Recovering sisters face new crisis - Boston Globe: Massachusetts EASTON - The family of two teenage girls who were shot in the head and left for dead last year has been caught in the nation's foreclosure crisis: The old farmhouse they rent here is scheduled to be sold at auction next month. Preventing foreclosure one door at a time - Minnesota Public Radio: Business The battle to prevent more foreclosures in north Minneapolis has just become a ground war. All this week a group of volunteers will go door to door, trying to prevent foreclosures.<img src="http://feeds.publicradio.org/~r/MPR_Business/~4/472885708" height="1" width="1"/> Activist steers homeless to empty homes - Boston Globe: Business MIAMI - Max Rameau delivers his sales pitch like a pro. "All tile floor!" he says. "And the living room, wow! It has great blinds." Squatters take over houses - Seattle Times: Nation & World Max Rameau is an activist who has been executing a bailout plan of his own around Miami's empty streets: He is helping homeless people illegally move into foreclosed homes. Activist moves homeless into foreclosures - MSNBC.com is a leader in breaking news and original journalism. <p><a href="http://www.msnbc.msn.com/id/28002276/"><img align="left" border="0" src="http://msnbcmedia.msn.com/j/MSNBC/Components/Photo/_new/081201-foreclosure-squatting-hmed2p.thumb.jpg" alt="Marie Nadine Pierre and her baby, Nennon, are squatting in a foreclosured house in Florida." style="margin:0 5px 5px 0" /></a>A Miami activist who has been executing a bailout plan of his own around Miami's empty streets: He is helping homeless people illegally move into foreclosed homes.</p><br clear="all" /> Miami activist moves people into foreclosed houses - SFGate: Business & Technology Max Rameau delivers his sales pitch like a pro. "All tile floor!" he says during a recent showing. "And the living room, wow! It has great blinds." But in nearly every other respect, he is unlike any real estate agent you've ever met. He is unshaven, drives a... ... Miami activist moves people into foreclosed houses - Seattle Times: Nation & World Max Rameau delivers his sales pitch like a pro. "All tile floor!" he says during a recent showing. "And the living room, wow! It has great blinds." Miami activist moves people into foreclosed houses - AP National MIAMI (AP) -- Max Rameau delivers his sales pitch like a pro. "All tile floor!" he says during a recent showing. "And the living room, wow! It has great blinds."... Bay Area sees deals on homes for under $100,000 - SFGate: Business & Technology Realtor Gina Foronda no sooner listed the four-bedroom San Pablo home for sale than the offers started rolling in. Within three days, she had seven bids, the top one for 18 percent over the asking price. It sounds like the frenzied height of the real estate... ... Bay Area sees deals on homes for under $100,000 - SFGate: Top Stories Realtor Gina Foronda no sooner listed the four-bedroom San Pablo home for sale than the offers started rolling in. Within three days, she had seven bids, the top one for 18 percent over the asking price. It sounds like the frenzied height of the real estate... ... Be persistent during ordeal of short sale - SFGate: Business & Technology Short sales gone awry have become a recurrent theme in real estate circles. Here's the common narrative: A home goes on the market as a short sale - priced at less than is owed on the mortgage, so the lender must approve any sale. The bank either declines... ... Be persistent during ordeal of short sale - SFGate: Business & Technology Short sales gone awry have become a recurrent theme in real estate circles. Here's the common narrative: A home goes on the market as a short sale - priced at less than is owed on the mortgage, so the lender must approve any sale. The bank either declines... ... Volunteers reach out to at-risk neighbors - Minnesota Public Radio: Business A group of volunteers will canvass parts of north Minneapolis in an attempt to reach homeowners with adjustable rate mortgages.<img src="http://feeds.publicradio.org/~r/MPR_Business/~4/468408673" height="1" width="1"/> Mortgage crisis a boon for foreclosure cleanup businesses - Chicago Tribune: Nation FORT EDWARD, N.Y. (AP) _ Several men wordlessly carry out furniture, broken computers and boxes of garbage from a large blue house on a quiet upstate street on a brisk autumn morning. Rusting bikes and an old grill lay discarded in the overgrown backyard which is spotted with empty beer cans and crushed milk cartons. The mood is oddly serene as the men unload the remnants of what was one someone's ... From Bust to Broom: Foreclosure cleanups bustling - Seattle Times: Business & Technology Several men wordlessly carry out furniture, broken computers and boxes of garbage from a large blue house on a quiet upstate street on a brisk autumn morning. Rusting bikes and an old grill lay discarded in the overgrown backyard which is spotted with empty beer cans and crushed milk cartons. The mood is oddly serene as the men unload the remnants of what was one someone's home. From Bust to Broom: Foreclosure cleanups bustling - SFGate: Business & Technology Several men wordlessly carry out furniture, broken computers and boxes of garbage from a large blue house on a quiet upstate street on a brisk autumn morning. Rusting bikes and an old grill lay discarded in the overgrown backyard which is spotted with empty... ... From Bust to Broom: Foreclosure cleanups bustling - AP Business FORT EDWARD, N.Y. (AP) -- Several men wordlessly carry out furniture, broken computers and boxes of garbage from a large blue house on a quiet upstate street on a brisk autumn morning. Rusting bikes and an old grill lay discarded in the overgrown backyard which is spotted with empty beer cans and crushed milk cartons. The mood is oddly serene as the men unload the remnants of what was one someone's home.... Coalition pledges $8 million to aid King County families through crisis - Seattle Times: Business & Technology A coalition of local philanthropies, corporations and individuals announced an $8 million commitment Tuesday to help families in King County weather the economic crisis. To better understand, they walk in their shoes - Boston Globe: Massachusetts This is a month in the life. First week: Felicia Fuentes, 30-year-old mom to two teenagers, slogs through welfare paperwork. At school, her kids are forced to sit on the floor and watch as classmates are hauled out for drug possession. Fla. governor supports plan to allow universities to raise tuition 15 percent a year - Star Tribune: Nation This is a month in the life. First week: Felicia Fuentes, 30-year-old mom to two teenagers, slogs through welfare paperwork. At school, her kids are forced to sit on the floor and watch as classmates are hauled out for drug possession. Fannie Mae, Freddie Mac to Suspend Foreclosures Over Holiday Season - Washington Post: Nation Fannie Mae and Freddie Mac announced yesterday that they are temporarily suspending foreclosures and evictions during the holiday season in an effort to keep people from losing their homes.
<p><a href="http://feedads.googleadservices.com/~at/YnXPiu2u5bsyrEUFS6mGKoZSAfI/a"><img src="http://feedads.googleadservices.com/~at/YnXPiu2u5bsyrEUFS6mGKoZSAfI/i" border="0" ismap="true"></img></a></p><img src="http://feedproxy.google.com/~r/wp-dyn/rss/nation/index_xml/~4/9UfC1Hj2pRk" height="1" width="1"/> Home values in Houston dip 2.7% in October - Houston Chronicle: Business The median price for a single-family home dipped to $142,000, after rising 4 percent in September.
<p><a href="http://feedads.googleadservices.com/~a/UqDQIshdxsbIM_zzd-djp35z-i8/a"><img src="http://feedads.googleadservices.com/~a/UqDQIshdxsbIM_zzd-djp35z-i8/i" border="0" ismap="true"></img></a></p><img src="http://feedproxy.google.com/~r/houstonchronicle/business/~4/eg5nAxNjzkE" height="1" width="1"/> Santa Ana leads a bittersweet real estate boomlet - LA Times: Business The Orange County city is flooded with cheap foreclosures, giving people previously priced out of the market the opportunity to buy homes that others have been forced to leave.
Angelica Maciel used to drive through the oak-shaded streets of Santa Ana wondering if she'd ever be able to buy one of the charming little bungalows she so admired. ¶ But the real estate frenzy had overtaken even this hardscrabble Orange County city, and prices kept going up. ¶ Not any more. ¶ Last month Maciel paid a bit under $270,000 for a two-bedroom, 910-square-foot house. It had previously sold for $504,000 in 2006 and was foreclosed upon in July. ¶ All told, 357 homes in Santa Ana were in escrow in October, almost 10 times the volume of a year ago. ¶ They're selling ... Legal aid to low-income Mass. residents drops - Boston Globe: Latest Isabel Miranda got sick of watching roaches and mice scurry around with impunity in her apartment and finally called the local building inspector. Two weeks later, the 28-year-old mother of four got an eviction notice from her landlord. Legal aid to low-income Mass. residents drops - Boston Globe: Connecticut Isabel Miranda got sick of watching roaches and mice scurry around with impunity in her apartment and finally called the local building inspector. Two weeks later, the 28-year-old mother of four got an eviction notice from her landlord.
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All You Should Know About Second Mortgages A second mortgage is a supplement to the first mortgage. In simple terms, it can be defined as a property lien that is placed on a first mortgage. A second mortgage is also called as a home equity loan.
When a person has been living in a home for a long enough time, then the home builds up in value. This appreciated value of the home is called as the equity. The equity is also built up when some part of the principal is already paid off while making the monthly payments. This enables the borrower to take a second loan against the equity that has built up over the years.
While taking a second mortgage, care should be taken that the total payments on the first and the second mortgages do not go beyond affordable limit. One way to determine this is to check that the total value of the mortgages does not exceed 80% of the market price of the home. This said, it must be pointed out that current trends in mortgage rates have enabled borrowers to go well over the 80% ideal limit. Interest rates on mortgages are going downwards; so borrowers are becoming more and more able to make their payments. Today, lenders may also provide second mortgages that go over 130% of the value of the home.
Second mortgage does have its risks. Since the second mortgage is taken over the first mortgage, in any case of default the primary mortgage needs to be paid of before. If the property is auctioned by the bank, then the money obtained will be used in paying off the first mortgage. After all the costs of are done with, the remaining money, if any, will be used to repay the second loan. Generally the money is insufficient to cover up for the second loan. Just think, if the first and second loan combined together can go up to 130% of the total home value, then how can selling the home cover both the loans as well as the charges required for foreclosure?
So the defaulting borrower will still be stuck up with the second loan to pay back.
Even considering the point of view of the lenders, the second mortgage is a risky proposition. Lenders are very much unsure about how they will recover the second mortgage amount in case of a default. As a result, they charge higher interest rates on the second mortgage in order to protect themselves. The lower the equity on the home, the higher the interest rates will be.
Lenders are also stricter considering the terms of repayment. The period offered to repay a second mortgage is generally shorter than that available for a primary mortgage. The period of repayment would hardly extend ten years. This is because of the insecurity that rests in the minds of the lenders. Also the amount of the second mortgage will be significantly lesser than the amount given in the first mortgage.
Though the second mortgages are to be paid back in equal monthly installments, the terms may be different. Lenders may also ask for different kinds of repayments. One method generally used is the balloon payment. In this the interests only are collected for the life of the loan and the borrower will have to pay the principal, either in full or periodically. This balloon mortgage would be difficult if there is no provision for making the balloon payment at the end.
Getting a second mortgage is no big deal if you already are a few years into the first mortgage. But the problem is with the repayment. If you know how much you can stretch, then you can go ahead and get your second mortgage by all means.
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