Hoboken, NJ

Major mortgage servicer Wells Fargo, which owns one in six U.S. mortgages, has nearly doubled its staff working on restructurings, by adding nearly 7,000 employees this year. Citigroup has increased staff by about 54%, adding 1,400 positions.

The new companies that have been formed in response to the home-mortgage crisis also have been hiring. Private National Mortgage Acceptance Co., also known as PennyMac, was founded in 2008 by former executives of Countrywide Financial Corp. and now employs about 120 people.

The newly hired modifiers will present a number of options to a customer, with the goal of lowering a customer’s monthly payment to roughly one-third of their household income.

If you are someone you may know is struggling to pay their mortgage, please contact Eddie Perez, Broker-REALTOR, CDPE. As a CDPE, I can help you through any housing related crisis. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. He can be reached ateddie@InvestHoboken.com or 201-344-2886.

Since the new home buyer tax credits have been approved a lot of possible buyers have questions regarding how the new credits work. Following you will find answers to good questions that you as a potential buyer may have.

As a current home owner how can you apply for the $6,500 credit?

A buyer must have lived in their home for at least five out of the last eight years. The home they will purchase must serve as their primary residence, but the buyer will not need to sell their previous home. The previous home could be used as a rental, or a second home and still claim the credit.

Does a buyer need to purchase a new home that is more expensive than the one the buyer currently owns?

You can downsize to a lower priced home, but if the property sells for more than $800,000, a buyer will not qualify.

If you are building a new home can you claim the credit?

Yes, as long as the contract is complete by April 30 and you must move in by July 1.

If you purchase a home from a relative will the credit still apply?

No. You are not allowed to claim the credit if the sale is between related parties.

Now is the best time to purchase a home in Hoboken. With low mortgage rates available, along with the recent passing of the new tax credits, this may be the opportunity you have been waiting for. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. He can be reached ateddie@InvestHoboken.com or 201-344-2886.

According to data released by the Mortgage BankersAssociation, approximately one in seven American households with mortgages is behind on payments or in foreclosure. Sadly, only ten years ago it was one in ten.

The report stated that 14.4% of first-lien mortgages on one-to-four-family homes in the third quarter were 30 days or more overdue or in the foreclosure process. That is the highest rate since 1972, and has potential for 7.5 million people to be at risk of losing homes.

Loan defaults have been rising for more than three years. A major part of the blame falls on faulty lending practices during the housing boom that had millions of people buying homes they simply could not afford. Along with rising unemployment, which hit 10.2% in October, has made matters worse.

It is possible that the problem of delinquent homes could decline by mid-2010 with the hope of declining unemployment. Although, the number of loans in foreclosure could remain elevated as banks are taking longer to approve borrowers who could stay in their homes with lower payments.

During October, about 6.5 million U.S. households with mortgages — were 30 days or more overdue, or already in the foreclosure process, according to LPS Applied Analytics.

If you are someone you may know is struggling to pay their mortgage, please contact Eddie Perez, Broker-REALTOR, CDPE. As a CDPE, I can help you through any housing related crisis. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. He can be reached ateddie@InvestHoboken.com or 201-344-2886.

Major mortgage servicer Wells Fargo, which owns one in six U.S. mortgages, has nearly doubled its staff working on restructurings, by adding nearly 7,000 employees this year. Citigroup has increased staff by about 54%, adding 1,400 positions.

The new companies that have been formed in response to the home-mortgage crisis also have been hiring. Private National Mortgage Acceptance Co., also known as PennyMac, was founded in 2008 by former executives of Countrywide Financial Corp. and now employs about 120 people.

The newly hired modifiers will present a number of options to a customer, with the goal of lowering a customer’s monthly payment to roughly one-third of their household income.

If you are someone you may know is struggling to pay their mortgage, please contact Eddie Perez, Broker-REALTOR, CDPE. As a CDPE, I can help you through any housing related crisis. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. He can be reached ateddie@InvestHoboken.com or 201-344-2886.

Attention first time home buyers, don’t miss out on this very charming condo located in Hoboken. This is a great opportunity to take advantage of the $8,000 First-Time Home Buyer Credit. Act now before it’s gone! Remember, now the credit is $8,000 for first timer and $6,500 for repeat buyers. See Home Buyer Tax Credit site for information.

For more great homes for sale in Hoboken go to Look What Buys You $334,000.

If you would like to take a tour of this lovely condo or you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.