Archive for April, 2012

Banks Loosen Lending Standards on Credit Card and Auto Loans, But Not Mortgages

Monday, April 30th, 2012

U.S. banks are not yet making it easier to obtain a mortgage loans, according to a new survey from the Federal Reserve, although credit card and auto loan requirements have loosened considerably since the financial crisis.

“Domestic banks generally reported having eased their lending standards and having experienced stronger demand over the past three months,” the Fed said in its survey, noting that the easing was primarily on consumer and car loans.

Mortgage loans remain the touchy spot for lenders, an area where they are not interested in lowering loan standards.

“Regarding loans to households, standards on prime residential mortgage loans and home equity lines of credit (HELOCs) were about unchanged,” the Fed said in it statement as quoted in a . “However, the April survey indicated a moderate strengthening in demand for prime residential mortgage loans.”

The Fed survey included a new special question section, with 52 banks responding, asking them about their willingness to make mortgage loans now compared with 2006, the height of the housing bubble.

When asked about making a home loan to a borrower with a FICO credit score of 620 and a down payment of 10 percent, 43 of the banks (roughly 83 percent) said they were less likely to do so now than six years ago.

With a credit score of 680 and a 10 percent down payment, still 36 of the banks, or 69 percent, were less likely to make the loan today.

Higher credit scores made a difference though. There were 37 banks, or 71 percent, who were just as likely to lend now as in 2006 to a borrower with a credit score of 720 and a 10 percent down payment. And if the borrower increased the down payment to 20 percent, 47 of the banks, or 90 percent were more likely or as likely to approve the loan today as in 2006.

What Are My Choices Once I Have An Upside Down Mortgage With Bank Of America?

Monday, April 30th, 2012

Hello, do you could have an underwater mortgage with Bank of America and also you’re wondering what your options are you are tired of staying in your home, you are up to now underwater and you are feeling like Bank of America will not give you any assistance to remain in your house and reduce the payments or the principle balance in your home.

Well, my name is Fred Weaver and my business associate Kevin Kauffman and I run considered one of the nation’s leading real estate groups and the highest short sale crew within the country referred to as Group 46:10. Not only have we closed ninety% plus of our short sales and have a ninety% success rate, we’ve additionally achieved over 500 short sale transactions. We’ve helped many homeowners like you with Bank of America.

Now let me tell you one thing, Bank of America just isn’t the best lender to work with. In truth, should you perform a little research on the internet, you might find quite a lot of hate posts. What I can tell you about Bank of America is regardless of their inefficiencies my business associate and my workforce and I’ve been able to produce an excessive quantity of success on Bank of America and their short sale process.

So should you’re in an underwater house and may’t do a loan mod and just do not know what else to do with your house, give us a call today. We’d be pleased to talk with you more about the short sale process, answer any of your questions and potentially assist you make the very best choice for you and your loved ones financially so you may move forward. I am certain you’ve received questions on taxes and credit, and the current legislation modifications and a few of the stuff that’s being mentioned out there in the media and the news, so give us a call at the moment at 602-492-4610 or fill out the form here on our website. We’d be pleased to help you out and point you in the correct direction. Again, we’re Group 46:10, the nation’s leading short sale team and we’re here to help. Thanks and we look ahead to talking with you soon.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

Perspektivenvor allem in den kommunen, aber auch in den bundesländern, sind volks- und bürgerbegehren durchaus diplomarbeit schreiben lassen etabliert