ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 07/31/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 07/31/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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Treasury Secretary Timothy Geithner says he likes the design of a plan proposed by an Oregon senator to establish a temporary government-backed trust that would allow about 8 million underwater borrowers to refinance at a lower interest rate at no cost to taxpayers.

The plan, proposed by Sen. Jeff Merkley, D-Ore., would be available to borrowers current on their payments who meet basic underwriting criteria — regardless of whether their mortgages are currently guaranteed by the federal government.

The plan is designed to either lower monthly payments for underwater borrowers who owe more on their mortgages than their homes are worth or allow them to regain equity at a faster pace. The plan calls for establishing a Rebuilding American Homeownership Trust through the Federal Housing Administration (FHA), Federal Home Loan Banks, or the Federal Reserve.

The trust would buy mortgages that meet the plan’s standards from private lenders with revenue from government bonds sold to investors. The program is expected to turn a profit for the U.S. Treasury over its lifetime due to a roughly 2 percent interest spread between the borrowing costs on the bonds and the interest charged to homeowners, according to the proposal.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Borrowers would have three years to refinance into one of three options:

•a 15-year mortgage with a 4 percent interest rate, which would allow borrowers to rebuild equity at a faster rate;

•a 30-year mortgage with a 5 percent interest rate, which would lower a borrower’s monthly payments; or

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

•a two-part mortgage with a first mortgage worth 95 percent of the home’s value and a “soft” second mortgage for the balance. The second mortgage would not accrue interest or require payments for five years, thereby lowering a borrower’s monthly payments.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

While rising home prices helped more than 700,000 homeowners regain equity in their homes during first quarter, 11.4 million borrowers still owed more on their mortgage than their homes were worth, according to data aggregator CoreLogic. Because negative equity prevents homeowners from selling their homes, the available inventory of for-sale homes has seen double-digit declines this spring.

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