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Buyers and Sellers face a Juggling Act in this Real Estate Market

The most common question out in the real estate community is “When are we going to see this market turn-around?”  Good question.

At Loan Mitigation Advocates, we monitor the various media sources and do diligent research daily.  The flip-flopping of opinions that occurs on this issue is prevalent.  One day, reports claim that the market is doomed for the next few years, and the following day information appears that indicates a recovery will ensue.  The bottom line is that there are too many dynamic factors to make a case for either side at this time.

Our prediction unease is market-dependent and well-founded.  No one does have a crystal ball.  Especially not now.  In our opinion, there are too many other kinds of balls up in the air.  Government intervention. Interest rates.  Bank takeovers. Consumer confidence.  The jobless rate.  The presidential election.  Too many balls in the air.

If you are now considering selling and/or purchasing a home, don’t get caught up in only what the media is saying.  Your primary focus should be Read more

Mortgage Rate Update Ending 10/17/08

Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products.  Here’s this week’s outcome:

• 30 Year Fixed Rate: 6.74 percent with points averaging: 0.42
• 30 Year Fixed Rate Jumbo: 7.87 percent
• 15 Year Fixed Rate: 6.4 percent
• 5/1 ARM (Adjustable): 6.61 percent
• 1 Year ARM (Adjustable): 6.32 percent 

Mortgage rates exploded this week due to the lingering uncertainty with Washington’s bailout plan. Mortgage activity was up for the second straight week, according to the Mortgage Bankers Association.

Refinancing activity was up 12.5 percent, while applications for new purchases fell by 0.3 percent.

Borrowers Face Uphill Battle on Loan Modifications

Are you one of the numerous borrowers who have attempted to contact your lender about a loan modification, only to feel like you’re facing a dead end after investing your time, energy and good will?  Well, you are not alone.

The story of Bernie Kellman is a primary example of the numerous borrowers who have unsuccessfully obtained loan modifications after several attempts. Recently, a Contra Costa Times article discussed Mr. Kellman’s situation and the brick wall that borrowers can encounter when pursuing a loan workout.

The chart below breaks out loan modifications by type.  This information comes from the California Department of Corporations:

Please keep in mind; at Loan Mitigation Advocates we are here to support the consumer.  We encourage you to attempt a loan modification on your own; however if you feel the need to pursue our services, we are happy to help navigate and guide your modification process.

Mortgage Rate Update Ending 10/03/08

Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products.  Here’s this week’s outcome:

• 30 Year Fixed Rate: 6.41 percent with points averaging: 0.42
• 30 Year Fixed Rate Jumbo: 7.65 percent
• 15 Year Fixed Rate: 6.14 percent
• 5/1 ARM (Adjustable): 6.49 percent
• 1 Year ARM (Adjustable): 6.04

For the second straight week, mortgage activity was down sharply according to the Mortgage Bankers Association.

For the last week in September, mortgage activity declined by a seasonally adjusted 23 percent. Refinancing activity plunged 34.7 percent, while applications for new purchases fell 10.9 percent.