Refinancing proposal for underwater borrowers elicits skepticism Bakersfield Californian
A federal proposal that would make it easier for underwater homeowners to refinance their mortgages is a nice idea, but isn't likely to help Bakersfield's beleaguered houseing market, local real estate experts said Tuesday.
As many as 2 million underwater homeowners could be helped under a bill proposed by senators Barbara Boxer, D-Calif., and Johnny Isakson, R-Georgia, that is now under consideration by the White House.
The Helping Responsible Homeowners Act of 2011, or S.B. 170, would:
⢠Eliminate risk-based fees on loans for which Fannie Mae and Freddie Mac already bear the risk;
⢠Remove refinancing limits on underwater properties;
⢠Make it easier for borrowers with second mortgages to participate in refinancing programs; and
⢠Require that borrowers are able to receive an interest rate comparable to that received by other borrowers in good standing who have not suffered a drop in home value and are current with mortgage payments.
The Fuzzy Math of Home Values
SmartMoney Magazine: The calculations behind online estimates are adding confusion to an already tricky housing market.
Jason Gonsalves worked hard to turn his 6,500-square-foot stucco-and-stone home in the suburbs of Sacramento into the ultimate grown-up party pad. Inside are the game room, home theater and custom wine cellar. Outside, there's the recently added piece de resistance -- a wood-burning pizza oven, kegerator and searing station, all flanking an infinity-edge pool that overlooks the lapping waters of Folsom Lake. A spread like that doesn't come cheap, of course, so when interest rates fell recently, Gonsalves, who runs a lobbying firm, looked into refinancing his $750,000 mortgage. That's when he got some startling news -- even as he was putting the finishing touches on his home, it had dropped more than $200,000 in value over a seven-month stretch.
Or at least, that's what one popular real estate website told him. Another valued Gonsalves's pad at a jaw-droppingly low $640,500. And these online estimates left him all the more confused when a real-life appraiser, assessing the house for the refi loan, pinned its value at $1.5 million. "I have no idea how those numbers could be so different," Gonsalves says.
...Refinance Help. Fill this form and get help!
Provides information about Mortgages, Mortgage Rates, Home Refinancing, Home Equity Loans and ...
Provides information about mortgages, mortgage rates, home refinancing, home equity loans and many other mortgage related topics. Try our free ...
california equity home refinance southern - News
|
The key to refinancing today is the amount of equity you have I am in the Southern California area which has been hit by the loss of home values. Answer: The key to refinancing these days is the amount of equity you |
|
Median Puget Sound home prices fall in 2008, but mostly remain ... - Seattle Times Median Puget Sound home prices fall in 2008, but mostly remain A surge of homeowners have hustled to refinance under record-low rates for 30-year fixed rate mortgages, though analysts say the Federal Reserve's help |
|
Con artists take advantage of homeowners in trouble to the Southern California Mortgage, SCAM, Fraud Task Force to probe builder bailout, foreclosure rescue, seller assistance, short sale and home equity |
|
NV Energy, Inc. Q4 2008 Earnings Call Transcript - Seeking Alpha NV Energy, Inc. Q4 2008 Earnings Call Transcript In addition, the company may seek to refinance borrowings under its revolving credit facilities. External financing needs for 2009 will ultimately be |
|
Special Report: Staying Ahead of the Downturn - Phoenix Business Journal Special Report: Staying Ahead of the Downturn “We need to stabilize housing, especially in Arizona, Nevada, Florida, and parts of Northern and Southern California,” he said. |