Homeowners who fall behind on their mortgage payments are more likely to seek help from loved ones than from mortgage relief agencies, according to a recent survey by Money Management International. Half of homeowners surveyed say they would first seek help from family and friends before talking with their lender (26%) or seeking assistance from a housing counseling agency or mortgage relief program (13%). More than half (53%) say they are concerned about possible scams and fraudulent practices by mortgage assistance agencies, that the services they offer would cost more money than they could afford (51%) and that the process would be confusing or they would choose a solution they don’t fully understand (45%).
Category Archives: Buying a Home
Short Sale Assistance For Military Homeowners
The FHFA has announced changes to short sale policies that will make it easier for military homeowners with Fannie Mae and Freddie Mac loans to honor their financial commitments when they are required to move as part of their duty.
Military homeowners who receive Permanent Change of Station (PCS) orders will be eligible to sell their homes in a short sale even if they are current on their mortgage. PCS orders often require quick moves and can create hardship for military homeowners who are underwater on their mortgages, and therefore, cannot sell their home without taking a loss. Previously, many service members felt their only option was either to maintain financial obligations on two residences or to default on their mortgage.
Does your housing take up half your income?
A new study by the Center for Housing Policy, entitled Housing Landscape 2012, found that the share of working households paying more than half their income for housing rose significantly between 2008 and 2010 for both renters and owners. This annual report explored the last Census data on housing costs and income, including housing cost burden data from the 50 largest US metropolitan areas, all 50 states, and the District of Columbia. The report found that nearly one in four working households in the US spends more than half of total income on housing.
Ventura & Oxnard Homes Sales
In the last 12 months, there have been 737 detached home sold and 295 sales of condos, townhomes and mod/manufactured homes in Ventura.
The average house was a three bedroom, 2 2/3 bathroom home of 1680 square feet with a list price of $449,123 and a sales price of $434,041 and days on market of 112.