Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions…
Q. I currently have a 20-year loan with 12 1/2 years remaining, owing $77,000. on a single-family home in Brea worth around $375,000. The existing interest [...]
Hard to justify re-fi when you owe very little is a post from: Mortgage Insider
First, in recent mortgage & foreclosure news:
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Thinking of a refi? Tips for borrowers
Upside down? Here’s another way to refinance
Broker: No tsunami of repo’d homes to hit market
Every week, homes throughout Orange County are scheduled for foreclosure auctions. The owners can be millions of dollars in debt, or owe just a few thousand.
Auctions are frequently postponed. But [...]
Homes facing foreclosure in 16 cities is a post from: Mortgage Insider
A new survey by Bankrate.com shows closing costs are climbing around the country. The average Good Faith Estimate on a $200,000 mortgage this year is $3,741, up from $2,732 in 2009.
A primary reason: Lenders are giving more accurate estimates because they now have to pay the difference if they lowball the costs.
The study doesn’t break [...]
Home closing costs are on the rise is a post from: Mortgage Insider
According to CoreLogic’s latest late-mortgage report, 7.56% of Orange County home-loan borrowers as of June are 90 days-plus late with their house payments. That’s +1.33 percentage points or [...]
Late mortgage rate up 21% in O.C. is a post from: Mortgage Insider
Harsh words from Special Inspector General for the Troubled Asset Relief Program — the watchdog for financial bailout money — for government mortgage-rescue efforts in a new report …
Many of Treasury’s recent efforts have focused on the Home Affordable Modification Program (“HAMP”) and related foreclosure prevention initiatives. Unfortunately, HAMP continues to struggle to achieve its [...]
U.S. mortgage rescue efforts slammed is a post from: Mortgage Insider
DataQuick’s June homebuying report has some encouraging news about real estate trouble spots in Orange County…
1,341 mortgage defaults – the first legal step towards foreclosure- – were recorded on Orange County properties in June. That’s off 0.4% vs. the previous month and down 50.8% from a year ago.
For the first half, bankers filed 1,597 default notices on Orange County properties. [...]
O.C. foreclosures tumble 16% is a post from: Mortgage Insider
Local bankers looked to be in relatively better shape this past spring. The Big Orange Index — our proprietary compilation of three dozen economic markers for Orange County — contains a subindex loosely tracking local payment patterns on loans, bills and taxes — plus the unemployment rate.
For this spring, The Big O’s Banker Index showed [...]
Banker Index shows local bill-paying up is a post from: Mortgage Insider
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions…
i
Q. My husband and I live in south Orange County and had a first mortgage with Taylor, Bean & Whitaker for about four years. Then last [...]
Expect more from new loan servicing company is a post from: Mortgage Insider
A fresh sign that making the house payment is still a problem.
According to CoreLogic’s latest late-mortgage report, 7.69% of Orange County home-loan borrowers — roughly 1-in-13 — are 90 days-plus late with their house payments as of May. That’s +1.64 percentage points vs. a year ago. Also …
May
OC
CA
US
90+ day delinquency (This year)
7.69%
10.63%
8.22%
90+ day delinquency (Last year)
6.05%
8.79%
6.29%
Percentage [...]
1-in-13 skip O.C. house payments is a post from: Mortgage Insider
First, in recent foreclosure news:
Foreclosures drop, but does that add up?
Distressed homes market grows slowly
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Every week, homes throughout Orange County go to foreclosure auctions. The owners can be millions of dollars in debt, or owe just a few thousand.
Often these homes revert to the lenders, who eventually put them back on the market. Sometimes the [...]
Homes facing foreclosure in 18 cities is a post from: Mortgage Insider
