HomeSaver Advance

HomeSaver Advance is the latest attempt of the fed. to assist homeowners in default. Basically the program is designed to help homeowners who have fallen behind because of a temporary set back and can otherwise afford/pay for their home. The jist of it is that your current lending institution can provide you with a unsecured loan that will cover any unpaid mortgage payments(arrearages). You will be charged 5% interest over 15 years(not too shabby). This loan can be applied to principle, interest, attorney fees, or anything else associated with your loan. Oh yeah, the loan has to be Fannie Mae owned or securitized in order to qualify for the program. Don't worry, if you got a conventional loan you most likely fit in this box.

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Creative Financing Might Help Sell your Home

Have we Hit Bottom?

Yes, Even I ponder that question...In my opinion the answer is no! I have kept a watchful eye on markets across the nation and if anything things are getter worse. Credit stardards are tightening and money is drying up. O.k., certain markets certainly haven't experienced the infux of foreclosures, but when the money dries up it will affect every market.

As a foreclosure specialist, I have noticed recently that not only are subprime mortgages defaulting, so are prime mortgages. Looking at properties being listed these days, I'm finding over-leveraged properties and owners of all credit ratings. Therefore, the problem not only being subprime lending, but a culmination of lax lending standards, high LTV's, and over-priced real estate.

Please follow the link to a great msn article...click on the title "Have We Hit Bottom?"