The Federal Housing Finance Agency (FHFA) recently announced a new, streamlined home loan modification program to help Springfield home owners who are behind in their payments or own a home with a mortgage that is under water. The purpose of the recently announced program continues to focus on helping troubled borrowers avoid foreclosure and stay …
Avoid Monthly Private Mortgage Insurance on Your Home Loan
Have you heard the term Private Mortgage Insurance (PMI) when looking into financing your new home? Maybe you have PMI now on your current home loan. In either case this blog post is for you! You may be wondering what PMI is and how to know when you need to purchase it or are allowed to get …
3 Common Myths About Real Estate Short Sales
There is a lot of misleading and incorrect information about Springfield real estate short sales. Many people don’t have a clear understanding of the purpose of short sales or how they actually work. Essentially, a short sale is when one sells their home for less than the balance remaining on the mortgage attached to the property. …
Clock Ticking on Mortgage Tax Break for Struggling Homeowners
Struggling homeowners have something big to worry about in the days ahead. The Mortgage Debt Forgiveness Act passed by Congress in 2007 is set to expire soon. Its expiration would spell the end of a tax break that has been keeping troubled homeowners from paying thousands of dollars to the IRS because of forgiven mortgage …
Lowest Levels in Mortgage Debt Tallied Amidst Increase in Originations
Continuing an almost four-year trend, aggregate consumer debt levels have recently been reported to record their lowest since 2006. Mortgage debt, the largest component of aggregate consumer debt, decreased by 1.5% from the previous quarter, and the lowest tally since 2006. This drop comes amidst a cumulative increase in mortgage originations, where hundreds of …
