Tennessee Housing: Low Mortgage Rates, Rising Military Foreclosures [mortgageloan-processor.blogspot.com]
With typical prices below $ 400000, and mortgage rates south of 4 percent, homes in Bergen County in 2011 reached their most affordable levels in years รข€" just about at the point where a majority of households can afford the typically priced home, an ... As interest rates and prices fall, homes become more affordable
thefilmarchive.org February 9, 2012 Both lenders and borrowers may benefit from avoiding foreclosure, which is a costly and lengthy process. Some lenders have offered troubled borrowers more favorable mortgage terms (ie, refinancing, loan modification or loss mitigation). Borrowers have also been encouraged to contact their lenders to discuss alternatives. The Economist described the issue this way: "No part of the financial crisis has received so much attention, with so little to show for it, as the tidal wave of home foreclosures sweeping over America. Government programmes have been ineffectual, and private efforts not much better." Up to 9 million homes may enter foreclosure over the 2009--2011 period, versus one million in a typical year. At roughly US 000 per foreclosure according to a 2006 study by the Chicago Federal Reserve Bank, 9 million foreclosures represents 0 billion in losses. A variety of voluntary pri vate and government-administered or supported programs were implemented during 2007--2009 to assist homeowners with case-by-case mortgage assistance, to mitigate the foreclosure crisis engulfing the US One example is the Hope Now Alliance, an ongoing collaborative effort between the US Government and private industry to help certain subprime borrowers. In February 2008, the Alliance reported that during the second half of 2007, it had helped 545000 subprime borrowers with shaky credit, or 7.7% of 7.1 million subprime loans outstanding as of September ...
mortgageloan-processor.blogspot.com Housing Settlement with Banks: Relief to Homeowners, Mortgage Industry Practices (2012)
The housing market of Tennessee is a story of conflicting plots - on the one hand, are rising numbers of homebuyers trying to take advantage of the low mortgage rates; on the other, are military families threatened with foreclosures as they fail to meet their monthly mortgage obligations.
Increased interest is being shown by homebuyers to Nashville foreclosure listings and to other residential properties all over the state. This should be good news for the region, particularly now that home buying activities are highly necessary to help the market recover. However, this good news is somewhat offset by another housing sector-related development - that of increasing number of military families losing their homes to foreclosures.
Foreclosures in Tennessee and in the rest of the U.S. increased to a record high in 2010. Last year, over 20,000 active soldiers, veterans and military reservists who have government-backed loans lost their properties to foreclosure. The total was the highest recorded since 2003. Data also showed that foreclosure filings last year among locations that are near military bases have risen by 32% when compared with 2008 levels. The increase is even higher than the rise in the number of nationwide foreclosure filings last year, whi ch was 23%, compared with 2008 levels.
Although more homebuyers are coming to Tennessee to check out properties due to the low mortgage rates, the state was not entirely pleased with developments in its housing market as a big number of its military family residents, most of whom work at Fort Campbell, is currently facing threat of foreclosure.
The Department of Defense has expanded its Homeowners Assistance Program to help military homeowners keep their properties from foreclosure for sale lists. Around 12,000 military homeowners are said to have applied for assistance under the program. The Mortgage Bankers Association of America has revealed that, historically, loans issued by private banks and backed by the U.S. Department of Veterans Affairs have outperformed all other mortgage categories.
Tennessee housing analysts are hoping that more homebuyers will take advantage of the low mortgage rates and buy houses in the region, but majority are wishing that programs in place could really help military homeowners save their properties from foreclosure. Find More Tennessee Housing: Low Mortgage Rates, Rising Military Foreclosures Issues
