More Help for Foreclosure Folks

Whats Are the Markets Up To Now

Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage (FRM) averaged 6.33 with 0.5 point which was six basis points lower than both the previous week and the average rate for the same time period in 2006.

The 15-year FRM averaged 5.99 percent with 0.6 point compared to the previous week when it averaged 6.08 percent also with 0.6 point. One year ago the average rate was 6.10 percent.

Teaser rate mortgages are now resetting and can add as much as $10,000 yearly to the mortgage payment. These teaser rates are generally good for 2- 5 years. What that means is increasing payments for many homeowners for quite a while to come. Expect more supply and foreclosures as people find it difficult or senseless to carry higher payments when their property is clearly not worth what it was. Today one in every 200 homes is being foreclosed nationwide On Balance, lower rates will not trump increasing's some help

Help is Here

If you are facing a foreclosure you should consider some of the following sites:

HUD Housing Counsels by State
HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages.

Neighborhood Housing Services of America
NHSA is a lending resource in support of the work of over 240 community development organizations. NHSA gives these organizations access to affordable loan products and services

Hope for Homeowners
Free help and materials to help homeowners understand and prevent the foreclosure process.

National Consumer Resource Center

They offer a wide variety of resources and referrals to households seeking financial advice. he 888-995-HOPE hotline has a single mission: to help more homeowners avoid foreclosure.

The National Consumer Law Center
A very good book on how to survive consumer debt ($20)
Stephen Brobeck, Executive Director, Consumer Federation of America says it is "The best book available for consumers in financial trouble, written by the resource center with the greatest expertise about how consumers can respond to debt collection, foreclosure, evictions and utility shut offs.

Thanks for Reading
Howard Bell

No comments: