage market is in a state of tumult these days. Rates are bizarrely low, but many homes are worth much less than the mortgage balances they secure. People are still losing their homes left and right, but millions of mortgage applications of creditworthy borrowers are being rejected every year. Against this backdrop, it’s really …

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Foreclosure Sales Decline

Foreclosure sales declined for the second straight month, while foreclosure starts increased, according to HOPE NOW’s monthly mortgage industry data for May 2011. Foreclosure sales nationwide decreased 7 percent from 73,000 in April to 68,000 in the month of May, according to HOPE NOW’s data. Foreclosure starts increased 8 percent from 163,000 in April to …

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The distressed market is holding housing back

The Federal Reserve says it will complete its purchases of $600 billion in Treasury securities by the end of this month as planned – a program that Fed Chairman Ben Bernanke says has succeeded in keeping mortgage interest rates low. These low interest rates combined with the reduction in home prices endured over the last …

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