Out of 1,000 potential first-time home buyers, 78 percent say that now is a good time to buy a home, despite widespread concern about the economy. And 68 percent think now is a better time to buy than six months ago. The survey was conducted in early March for the Century 21 First-Time Home Buyer Survey.
Prices are the driving motivation for potential first-time home buyers, with more than eight of 10 first-time home buyers (85 percent) saying they consider current home prices affordable, and 73 percent citing current prices as a major factor in their decision to buy now. However, potential first-time buyers are still split between “being willing to consider an offer now” (42 percent) and “waiting for prices to go down before they seriously consider making a purchase” (48 percent).
“Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,” says Tom Kunz, Century 21 Real Estate president and CEO. “Our research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.”
Among the survey’s other key findings:
• Bargains in the marketplace provide additional options for buyers to consider. Fifty-six percent of potential first-time home buyers are considering a foreclosed or short sale home, and 63 percent are open to a “fixer-upper” or “as-is” home.
• When asked to rate the features that they look for when choosing a home, price is the primary consideration, with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the home’s condition (71 percent).
• Having enough money for a downpayment is a top concern of potential first-time home buyers, as nearly half (46 percent) said they are “very worried” about the issue.
• Most respondents (86 percent) are in the market for single family homes.
Source: Century 21
Sunday, March 29, 2009
Wednesday, March 25, 2009
Commerce Dept.: February new home sales rise unexpectedly
New U.S. home sales rebounded unexpectedly last month, but were still the second-worst on record and remained well below last year’s levels, according to data released Wednesday.
The Commerce Department said sales rose 4.7 percent in February to a seasonally adjusted annual rate of 337,000 units from an upwardly revised January figure of 322,000. Even after the revision to January’s sales results, the month remained the worst on records dating back to 1963.
Economists surveyed by Thomson Reuters had expected February sales to fall to a pace of 300,000 units.
February’s sales were still down by more than 40 percent from the same month a year earlier. The median sales price fell to $209,000, a record 18 percent drop from the same month last year. The median price is the midpoint, where half sell for more and half for less.
At the current sales pace, the government said it would take a year to exhaust the supply of new homes on the market. The glut of unsold homes and competition from deeply discounted foreclosed properties puts even more downward pressure on prices and on builders’ profits.
Fallout from the housing crisis is one of the biggest problems facing the country. It has played a central role in the U.S. recession, now in its second year. Foreclosures have spiked, financial companies have racked up multibillion-dollar losses and home builders like Pulte Homes Inc., D.R. Horton Inc. and Lennar Corp. have been clobbered.
Investors, however, cheered at the new home sales numbers and bid up shares in the major builders by 7 percent or more in morning trading.
To lure buyers, President Barack Obama’s stimulus package included an $8,000 first-time homebuyer tax credit. Plus, the Obama administration has unveiled a $75 billion plan to curb foreclosures, which are aggravating problems in the housing market and the overall economy.
In February, sales rose 9.7 percent in the South from a month earlier, and 6.6 percent in the West. They dropped 9.1 percent in the Midwest and 3.3 percent in the Northeast.
Sales of previously occupied homes also jumped unexpectedly in February by the largest amount in nearly six years as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties.
The National Association of Realtors said Monday that sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January.
Source; AP
The Commerce Department said sales rose 4.7 percent in February to a seasonally adjusted annual rate of 337,000 units from an upwardly revised January figure of 322,000. Even after the revision to January’s sales results, the month remained the worst on records dating back to 1963.
Economists surveyed by Thomson Reuters had expected February sales to fall to a pace of 300,000 units.
February’s sales were still down by more than 40 percent from the same month a year earlier. The median sales price fell to $209,000, a record 18 percent drop from the same month last year. The median price is the midpoint, where half sell for more and half for less.
At the current sales pace, the government said it would take a year to exhaust the supply of new homes on the market. The glut of unsold homes and competition from deeply discounted foreclosed properties puts even more downward pressure on prices and on builders’ profits.
Fallout from the housing crisis is one of the biggest problems facing the country. It has played a central role in the U.S. recession, now in its second year. Foreclosures have spiked, financial companies have racked up multibillion-dollar losses and home builders like Pulte Homes Inc., D.R. Horton Inc. and Lennar Corp. have been clobbered.
Investors, however, cheered at the new home sales numbers and bid up shares in the major builders by 7 percent or more in morning trading.
To lure buyers, President Barack Obama’s stimulus package included an $8,000 first-time homebuyer tax credit. Plus, the Obama administration has unveiled a $75 billion plan to curb foreclosures, which are aggravating problems in the housing market and the overall economy.
In February, sales rose 9.7 percent in the South from a month earlier, and 6.6 percent in the West. They dropped 9.1 percent in the Midwest and 3.3 percent in the Northeast.
Sales of previously occupied homes also jumped unexpectedly in February by the largest amount in nearly six years as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties.
The National Association of Realtors said Monday that sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January.
Source; AP
Tuesday, March 17, 2009
Drywall from China blamed for problems
Real estate agent Felix Martinez thought he'd found his dream house when he bought the 3,500-square-foot beauty in Homestead, Fla., two years ago.
Then, he says, his large-screen TV mysteriously failed. Next, the air conditioner went. His bath towels smelled like rotten eggs. Visitors noted an odor in the house. Martinez says he's suffered new sinus problems and sleep apnea. His wife and son sneeze a lot.
The walls in the home, a recently filed class-action lawsuit alleges, were built with the same kind of Chinese-made drywall that tests have shown emit sulfur gases that corrode copper coils and electrical and plumbing components.
Similar problems have been linked to hundreds of Florida homes. Tens of thousands of homes there and in other states could be affected, say lawyers who have filed lawsuits on behalf of Florida homeowners. The discovery has created a firestorm that's engulfed an international building supplier, large and small homebuilders and dozens of subcontractors. The issue also has revived concerns about quality-control procedures of U.S. companies that use Chinese-made products, following episodes in recent years involving contaminated toothpaste and pet-food ingredients, lead-tainted toys and defective tires imported from China.
A leading U.S. home builder, Lennar, and a Chinese drywall manufacturer, Knauf Plasterboard Tianjin, say tests show the gases given off by the drywall pose no health hazards. Florida regulators and the federal Consumer Product Safety Commission are investigating.
Lawyers say far more testing needs to be done.
"If it can put holes in metal coils, how do we know it doesn't cause problems in children or adults?" asks attorney Jeremy Alters of Florida-based law firm Alters Boldt Brown Rash Culmo. Alters says he has clients who developed respiratory ailments "out of the blue" after moving into allegedly affected homes.
Knauf says Chinese drywall imports started in significant amounts in 2005 as a result of a shortage driven by the booming housing market and rebuilding after Hurricanes Katrina and Wilma.
In addition to lawsuits on behalf of Florida homeowners, a class-action lawsuit was recently filed by an Alabama homebuilder that has made air conditioning repairs on two dozen Alabama homes, says attorney Steven Nicholas. A class-action lawsuit has also been filed on behalf of Louisiana homeowners.
Lawyers say they're investigating more complaints in other states and Florida.
"We know for a fact that this product is in Virginia, Louisiana and California," says Charles LaDuca, of Washington, D.C.-based law firm Cuneo Gilbert & LaDuca. "The breadth of the problem is just unfolding."
Investigations began in 2004
So far, Florida is ground zero. Up to 1,000 homes in the southern part of the state may be affected, says Jack Snider, president of American Management Resources Corp. (AMRC). Working for homeowners and builders, the environmental consulting firm has tested drywall for gases and checked homes for odors and corrosion.
AMRC first began investigating odor complaints in 2004 and found drywall to be the cause. Because most drywall doesn't identify its origin, Snyder says, it took until 2006 before foreign-made drywall became the focus.
Homeowner lawsuits allege that the drywall has corroded air conditioning and refrigerator coils, microwaves, computer wiring, faucets and copper tubing.
Tests paid for by Lennar say the drywall appears to emit sulfur gases that can damage air conditioning coils, electrical plumbing components and other material.
In one test, copper pipe turned black after four weeks when placed in a sealed container with a piece of affected drywall, according to a lawsuit filed Jan. 30 by Lennar against Knauf Gips of Germany and its Chinese affiliate, Knauf Plasterboard Tianjin, and others. The pipe then started to corrode, Lennar says.
Lennar alleges that Knauf produced "defective" drywall. It also says subcontractors put it in homes without Lennar's knowledge. Lennar has said it has more than 80 affected homes in Florida and dozens more under review. It is relocating residents while it installs new drywall in homes.
"Lennar stands alongside its homeowners as a victim," its lawsuit says.
Plaintiffs' attorneys say residents have suffered a host of health issues, including rashes, new allergies, asthma and sore throats. Along with receiving compensation, they should be monitored long-term for health issues, says attorney Ervin Gonzalez of Colson Hicks Eidson. "This has been an economic, physical and emotional problem for victims," he says. Based on import records, he estimates that up to 60,000 U.S. homes may be affected, with about half in Florida.
Testing air
Drywall is made from gypsum, a mineral. Manufacturers also make synthetic gypsum by processing residues produced by coal-burning power plants.
Normally, drywall doesn't smell or emit sulfur gases, says Nancy Spurlock, a spokeswoman for National Gypsum. It doesn't import drywall or ingredients from China, she says.
Lennar, which refused interview requests, says it discovered the issue after noticing frequent air conditioning problems in homes.
Its consulting firm, Environ International, tested air in 79 affected Florida homes late last year and found sulfur compounds at levels well within health and safety limits or on par with outdoor air.
Knauf's testing firm, the Center for Toxicology and Environmental Health in Arkansas, recently tested 20 Florida homes with discolored wiring.
It found results similar to Environ's, says toxicologist Phillip Goad, who oversaw his firm's testing. Levels of carbonyl sulfide were in the range of salt marsh air. Exposure to carbon disulfide were well within safety levels set by The National Institute for Occupational Safety and Health.
At higher concentrations than found in the homes, carbonyl sulfide can irritate eyes and the respiratory system, and have other effects, says Goad. Carbon disulfide can produce symptoms including irritated eyes, headaches and fatigue.
The Consumer Product Safety Commission dispatched staffers to Florida late last month to investigate and will do health hazard testing, says spokesman Joe Martyak.
The Florida Department of Health is also testing. Its website says it has not "identified data suggesting an imminent or chronic health hazard at this time."
In January, the state inspected 12 homes built from 2004 through 2008 to assess possible health hazards and set up more sensitive testing protocols. Results are pending, it says.
Mine was changed in 2006
Knauf says odor complaints about its Chinese drywall surfaced in 2006. Its investigation determined that the drywall smelled like drywall made from natural gypsum in China. The drywall from one China mine used by Knauf contained iron disulfide, a naturally occurring mineral. That would account for the smell, Goad says.
Knauf says it stopped using the mine -- which other manufacturers also used -- in late 2006 after the issues arose. It says it's being "unfairly" tainted because it labels its imported drywall from China while others do not.
Knauf says it was responsible for just 20% of the Chinese drywall that came to the U.S. in 2006. It also says that Lennar has identified homes with odor and copper issues that included non-Knauf drywall.
Consultant Snider, too, says that other drywall makers "have not been as noticed as Knauf."
Lennar and Taylor Morrison, a home builder based in Arizona with a dozen affected Florida homes, say they're absorbing the expenses of relocating residents for the several months it can take to repair affected homes.
Lennar says it used the Chinese-made drywall in a small percentage of Florida homes built from November 2005 through November 2006. It's not being used in new homes, it says. Lennar and Taylor, both of which build homes outside of Florida, say they're not aware of homes outside of Florida being affected.
South Kendall Construction of Florida built Martinez's home. The company is still assessing the situation, according to its attorney, Kieran Fallon. It has tested several dozen Florida homes and expects about 50 to have problems, he says.
Martinez says he can't afford to rent another place while South Kendall figures out what to do. "We're caught between a rock and a hard place," he says.
Karin Vickers, a 45-year-old certified public accountant, is in the same situation.
She bought her Homestead, Fla., home across the street from Martinez, also in 2006, for $485,000. "I love the house," she says. But the air conditioning didn't work properly and was just replaced. Her TV also failed after a year. Her wall sockets turned black, and her bathroom smells like burned matches, she says.
Even if her house is repaired, she worries that issues could crop up again.
The real estate crash has knocked her home's value down about one-third, Vickers estimates. "It's dropped more now because of this," she says.
Source: USA Today
Then, he says, his large-screen TV mysteriously failed. Next, the air conditioner went. His bath towels smelled like rotten eggs. Visitors noted an odor in the house. Martinez says he's suffered new sinus problems and sleep apnea. His wife and son sneeze a lot.
The walls in the home, a recently filed class-action lawsuit alleges, were built with the same kind of Chinese-made drywall that tests have shown emit sulfur gases that corrode copper coils and electrical and plumbing components.
Similar problems have been linked to hundreds of Florida homes. Tens of thousands of homes there and in other states could be affected, say lawyers who have filed lawsuits on behalf of Florida homeowners. The discovery has created a firestorm that's engulfed an international building supplier, large and small homebuilders and dozens of subcontractors. The issue also has revived concerns about quality-control procedures of U.S. companies that use Chinese-made products, following episodes in recent years involving contaminated toothpaste and pet-food ingredients, lead-tainted toys and defective tires imported from China.
A leading U.S. home builder, Lennar, and a Chinese drywall manufacturer, Knauf Plasterboard Tianjin, say tests show the gases given off by the drywall pose no health hazards. Florida regulators and the federal Consumer Product Safety Commission are investigating.
Lawyers say far more testing needs to be done.
"If it can put holes in metal coils, how do we know it doesn't cause problems in children or adults?" asks attorney Jeremy Alters of Florida-based law firm Alters Boldt Brown Rash Culmo. Alters says he has clients who developed respiratory ailments "out of the blue" after moving into allegedly affected homes.
Knauf says Chinese drywall imports started in significant amounts in 2005 as a result of a shortage driven by the booming housing market and rebuilding after Hurricanes Katrina and Wilma.
In addition to lawsuits on behalf of Florida homeowners, a class-action lawsuit was recently filed by an Alabama homebuilder that has made air conditioning repairs on two dozen Alabama homes, says attorney Steven Nicholas. A class-action lawsuit has also been filed on behalf of Louisiana homeowners.
Lawyers say they're investigating more complaints in other states and Florida.
"We know for a fact that this product is in Virginia, Louisiana and California," says Charles LaDuca, of Washington, D.C.-based law firm Cuneo Gilbert & LaDuca. "The breadth of the problem is just unfolding."
Investigations began in 2004
So far, Florida is ground zero. Up to 1,000 homes in the southern part of the state may be affected, says Jack Snider, president of American Management Resources Corp. (AMRC). Working for homeowners and builders, the environmental consulting firm has tested drywall for gases and checked homes for odors and corrosion.
AMRC first began investigating odor complaints in 2004 and found drywall to be the cause. Because most drywall doesn't identify its origin, Snyder says, it took until 2006 before foreign-made drywall became the focus.
Homeowner lawsuits allege that the drywall has corroded air conditioning and refrigerator coils, microwaves, computer wiring, faucets and copper tubing.
Tests paid for by Lennar say the drywall appears to emit sulfur gases that can damage air conditioning coils, electrical plumbing components and other material.
In one test, copper pipe turned black after four weeks when placed in a sealed container with a piece of affected drywall, according to a lawsuit filed Jan. 30 by Lennar against Knauf Gips of Germany and its Chinese affiliate, Knauf Plasterboard Tianjin, and others. The pipe then started to corrode, Lennar says.
Lennar alleges that Knauf produced "defective" drywall. It also says subcontractors put it in homes without Lennar's knowledge. Lennar has said it has more than 80 affected homes in Florida and dozens more under review. It is relocating residents while it installs new drywall in homes.
"Lennar stands alongside its homeowners as a victim," its lawsuit says.
Plaintiffs' attorneys say residents have suffered a host of health issues, including rashes, new allergies, asthma and sore throats. Along with receiving compensation, they should be monitored long-term for health issues, says attorney Ervin Gonzalez of Colson Hicks Eidson. "This has been an economic, physical and emotional problem for victims," he says. Based on import records, he estimates that up to 60,000 U.S. homes may be affected, with about half in Florida.
Testing air
Drywall is made from gypsum, a mineral. Manufacturers also make synthetic gypsum by processing residues produced by coal-burning power plants.
Normally, drywall doesn't smell or emit sulfur gases, says Nancy Spurlock, a spokeswoman for National Gypsum. It doesn't import drywall or ingredients from China, she says.
Lennar, which refused interview requests, says it discovered the issue after noticing frequent air conditioning problems in homes.
Its consulting firm, Environ International, tested air in 79 affected Florida homes late last year and found sulfur compounds at levels well within health and safety limits or on par with outdoor air.
Knauf's testing firm, the Center for Toxicology and Environmental Health in Arkansas, recently tested 20 Florida homes with discolored wiring.
It found results similar to Environ's, says toxicologist Phillip Goad, who oversaw his firm's testing. Levels of carbonyl sulfide were in the range of salt marsh air. Exposure to carbon disulfide were well within safety levels set by The National Institute for Occupational Safety and Health.
At higher concentrations than found in the homes, carbonyl sulfide can irritate eyes and the respiratory system, and have other effects, says Goad. Carbon disulfide can produce symptoms including irritated eyes, headaches and fatigue.
The Consumer Product Safety Commission dispatched staffers to Florida late last month to investigate and will do health hazard testing, says spokesman Joe Martyak.
The Florida Department of Health is also testing. Its website says it has not "identified data suggesting an imminent or chronic health hazard at this time."
In January, the state inspected 12 homes built from 2004 through 2008 to assess possible health hazards and set up more sensitive testing protocols. Results are pending, it says.
Mine was changed in 2006
Knauf says odor complaints about its Chinese drywall surfaced in 2006. Its investigation determined that the drywall smelled like drywall made from natural gypsum in China. The drywall from one China mine used by Knauf contained iron disulfide, a naturally occurring mineral. That would account for the smell, Goad says.
Knauf says it stopped using the mine -- which other manufacturers also used -- in late 2006 after the issues arose. It says it's being "unfairly" tainted because it labels its imported drywall from China while others do not.
Knauf says it was responsible for just 20% of the Chinese drywall that came to the U.S. in 2006. It also says that Lennar has identified homes with odor and copper issues that included non-Knauf drywall.
Consultant Snider, too, says that other drywall makers "have not been as noticed as Knauf."
Lennar and Taylor Morrison, a home builder based in Arizona with a dozen affected Florida homes, say they're absorbing the expenses of relocating residents for the several months it can take to repair affected homes.
Lennar says it used the Chinese-made drywall in a small percentage of Florida homes built from November 2005 through November 2006. It's not being used in new homes, it says. Lennar and Taylor, both of which build homes outside of Florida, say they're not aware of homes outside of Florida being affected.
South Kendall Construction of Florida built Martinez's home. The company is still assessing the situation, according to its attorney, Kieran Fallon. It has tested several dozen Florida homes and expects about 50 to have problems, he says.
Martinez says he can't afford to rent another place while South Kendall figures out what to do. "We're caught between a rock and a hard place," he says.
Karin Vickers, a 45-year-old certified public accountant, is in the same situation.
She bought her Homestead, Fla., home across the street from Martinez, also in 2006, for $485,000. "I love the house," she says. But the air conditioning didn't work properly and was just replaced. Her TV also failed after a year. Her wall sockets turned black, and her bathroom smells like burned matches, she says.
Even if her house is repaired, she worries that issues could crop up again.
The real estate crash has knocked her home's value down about one-third, Vickers estimates. "It's dropped more now because of this," she says.
Source: USA Today
Thursday, March 12, 2009
Foreclosures up 30 percent in February
Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.Nationwide, nearly 291,000 homes received at least one foreclosure-related notice last month, up 6 percent from January, according to the Irvine, Calif-based company. While foreclosures are highly concentrated in the Western states and Florida, the problem is spreading to states like Idaho, Illinois and Oregon as the U.S. economy worsens.“It doesn’t bode well,” for the embattled U.S. housing market, said Rick Sharga, vice president for marketing at RealtyTrac, a foreclosure listing firm. “At least for the foreseeable future, it’s going to continue to be pretty ugly.”The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Those companies pledged to do so in advance of President Barack Obama’s plan to stem the foreclosure crisis, which was launched last week.Two states that contributed to the increase were Florida and New York, where temporary bans on foreclosures ended.But other states are moving to enact similar measures. On Wednesday the Michigan House approved legislation that would give homeowners facing foreclosure a 90-day reprieve. The legislation now goes to Michigan’s Republican-led Senate, where its future is unclear.While the number of foreclosures continues to soar nationwide, banks have held off listing properties for sale, Sharga said. There were around 700,000 such properties nationwide at the end of last year, making up a “shadow inventory” of unsold homes that could drag the housing crisis out even longer.“It’s going to take us longer than you might anticipate to burn through the inventory of distressed properties,” he said.The results highlight the challenge ahead for Obama and his economic advisers. The Obama administration is aiming to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.Still, the faltering economy, driven down by the collapse of the housing bubble, is causing the housing crisis to spread. Nearly 12 percent of all Americans with a mortgage – a record 5.4 million homeowners – were at least one month late or in foreclosure at the end of last year, according to the Mortgage Bankers Association. That’s up from 10 percent at the end of the third quarter, and up from 8 percent at the end of 2007.The RealtyTrac report said more than 74,000 properties were repossessed by lenders in February as the worst recession in decades, falling home values and stricter lending standards continue to sap the U.S. real estate market.Nevada, Arizona, California and Florida had the nation’s top foreclosure rates. In Nevada, one in every 70 homes received a foreclosure filing, while the number was one every 147 in Arizona. Rounding out the top 10 were Idaho, Michigan, Illinois, Georgia, Oregon and Ohio.Among metro areas, Las Vegas was first, with one in every 60 housing units receiving a foreclosure filing. It was followed by the Cape Coral-Fort Myers area in Florida and five California metropolitan areas: Stockton, Modesto, Merced, Riverside-San Bernardino and Bakersfield.On the Net: RealtyTrac Inc.: http://www.realtytrac.com
सोर्स AP
सोर्स AP
Wednesday, March 11, 2009
Tips for homeowners who turn into landlords
Homeowners who decide to rent out their properties have to stop thinking of themselves as homeowners and instead consider themselves as running a small business, experts say.
Thinking like a businessperson means focusing on the monthly cost of maintenance, mortgage and taxes, as well as being aware of landlord-tenant regulations and avoiding liabilities.
Here are key issues to consider:
• Set a fair rent. Setting the right price will make it more likely that a landlord will be able to keep the place rented.
• Understand landlord-tenant rules. Running afoul of landlord-tenant regulations and rules regarding security deposits can be costly.
• Screen applicants. Eliminating potential tenants who can’t pay or who won’t take care of the property is very important.
• Lay out the rules in a lease. Widely available sample leases can help. If you have questions, ask an attorney.
• Consider a property manager. Despite the expense, turning the job over to experts can help a landlord come out ahead.
• Talk to the condo association. If the property is a condominium, be prepared to deal with a host of regulations
Thinking like a businessperson means focusing on the monthly cost of maintenance, mortgage and taxes, as well as being aware of landlord-tenant regulations and avoiding liabilities.
Here are key issues to consider:
• Set a fair rent. Setting the right price will make it more likely that a landlord will be able to keep the place rented.
• Understand landlord-tenant rules. Running afoul of landlord-tenant regulations and rules regarding security deposits can be costly.
• Screen applicants. Eliminating potential tenants who can’t pay or who won’t take care of the property is very important.
• Lay out the rules in a lease. Widely available sample leases can help. If you have questions, ask an attorney.
• Consider a property manager. Despite the expense, turning the job over to experts can help a landlord come out ahead.
• Talk to the condo association. If the property is a condominium, be prepared to deal with a host of regulations
Tuesday, March 10, 2009
Loan Modification
HOPE NOW, a nonprofit alliance of mortgage companies, housing counselors and others in the lending business, has added a new tool to its website enabling homeowners to initiate a loan modification or refinance with their lenders by submitting online application.The new online intake form, at www.hopenow.com, asks homeowners for information about their lender and mortgage, as well questions about their income, debt, expenses and other things needed to proceed with a loan modification.HOPE NOW said it launched the online tool in anticipation of the Obama administration’s $75 billion home rescue plan detailed last week. Lenders are expecting a large number of inquiries from homeowners seeking help in the coming months.Once homeowners submit their application through the website, it is then routed directly to their mortgage servicing company or lender. Borrowers should get confirmation from their lender within a week that the process has begun, HOPE NOW said in a statement.The nonprofit said that homeowners dealing directly with their mortgage company could receive help faster.To make an online application, visit www.hopenow.com or call (888) 995-HOPE.
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