Property Double In February
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According to the latest Agency Express Property Activity Index the number of twice the number sold in January, and the highest level of sales recoded for almost two years, since March 2008.
The North East saw the greatest number of property sales since the peak of the market in mid-2007; more homes changed hands in London in February than they had since October 2007, and sales numbers for the North West were higher than they had been since November 2007.
Agency Express, the country’s largest supplier of ‘For Sale’ boards, reports that every region except Central England enjoyed significant month on month increases in house sales with the North West (152.4%), East Anglia (125.6%), London (123.5%), the South West (122.6%) and the South East (120.8%) all seeing sales activity more than double that seen in January.
Looking at towns and cities, Nottingham enjoyed the biggest leap at 206.3% – with monthly house sales trebling compared to January. Other notable rises, where house sales at least doubled, were seen in Manchester (168.4%), Oxford (147.3%), Cambridge (140.2%), Milton Keynes (134.2%), Colchester (128.1%), Glasgow (111.1%), Coventry (110.3%), Norwich (109.8%), Newcastle (107.6%) and Carlisle (103.3%).
Agency Express concludes that the arctic conditions at the start of the year, coupled with the rush to buy before the end of the Stamp Duty holiday on December 31st, served to subdue property sales in January.
But it claims the unexpectedly huge boost in sales in February is proof positive that the housing market is recovering more quickly than anticipated.
Stephen Watson, managing director of Agency Express, says:
“After a pretty slow start to the year it appears that the British public is not prepared to sit around and wait any longer.
“While we expected February to be a better month for house sales than January, the levels we have seen have exceeded our expectations. It appears that the growing economic optimism has permeated the housing market and people are making the decision to move.
“We are now seeing house sales nearly match those levels we last saw two years ago and the strength of activity bodes well for the coming months”
Across the UK there was a 91.5% increase in the number of boards going up compared to January and compared to February last year, there was an increase of 64.9%.
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Does Your Bank Have A Mortgage Modification Plan?
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If you are struggling with your monthly mortgage payments, you have probably been paying special attention to the news about the loan modifications available through the 2009 Stimulus Package, the Making Home Affordable Program. Millions of homeowners are getting assistance in avoiding foreclosure, but does your bank or lender have a mortgage modification plan?
Click here to learn how you can get approved for a loan modification today!
The Making Home Affordable Program has various guidelines for qualification, but the first and foremost one is whether your lender is on the approved lender list. If not, then a loan modification through this government-sponsored program is not possible for you. It is easy to determine your bank’s participation by accessing the list at the government website. A local HUD office, or Department of Housing and Urban Development office, can also help you with this important information.
Even if your lender is not participating in the government program or you don’t qualify, this does not mean you still could not work out a loan modification to keep you in your home. The truth is that banks do not like to do foreclosures, and this is more true than ever in this current economic downturn. They cost them much in time and money.
If you find yourself in that situation, you should not give up on the possibility of a reworked mortgage. The lender’s website is a good place to start, with “Loss Mitigation” or “Hardship Help” being two headings to look for in the menu. So, you should find out today if your lender has a mortgage modification plan.
For must know facts about how you can get approved for a loan modification, visit our blog at http://1MortgageModifications.com/ to get help today.
I am a loan modification expert. I have written hundreds of articles on loan modification. I enjoy helping my readers modify their loan.
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Bankruptcy To Avoid Foreclosure
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So you’re in default on your mortgage. You’ve several months behind on your payments. You’ve tried and failed to get a loan modification and work out a repayment schedule, and foreclosure is looming. Should you consider declaring bankruptcy?
In terms of avoiding foreclosure, declaring bankruptcy might be considered the nuclear option. It has the power to wipe out many of a borrower’s debts while holding other creditors at bay. It can enable a borrower to hold onto important assets such as a home or car, while working out a repayment schedule to get caught up on payments for them.
But a bankruptcy is generally considered a last-ditch option for dealing with overwhelming debt. For one thing, you may have to give up many of your current assets, such as savings and certain investments, in the process. A bankruptcy also has a long-term impact on your credit rating, remaining on your credit report for 10 years – a foreclosure, on the other hand, only remains on your record for seven. However, there are circumstances when it might make sense to declare bankruptcy in order to hold on to a home in which you’re emotionally and financially invested.
First of all, you’re going to want to talk to an attorney if you’re seriously considering filing for bankruptcy. A certified nonprofit debt or housing counselor (who you should have already been working with in your efforts to obtain a loan modification) can help you work out some of your options beforehand and help you determine if bankruptcy is something you want to explore, but you’ll need an attorney to explain all the considerations involved in your personal situation and help you decide if you wish to proceed.
What To Know For An Fha Loan In Utah
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In order to qualify for an FHA loan in Utah you will need the following….
1) Be currently employed, have a 2 year job history with minimal gaps, if there is a gap in the employment then a good letter of explanation and a “make sense reason” for that gap should/could be sufficient with most lenders I deal with.
2) If you are receive commissions or overtime then you will have to have received them for 2 years on order to count this income when figuring out a borrower’s income.
3) If you receive commissions 2 years of IRS tax returns will also need to be submitted so that the Underwriting department can then assess your income based on how many deductions the commissioned borrower claims
4) A 2 year proof of residence
5) Your debt to income should not exceed 45% of your gross income including the mortgage payment and all of your other debt that appears on a credit report.
6) Most investors require a minimum of a 620 middle FICO score, however, I have access to a few investors that will allow lower FICO’s
7) You must have 3.5% of the purchase price as a down payment. So, if the property you are looking at is $150,000 then ….$150,000 x 3.5%= $5250. This down payment can be gifted by a family member, employer, or your church.
Knowing these 7 things will help you to know whether or not you fit inside the basic “model” of an FHA borrower.
Please keep in mind that just because you do or don’t fit all of these criteria doesn’t mean that you do or don’t qualify for an FHA loan.
I have personally originated loans for borrowers who haven’t fit eveyone of these guidelines. The key is to have a good, no great Loan Officer, who is willing to put together a submission with the items that might make an Underwriter think, “well maybe if the borrower had _______” I’d extend a loan to them.
When applying for an FHA mortgage the more information the Loan Officer has the greater the chance they have to convey to an Underwriter why this borrower should be eligible for a mortgage based on the guidelines.
Do I hear No from Underwriters, unfortunately I do. When I do though I’m confident that I have tried every ethical and legal way I can think of to get a yes out of the Underwriter before I get the final No.
My commitment to my clients as The Low Price Lender is simple; provide the financial services for each individual client in a way that I continue a life long relationship with them. This is done with focus, a professional climate, forward thinking, constant communication, and integrity.
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Here's What You Need To Know If You Are Late On Mortgage Payments
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Millions of homeowners are having difficulties keeping up with their mortgage. Here are several options that can help beleaguered homeowners. Understand these options and identify which is best for your situation.
Mortgage Loan Modification
With mortgage modification, the lender will modify the terms of your loan. You can get several modification plans from the lender. The lender might lower your interest rate or will fix the rates if your mortgage has adjustable rates. The lender can also extend the term of the loan from 30 to 40 years. The lender will try to reduce your monthly repayments to 31 percent of your gross monthly income. If you want to take this option, then you need to contact your lender. You should inquire if you can be considered for the Home Affordable Modification Program. This is an ideal option if you are employed.
Forbearance
Another option is forbearance. Your lender will calculate all the past dues with fees. The total amount will be divided into smaller payments. The aim of this plan is to let you catch up on your late payments. Do take note that you still need to pay the regular mortgage payment on top of the forbearance scheme. To get this option, you need to present to the lender compelling reasons why you were late on your payments. You must also show that you now have the capacity to make regular payments.
Short Sale
You can short sell your home even if you owe more than its current value. You can sell with an agent and the lender pays the commission of the agent. The selling price needs the approval of the bank. You must show three important things to proceed with this option. First you have to show that you have no assets. Second, you must show that you have a hardship like a job loss, death in the family, divorce, illness, or monthly payment increase. You have to show that you will experience difficulties if you do not short sell. Some lenders might encourage you to modify the mortgage instead of short selling the house.
Deed In Lieu of Foreclosure
This is also known as friendly foreclosure. It is very difficult to get an approval for this option. If you get an approval, the lender will allow you to send the keys. You will also be allowed to sign the deed to the bank. You have to take note that this option can adversely affect your credit. It is very important to talk to your lender so you can understand the entire process. At some point, the bank can pursue you for deficiency judgment.
Deed for Lease
This may apply to loans backed by Fannie Mae and Freddie Mac. The lender will allow you to sign over the deed and rent the property back. Rental rates can be negotiated with this option.
If you are late on your mortgage payments, call your lender as soon as possible. Tell the lender about your financial hardships. You can explore different options that could help solve your problems.
Rob K. Blake, mortgage expert and author, educates mortgage shoppers on finding local providers by state like New Jersey Mortgage Brokers and Lenders and provides reviews of national companies like Aegis Mortgage.