Wynn Bloch has always dutifully paid her bills and socked away money for retirement. But in December she defaulted on the mortgage on her Palm Desert home, even though she could afford the payments.

Bloch paid $385,000 for the two-bedroom in 2006, when prices were still surging. Comparable homes are now selling in the low-$200,000s. At 66, the retired psychologist doubted she’d see her investment rebound in her lifetime. Plus, she said she was duped into an expensive loan.

Full story is available on Los Angeles Times

Habitat for Humanity Sarasota is backing away from its traditional role of building houses for lower-income families. Instead, for possibly the next three or so years, it will put its clients in rehabilitated foreclosed and abandoned homes.

With donations down and financing difficult to obtain, the nonprofit organization says it needs to shift its strategy — which previously included building another Sarasota neighborhood of new homes.

Rather than add more new construction to an already saturated real estate market, Habitat would prefer to reverse the decline in existing neighborhoods.

Full story is available on Herald Tribune

Bank of America (NYSE: BAC) made a total of 20,666 permanent home loan modifications during the month of February under the government’s Making Home Affordable.

The Charlotte, N.C. based bank, along with Citigroup, made a significant increase in permanent modifications during the month of February. In January, Bank of America made 12,761 permanent modifications.

Bank of America has been on the receiving end of significant criticism related to its efforts to make home loan modifications for borrowers and in its efforts in responding to short sale deals. Many homeowners have criticized the bank for being unresponsive to their requests for short sales and modifications.

Full story is available on American Banking News

Many economists and the housing industry are waiting to see the direction home mortgage rates will go after the nation’s Federal Reserve completes its purchasing of Mortgage-backed Securities at the end of this month. There are two opposing views. Both are valid, but we think it will depend on how much noise the Fed will make out of it.

Several months ago the Federal Reserve announced that it will buy $1.25 trillion worth of mortgage-backed securities to help to keep the home mortgage rates lower. The plan was to help the slowly recovering housing market. It has largely worked, but at the end of this month Fed will wind it down.

Full story is available on Huliq

The Federal Reserve on Tuesday affirmed its plan to stop buying mortgage-backed securities, expressing a degree of confidence that it could eliminate that pillar of support without undermining the nation’s economic recovery.

The move came as the Fed voted to keep its benchmark interest rate unchanged, at nearly zero percent, citing evidence of economic weakness and little sign of inflation.

The Fed’s purchases of mortgage-backed securities, which will total $1.25 trillion and end March 31, have helped hold mortgage rates to near-record lows, and the Fed left open the possibility that the purchases might have to be resumed, particularly if the housing recovery stalls.

Full story is available on The New York Times

The Federal Home Loan Bank of San Francisco sued nine securities dealers alleging they misled it about the credit quality and risks of loans behind $19.1 billion in private-label residential mortgage-backed securities.

Units of Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co. and Bank of America Corp. were among the defendants named in two securities complaints filed yesterday in state court in San Francisco, according to the court’s Web site. The bank is seeking to rescind its purchases of the securities, which were rated AAA “based on the information provided by the securities dealers,” the Federal Home Loan Bank said in a statement on its Web site.

Full story is available on Business Week

Statistics show that only 25% of all eligible VA home buyers actually utilize their hard-earned veteran loan benefits. LowVARates has dedicated its work to assisting veterans use and understand these VA benefits as they pertain to buying or refinancing a home mortgage. Life is full of difficulties and even things we may feel are unfair. Owner of LowVARates, Eric Kandell, understands life in the military can be difficult. “If I can play a role in making something less difficult for our Nation’s veterans then I will do all I can to assist,” Kandell said. “I hope that all those that come across our company feel we have made the VA home loan process much easier to navigate from start to finish.” The VA home loan is a very simple and straight forward tool that can make home ownership a reality for hundreds of thousands of eligible veterans and active military.

Full story is available on PRWeb

It seems clear now that one major hindrance in the mortgage world is underwater mortgages.  While the home loan modification program has seen, debatably, decent success, there are still far more homeowners looking for a home loan modification than are receiving one.  However, forgotten homeowners that may not qualify for the modification program are looking for help in refinancing their underwater mortgage through the Home Affordable Refinance Program.

Homeowners looking at an underwater mortgage may be able to afford the monthly payments or may be struggling on their mortgage payment on an underwater home loan, but refinancing for a better deal isn’t something that is an option when someone’s home is valued less than the mortgage.

Full story is available on Red, White, and Blue Pres

Every person on the verge of getting a mortgage refinance is trying to find the home mortgage refinance at low rates. There sure is a reason to be confused

Following are three vital points that you should consider:

• The first one is to check the amount of time you have stayed in that house. If you have wish to refinance in three to four years then 5/1 changeable home mortgage refinancerate seems right for you. But if you wish to stay in the house for ten years then a 30 year fixed 2nd mortgage rate should be apt for you.

Full story is available on bignews.biz

Want to test a tractor? Put the pedal to the metal. Want to get a scan of your spine? Take a seat. Want to learn golf from a pro? Pick up a club and take a swing.

Most times of the year, doing all this at once would be a tiring exercise in crosscounty window-shopping. But with this weekend’s Berkshire Home Expo at the Berkshire Mall, the motto for many participants was simple: “Try before you buy.”

“This event is always a great opportunity,” said Christina Barrett of the Berkshire Chamber of Commerce, who said that 50 local businesses signed up to participate in this year’s three-day expo, which concludes today. “It’s a wonderful way to showcase the work they do.”

Fulls tory is available on Berkshire Eagle