Loan Modification Program Encourages Foreclosure

For homeowners considering going into foreclosure to be eligible for a loan modification or Government bailout, there are some very serious consequences of having your home foreclosed with the hope of receiving aid from the Government.

It is recommended that you not allow your home to go into foreclosure to receive aid, as there is a high possibility that you may not be eligible for the Government program and could put yourself in a very bad credit situation and you could end up losing your home.

Refinance or Modify your Loan

As an alternative to going for Government aid, you should contact your bank or mortgage owners and see if they can modify your loan. If that doesn’t work, you can shop around for a mortgage refinancing, wherein someone else buys your current loan, and issues you a new mortgage, with more traditional fixed APR-rates.

SunTrust Mortgage Inc: New Mortgage Inquiries‎ –
401 E Jackson St, Tampa, FL‎ – (813) 224-2429‎

Abraham Mortgage‎ –
2815 E Henry Ave # B4, Tampa, FL‎ – (813) 930-2783‎

Wells Fargo Home Mortgage‎ –
5110 Eisenhower Blvd # 170, Tampa, FL‎ – (813) 882-3328‎

Allied Mortgage Capital Corporation‎ –
Ste 103, 3314 Henderson Blvd, Tampa, FL‎ – (813) 876-5220‎

GMAC Mortgage Corporation‎ –
4890 W Kennedy Blvd # 620, Tampa, FL‎ – (813) 371-6600‎

Home Mortgage Lenders Inc‎ –
4819 E Busch Blvd # 206, Tampa, FL‎ – (813) 988-1776‎

Sikorske Mortgage‎ –
238 E Davis Blvd, Tampa, FL‎ – (813) 259-1001‎

Foundation Mortgage‎ –
907 W Hillsborough Ave, Tampa, FL‎ – (813) 238-2123‎

Nationstar Mortgage‎ –
Ste 245, 3350 Buschwood Park Dr, Tampa, FL‎ – (800) 348-8825‎

Sharpe Mortgage Lending‎ –
106 N Glen Ave, Tampa, FL‎ – (813) 471-0280‎

A-AAA Mortgage Loans: South Tampa‎ –
324 N Dale Mabry Hwy, Tampa, FL‎ – (813) 877-9999‎

Allstate Mortgage and Loans‎ –
2203 N Lois Ave # 816, Tampa, FL‎ – (813) 877-1053‎

Signature Mortgage of Tampa Bay, Inc.‎ –
403 North Howard Avenue, Tampa, FL‎ – (813) 258-5800‎

Wachovia Wholesale Mortgage‎ –
1715 N Westshore Blvd, Tampa, FL‎ – (813) 282-3012‎

Benjamin Ruth Mortgage‎ –
5406 N Suwanee Ave, Tampa, FL‎ – (813) 832-5626‎

Sharpe Mortgage Services Inc‎ –
106 N Glen Ave, Tampa, FL‎ – (813) 835-1900‎

Fishman Mortgage‎ –
413 S Macdill Ave, Tampa, FL‎ – (813) 879-5550‎

Paragon Mortgage‎ –
3105 W Waters Ave # 107, Tampa, FL‎ – (813) 936-5100‎

HF Mortgage‎ –
1201 W Hillsborough Ave # A, Tampa, FL‎ – (813) 237-2434‎

Olympian Mortgage‎ –
7301 N Armenia Ave, Tampa, FL‎ – (813) 931-3288‎

A-AAA Mortgage Loans‎ –
4100 W Kennedy Blvd # 335, Tampa, FL‎ – (813) 881-9999‎

Harborline Mortgage‎ –
2701 N Rocky Point Dr., Ste 200, Tampa, FL‎ – (813) 600-4446‎

A & M Mortgage Corporation‎ –
3508 N Armenia Ave # 100, Tampa, FL‎ – (813) 873-2537‎

Universal American Mortgage‎ –
4902 Eisenhower Blvd, Tampa, FL‎ – (813) 249-7668‎

Terrace Mortgage Co‎ –
4010 W Boy Scout Blvd # 550, Tampa, FL‎ – (813) 870-1400‎

Metroplex Mortgage Services, Inc.‎ –
7819 N Dale Mabry Hwy, Tampa, FL‎ – (813) 935-0260‎

Nationstar Mortgage‎ –
10008 N Dale Mabry Hwy, Tampa, FL‎ – (813) 931-9155‎

Sterling Mortgage Corporation‎ –
603 North Sterling Avenue, Tampa, FL‎ – (813) 870-3080‎

America’s Mortgage Broker‎ –
324 N Dale Mabry Hwy # 100, Tampa, FL‎ – (813) 868-4329‎

ALL Sales Mortgage‎ –
8910 N Dale Mabry Hwy # 19, Tampa, FL‎ – (813) 935-4994‎

Suncoast Mortgage‎ –
3550 Buschwood Park Dr # 200, Tampa, FL‎ – (813) 932-8124‎

CTX Mortgage Co‎ –
3816 W Linebaugh Ave, Tampa, FL‎ – (813) 968-5657‎

Smart Money Mortgage Group LLC‎ –
201 E Kennedy Blvd, Tampa, FL‎ – (813) 261-3880‎

Titan Mortgage & Associates‎ –
4144 N Armenia Ave # 210, Tampa, FL‎ – (813) 879-5626‎

Capital Mortgage‎ –
550 N Reo St # 300, Tampa, FL‎ – (813) 261-5119‎

First Banc Mortgage‎ –
2810 W Saint Isabel St, Tampa, FL‎ – (813) 290-8483‎

Mortgage Contracting Services‎ –
4830 W Kennedy Blvd, Tampa, FL‎ – (813) 319-1317‎

Manhattan Mortgage Corporation‎ –
109 S. Dale Mabry Hwy., Tampa, FL‎ – (813) 470-4620‎

Mortgage & Investment Consultants‎ –
4014 Gunn Hwy, Tampa, FL‎ – (813) 319-6500‎

Mortgage Mania Inc‎ –
9310 N 16th St, Tampa, FL‎ – (813) 931-1354‎

From the article on MarketWatch.

ORLANDO, Fla., Nov 18, 2008 /PRNewswire via COMTEX/ — Sales of existing single-family homes in Florida rose 5 percent in third quarter 2008 compared to the same period last year, according to the latest housing statistics from the Florida Association of Realtors(R) (FAR). A total of 33,203 existing homes sold statewide in 3Q 2008; during the same period last year, a total of 31,558 existing homes sold statewide.

“Coming on the heels of positive sales activity in September, Florida’s existing home sales are once again above year-ago levels in the third quarter,” says 2008 FAR President Chuck Bonfiglio. “Despite lending restrictions and the difficulties of finding affordable credit, we’re seeing buyers take advantage of homeownership opportunities in the current market — buyers who want to make a long-term investment in their future. And, more than ever, people are turning to Florida Realtors to find the professional expertise, knowledge and friendly guidance they need to make the complex process of buying or selling their home go more easily and smoothly.”

The statewide existing-home median sales price was $185,400 in the third quarter; a year ago, it was $233,200 for a decrease of 20 percent. In 2003, the third-quarter statewide median sales price was $163,700, which reflects an increase of about 13.3 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

Twelve of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year ago, while seven MSAs also showed gains in condo sales. A number of local markets have reported increased sales activity over the past few months, according to FAR.

Florida Realtors continued to report positive signs for the state’s housing sector in the third quarter, including an increase in pending home sales (based on contracts signed but not closed) and a slower rate of expansion of inventory levels in some areas.
To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the third quarter 2008 survey, the investment outlook for various types of properties remains steady. “People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest,” said Dr. Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.”

Over the long term, Florida stands to benefit from the migration of new residents, particularly as baby boomers age, Archer said, adding that the Sunshine State’s mild climate and outdoor amenities continue to make it an attractive retirement destination.
In the year-to-year quarterly comparison for condo sales, 9,472 units sold statewide for the quarter compared to 9,680 in 3Q 2007 for a 2 percent decrease. The statewide existing-condo median sales price was $160,000 for the three-month period; in 3Q 2007, it was $196,000 for an 18 percent decrease.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.32 percent in third quarter 2008; one year earlier, it averaged 6.55 percent.

The latest industry outlook from the National Association of Realtors(R) (NAR) cautions the housing sector likely faces disruptions from the still-stabilizing credit market. “Inventory remains high, and price declines are pressuring owners,” said NAR Chief Economist Lawrence Yun. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.”

Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the third quarter of 2008 to the third quarter of 2007, based on Realtor closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in third quarter 2008 to third quarter 2007, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.
The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 125,000 members in 67 boards/associations.

We have a number of resources that can help homeowners avoid foreclosure through loan modification programs available for free or very little cost, please see the signup form at the bottom of the page for more information.

Where should borrowers interested in the program call to apply?

Borrowers who are delinquent or who are experiencing financial hardship and are falling behind on their IndyMac Federal mortgage should call 954-270-1876 to speak with an licensed Loan Modification agent to help you save your home. For more information on programs available, visit the FDIC website (fdic.gov) or the IndyMac Federal website (imb.com) to find out more about the loan modification program.