RISMEDIA, June 28, 2010—(MCT)—Mortgage rates have tumbled to record lows, but high unemployment and job jitters by still-working Americans mean the milestone is unlikely to attract enough borrowers to boost the unsteady housing market, economic and real estate professionals say.

Mortgage buyer Freddie Mac reported recently that the average interest rate on a 30-year fixed-rate mortgage in the U.S. slipped to 4.69%, down from 4.75% last week. A year ago…

RISMEDIA, May 17, 2010—Like many Americans, Russell and Aboline purchased a home when times were good. Then the recession hit. Aboline lost her job of 10 years, along with their family medical insurance that was part of her benefits program. Russell took a 10% pay cut while his overtime and bonus program were discontinued. One year later, Aboline was still not working, their savings account was depleted and they had…

RISMEDIA, May 1, 2010—(MCT)—As a consumer with good credit and a 10-year history of paying his mortgage on time, Ed McLaughlin expected that his record would put him in good stead with his bank.

But when he approached his lender, Charlotte, N.C.-based Bank of America, about refinancing his existing mortgage or qualifying for a new loan, McLaughlin felt like a brand-new customer just off the street.

“They said…

On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into what is going on with SunTrust Mortgage and how long they are actually taking to close short sales these days. We go over a recent deal we have with them and some tips and tricks on how to get a short sale deal closed when you have two mortgages with the same lender. Listen in as…

The billion dollar Making Home Affordable plan is being pointed at by bond investors and officials within the Treasury Department as eternally flawed. A consensus seems to be forming that there must be forced handling of second mortgage debt and lowering of loan balances for non-equity borrowers.
In an article read recently on Bloomberg.com, investors agreed that without principal balance reductions versus simple payment reductions and wipe-outs of second…