Eugene Loan Guy

Archive for the ‘Foreclosures’ Category

One of my jobs as a Mortgage Advisor is to educate buyers and Realtors about some of the programs that are available to help people purchase a home. That is one of the reasons I have spent so much time on the First Time Home Buyer Tax Credit because it helps people that have bought their first home make some fix-its happen and gives them a cushion against emergencies. So, I am surprised when I find out that a particular program designed to help the housing industry is not played up as much as I feel it should be and that is the Neighborhood Stabilization Program (NSP). I am still finding people that have not heard of it. Read More

I just read an interesting article by Thomas Oliver in the Atlanta Journal Constitution about how Realtors®, Mortgage Bankers and Mortgage Brokers were all in favor of extending and/or expanding the First Time Home Buyer (FTHB) Tax Credit. I agree, I think extending it is a great idea. I think expanding it might be helpful, but am concerned about the increasing cost and am withholding judgment on that one. Read More

New rules governing foreclosures that take effect today were announced in a news release from the Department of Consumer and Business Services. The new law is designed “to help families stay in their home during this difficult economic climate.” This law requires lenders to meet with borrowers facing foreclosure, either in person or by phone, and evaluate whether they qualify for a loan modification.A loan modification could help borrowers lower their monthly payments and keep their home. “Oregonians are confronting a number of challenges during this economic downturn, including a growing number of families at risk of losing their home through foreclosure, Said Governor Ted Kulongoski. “By requiring lenders to meet with the homeowners, this law provides Oregonians another avenue to avoid foreclosure and stay in the home they worked so hard to attain.” Read More

Eugene, Springfield and Lane County First Time Home Buyers are running out of time to take advantage of the First Time Home Buyer Tax Credit of $8,000. I have said it several times, and if you don’t want to believe me, take a look at what CNN Money has to say, exactly the same thing, maybe with a bit more urgency, in their recent Special Report. Read More

Now, don’t get me wrong, I want the recession to be over. I want housing values to start to rise again. I want to see more and more people back to work. However, saying the recession is over, doesn’t make it true. Home values have not started ticking up in most places around the country. Unemployment rates have not magically started going lower. Factory production hasn’t experienced a huge increase. But all of that could be good news for many people wanting to get into their first home. Read More

The sand is running out on the $8000 first time home buyer tax credit. There are now just over 100 days remaining to take advantage of the government program designed to assist the housing market recovery while helping first time home buyers. Read More