Current mortgage rates lowest in nearly 40 years for Freddie Mac

The Federal Reserve once again slashed the federal funds rate on Tuesday from 1 percent down to .25, “aiming to free up lending and jolt the economy back to life,” according to an Associated Press report.

It’s a dramatic move, which caused Freddie Mac mortgage rates to dip to their lowest level since 1971. In fact, 30-year fixed home loan rates can now be locked-in at a staggering 5.19 percent.

That means that homeowners who are facing “balloon” or Adjustable Rate Mortgage (ARM) rate increases — and there is data out there that indicates this could still impact an alarming amount families very soon — can secure more affordable home loans.

In addition, prospective homebuyers can take advantage of the latest-money saving measure. It’s a great opportunity to more than likely get into a home at a reduced price (depending on the local market) and get a loan at a super low rate.

To search the Foreclosure.com nationwide database of more than 1.8 million distressed real estate listing click here.

This is great news that can put a lot of extra cash back in the pockets of so many people. And the way things are right now it appears that every little bit helps and could go a long way.

Therefore, take advantage of this current situation if you can, whether you are a homeowner or homebuyer. Opportunities like this do not come around very often.

To talk to a mortgage professional to possibly refinance click here: Mortgage Assistance

Bailout Bill May Help Borrowers

Homeowners at risk of foreclosure may benefit from provisions in the bailout bill designed to modify their mortgages.

The National Association of Realtors said it's pleased with many of the provisions in the revised "Rescue Package" because not only does it help troubled borrowers, but fewer foreclosures will help stimulate many housing markets that have been sagging for the past year.

As of right now it's not been determined which loans will be modified, but many supporters of the provision are hoping that a quick and efficient system is put into place in order to determine loan modification criteria on a large scale, rather than work on each loan case by case.

The plan requires the government to come up with a system to modify loans it acquires through the bailout plan. Changes might be multifarious: lengthening the loan, reducing interest rates or writing down some principal.

Also, borrowers who live in the home and whose loans meet certain criteria, can go into the "Hope for Homeowners" program that was setup during the last housing bill signed into law in July. This program provides the borrower to refinance into a fixed rate loan through the Federal Housing Administration.

The largest problem that still looms deals with the loans the government acquires that are packaged in securities and are no longer held by the originator of the loan, but a servicer. Not a great deal is known, lenders, servicers, and owners of distressed assets are waiting to find out more details as to how to solve the problem and what role the tax payers will play with respect to losses.

Overall, borrowers should engage with their lender, communicate on a regular basis as to their "current status". If the borrower doesn't have time to do this it would be in their best interest to contact a Loss Mitigation company. They can spend the time to reach and inform the lender as to their status. A Loss Mitigation specialist will help negotiate your interest rate with your lender and help you save your home.

American Foreclosure Specialists

We know what you're feeling. You've had more than your share of difficulties the last few months. The good news is that you are not alone. American Foreclosure Specialists can help. We understand that good people sometimes need a second chance. Most foreclosures are a result of an unexpected life event, such as:

• Death in the Family
• Difficult and costly Divorce
• Lost a job or had to Change Jobs

Health problems with Expensive Medical Bills Maybe you're struggling with increased utility prices or fuel expenses or an adjustable rate mortgage (ARM) that is unbearable. Maybe you've already had to file bankruptcy or get a forbearance and the repayment plan is not working out. Maybe this is all a big mistake and the payments you've been sending were rerouted or lost because your mortgage has been sold or traded. Let us help you get back on track.

When Good People Need A Second Chance
Whatever the difficulty, we understand how it feels to choose between a mortgage payment or groceries. We understand what it's like to have continual phone calls from your lender ... calls at home, calls at work and letters in the mailbox.

You need to save your home but your Denver lender is asking for too much money. You're not asking for them to forgive the loan but you need help creating a payment plan that you can handle. You just need someone on your side to negotiate with your lender to get you back on track.

We have caring people who want to help you save your home and get you back to where you need to be. We want to help you get back in charge of your finances. Fore foreclosure assistance, contact SOS Home Mitigation today! (866) 767-4663