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Global Boiling: The Mortgage Climate in 2008
from:There’s no doubt that all the mortgage business that bubbled up in years past has now reached a boiling point. The number of adjustable rate mortgages that were sold in the last few years in the United States are now set to readjust, with a total of 370 billion’s worth of loans resetting in 2008. Places like London and Australia are also seeing a quick drop in prices and a rise in inventory from foreclosures. Hopefully, many of these loans will have already been refinanced to fixed rates, but there are new factors on the market that can affect your ability to refinance. Here’s how to figure out where you stand compared to the global forces at work.
The Local Realty Weather
If you happen to live in California or Florida, you will by now understand that it is a buyer’s market of immense proportions. So many people defaulted on their mortgage loans that the inventory of homes may take many months to clear. This has caused prices to drop substantially, and if you bought during high tide, by now your home may be less worth than what you paid for it. Refinancing may also be difficult for the same reason: negative equity. Not all realty markets are soft. In North Carolina, markets have not dropped as much as other places in the United States. This is because the market was not over-priced to begin with and gains on real estate property had been modest over the years. So, figure out where you are and how your local market is doing to understand exactly how the global climate is going to affect your mortgage options and your potential equity. If find you are in an upside-down position on your equity, you still want to be as proactive as you can to figure out how you can resolve this mortgage crisis, especially when it becomes personal.
Create More Sustainable Living Options
Now, you will need to approach your lender to figure out if you can renegotiate your mortgage terms. You will have to cut back on any additional expenses that might cut into your ability to make the mortgage payment. Understand that buying time is just as important as getting a clear-cut resolution. The odds of the market recovering are good and only a matter of time, so any little that you do will help you to recover in the long run.
Find ways to negotiate the following your lender if you are in trouble:
• Lowering your interest rate,
• Increasing the loan term,
• Skipping payments to allow you to catch up,
• Converting it to a fixed rate,
• Doing a short sale,
• Investigate special options for HUD and VA loans.
Illinois Mortgage Specific links
Illinois Mortgage News
Costco members can now shop for mortgages online - Chicago Tribune
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FDIC sues big banks over mortgage debt losses - Chicago Tribune
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Ill. county sues mortgage lenders, claiming fraud - CBS News
 Madison County Record | Ill. county sues mortgage lenders, claiming fraud CBS News BELLEVILLE, Ill. — An Illinois prosecutor is suing 22 local and national banks and mortgage companies, accusing them of deceit and fraud in using an electronic mortgage registry to sidestep recording fees his county should have been collecting. County sues mortgage lenders, alleging deception St. Clair County sues big bank mortgage lenders, alleging deception |
Single mother caught in mortgage nightmare - KMOV.com
Single mother caught in mortgage nightmare KMOV.com by Craig Cheatham / News 4 Investigates MADISON COUNTY, Illinois (News 4 Investigates) -- A Madison County woman is in a mortgage nightmare. She's fighting to stay in her home and raise her handicapped daughter while a massive bank pushes to foreclose ... |
FDIC sues big banks over toxic mortgage securities bought by 2 failed Illinois ... - Washington Post
 KVAL | FDIC sues big banks over toxic mortgage securities bought by 2 failed Illinois ... Washington Post WASHINGTON — The government has sued several big banks over toxic mortgage securities they issued that were bought by two small Illinois banks which failed in May 2009. The Federal Deposit Insurance Corp., which seized the two banks when they failed, ... FDIC Sues Bank Of America, JPMorgan, Others Over Toxic Mortgage Bonds That ... FDIC sues big banks over mortgage debt losses FDIC Sues on Mortgage-Backed Securities Sold to Banks |