Commercial Property

Focus On Foreclosures And Solutions In Your Market

"learn more" tab for each brochure. You can download them for free or order them from the REALTOR® Store. In addition, keep abreast of solutions forthcoming in your state or local community. According to an excellent article by Les Christie of CNNMoney, "Subprime Bailouts: How They Work," some states such as Maryland"s Department of Housing and Community Development are launching programs that allow certain borrowers to refinance their high-risk mortgages into affordable fixed rate loans. Called "Lifeline," Maryland"s program is aimed at preventing defaults and foreclosures thereby protecting homevalues for other homeowners. It works by allowing participating lenders to bundle the new loans and sell them back to the DHCD, which in turn uses cash from a bond issue to buy the bundled loans. Interest paid by the borrowers pays off the bonds. Last, check with lenders to see if they have new loan programs that could be helpful to borrowers in a volatile housing market. For example, Washington Mutual Inc. has just announced a new combination mortgage/home equity line of credit that allows customers to reset interest rates or switch between fixed and adjustable rates up to twice a year without having to refinance. The first reset is free, and $250 afterwards, but this kind of thinking allows borrowers to weather temporary financial storms.

Pages: 1 [2] 

Add your comment:

Name:
Site address:	http://
Your message:
Enter today\\\\'s date, 2 digits (spam protection):