BlogEasy Real Estate

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A really bad aspect of the tough times we’ve been going through is how millions of homeowners now own homes with extended mortgages that are bigger than their likely resale value.

Sections of the U.S. are worse than others, but this has happened in My City too. If you find yourself in this predicament, then to put it in popular terms, your home is “underwater”. Some people call this being “upside down in your house.”

In this video a knowledgeable real estate agent offers an explanation some of the key things you must be familiar with concerning this circumstance. She discusses the most important concepts such as short sale, foreclosure, loan modification , etc. And she offers her recommendations on the most advantageous ways to tackle this serious problem.

Perhaps most critical is to find an effective real estate agent. That means finding an agent who is active in the market – someone who has first hand experience in problems like yours, and knows how to get the best outcome.

If you find yourself in this kind of situation, give me a call. You may be pleasantly surprised that things are not as bad as you think.

But just as the agent in the video says timing is very important if you want the best possible resolution.

Copyright AgentMapIt Real Estate Advice

blogeasy :: Mar.25.2010 :: mortgages :: No Comments »

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Are you thinking of applying for or refinancing a home mortgage in Canada. It just so happens the government of Canada has recently announced modification to the regulations that lending institutions use to calculate a borrower’s limit.

The rate they will now be using to qualify people for a variable rate mortgage is going to be the five year posted rate. In many cases (where the variable rate is low as it currently is) that means a mortgage applicant will qualify for only 80% of what he or she might have before.

Copyright AgentMapIt

blogeasy :: Mar.11.2010 :: mortgages :: No Comments »

Don’t celebrate yet, but there are signs that the USA housing market is stabilizing.

According to a RealtyTrac foreclosure report, the America foreclosure rate is softening. The number of foreclosures in February was still higher year over year since February 2009. But the increase was the lowest in four years – just 6% since a year ago..

According to the RealtyTrac report 1 house in every 418 units in the country was the subject of either a default notice, a scheduled auction or a bank repossession. That is 10 percent better than in January when the number was 1 in every 409.

RealtyTrac CEO, James J. Saccacio said, “The 6 percent year-over-year increase we saw in February was the smallest annual increase we’ve seen since January 2006… but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity.”

Saccacio said it was too early to call this the beginning of the end of the foreclosure crisis. The number of homes in limbo due to government programs and other delays makes the future hard to predict.

Six states were responsible for 62 percent of all foreclosures in the US. They were California (68,562), Florida (53,032), Michigan (20,028, Illinois (17,312), Arizona (16,718) and Texas (12,638).

Copyright AgentMapIt

blogeasy :: Mar.11.2010 :: mortgages :: No Comments »