'Zombie Titles' Plague Home Owners

Posted by The Cascade Team Real Estate on January 15th, 2013

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Daily Real Estate News | Tuesday, January 15, 2013  

Some refer to “zombie titles” as a little-known horror in the fallout of the foreclosure crisis. Thousands of home owners are discovering they may be legally liable for a home they thought they no longer owned. In some of these cases, home owners receive a notice of a foreclosure sale and move out to give the home to the bank. But then the bank never completes the foreclosure. "The banks are just deciding not to foreclose, even though the home owners never caught up with their payments," Daren…

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Sweeping Changes to Mortgage Rules Take Effect Jan. 21

Posted by The Cascade Team Real Estate on January 10th, 2013

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Daily Real Estate News | Thursday, January 10, 2013  

The Consumer Financial Protection Bureau unveiled new mortgage rules Thursday that are expected to change how home buyers go about getting approved for a home loan. 

Every company that issues mortgages will be required to follow the new guidelines. 

Loans that meet the agency’s new lending criteria now will be called a “qualified mortgage.” Qualified mortgages will be given protection for the bank from lawsuits filed by troubled borrowers or buyers of mortgage-backed bonds. 

A “qualified mortgage” will consist of the following:

• Lenders must prove that income and assets are…

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A Mortgage From Wal-Mart? 33% Say They Want One!

Posted by The Cascade Team Real Estate on December 4th, 2012

Daily Real Estate News | Tuesday, December 04, 2012  

One in three consumers say they’d consider getting a mortgage from discount retailer Wal-Mart if they offered them, according to a study of 618 U.S. consumers conducted by Carlisle & Gallagher Consulting Group. The company provides consulting services to some of the top U.S. mortgage originators.

Nearly half surveyed said they’d also consider a mortgage from PayPal, an online payment provider. Neither company offers mortgages. 

The study is an indication that consumers are willing to try alternative lenders, says Doug Hautop, lending practice lead at Carlisle & Gallagher Consulting Group. 

Should banks feel threatened? Non-bank mortgage companies, such as Quicken Loans and Nationstar…

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Mortgage Rates Reached New Lows Again Last Week

Posted by The Cascade Team Real Estate on November 26th, 2012

Daily Real Estate News | Monday, November 26, 2012  

Mortgage rates continue to fall, with fixed-rate mortgage rates reaching new record lows last week for the second consecutive week, Freddie Mac reports in its weekly mortgage market survey. 

"Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery,” said Frank Nothaft, Freddie Mac’s chief economist. 

Here’s a closer look at mortgage averages for the week ending early due to the…

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Mortgage Rates Fall into Record-Breaking Territory

Posted by The Cascade Team Real Estate on November 16th, 2012

Daily Real Estate News | Friday, November 16, 2012  

Fixed-rate mortgages dropped to new all-time lows this week, pushing homebuyer affordability even higher for those who can qualify. 

“Fixed mortgage rates eased this week to record lows on indicators of higher consumer confidence and wholesale prices,” Frank Nothaft, Freddie Mac’s chief economist says. 

The following are the national averages with mortgage rates reported by Freddie Mac for the week ending Nov. 15:

• 30-year fixed-rate mortgages: averaged a new low of 3.34 percent, with an average 0.7 point. The…

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Mortgage Rates Stay Low, Keep Buying Power High

Posted by The Cascade Team Real Estate on November 9th, 2012

Daily Real Estate News | Friday, November 09, 2012  

A year ago at this time, 30-year fixed-rate mortgages dropped below 4 percent for the first time since Freddie Mac started reporting national average mortgage rates in 1971. Thirty-year rates have fairly much stayed below 4 percent since then too, continuing to hover near all-time record lows and pushing home buyers’ purchasing power higher and helping refinancers to unlock savings. 

Freddie Mac reports the following national averages in mortgage rates for the week ending Nov. 8.

• 30-year fixed-rate mortgages: averaged 3.40 percent, with an average 0.7 point, rising slightly from last week’s 3.39 percent average. A year ago at this time, 30-year rates averaged 3.99…

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Mortgage Rates Back Near All-Time Lows

Posted by The Cascade Team Real Estate on November 2nd, 2012

Daily Real Estate News | Friday, November 02, 2012  

Another sign economic recovery: The home ownership rate is no longer falling. It remained unchanged from the previous quarter, standing at 65.5 percent in the third quarter, the Commerce Department reported this week. A year ago, the home ownership rate stood at 66.3 percent. 

The home ownership rate is still far from its 70 percent peak during the housing boom. The rate started to drop soon after as the number of foreclosures began to soar, yet foreclosures are starting to slow.  

The Commerce Department reported Tuesday that the home owner vacancy rate dropped to 1.9 percent in the third quarter — the lowest rate recorded. 

“Some industry watchers expect the home…

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Derogatory Credit Guidelines for Bankruptcy, Foreclosure, Short Sale, More....

Posted by The Cascade Team Real Estate on October 22nd, 2012

Derogatory credit and the time that needs to elapse since an event such as bankruptcy, short sale or foreclosure to complete new financing has been a common question.  In summary FNMA/FHLMC, FHA, VA & USDA's guidelines are listed below.

BANKRUPTCY
FHA	A   two year waiting period is required since the date of discharge of   Bankruptcy.   NOTE:  Must use sale date shown on   Trustee’s Deed for mortgages included in bankruptcy and a 3 yr waiting period   from this date will apply. If FHA Mortgage foreclosure, date FHA paid the   claim is required. Call HUD to verify when that was to move forward.
VA	A two year waiting period is required   from discharge date.   If the bankruptcy was discharged within   the last…

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Mortgage Rates Hover Near Record Lows

Posted by The Cascade Team Real Estate on October 12th, 2012

Daily Real Estate News | Friday, October 12, 2012

Mortgage rates held steady for the most part this week, remaining near all-time record lows set last week, Freddie Mac reports in its weekly market survey. 

Here’s a closer look at national mortgage rate averages for the week ending Oct. 11. 

• 30-year fixed-rate mortgages: averaged 3.39 percent, with an average 0.7 point, up slightly from last week’s record…

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Mortgage Rates Sink to New Lows Again

Posted by The Cascade Team Real Estate on September 28th, 2012

 

Daily Real Estate News |     Friday, September 28, 2012  

Mortgage rates were back to breaking records for the second consecutive week. All mortgage products, except for the 5-year adjustable-rate mortgage, averaged a new record low, Freddie Mac reports in its weekly mortgage market survey.

For those who can qualify, the low rates are helping to keep home buyer affordability high and refinancing strong, Freddie Mac reports. 

"Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve's purchases of mortgage securities, and should support an already improving housing market,” says Frank Nothaft, Freddie Mac’s chief economist.

The Fed recently announced it would purchase $40 billion in mortgage-backed…

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