BluefoxToday blog : Mortgage foreclosure remedy.

Mortgage foreclosure remedy.

Contrary to popular belief, mortgage lenders are totally opposed to foreclosing. If they have to do it, it'll usually cost them money. And who wants to lose money? Nobody. EMC Mortgage reports that on average it loses 40% of the value of a home loan gone into foreclosure, plus typically has to pay property taxes and other expenses related to the house. That's bad business.

The question is, how are lenders dealing today with the alarmingly climbing foreclosure numbers? EMC and some others have come up with feasible solutions. Read more by clicking here.

 

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 4 commentsEsko Kiuru • April 24 2007 11:18AM

Comments

Well...the guidelines for most of our lenders are getting so tight that people that don't deserve great programs...because not everyone deserves a great mortgage...are getting what they can handle as apposed to bitting off more than they can chew.

Posted by Brad Patshkowski, Home Loans Spokane, WA (Heritage Home Loans a division of Mann Mortgage LLC) over 11 years ago

From what my lenders are telling me is that there will be an increase in FHA loans due to the regulations on the sub prime market. It will take buyers longer to get into a house because of FHA guidelines. The new sub prime guidelines should curtail some of the foreclosures.

Posted by Colorado Springs Real Estate over 11 years ago

Brad,

Let's see how the market rights itself in the coming months.

Dan,

FHA almost disappeared from the radar with all these subprime players around, but is seemingly making a bit of a comeback now. Let's see how much market share they can reclaim.

Posted by Esko Kiuru over 11 years ago
As another poetsr indicated, the FHA 203b loan would most likely accomodate you. The program is not credit score driven, allows for between 97.15~97.75% financing (depending on where the property is), allows for seller concessions (to assist you with closing costs), cash reserves not required, can be used to finance a variety of property types, funds for closing can be gifted or granted, liberal debt to income ratios allowed, non-owner occupied co-borrowers are allowed (i.e. your parents can assist you with qualifying without being a resident of the property) to name a few. Regards,Scott Miller +2Was this answer helpful?
Posted by abdullah about 6 years ago

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