A study by the Federal Bank of Cleveland shows that many homeowners who are unemployed are willing to relocate for a job than remain and risk the pitfalls of their underwater mortgage debt. The study shows that the recession has put many homeowners in a financial straitjacket, a “locked-in effect” where they are unable to pay for their mortgage, and also unable to relocate for a job because of the house. Now that economic conditions are looking up, so are job prospects. And according to the same study, homeowners with a negative home equity or underwater mortgage—where loan on the home has come to be worth more than the house itself—are taking the bold approach of leaving to relocate where the jobs are. And in Mississippi, for instance, when a stable job is found, some even take the even bolder approach of consulting with a dependable Tupelo home mortgage lender to help them with a loan with which to buy a house to move in and settle.
http://tupelo.churchillmortgage.com/industry-news/to-rent-or-own-with-the-help-of-a-tupelo-home-mortgage-lenderSabado, Setyembre 28, 2013
Biyernes, Setyembre 27, 2013
Good News for Those Seeking to Reduce Their Tupelo Mortgage Today
The Federal Housing Finance Agency or FHFA is set to offer struggling homeowners something to celebrate by giving them a break in their home mortgage payments. Under the new effort, called the Streamlined Modification Initiative, thousands of borrowers whose loans were backed by lender giants Freddie Mac or Fannie Mae, could be eligible for mortgage reduction. This new initiative is great news for people who are at least two years behind in their payments to their local Tupelo mortgage lenders in Mississippi. It is yet unclear how many people are eligible for the payment reductions, but according to the Mortgage Bankers Association, there are about 1.1 million borrowers currently behind on their loans, many of whom are Freddie Mac and Fannie Mae loan holders. These two companies are referred to as “government-sponsored enterprises” or GSEs that comprise a secondary market for home mortgages by buying the mortgage from lenders who originated them.
http://tupelo.churchillmortgage.com/industry-news/the-mississippi-life-why-applying-for-mortgage-in-tupelo-and-other-cities-is-worth-itEnsuring the Trustworthiness of a Mortgage Lender in Tupelo
The sentence of 57-year-old Charles H. Evans Jr. and his 53-year old brother Christopher Evans was affirmed March 1, 2013 at a re-sentencing hearing at the US District Court in Jackson. The brothers pleaded guilty to the charges related to a mortgage fraud scheme in which banks were used as investors. Their scheme encompassed almost 30 fictitious corporations, over $80 million worth of loans, and affected almost 50 financial institutions and local governments. Derek Henderson, US Bankruptcy Court trustee, spoke in behalf of all the victims of the Evans brothers during the first sentencing. Henderson said he was offended that they were both attorneys, and that the court should be offended as well. The brothers used their knowledge as lawyers to commit their crimes. This story serves as a reminder that justice catches up with one's crimes, and that due diligence is necessary to ensure that you're working with only a trustworthy mortgage lender in Tupelo.
http://tupelo.churchillmortgage.com/industry-news/when-a-mortgage-lender-in-tupelo-can-help-you-with-low-downpaymentMiyerkules, Setyembre 25, 2013
How Home Mortgage in Tupelo, MS Should Work to Your Benefit
Orlando Sentinel writer Ludmilla Lelis in a July 21 article wrote of a combat veteran awarded with a mortgage-free home for him and his young family. The Latorre family's new home in Florida was donated by the Military Warriors Support Foundation and Bank of America through its Homes4Wounded Heroes program. This military-supported program is offered in different states including Mississippi. If you have a family member or if you know anyone who has been wounded in battle while stationed in Iraq and Afghanistan, you can check out the website of the Foundation. The site offers information on who may qualify and the places where homes are being renovated so that interested applicants can choose their location if they are accepted. If you find that you or your family member falls short of the eligibility requirements, don't be disheartened; your dream house may not be quite out of reach yet, as you may seek the help of experts in home mortgage from Tupelo MS.
http://tupelo.churchillmortgage.com/industry-news/education-on-a-home-mortgage-in-tupelo-ms-worth-every-greenback