Worcester residents thinking about buying real property or refinancing the existing homes may be interested to learn that mortgage interest rates are migrating north from their historic lows set earlier this year. The chief financial officer for Well Fargo & Co., the nation’s biggest mortgage lender, does not believe that rising rates will slow down…
Mortgage issues: when an appraisal is too low
With mortgages approaching record lows, many Massachusetts homeowners are rushing to refinance their homes in order to pay a lower rate. However, this is often a Catch-22. Mortgage rates are low and home values have been decreasing as well, making it difficult for many homeowners to even refinance their home. This makes appraisals one of…
Massachusetts Attorney General calls for new housing leadership
Homeowners across the nation are struggling to make their mortgage payments, and Massachusetts Attorney General Martha Coakley is calling for changes in leadership at the Federal Housing Finance Agency to help these very homeowners. Coakley, along with attorneys general from several other states, is demanding the replacement of FHFA Director Edward DeMarco, whose agency oversees…
Report says mortgage agreement will aid Massachusetts borrowers
Despite signs of improvement, the rate of foreclosures is still an issue in Massachusetts. A reasonable percentage of homeowners in the state are still facing mortgage issues like loans that are worth more than the actual homes. This puts those homes at risk of foreclosure. On Feb. 21, a report was published that said that…
Mortgage companies agree to huge settlement in foreclosure abuse
Lending companies provide people with money to purchase homes based on the belief that they will be able to repay the loans on time. They charge interest on the money borrowed and assign fines for late payments or bounced checks. But companies that offer mortgage financing may also cut corners, which can hurt Worcester, Massachusetts,…
October foreclosure numbers show continued improvement
With the collapse of the housing and financial markets leading to the most-recent recession, Massachusetts homeowners found themselves facing a real estate market filled with mortgages that could no longer be easily modified and underwater house values. This combination led to a significant rise in the number of foreclosures. With economic recovery comes a reversal…
Massachusetts homeowners receive mortgage, foreclosure relief
As part of the $25 billion settlement deal made with five of the largest mortgage lenders, as previously reported in this blog, thus far nearly 4,000 Massachusetts homeowners have each received an average $67,450 in mortgage refinancing assistance. Nationally, almost 280,000 borrowers have received an average of $780,730 each in assistance. The $266 million received…
Massachusetts homeowners save their home from foreclosure
Foreclosure is typically a very difficult time for homeowners in Massachusetts and elsewhere, as they may lose their home in the proceedings. However, the story of a couple from Brockton shows how real estate owners may be able to obtain a loan modification that will allow them to keep their property. The couple from Brockton…
Freddie Mac and Fannie Mae informed of new Massachusetts law
A letter from Massachusetts Attorney General Martha Coakley was sent to the two government-controlled mortgage giants Freddie Mac and Fannie Mae instructing them of a new Massachusetts law that requires them to offer loan modifications that are “commercially reasonable.” The letter was sent to the regulator of the two finance companies in hopes of raising…
Massachusetts condo-owners mortgage relief may be available
Massachusetts condominium owners seeking to refinance their mortgage have been in a rather tough spot in the real estate market for the past several years. Although the federal program known as the Home Affordable Refinance Program has been in existence for a few years now, many condominium owners were prevented from refinancing due to the…