Could this help you?

New Program Aimed to Keep Owners Paying


As strategic defaults rise, Loan Value Group, headed by Howard “Howie" Hubler, a mortgage trader who was deeply involved in Wall Street losses three years ago, is offering banks a way to resolve the problem.



The program involves the investors structuring a reward for borrowers, usually 10 percent of the loan balance, payable when the loan is paid off. While the reward won’t give the borrower positive equity, it could give him a reason to keep paying.



The plan is paid for by whomever owns the loan. So far, three hedge funds have signed up. Loan Value Group tells investors that the program isn’t affected by accounting rules that otherwise would require a modified mortgage to be written down.



Borrowers pay nothing to participate and participation doesn’t affect their credit scores.



Source: The Wall Street Journal, Nick Timiraos (09/13/2010)

Mortgage Rates Fall Yet Again

Mortgage rates have hit a new record low for the 10th time in 11 weeks as investors continue to turn to Treasury bonds as a safe haven; the shift in money is cutting yields, which mortgage rates tend to follow.
Freddie Mac reports that 30-year fixed loans averaged 4.32 percent, down from 4.36 percent a week ago; and the 15-year fixed rate fell to a new low of 3.83 percent, down from 3.86 percent.

This news is better than the first time buyer credit that expired earlier this year.  At these rates you will save more than the 8K on a home purchase.  Give me a call or check my recommended lender list for a trusted lender to help you. 

Have a great holiday weekend. I plan to join the group in Royal Oak.  Be safe!!!!!