Mortgage Interest rates are so low that renters should definitely be considering purchasing a home. For example, for a $150,000 house at 20% down and an interest rate of 4.25% on a 30 year fixed rate mortgage, the payment including tax and insurance is only $746 per month. Cheaper than most 4 bedroom rentals.
In addition, homeownership brings great tax write offs.
If you would like to see a list of homes for sale for $150,000, give us a call at 623-694-0354.
Sunday, October 31, 2010
Tuesday, October 12, 2010
A Moratorium on Foreclosures....What Does It Mean?
This past weekend, Bank of America announced that it is placing a temporary moratorium on foreclosures. What does this mean? It means that those homeowners who have received their Notice of Trustee Sale from Bank of America due to non-payment of their mortgage, may not have their homes auctioned any time soon. This does not mean that all Bank of America customers can stop making their mortgage payments without consequences. It simply means that those homeowners who have imminent auction/foreclosure dates have received a postponement of the inevitable.
Other lenders such as JP Morgan Chase and GMAC Mortgage, have announced a moratorium on foreclosures in 23 states. Arizona is currently not included on this list. Why the moratoriums? It has come to light in a court of law that lenders are not paying close attention to the homeowner's documents and that many bank officials are overwhelmed by their workloads. Consequently, they are not diligently investigating before approving foreclosures.
These moratoriums do currently not affect short sales. Short sales are proceeding as usual.
If you have any questions regarding alternatives to foreclosure, give us a call at 623-694-0354. We are here to help you through a difficult time with grace and dignity.
Other lenders such as JP Morgan Chase and GMAC Mortgage, have announced a moratorium on foreclosures in 23 states. Arizona is currently not included on this list. Why the moratoriums? It has come to light in a court of law that lenders are not paying close attention to the homeowner's documents and that many bank officials are overwhelmed by their workloads. Consequently, they are not diligently investigating before approving foreclosures.
These moratoriums do currently not affect short sales. Short sales are proceeding as usual.
If you have any questions regarding alternatives to foreclosure, give us a call at 623-694-0354. We are here to help you through a difficult time with grace and dignity.
Monday, October 4, 2010
FORECLOSURES ON HOLD? COULD THIS BE TRUE??
In the past several weeks, JP Morgan Chase, GMAC Mortgage and Bank of America have placed foreclosure filings on HOLD in 23 states. Currently, AZ is NOT one of these states.
In a February deposition in Mass., a Bank of America Executive said she signed as many as 8,000 foreclosure documents in a month without reviewing them. The statement was taken by lawyers for homeowners contesting the seizure of their homes.
Why not in AZ? The 23 states where the foreclosure holds are taking place require a court order before a home can be seized. This requires more extensive documentation before they can foreclose. AZ does not have the same foreclosure procedure.
HOWEVER,with the upcoming elections, this has become a hot issue for politicians. Perhaps they may mandate Federal Guidelines to ease the foreclosure crisis. Stay tuned.................
In a February deposition in Mass., a Bank of America Executive said she signed as many as 8,000 foreclosure documents in a month without reviewing them. The statement was taken by lawyers for homeowners contesting the seizure of their homes.
Why not in AZ? The 23 states where the foreclosure holds are taking place require a court order before a home can be seized. This requires more extensive documentation before they can foreclose. AZ does not have the same foreclosure procedure.
HOWEVER,with the upcoming elections, this has become a hot issue for politicians. Perhaps they may mandate Federal Guidelines to ease the foreclosure crisis. Stay tuned.................
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