Items Tagged with 'Underwater homeowners'


  • Who is eligible for principal reduction? New report sheds light on groundbreaking program

    Just how many borrowers are eligible? Where are they located?
    When the Federal Housing Finance Agency announced earlier this year that it was going forward with a groundbreaking plan to offer principal reduction to a select number of borrowers, the details on who exactly would be eligible were somewhat scarce, outside of the stipulations for the program provided by the FHFA. A new report from the FHFA provides more detail on how many borrowers are eligible and where they are located.
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  • Here are the top 5 reasons some homeowners are still underwater [Infographic]

    RealtyTrac analysis reveals commonalities among underwater homeowners
    As the housing market improved and prices rose over the last few years, the number of borrowers that owe more on their home than it's worth fell dramatically, as RealtyTrac notes that 12% of homes with a mortgage are still underwater. But with nationwide home prices rising 47% since bottoming out in February 2012, why are there still so many underwater borrowers? Here are the top five reasons.
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  • FHFA makes it official: Principal reduction is coming

    Plan is 'final crisis-era' modification program
    A day that many in the housing industry thought would never come is finally and actually here, as the FHFA is making it official – widespread principal reduction is coming. In what it is calling a "final crisis-era modification program," the FHFA announced Thursday that it will be launching a principal reduction program for some borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac.
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  • RealtyTrac: Number of seriously underwater foreclosures falls to new low

    Overall total of seriously underwater properties fell 500K in third quarter
    The number of properties classified as “seriously underwater,” where the homeowner owes at least 25% more than the estimated value of the home, fell significantly during the third quarter thanks to a surge in home sales volume and prices, according to RealtyTrac’s Q3 2015 Underwater and Home Equity Report.
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  • Senate should pass bill to give relief to underwater homeowners

    Short sale extension would also help communities and investors
    Short sales allow the borrower and the lender to walk away from a transaction that has failed for both parties with far less damage than foreclosure or defaulted loan modifications. Unfortunately, short sale transactions declined dramatically in 2014 because Congress did not pass this crucial tax extension until December.
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  • New York now allows shared appreciation mortgage modifications

    New regulation announced without fanfare in state register
    Per the new rules, each shared appreciation agreement must contain "a conspicuous legend at the top of the agreement printed in at least fourteen-point type, consisting of substantially the following language: 'IN THIS AGREEMENT, YOU ARE GIVING AWAY SOME OF ANY FUTURE APPRECIATION IN THE VALUE OF YOUR HOME. PLEASE READ CAREFULLY.'"
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  • Is eminent domain coming to New York City?

    Council members push to aid city’s underwater borrowers
    Council members Jumaane Williams, Daneek Miller, Donovan Richards, and Mark Levine have joined with the New York Communities for Change and the Mutual Housing Association of New York to push for the city to use eminent domain to aid underwater borrowers.
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