60 Minutes did a piece this weekend on people walking away from their mortgage – and I guess they are trying to “justify” it. Recent numbers indicate that 4 million households are currently 60 days delinquent or more – up 30% from last year.
I suspect part of that is because mortgage companies are TELLING them to go delinquent so that they can use the HAMP “tools” the Government put in place – meaning if you are delinquent, then you qualify for a HOST of other “perks” like below market mortgage rates and “streamlined” Short Sale negotiations.
IF you’ve missed a couple of payments -but you are not going to have a Foreclosure on your credit report – then we believe you will have a MUCH better chance of getting a mortgage in the future. We currently have at least TWO programs that will do 90% mortgage loans (so 10% down) with 1 late payment in the last 12 months – this is a sign that as time passes, we’ll have the programs that will allow people to get a new mortgage!
Anyway – I thought this short clip from 60 Minutes was interesting and wanted to share it.
We tell folks that the housing market in Raleigh is like the weather – it’s LOCAL. What do we mean by that? Well, it’s not sunny and 72 degrees across the country today – in some places it’s colder than that, in some places it’s warmer and raining. Although we do have a ton of people moving to Raleigh from other places in the Country… the Real Estate market is not really dictated by national trends. It’s dictated by whats going on in YOUR neighborhood.
To find out what prices and trends are like – contact a Real Estate Agent. They are an important part of your Homebuying or Home Selling Team! Don’t know one? Contact Steve and Eleanor Thorne – we work with the BEST Real Estate Agents in North Carolina, and we’d be glad to refer you! 919 649 5058 (we also have the best mortgage rates!)
If you are facing a “hit” on your credit report – and you are in this situation because of a job loss, there’s a new mortgage program through the FHA Back To Work Program that means you only have to wait 12 months to buy a house! Yeah! Call Steve Thorne, 919-649-5058 Credit Repair Specialist. Money Back Guarantee, and a full spectrum of resources to give you “What If Scenarios.” You CAN have a good credit score within 6 months or LESS. Let us help!