Tuesday, February 9, 2010

Rate update for Tuesday, February 9th, 2010

Mortgage Rate Update
Mortgage rate update for Tuesday, February 9th, 2010

Most rate prices are worse today as mortgage bonds continue to slide with Treasuries ahead of today’s $40 Billion 3-year note auction. Bonds are under pressure this morning as the stock Mortgage ratesmarket bounces back with the Dow back up over 10,000 as investors are buoyed by hopes of a Greek bailout plan as well as positive comments from analysts on industrial stocks. The MBS market continues to be thinly traded with the Fed more than able to soak up the paltry supply generated by originators. Today is roll day for Fannie MBS and we are seeing some improvement since market open as the Dow recedes below 10,000 again in back and forth trading.

Search for rate updates at LoanFetch.com:
In the news today:
  • U.S. Small-Business Index Rises for First Time in Three Month
  • U.S. wholesale inventories unexpectedly fall in Dec
  • Treasuries Decline Before $40 Billion Three-Year Notes Sale
  • Trichet return fuels talk of EU action on Greece
  • Auditor says France must urgently reduce public debt












































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Get out of foreclosure; alternatives to foreclosure

Get out of foreclosureGet out of foreclosure
What you can do if you face foreclosure

If you do get behind on your mortgage payments, you may be able to keep your home and maintain your credit rating if you confront the problem early. The most common mistake people make when they get behind on their mortgage payments is to ignore the problem. Some people don’t even open the foreclosure warnings their lender mails them.

To save your house and your credit rating, contact your lender immediately and try to negotiate a solution. Lenders would prefer you pay the loan instead of foreclose your property because foreclosure can be a long and expensive process. Explain your willingness to commit to a payment plan until you are in a better position to resume your regular payments. Remember, a new Oregon law requires your lender to meet with you, click here.

If you are foreseeing problems for reasons beyond your control, such as the loss of a job, medical emergency, or divorce, ask to speak with a staff person about a loss mitigation plan. Prepare a letter explaining your situation, the reason you are facing financial problems, and why you think it could improve.

Ask if you can work out a forbearance or a loan workout plan. Ask if your unpaid monthly payments can be added to your principal loan and how much this will cost you.

The Oregon law about foreclosures has specific requirements and steps for lenders and individuals holding a lien on a property before they can foreclose a property. This period of time gives homeowners an opportunity to get back on track to save the house as long as they pay the unpaid mortgage payments, interest, and any other expenses charged by the lender. Seek legal counseling to understand your rights under the state’s foreclosure laws.

If your lender allows for partial payments during this time, do so and maintain the records; this may help your chances of reaching an agreement with your lender.

Lenders approved by the Federal Housing Admini-stration (FHA) must offer borrowers the following options before pursuing foreclosure, providing they qualify. If you have another type of loan, your lender may or may not offer these options, but you should ask your lender if you qualify.

Are you facing foreclosure? There are alternatives. Including but not limited to:

For more information go to PortlandForeclosure.com