FHA Mortgage Insurance On the Rise
August 27, 2008
More and more borrowers are turning to the Federal Housing Administration for assistance in obtaining a mortgage, thanks in part to the foreclosure prevention program which was just brought into legislation. As FHA takes on more and more of the market share of the housing market, increasing their mortgage insurance premiums would help them to hedge against some potential risk factors. The Federal Housing Administration will increase the cost of its mortgage insurance by 25 basis points to 1.75 percent of the total loan amount. That amounts to a $500 up-front charge on a mortgage of $200,000.
Hip Hop Mogul Facing Foreclosure
August 21, 2008
Hip-hop mogul Damon Dash is facing foreclosure on his luxury New York homes.
A suit has been filed against Roc-A-Fella records a co-founder, by Eastern Savings Bank, accusing him of falling behind on mortgage payments on his two TriBeCa properties.
A $7.3 million mortgage was taken out on the two homes, which the bank has now filed a foreclosure action against the star, charging him with failing to deliver the $78,500-a-month payments since January, according to New York gossip column Page Six.
Yet another celebrity affected by this foreclosure nightmare, assuring once again that everyone can be affected by this national crisis.
Down Payment Assistance Programs Soon to Be Eliminated
August 11, 2008
Starting October 1, 2008, the newly passed Housing Bill has plans to ban seller-funded downpayment assistance on FHA loans. Nehemiah Corp. of America and AmeriDream, the nonprofits that run the controversial homebuyer assistance programs, are working with House members to restore it. Their supporters in the House may attempt to include a DPA program extension in a continuing funding bill.
These programs include the following:
- Gift funds up to 6% of the final contract sales towards your downpayment and/or closing costs
- Gift funds for both first time and repeat homebuyers
- Gift funds for both new construction and resale homes
- No repayment of gift money
- No income or asset limits
- No geographical restrictions
To learn more about these programs or to support the “Save DPA Now” please visit their website at www.getdownpayment.com
Foreclosure Do It Yourself Kit
August 8, 2008
Foreclosure “Do It Yourself” eBook Manual Launched!
The Foreclosure eBook is geared to educate the lay person on the Foreclosure process. This essential guide recognizes the lender’s tactics for collecting unpaid debt, and instructs the homeowner step by step on how to negotiate with the lender. It identifies the options that are available to them such as Forbearance Agreements, Repayment Plans and Reinstatement Agreements, and explains the foreclosure timeline. The Manual provides a great advantage to the homeowner by alleviating some uncertainty, stress and pressure just knowing what needs to take place next.
For more information please visit us at www.foreclosurereliefamerica.com
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