Interest rates are at 30-35 year lows. We are seeing 30 year fixed rate loans in the mid-upper 4% range. The summer of 2010 may go down in history as one of the best times to buy that new home. The prices of another recession where interest rates approached 17% fixed rate. A $70,000 home then at 16% had principal&interest (P&I) payment of $941.33. A $140,000 home with a 5%, 30 year fixed rate loan has P&I payment of $751.55.
All time low reached Friday for Conventional fixed mortgage rates. The 30-year fixed mortgage rate available to well-qualified consumers at 1 point orgination dropped to 4.375% from 4.5%. The 15-year fixed rate also declined, from 4% to 3.875%. Never before have mortgage rates been this low.
Friday, mortgage-backed prices had a bif incerese that caused the decline in mortgage rates. MBS prices, which force mortgage rates in the opposite direction, gained +21/32 (FNMA 30-yr 4.5 at 102.23) on less than spectacular jobs numbers are more European debt concerns, this time in Hungary. Typically when we see major declines in stocks as we have recently, mortgage rates improve.
Friday, July 16, 2010
A New Email - Short Sale Help!
I have run into some financial problems. I am currently delinquent on my mortgage and I don't know where to turn to. I read information on your website so I'm asking you for help.
I purchased my home in October, 2006. At the time I only had 2 kids, no credit cards (well one with only $500.00 limit) and everything ran smooth. Well, in 2008 things changed. I had my thrid child (still a single mother), and my employer does not pay maternity leave. Also if you recall the price of gasoline got expensive that year. Well, things went downhill since. I started using credit cards for gas and groceries. I obtained 2 more credit cards and personal loans (w/very high interest rates). Not only that, in 2009 my hours at work were reduced to 70-biweekly.
Last year I also got myself in school, so now i have student loans I will need to sart paying on this year. Before I knew it, I was in the hole.
My truck also got repoed early this year.
The situation with my mortgage is the following: I fell behind last year. I called my lender and they sent me a Loan Modification Agreement packet which I signed and notarized, and returned it to them along with a money order representing a one month payment in advance. Well, shortly after I returned that packet, I got another one in the mail that was very similar to it but I didn't return it as I had already accepted the prior offer, and I also called my lender to question the 2nd offer, that representative told me it was simply another offer but I didn't have to accept it. I told him I would just stick with the first offer. Well I was making my payments as the agreement said, but my monthly bills kept telling me I was delinquent. So I called my lender again, a different representative that I talked to told me that I was not under modification agreement, "that the first agreement's processing time had expired, that why they sent me the 2nd one that I declined, and that the rep. that I had talked to failed to look for the expiration time and failed to tell me that." So, I am not under a modification agreement, late fees/charges have mounted on top of my late payments. I am now about $9,000.00 in default and have received a bill asking for that amount and if not paid they will send notice of intent to accelerate - Foreclosure.
With all my other debt, I am no longer able to keep up with my mortgage. I really want to look into a Short Sale if you believe I qualify. Please help!
I purchased my home in October, 2006. At the time I only had 2 kids, no credit cards (well one with only $500.00 limit) and everything ran smooth. Well, in 2008 things changed. I had my thrid child (still a single mother), and my employer does not pay maternity leave. Also if you recall the price of gasoline got expensive that year. Well, things went downhill since. I started using credit cards for gas and groceries. I obtained 2 more credit cards and personal loans (w/very high interest rates). Not only that, in 2009 my hours at work were reduced to 70-biweekly.
Last year I also got myself in school, so now i have student loans I will need to sart paying on this year. Before I knew it, I was in the hole.
My truck also got repoed early this year.
The situation with my mortgage is the following: I fell behind last year. I called my lender and they sent me a Loan Modification Agreement packet which I signed and notarized, and returned it to them along with a money order representing a one month payment in advance. Well, shortly after I returned that packet, I got another one in the mail that was very similar to it but I didn't return it as I had already accepted the prior offer, and I also called my lender to question the 2nd offer, that representative told me it was simply another offer but I didn't have to accept it. I told him I would just stick with the first offer. Well I was making my payments as the agreement said, but my monthly bills kept telling me I was delinquent. So I called my lender again, a different representative that I talked to told me that I was not under modification agreement, "that the first agreement's processing time had expired, that why they sent me the 2nd one that I declined, and that the rep. that I had talked to failed to look for the expiration time and failed to tell me that." So, I am not under a modification agreement, late fees/charges have mounted on top of my late payments. I am now about $9,000.00 in default and have received a bill asking for that amount and if not paid they will send notice of intent to accelerate - Foreclosure.
With all my other debt, I am no longer able to keep up with my mortgage. I really want to look into a Short Sale if you believe I qualify. Please help!
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