Mortgage payments falling behind? Maybe we can help.

There is no dispute that this is tough times with a lot of home owners. Here in Florida I have spoke to good people with good intentions that find themselves in a bad situation. These people were either misguided into a mortgage that depleted their equity along with the market place and now find themselves forced to make a mortgage payment much higher than they originally were paying or they had good intentions of repairing their credit with plans of refinancing into a more competitive mortgage in a certain amount of time only to see that the market place has eliminated the equity needed to refinance and now their mortgage payment is adjusting to a level they cannot afford. Other people have ran into tougher times with their employment status and find themselves paralyzed by their mortgage payment.

After hearing these situations over and over again I have put together a team of professionals that specializes in helping homeowners that have fallen behind on their mortgage payments by negotiating with their lender for a settlement to their home mortgage. The homeowner can then walk from the property without their credit being destroyed by a foreclosure or bankruptcy. There is no cost to the home owner. My team makes our money by negotiating the settlement with the lender and purchasing the property. We then find a buyer that can purchase the property.

By putting professionals in the right position we can expedite the process helping preserve the credit and financial situation of the homeowner. If you know a friend, co-worker, or even a family member in this or a similar situation please have them give us a call at 813-242-2744. Even when expedited this process can take up to 3-6 months.

Now is as good a time as any (if you have equity)

SAN FRANCISCO (MarketWatch) --Freddie Mac said Thursday that the 30-year fixed-rate mortgage average dropped from a week ago to a four-and-a-half year low as bond yields declined. The 30-year fixed-rate average was 5.47% with an average 0.7 point for the week ending Dec. 11, down from 5.53% a week ago. Last year the average was 6.11%. The 30-year average has not been lower since March 25, 2004, when it averaged 5.4%, Freddie Mac said. "Following the release of the November employment report, which showed the largest monthly decline in jobs since December 1974, bond yields fell slightly this week allowing fixed-rate mortgage rates room to ease back a little further," said Frank Nothaft, Freddie Mac chief economist, in a statement.

Interest Rates are Low

SAN FRANCISCO (MarketWatch) -- Freddie Mac said Thursday the 30-year fixed-rate mortgage average fell to 5.53% -- its lowest since January -- with an average 0.7 point for the week ending Dec. 3. In the previous period, the average was 5.97%, and the year-ago average was 5.96%. The 30-year fixed-rate mortgage has not been this low since Jan. 24 when it was 5.48%. "After Federal Reserve actions to increase liquidity in the mortgage market, interest rates for fixed-rate mortgages took a dive," Frank Nothaft, Freddie Mac chief economist, said in a statement. "The recent plunge in rates contributed to the nearly 150% jump in conventional mortgage applications over the Thanksgiving week, led by almost a 300% surge in refinances, according to the Mortgage Bankers Association. Roughly three out of four mortgage applications were for refinance transactions, up from around half during the prior week."

Fed cuts Rate to 1%

WASHINGTON (MarketWatch) - The Federal Reserve on Wednesday slashed overnight interest rates by a half-point to 1.0%, and left the door open for more reductions which would bring rates to the lowest levels in a half-century.
In its statement, the Federal Open Market Committee said the pace of growth has slowed "markedly" and the extraordinary financial market stress could put the economy at greater risk.
With inflation no longer a threat, the central bank said it will cut rates as needed to boost the economy.
The FOMC said it "will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability."
Importantly, the Fed statement drew no line in the sand at the 1% funds rate target, raising the possibility that rates may move lower.

Are we getting closer to a Real Estate bottom?

WASHINGTON (MarketWatch) - Sales of new homes rose an estimated 2.7% in September to a seasonally adjusted annual rate of 464,000 in September, the Commerce Department reported Monday, close to the 460,000 pace expected by economists surveyed by MarketWatch. Sales surged 23% in the West, bouncing back from a similar decline in August. Nationally, sales in September were down 33% compared with September 2007. The inventory of unsold homes fell a record 7.3% in September to 394,000, the lowest in four years. In the past year, inventories have fallen 25.4%, the biggest drop since the government began tracking the data in 1963. The median sales price fell to $218,400, down 9.1% in the past year.

Mortgage rates are still low.

NEW YORK (MarketWatch) -- U.S. fixed-rate mortgages declined in the latest week, according to Freddie Mac's survey released Thursday. The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 6.04% in the week ending Thursday, down from last week's 6.46% and the year-ago 6.33%. The 15-year fixed-rate loan averaged 5.72%, down from the week-ago 6.14% and the year-ago 5.99%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.06%, compared with 6.14% a week ago and 6.03% a year ago. One-year Treasury-indexed ARMs averaged 5.23% this week, up from last week's 5.16% and down from the year-ago 5.66%. "Long-term mortgage rates fell this week amid news of tame inflation and a weaker housing market," said Frank Nothaft, Freddie Mac vice president and chief economist.

This is a great opportunity for home buyers in this market. This is also great for those coming close to the end of a fixed term period for refinance. If you have any questions about your specific situation please get in touch with us. We will give you the best advice for you.

Is there hope?

WASHINGTON (MarketWatch) -- Despite a credit crunch that has driven world central banks to slash interest rates, the National Association of Realtors reported Wednesday that an index of sales contracts on previously owned U.S. homes rose 7.4% in August from the prior month. The index, which is considered a leading indicator of existing home sales, was up 8.8% from the prior year. In August pending home sales rose in all four regions, with a gain of 18.4% in the West, 8.4% in the Northeast, 3.6% in the Midwest and 2.3% in the South. The July pending home sales index was revised to a decline of 2.7% from a prior estimate of a 3.2% fall.

These are positive numbers on the surface but there is a lot yet to be considered before any claims of a housing market is on the rebound.