Foreclosure aid: Homeowners jam mortgage modification marathon
Borrowers jam the Palm Beach County Convention Center to try to work out new deals with their mortgage lenders More than 1,000 troubled homeowners filed through the Palm Beach Convention Center on Friday – many lining up well before dawn — for a shot at having their loans modified at a massive five-day mortgage modification marathon organized by the nonprofit Neighborhood Assistance Corp. of …
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One in 10 mortgage holders faces foreclosure
One in 10 American households with a mortgage was at risk of foreclosure this summer as the government’s efforts to help have had little impact stemming the housing crisis. Foreclosure – Mortgage – Business – Real estate – United States
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Home repossession is the worst nightmare for any homeowner and it can happen for a variety of reasons. Of course accident or sickness that means you are unable to work and lose your income are main ones, as is unemployment by such as redundancy. Mortgage insurance cover can help you to continue paying your mortgage in these circumstances. You would have an income each month which would be tax free and the sum that you insured against when taking out the policy.
You would not have to worry about struggling to meet the payment each month when it became due and you would not fall into arrears. If you get behind by just one payment the lender will want assurance that you are able to catch up while at the same time maintaining your mortgage. Failure to come to an agreement will see the lender taking you to court and you could be evicted from your home if the judge rules on favour of the mortgage lender. With a policy to fall back on there would be no worry of this happening and you could recover or find work with peace of mind.
Mortgage insurance cover can be taken cheaper with a standalone payment protection specialist that it can be adding it onto the mortgage when borrowing. High street lenders cover costs much more than the premiums set out by a standalone specialist provider. Independent providers charge premiums which are based on the level of mortgage protection you need, your age and the amount you want to cover. if you take age based cover then this means that even first time buyers who have stretched their budgets to the maximum can now afford to protect huge mortgages.
Policies vary between lenders so it is essential that you check the terms of any policy you consider taking out before signing on the bottom line. Some providers will give protection that would payout an income tax-free after a period of unemployment or incapacity of 30 days. Others might ask that you wait for as much as the 90th day before you are able to put in your claim. You also have to check to see how long the policy would payout for because again this can differ. Some provider might offer 12 monthly payments while others could offer 24 monthly payouts before the cover ceases. You also have to check to see what exclusions there are in the policy as all policies have exclusions in them. Some providers just add in the very basic few while others could add in many.
Mortgage insurance cover can stop you from becoming one of the 45,000 estimated homeowners who will lose their homes to the mortgage lender this year by way of repossession. Up to June this year there has already been over 18,000 homes repossessed as the Council of Mortgage Lenders has pointed out. Perhaps many of these repossessions could have been stopped had the homeowner thought to take out mortgage payment protection. So give some thought to taking out a policy before it becomes too late.
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage insurance cover.
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My business was severely impacted by the economy, and I’m now facing foreclosure. When we signed our mortgage, my name was the only one recorded. How would the foreclosure effect my spouse’s credit. We live in California if that matters. Your answers will be most apppreciated.
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Mortgage company put us into foreclosure on the 1st because of being behind in the escrow but there is a second on the house, with the same company. How does that work?
Mortgage Repossessions in 2009 reached a total of 46,000, which was 2000 lower than the Council of Mortgage Lenders most recent forecast of 48,000, and much lower than they previously forecast at the start of 2009 with the figure then expected to be 75,000.
Having said that, the figure was still 15% higher than the total house repossession cases recorded in 2008 of 40,000. Recent figures forecast for 2010 by the CML indicated that they expected 2010 to show 205,000 mortgage arrears cases and 53,000 home repossessions, but this is also expected to be more than the year will actually bring as the UK unemployment situation is proving to be better than expected with more people either holding on to their jobs or managing to find new ones.
Michael Coogan, director general of the CML, commented saying: “The fact that mortgage arrears and possessions did not rise as much as we feared in 2009 is testament to the effect of low interest rate and a great deal of concerted effort by lenders, government and the advice sector to help borrowers to address financial difficulties when they occur.”
He went on to say that “2010 will still be a challenging year for many borrowers and some households will inevitably find their finances being squeezed if interest rates do rise”.
Mark Leaper at Moneymatchmaker.com said “The figures are very encouraging, the number of higher LTV mortgage products is increasing, helping to kick start the first time buyer mortgage market, which has to be good news for the rest of the UK housing market, as property sales are on the increase.
Leaper went on to say: “Low interest rates have been a significant factor in helping to keep the number of home repossessions down, but he believed that some lenders could do more still to ease the burden on the UK homeowner, by reviewing their standard variable rates in a downward direction. Whilst I accept that they need to remain appealing to investors, there is no real reason why they cannot operate a mortgage lending standard variable rate and an investor’s standard variable rate, which definitely would get the thumbs up from under pressure UK homeowners”.
The Council of Mortgage Lenders recently revealed that buy-to-let mortgage lending had dropped significantly with figures being reported at an 8 year low in 2009.
The total amount of buy to let mortgages issued in 2009 equated to only 5.9% of all mortgage lending, and this is taking into account new buy to let lending increasing for the second consecutive quarter in Q4 2009. 2009 saw gross buy to let mortgage lending at £8.5bn, which is dramatically lower than £27.2bn in 2008.
As a leading authority on specialist financial services solutions in the UK, Mark Leaper of Moneymatchmaker.com has many years experience in delivering consumer value for money comparisons, which include competitive finance options for self employed people and for those with a less than perfect credit rating or unusual circumstances.