Lennar Offers to Make Mortgage Payments in the Event of Job Loss
Struggling homebuilder Lennar has launched its “Peace of Mind” mortgage payment protection program, aimed at bringing in more prospective buyers concerned about job security.
Calling loss of employment the “number-one reason for mortgage default,” Lennar is offering to pay up to six months of mortgage payments if a new buyer loses their job after purchasing a new home.
It’s especially timely, Read more
Alt-A Mortgages Drive ING Loss, Layoffs
Apparently no company is exempt, not even ING, which remained relatively quiet over the past year as the mortgage crisis ravaged hundreds of other seemingly unbreakable financial institutions.
The Dutch Bank said today it expects to lose 3.3 billion euros in the fourth quarter as a result of bad mortgage bets, pushing the company to a 1 billion euro loss for all of 2008.
“In the fourth quarter market Read more
Many California Sellers Sold Properties at a Loss This Year
Annual home sales are expected to rise 12 percent in California this year and another 12.5 percent in 2009, but much of the increase can be attributed to distressed sales, according to the “State of the California Housing Market 2008-2009” report released this week by CAR.
Nearly one in five (19.8 percent) sellers sold their homes at a loss this year because the property was in default, foreclosure, or short Read more
Nearly One Third of Recent Home Sales Sold at a Loss
More U.S. homeowners have been forced to sell their homes at a loss as values continue to slide, according to the latest report from Zillow.
Nationally, home prices have fallen 9.7 percent year-over-year and now sit at levels not seen since the fourth quarter of 2004, spelling disaster for those who purchased a home during the recent peak years.
Zillow now estimates that one in seven homeowners has negative Read more