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Showing posts from February, 2008

Walk Away Homeowners a Bitter Pill for Real Estate

By Marcie Geffner - Inman News
Divorce. Single parenthood. Debt. Bankruptcy. These and a long list of other social behaviors were once stigmatized and kept behind closed doors away from polite society, but are now, if perhaps not completely acceptable, at least openly tolerated and in some cases, even lauded as smart lifestyle choices.
Must we now add foreclosure to the list?
The evidence is still anecdotal, but news media have begun to report that some homeowners have decided to walk away from their homes just because they have no equity and, consequently, don't want to make their mortgage payments even though they could afford to do so.
Read the rest of this story:
http://www.inman.com/opinion/guest-perspective/2008/02/2/walk-away-homeowners-are-bitter-pill-real-estate
Listen to a discussion of this story on Real Estate Radio USA:
http://www.realestateradiousa.com/blog/2008/02/12/real-estate-radio-usa-episode-57/.

Six Tips To Refinancing Your Mortgage Faster

By Marcie Geffner (LendingTree.com)

Refinancing is hot.

Hordes of homeowners across the country have decided it's a great time to shop for a new mortgage, especially one that has lower payments, a lower interest rate or a rate that's fixed instead of adjustable.

This rush to refinance, which was triggered in part by the Federal Reserve's decision to lower key bank interest rates, has swamped lenders and mortgage brokers with fresh loan applications. Here are six tips to make sure your application stays on top of the pile:

1. Be Realistic. Lenders have tightened up loan requirements, so you'll need a good credit score and at least some equity in your home to refinance. To figure out how much equity you have, subtract the total amount that you owe on all of your existing mortgages from how much you think your home is worth. If your credit is severely impaired or you owe more than the value of your home, you probably won't be able to refinance right now.

2. Be Patient. Pro…

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Reporter. Writer. Editor. Book reviewer. Part English major. Part MBA. Often at the beach. Always on a deadline.