The WeBuyTucsonHomes Blog

Fair Isaac’s Revamped FICO Aims to Forgive Small Slips,Punish Repeat Offenders

Blogger goes in-depth and makes looming prediction for the Housing Markets

Hovnanian: 40% Cancellation Rate

Could credit card debt be part of the reason Homeowners are entering foreclosure?

Case- Shiller median home price data show an astounding downturn!

If you have any questions about selling your home or investment property quickly give us a call today or contact us via the web at www.webuytucsonhomes.com

Happy Holidays!

~Caleb

According to a recent Forbes article, many large investment firms are pooling money together to buy mortgages where the payments are late or in a state of foreclosure.

How can this information help you?  The goal of the investment firms is to buy the mortgages at such a discount that it then becomes beneficial for them to work with the homeowner to stay in the house.  Studies have shown that providing a working relationship with the homeowner and helping them to stay in the home is the most beneficial result to both parties.

If your mortgage company has recently sold your loan, and you are currently behind the first step to resolving your issue should start with you contacting your mortgage company.If however your lender has not recently switch you, and you are still behind on mortgage payments your first step should still be to contact your mortgage company to discuss different options they may have for you.

Should you decide selling your home if the best option for you, or you have any questions regarding foreclosure and how to stop it, please contact WeBuyTucsonHomes.com  for free information.

Recently I was called to speak with some people who had been served with a Notice of Sale. While driving out to the community, I started to notice more and more signals homes had long been vacated. The subdivisions were newer, about 4-5 different builders, and most of the homes being built in the past 3 years. How could these new homes become vacant so quickly? We will find that out latter.

After the meeting I decided to drive the neighborhood to get a feel for the type of homeowner that would like to live in this particular subdivision. The neighborhood was newer, housing prices had been in the 250,000 range, but prices now were sharply dropping.

Touring the neighborhood for a few minutes I ran into blocks and blocks of empty lots. There were about 3 homes built for every 20 empty lots. The sales office for the builder wasn’t even open on a weekend, looking up the sales on the local MLS site revealed 22 homes for sale in a 1/4 mile radius. Not only were these homes for sale, but 1/4 of them mentioned a short sale in their listings.

So when the struggling homeowners decided to sell not only were they limited by their own mortgage company, but they were competing against a builder who was releasing homes at prices lower than the previous year. This could be the reason why so many homes were vacant. Coupled with ARM’s resetting and the builder reducing prices, the only choice for the homeowners was foreclosure.

This would set the scene for crimes described in this CNN article. Crime scene: Foreclosure I honestly hope Tuscon does not see a crime spree from the recent empty foreclosures. A good way to avoid having empty homes in your neighborhood is to contact We Buy Tucson Homes

Do you know a family member, a friend or co-worker, or someone in your neighborhood who is facing foreclosure? If so please have them contact We Buy Tucson Homes! We will do our best to keep them in their home, and the house from becoming vacant for a long period of time.

President Bush recently announced a plan to help homeowners who are facing ARM resets on their home loans. The program is called “FHASecure” and to qualify the current borrower must have:

1. A history of on-time mortgage payments before the borrower’s teaser rates expired and loans reset
2. Interest rates must have or will reset between June 2005 and December 2008
3. Three percent cash or equity in the home
4. A sustained history of employment
5. Sufficient income to make the mortgage payment

Borrowers must also be occupants of the house they are trying to refinance and have a mortgage below the insured loan limit for your area ($263,150 in Arizona).If you have any questions about the FHASecure plan I would encourage you to contact your local HUD office via their webpage.If after discussing your options with HUD you decide to sell your home please contact WeBuyTucsonHomes to discuss options is selling your home quickly!

FROM Yahoo News:

The article is directed to new home buyers who are looking for mortgages:…

The Fed, which has regulatory powers over the nation’s banking system, is proposing:

 “_restricting lenders from penalizing certain subprime borrowers — those with tarnished credit or low incomes — who pay off their loans early. The restriction would apply to loans that meet certain conditions, including that the penalty expire at least 60 days before any possible payment increase.

_forcing lenders to make sure that subprime borrowers set aside money to pay for taxes and insurance. _barring lenders from making loans when they don’t have proof of a borrower’s income.
_prohibiting lenders from engaging in a pattern or practice of lending without considering a borrower’s ability to repay a home loan from sources other than the home’s value.”

I had to reload the blog as I ran into some major problems with the links. 

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