The Mortgage Bank Association reports that loan applications went up by 23% last week.  This is an overwhelming increase but it does not come as a surprise considering the extremely low interest rates.  The rates are at a record low of close to 3% on a 30-year fixed mortgage, in most cases.  In 1981, rates [...]

According to a recent report from RealtyTrac (a foreclosure listing firm), foreclosure rates are at their lowest since 2007. “Total filings, including default notices and bank repossessions were down 33% for the year to 2.7 million”.  In 2011, 1.9 million homes were filed for foreclosure last year which is a good improvement from 2010 (down [...]

If you’ve been thinking about doing a short sale on your home, you now have more motivation to get the ball rolling.  On December 31st, 2012 the Mortgage Forgiveness and Debt Relief Act is scheduled to expire. Congress passed the act in 2007 for the purpose of helping distressed home owners.  Before the act was [...]