Easier Foreclosure Prevention

Most people have heard that the foreclosure prevention programs have not been as successful as Obama had hoped.  It seems that one of the road blocks has been borrowers with a second mortgage.

Apparently there has not been an agreement with the second lien holders which causes the first mortgage to be modified even lower to hit the 31% of pre-tax income mark.

Clearly banks are not eager to modify loan payments at a loss when the second mortgage holder still gets a full payment.  This is also not helping the home owners because how small can a payment get when only one of the two banks is working with you.

The new federal initiative gives incentives to the second mortgage holder to work with the first.  This initiative has been in the works for a while but apparently was difficult to implement.  To help get it going, Bank of America is the first major bank to sign on for this program, and should cause others to follow.

http://money.cnn.com/2010/01/26/real_estate/boost_for_modification_program/index.htm

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

January 26, 2010 · Filed Under Portland, Portland Real Estate, portland real estates, Realty News

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Rising Interest Rates

If you are in the market for a home with the intention to get a loan under 5%, you’d better move!  The first full week of January Freddie Mac’s average 30-year fixed mortgage closed at 5.09%.  And once these go up they are not coming back down any time soon.

Because of the bad economy the government had some programs going to get interest rates down.  Those programs are coming to an end and interest rates will head back up.

Rates should also rise as the economy improves.  As people start to borrow money again the rates will increase.  There should be a small jump during the spring home buying season and rise slowly from there.  At least according to CNN.

http://money.cnn.com/2010/01/07/real_estate/last_chance_refinance/index.htm

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

January 19, 2010 · Filed Under Portland, Portland Real Estate, portland real estates, Real Estate Portland

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Portland Oregon in the New York Times

Here is a great article from the New York Times about all the great things about visiting or living in Portland, Oregon.  Not only did the author seem to capture the vibe of the city but he visited so many wonderful spots that represent this city so well.  He really hit the perfect variety and did not just stick to one section of the Portland area.  Especially when it comes to our amazing food scene.

http://travel.nytimes.com/2009/05/10/travel/10Portland.html?pagewanted=1

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

January 4, 2010 · Filed Under Portland, Portland Real Estate, portland real estates, Real Estate Portland, Realty News

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