Mortgage rates have been rising steadily over the last few weeks and if ever there was a time to “lock in” your rate then that it is NOW.
With current CPI, PPI and Unemployment reports being surprising optimistic and the belief on Wall Street that “the worst is over” the rates on the 10yr Treasury have started to sky rocket. This in turn is forcing mortgage rates to move up by more than a full % point in the last 4 weeks.
NEW YORK (CNNMoney.com) — The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.
The defeat left many housing advocates questioning the effectiveness of the president’s loan modification plan. The so-called cramdown provision, which would have allowed judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.
The number of Broward Countyforeclosures in March rose from a year ago, while Palm Beach County saw a slight decrease during the same period.
Broward had 4,599 homeowners in some stage of foreclosure last month, up 17 percent from last March, according to RealtyTrac of Irvine, Calif. Broward had Florida’s ninth-highest foreclosure rate among counties statewide. Palm Beach County had 1,509 owners in the foreclosure process last month, down 8 percent from a year ago.
Protecting yourself from illicit foreclosure-rescue firms:
Beware of companies calling themselves “mortgage consultants,” or “foreclosure services” promising to save your credit or pay closing costs.
Don’t ignore mail from your lender; stay in touch even after a foreclosure notice has been filed. If you have a problem, try to negotiate a new loan arrangement with your lender before considering outside experts.
Never transfer your property deed or title to a rescue firm.
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| U.S. Rep. Barney Frank plans to unveil a plan to tighten regulation of the mortgage market. |
CAMBRIDGE, Mass (Reuters) — The chairman of a powerful U.S. Congressional committee plans to unveil legislation intended to provide longer-term stability to the U.S. mortgage market by preventing lenders from securitizing the full value of their loans.
