St. Louis Home Loans and In-House Financing News: Short Sale Incentives
St Louis Home Mortgage, Customer Financing and Consumer Finance | Principal Reduction Program | 314-334-0210 | St Louis Commercial Mortgage, Consumer Lending and Principal Loan Reduction

Bank of America is testing Florida’s foreclosure waters with an incentive program for defaulting homeowners to “short sell” their homes instead of enduring a foreclosure, which can take years.

Guidelines for Bank of America’s new Florida Enhanced Short Sale Relocation Assistance program state that a borrower may use the incentive to pay off existing liens or for relocation expenses. FHA, Ginnie Mae, VA and USDA loans are not eligible. Details are available by calling 1-866-880-1232.

Short-sale incentives are an outgrowth of earlier, “cash for keys” programs offered by lenders and real-estate companies. Also, the US Treasury Department has tried to boost the number of short sales with its Home Affordable Foreclosure Alternatives program, which provides $3,000 for borrower-relocation assistance, $1,500 for servicers to cover administrative and processing costs, and as much as $2,000 for investors who meet certain requirements.

Other programs currently available:

- Wells Fargo offers incentives of $10,000 to $20,000 to certain homeowners who opt for a short sale or who transfer a home’s title back to the bank. The program is aimed at properties in Florida and other states known for protracted, judicial foreclosures. The money is available only on first-lien loans that the company owns, which is about 20 percent of its portfolio. Details: 1-800-678-7986.

- JPMorgan Chase has not reported how much it offers for short-sale incentives, though real-estate agents have reported sellers getting $20,000. The lender also has declined to specify how it determines the amount of its incentives. Details: 407-248-3945.

- Citibank has reported it offers an average of $12,000 for borrowers when it owns the mortgage. The amount is determined upfront and varies depending on a borrower’s financial circumstances and mortgage-payment history. The money is disbursed when the short sale closes. Details: 1-866-272-4749.

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In-House Financing, Consumer Lending and Customer Financing

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St Louis Finance News: Taxpayers Could Pay Over $1 Trillion For Fannie And Freddie Bailout [News Hot Line: 314-334-0210 | Floyd Tapia]

It is now being estimated that American consumers may be on the line for more than the original $145 billion in housing losses connected to Fannie Mae and Freddie Mac home loans.  That may be only the beginning.

Recent data from the Congressional Budget Office predicts that current losses could balloon to over $400 billion.

And if housing prices continue to fall as they have done nationwide, the potential cost to taxpayers could swell to approximately $1 Trillion.

Robert J. Shiller, a Yale University economics professor and co-creator of the S&P/Case-Shiller Home Price Indices put it plainly saying “some of us who don’t even own homes are paying to support others and their home ownership, and they ask ‘why?’”

The indices spoken about above measure the housing market by monitoring changes in the value of residential real estate both nationally and then taking a closer look in 20 metropolitan regions.

An interesting evaluation of what should be done was also provided by Shiller.  He added that the mission of Fannie and Freddie should be severely cut back “so that they’re not helping middle-class homeowners, [but] they’re helping poor people get into the housing market.”

If this would have any type of bearing on the losses this nation faces regarding the housing industry bailout loans, we shall wait and see.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

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St Louis Finance News: Economists Predict Shadow or Foreclosure Inventory Will Keep Housing Market In The Toilet [News Hot Line: 877-334-0210]

Economists, with gloomy views on the real estate market feel that continued foreclosures and an “overhang” or “shadow” in housing inventory will likely prolong the mortgage slump for several more years.

Stan Humphries, chief economist for  Zillow commented that home values are still declining at a very fast rate.

St Louis mortgage experts are also saying that any type of housing demand may not be seen or reach any normality or balance until the year 2013 according to Doug Duncan, chief economist for Fannie Mae.

The “overhang or shadow supply” of housing inventory is directly related to the standstill recovery for the housing industry.

Zillow goes on to predict that home prices may bottom out during the third quarter of 2010.

Once again, Humphries stated that the “tremendous amount of shadow inventory is a contributor to the stalled mortgage and economic recovery.”

This shadow inventory not only includes properties that are currently in foreclosure, but those in foreclosure that are not yet on the market and homes that are seriously delinquent and not yet in foreclosure.

Other negative side effects that continue to slow this economy includes mortgages losing their values and being “underwater” combined with high unemployment.

And as far as the federal tax credit programs being offered to first-time and existing home buyers that expired on April 30th of this year apparently did nothing in regards to driving sales.

Real estate agents and mortgage analysts have been warning us that July and August are the months we should be watching out for.  We shall see.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-698-4092 or 877-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis commercial lending with no upfront fees.

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St Louis Commercial Loan News: St Louis Commercial Financing Warns Small Business Administration Almost Broke
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This is no time for money to be running out within the Small Business Administration programs but the reality is… it is happening again according St Louis commercial loan experts.

This new warning is being exclaimed loud and clear at small business owners reporting that the SBA is opening up its Recovery Loan Queue for the fourth time in recent years.

For over a year now, the SBA has used funding first allocated from the 2009 Recovery Act to temporarily reduce fees for commercial borrowers.

This would also give the banks more security as far as the guarantees banks receive on loans made possible through the Small Business Administration’s lending programs.

But once again the funding for their programs ran out in November of 2009.  Thus, it is by means of temporary extensions that keeps the agency’s lending pursuits in place.

So, as it goes, each time their funding runs out, the SBA re-opens their Recovery Loan Queue to track applicants in hopes of collecting the last few remaining dollars owed.

This recent authorization for lending incentives expired at the end of May and sad to say the money was exhausted before that date.  And when the well goes dry, the scrambling begins for lenders.

“It certainly puts a lot of strain on the whole process,” said David Bartram, an executive vice president for Seacoast Commerce Bank in Chula Vista, California who is in the SBA division.

As money becomes more restrictive, this creates a lending atmosphere where losing the agency’s fee waiver can make a small business loan thousands of dollars more expensive for the borrower.

This will increasingly make loans harder to get for some business owners since most banks are only willing to make these riskier loans available if and only if they can get the higher guarantees provided by the SBA.

Lynn Ozer, executive vice president of government lending at Susquehanna Bank made a valid point when she said that “nothing gets through Congress easily these days, even bipartisan legislation.”

And although SBA lending is still a small part of the overall lending equation, it is still considered one of the ‘few bright spots in an otherwise barren credit landscape.’

In fact, a recent government report estimated that the Small Business Administration programs account for approximately 4 percent of all small business commercial financing in the nation.

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When applying for any type of St Louis mortgage, always discuss your options with a top St Louis mortgage broker. Call Liberty Lending Consultants, the recognized St Louis refinancing and home loan experts, at 314-336-9111 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for St Louis commercial loans and alternative financing that works both locally and nationally, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 877-334-0210 or 314-334-0210.

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St Louis Mortgage Refinancing and Real Estate News –

News: Mortgage Fraud On the Rise Due to Liar Loans

When we speak of “liar loans,” this can be as a result of mortgage fraud done by either the loan officer by falsifying documents or the consumer when they lie to the professional about their actual income or living accommodations.

This report involves incidents where mortgage fraud was perpetrated by industry professionals.

These illegal acts increased 7 percent in 2009, after jumping up 26 percent the year before according to the Mortgage Asset Research Institute (MARI), a division of LexisNexis.

The states that were hit the hardest included Arizona, California, Florida, Maryland, New Jersey and New York.

Of the five states, Florida was the worst hit state with a mortgage fraud index (MFI) reading of 292 stated by MARI.

This means that the Sunshine State had nearly three times the expected level of fraud based upon the number of loans issued.

This is how the ratings work.  A score of “100″ would indicate the state had exactly the amount of fraud expected and a score of “0″ would mean no fraud was accounted for at all.

Although Florida’s reading was the highest in the nation, it was still a huge improvement over 2008 when the score was an amazing 430.

Second in line for mortgage fraud was New York with a mortgage fraud index reading of 217 which was up 14 percent from 2008.

As we head west, California was next at 159 and Arizona was fourth with 158.

The report goes on to list the various types of mortgage fraud more often detected starting with the aforementioned liar loans in which mortgage professionals knowingly listed false income claims for borrowers.

Other avenues of fraud included but were not limited to inflated appraisals in which mortgage loan officers or brokers pressured appraisers to overvalue a home so it would qualify for a bigger mortgage.

Another well known act of fraud included false occupancy claims which is when buyers claim they will live in the home the loan application was originated for but are actually buying it for investment purposes.

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When applying for any type of St Louis mortgage, always discuss your options with a top St Louis mortgage broker. Call Liberty Lending Consultants, the recognized St Louis refinancing and home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, host of the St. Louis “Mortgage Minute.”

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St Louis Mortgage Refinancing and Real Estate News –

News: The Obama Administration’s Mortgage Relief Programs Less Than 10% Effective

Information coming from the Congressional Oversight Panel’s latest report released last month depicted only 168,708 homeowners have received permanent mortgage loan modifications as of February 2010.

This number is a small fraction of the almost 6 million borrowers who are currently 60 days or more past due on their loans. That equates to one in ten.

The president’s foreclosure-prevention plan is predicted to help approximately 25 percent or only 1 million troubled borrowers which is incredibly short of the administration’s original goal of assisting up to 4 million total homeowners.

The residential bailout program has been funded with $50 billion in Troubled Assets Relief, or TARP funds, thus putting it under this panel’s review.

“For every borrower who avoided foreclosure through HAMP last year, another 10 families lost their homes,” the Congressional Oversight Panel said of the administration’s Home Affordable Modification Program (HAMP).

They do on to say:  “It now seems clear that Treasury’s programs, even when they are fully operational, will not reach the overwhelming majority of homeowners in trouble.”

With the average consumer growing disenchanted as regards this economic recovery, this is only the latest of reports to slam the president’s foreclosure-prevention efforts.

In March, the St Louis Refinancing Group news team saw reports that two other government watchdogs had released blistering reports slamming the administration for poor implementation of the bailout program.

In fact, they raised serious doubts concerning any help arriving for the more than 4 million troubled borrowers still in trouble and whether they will be able to stay in their homes or not.

One such specific concern would be the long-term sustainability of the modified mortgages and the ultimate cost and goals of the program.

The panel is also concerned that the half-dozen foreclosure-prevention programs launched by the Federal Treasury over the last year has actually confused national and local St Louis mortgage owners which in turn has created unnecessary delays.

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When applying for a St Louis mortgage or to discuss your St Louis home loan options, call the recognized St Louis home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, the host of the St. Louis Refinancing “Mortgage Minute.”

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St Louis Mortgage Refinancing and Real Estate News –

News: Mortgage Defaults Seem To Be Driving Consumer Spending

The country’s foreclosure database has reached record highs.  In addition, the percentage of new defaulted home loans also remain at a five-year high.

The approximate overall number of past due first-lien mortgages and REO properties is now surpassing 7.9 million mortgage loans.

And the problem is not getting any better.  In fact, the percentage of new problem St Louis home loans is also at its highest level in five years.

Now all of us have been hearing how bad the housing market is so what if 7.9 million Americans are not paying their mortgages.

So, what?  Let us consider the serious implications and the fraudulent irresponsibility that many of these dishonest homeowners are displaying.

Statistically speaking, consumers are currently more likely to pay their unsecured bills before their mortgage payment which is a far deviation from what past history as shown.

These unsecured bills would include credit cards, cable bills, car loans in place of their home loans and in many cases paying the bill completely off.

Paul Jackson, publisher of Housingwire.com, describes an older record of 7.4 million delinquent loans.  He cites a case study of someone who applied for the government’s Home Affordable Modification Program (HAMP).

This homeowner had an $1,880.00 monthly mortgage payment on which they had defaulted.

What was  interesting is that this person’s monthly bank statement showed payments made to frivolous expense items such as a tanning salon, nail spa, liquor stores and DirecTV bill with premium charges.

And that’s not all.  There were additional payments in the totaling $1700.00 in retail purchases from retail stores like The Gap, Old Navy, Home Depot, Sears and many more.

Mr. Jackson goes on to make a startling point.  If one were to assume that just half of the current 7.4 million currently delinquent mortgages fit this sort of frivolous spending profile which is in essence their mortgage payment and that median payment was $1,000 for most U.S. homeowners, you would get a $3.7 billion boost per month  in total consumer spending.

Some would say that this boost in consumer spending is actually good for our economy.   But is that how depraved our society’s way of thinking has become as far as financial responsibility?

Most would agree that it’s certainly enough spending to matter in the overall scheme of things.

Especially when you take into consideration that further studies have shown that borrowers who know family members or friends who have defaulted on their mortgages are more apt to default on their own St Louis home loan.

And that shocking number is growing at a phenomenal rate each day.  Cynics are saying that this foolish and borderline criminal irresponsibility is just another, innovative way of using their home as an ATM.

The deplorable thing is that it can take well over a year, in some cases nearly two years, to go from missing a St Louis mortgage payment to being thrown out of your home.

Although the St Louis Refinancing Group news team does not completely lump all homeowners into this immoral class of people who feel debt avoidance or mortgage fraud is a constitutional right, still something has to be done to stop this terrible grievance.

Maybe that’s the next critical step the government needs to contemplate.  Perhaps  setting strict limits even prohibitions on what bills can and cannot be paid when seeking federal bailouts to prevent this frivolous spending of one’s home loan payment.

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When applying for a St Louis mortgage or to discuss your St Louis home loan options, call the recognized St Louis home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, the host of the St. Louis Refinancing “Mortgage Minute.”

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St Louis Mortgage Refinancing and Real Estate News –

St Louis Finance News: An Immoral Changing Mindset About Strategic Default?
News Hotline:  877-334-0210 | Floyd Tapia

Perhaps an amazing change of attitude may be permeating the housing industry but whether agreeably immoral or not, mortgage owners that owe more than their homes are worth or underwater are showing a greater tendency toward mortgage delinquency behavior.

This startling news is data according to a recent Fannie Mae housing survey of more than 3400 Americans.

Although shocking as this may be, in reality this may not be such jaw-dropping news to most consumers.

But it is quite obvious that this survey points to a numbness of mindset as far as responsibility among homeowners that may be significant.

Interestingly enough, Fannie Mae found that approximately two-thirds of survey respondents prefer owning a home to renting.

This is even in the face of abounding economic challenge and of course the downturn in housing prices.  However, the fact remains, the mentality of strategic default is spreading on a national level.

Since this has become a contagious moral disease, this decaying effect within communities is leading borrowers to seriously consider default as an acceptable option in the face of financial hardship.

The math is compelling enough to take this new borrowing mentality as serious as normal criteria for a St Louis home loan acceptance.

Both delinquent and current mortgage borrowers are now more than twice as likely to have realistically considered stopping payment if they currently know someone who has already defaulted on a mortgage loan.

Despite a growing acceptance of strategic default and the negative affect it has on their local community, the act of thinking about walking away and actually walking away are separate events.

This being argued by Kathleen Day, a representative at the Center for Responsible Lending.

As commonly expected, more than half or 53 percent of those responding to Fannie’s survey still believe that homeowners bear the responsibility for taking out loans they can or cannot afford.

On the other hand, when delinquent borrowers were asked the same question, about 58 percent are trying to convince the average consumer that they are not to blame.  Then who is?

As you may have guessed… the mortgage lender is the culprit and should be held accountable.  These poor misguided, ignorant and severely inflicted pawns in this financial fiasco feel that since the lenders know better what people can afford and should help guide people.

Many economists cry let’s be real.  It is becoming more of a realization that these borrowers need to take responsibility for their own actions.

They chose the home.  They knew down deep that they were coveting something they couldn’t afford nor rightfully deserved and many of these buyers pressured the lender to make it work or they would find one that would.

You cannot blame lenders for this detestable show of greed that also reared its ugly head with big business and the government knows these self-inflicting truths.

And even worse, in some cases, these are the very ones who also lied on their stated applications thus should be charged with mortgage fraud as many law enforcement and political persons are recommending.

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When applying for a St Louis mortgage or a St Louis home loan Liberty Lending Consultants loan, call the recognized St Louis home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, the host of the St. Louis Refinancing “Mortgage Minute.”

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St Louis Mortgage Refinancing and Real Estate News –

News: Unprecedented Student Loan Debt Explodes

The year 2010 will be remembered for many financial snafus and setbacks due to the alarming rise of foreclosures and underwater housing.

But it is already turning out to be the year where students have taken out an unprecedented number of loans.

And this lending whirlwind may bring negative long-term implications for the housing and auto markets.

At present, student loans that are outstanding are up about 50 percent since 2007 with the cost being $562 billion, according to Equifax.

“We’ve never seen these levels of debt for student loans,” said Adams, president of Equifax U.S. Consumer Information Solutions.

He attributes the spike in student lending largely due to the recession.

Adams feels that this economy has kept students in school since there are no jobs and also due to  states struggling with less tax revenue thus having to cut funding for higher education.

“Already high student debt loads will probably increase substantially as tuition rates continue to rise across the nation,” Adams said.

He goes on to say that he sees no end to the upward student loan trend.

Why is this?  Consider that President Obama signed into law a student lending overhaul that cuts commercial banks out of the business altogether.

This bill also expands the federal Pell Grant program while at the same time capping loan repayments at 10 percent of a graduate’s salary which is considerably down from the 15 percent payment schedule.

“The government is going to be more inclined to extend credit” than any of the commercial banks, Adams said.

Now on the flip side of the coin, the total consumer debt has fallen by $590 billion, or 5.1 percent, which is now $11 trillion since the peak of October 2008.

Between December 2007 and 2009, the amount of credit available in home equity lines drastically fell 70 percent or down to $5.3 billion.

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When applying for a St Louis mortgage or a St Louis home loan Liberty Lending Consultants loan, call the recognized St Louis home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, the host of the St. Louis Refinancing “Mortgage Minute.”

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Check back daily for more financial news.