Mortgage woes lead to more foreclosures

By Pam Dawkins
staff WRITER

Connecticut's foreclosure filings declined between June and July, but the figure is still up for the twelvemonth so far and is approximately 100 percentage higher than the July 2006 filings.

Nationally, the figure of foreclosure filings last calendar month jumped 93 percentage from July 2006 and rose 9 percentage from June, the up-to-the-minute mark householders are having problem devising payments and determination purchasers during the national lodging downturn.

There were 179,599 foreclosure filings nationally reported during July, up from 92,845 during the same time period a twelvemonth ago, Irvine, Calif.-based RealtyTrac Inc. said Tuesday. There were 164,644 foreclosure filings reported in June.

According to RealtyTrac, there were 2,118 foreclosure filings in Nutmeg State in July, down from 2,386 in June but more than than dual the 1,038 in July 2006. In July 2005, there were 563 foreclosure filings.

In July 2007, New Haven County had the peak figure of filings, at 706, followed by Capital Of Nutmeg State County at 450 and Fairfield County at 403.

While New Haven County edged up between June and July, Fairfield and Capital Of Connecticut counties reported fewer foreclosures.

"It's calm up on a year-over-year basis," said RealtyTrac spokesman Daren Blomquist of Connecticut's foreclosure rate.

Down Payment Funding Strategies

There are quite a few practical down payment support schemes that tin aid do Real Estate investing possible. The cardinal is to be flexible and willing to negociate for what is in your best interest.

The most common perceptual experience among those not familiar with the Real Estate marketplace is that there is only one option for coming up with a down payment for a possible purchase. You have got got to acquire a piglet depository financial institution and start economy up until you have enough to afford it. This method is pretty gull cogent evidence as a down payment support strategy, but the down side is that you are using your ain capital. This working capital can often be better used elsewhere when your intent is investment.

One good manner to fund the down payment when you are planning on a short term Real Number Estate investment, such as as flipping, is to borrow the down payment through a separate loan. If you are planning on turning the place around after upgrading it or if the terms is considerably under marketplace value for some reason, a down payment loan do sense. You can pay off the loan with the return from the sale. If the loan is paid off early, your involvement complaint should be small.

There are a couple of ways of getting the marketer to fund your down payment. In a lawsuit of marketer financing, the marketer might be willing to forego the down payment in exchange for a higher monthly payment. The marketer might also be willing to supply the down payment himself in tax return for a speedy sale contract.

A rental with the option to purchase contract is also a different manner to acquire down payment funding. The contract for this sort of sale lets the purchaser to lease the place for a pre-set fee and purchase it within a specified clip for a set price. What is actually happening is the rent is being applied to the down payment. This method is good if you are already paying rent elsewhere.

The secret is negotiation. Remember that down payments are not required by any mystical law and there are ingenious ways to either cut down them or supply the support for them from a different beginning than your ain pocket. If you are planning on investment in Real Number Estate for any of a figure of different reasons, you should seek to maintain as much working capital liquid and accessible as possible. Although big down payments be given to make instantaneous equity in the property, this equity can not be easily realized until the place is sold. Your ain finances may well be better reserved for other things, so go an expert on option intends of funding.

Harbor Mortgage Hosts Telephone Seminar for Seniors May 24 - Reverse Mortgages Made Understandable

Published on: May 8th, 2007 12:01am by:

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Braintree, MA (OPENPRESS) May 8, 2007 -- Senior homeowners and their families are invited to stay at home, pick up the phone, and dial in to hear a free Educational Telephone Seminar on Reverse Mortgages and Retirement Planning on Thursday May 24 from 11 AM to 12 Noon.

Moderated by Greg Porell, the Editor of the South Shore Senior News and the Neponset Valley Senior News, this telephone seminar will provide objective information about the unique government backed programs that allow seniors (age 62+) to access the equity in their homes. Now seniors and their families can learn about an important financial option without leaving their home, just by listening.

Listen and Learn
Businesses have used telephone seminars for years. IT’S SIMPLE! Participants don’t need to say a word; they just dial in to a specially designated 800 number from the comfort and privacy of their home or office on May 24 at 11 AM and hear:
• How to access the equity in their home.
• Implications for retirement planning.
• Answers to THEIR questions (submit with RSVP).

Seminar speakers will include: Attorney Francis X. Small, Elder Law Attorney, Heaney & Small, LLP, Milford, MA; and George Downey, founder of Harbor Mortgage Solutions, Braintree, MA and former Chairman of the Massachusetts Mortgage Association.

Advance reservations are required. Call 1-800-597-5133 to RSVP and find out how to dial into this informative seminar on May 24th.

Those who dial in to the Reverse Mortgage seminar will learn how a reverse mortgage can help homeowners over the age of 62 cash in on the investment they made in their home without having to sell, move, or take out a home equity loan. Reverse mortgages can help provide a steady source of tax-free income enabling seniors to have the extra cash needed to pay off their bills and stay in their own home.

A recent study conducted by the National Council on Aging found that impaired, older Americans are struggling to live at home at a time when they own more than $2 trillion in untapped housing wealth. Senior homeowners throughout Massachusetts are struggling to make ends meet, yet most are unsure of how to proceed to unlock the equity in their homes.

A reverse mortgage, essentially the opposite of a traditional or “forward” mortgage, can enable seniors to tap into accumulated equity without having to face ongoing payments. Unlike traditional mortgages where borrowers make monthly payments, in a reverse mortgage the cash flow is reversed, and the lender makes payments to the borrower, enabling borrowers to use the tax free cash they receive in any way that they wish.

There are no minimum income, asset, or credit qualifications to meet and no effect on Social Security or Medicare benefits. The property must be the primary residence of the borrower and properly insured and maintained, with real estate taxes kept current. As long as the borrower continues to live in the property the loan can never be called.

Unlike a traditional mortgage where the balance starts high and the borrower’s monthly payments systematically reduce the loan balance, the balance of a reverse mortgage loan starts low and continues to increase as more cash is drawn and the deferred interest charges are added to the balance. Repayment is required if the home is sold, or when the last borrower permanently leaves the property, or passes away. At that time, the heirs can sell, or refinance, the property to pay off the loan.

Once the province of a few small banks and private lenders, the great majority of reverse mortgages today are provided through government-sponsored programs, namely the HUD/FHA Home Equity Conversion Mortgage (HECM) and the Fannie Mae Home Keeper (HK) programs.

Telephone Seminar Sponsor - Harbor Mortgage Solutions
The Senior Homeowner Division of Harbor Mortgage Solutions is dedicated to providing customized service, obtaining the best possible solution for each individual client every time.

An equal opportunity lender licensed in Massachusetts (license #MC0041) and Rhode Island (license #20041821LB), Harbor Mortgage Solutions is a member of the Massachusetts Mortgage Association, the National Association of Mortgage Brokers, and the National Reverse Mortgage Lenders Association, strictly subscribing to their rigid code of ethics. Harbor Mortgage Solutions is also an Educational Subscriber of the Massachusetts Chapter of the National Academy of Elder Law Attorneys.

For additional information on services offered by Harbor Mortgage Solutions please call 781-843-5553 or 800-599-8700, or visit www.HarborMortgage.com.

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