Celebrities have no Immunity to Adversity of Foreclosure
The little people, do not tread alone. Or so the gossip rags say.
The country is infuse with homes in foreclosure. People from every walk of life are being hard hit, no matter if they earn millions to frolic around on TV or throw a ball and spending lots of money and acting snide. Foreclosures on celebrities are out there and the sheer number of foreclosures on celebrities is simply astonishing. You’d think people with money to hire someone else to manage it would not lose their homes to foreclosure. Sorta' puts them down a couple of pegs!
Pay Your Mortgage Off Early and
your mortgage off might sound as if it's a grand plan, particularly if you
refinanced to a 30-year loan recently. However it's still a bright idea for
homeowners to be seriously thinking how they can pay off their real estate
mortgage; if not this year, then next year. Paying a mortgage off early can
substantially save on interest when compared to making the regularly scheduled
house payments over 15 to 30 years. Making the payments sooner reduces your cost
for housing, freeing that money up, you still must pay homeowners insurance,
property taxes, home repairs and maintenance. A few might make an argument to
allocate more cash for investments in place of doing away with low-cost debt..
However homeowners nearing retirement age should be free of a mortgage.
Over 95 Percent of Refinance Borrowers Choosing Fixed-Rate Loans
In the last quarter during 2011, fixed-rate home loans made up over 95 percent of all refinance loans, based upon a Freddie Mac (OTC: FMCC) Transition Quarterly Report recently released. Refinancing borrowers most
definitely preferred fixed-rate mortgages, regardless of whether their initial loan happened to be an adjustable (ARM) or a a fixed-rate mortgage. Additionally an increasing allocation of borrowers who refinanced shortened the terms of their loans during the last quarter. Of borrowers who refinanced a fixed-rate 30-year loan, 43 percent went with a 15- or a 20-year mortgage, the highest such proportion since the first part of 2003.
FHA 203(k) Loans to Investors Should be Reinstated
The FHA rehabilitation loan, typically called a 203(k) FHA loan, can be an
tool for dealing with the REO issues faced communities across the country are
currently facing. The way the program works is it provides the buyer with a loan
to buy a property and then rehabilitate it using a single loan. In essence, the
buyer is borrowing more money than the amount of the purchase price which is
based upon an agreement that specified improvements are going to be made which
will increase the the property value.
The Latest Mortgage Refinance Plan
President Obama released specifications of a plan on February 1, which would help homeowners to refinance their existing mortgage loans in hopes of shoring up the housing market.
The U.S. Department of Housing and Urban Development (FHA), believes this plan
would allow buyers to conserve on average an additional $3,000 per year if they
refinancing into new loans guaranteed by the FHA, however they must be current
on their present mortgage. The estimated to cost of the plan would run between
$5 billion to $10 billion. Obama claims this could be taken care of by adding a
fee to large banks.
Gas Pipeline Disclosures
On Jan. 24, 2012,, for a second time within just over a year, San Bruno homes
were again evacuated when a crew working on a nearby sewer line struck a natural gas pipeline by accident unsettling nerves of neighborhood residents who still remember the tragic explosion of gas pipeline on Sep. 9, 2010 that took the lives of 8 people and destroyed 37 homes. Because gas pipeline locations are not currently required by any California statute, ordinances, regulation, or government decree, and since information on pipeline locations is constantly changing and inaccurate or incomplete a pipeline disclosure is not automatically included in any NHD
property disclosure reports
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