As part of a plan to slow the wave of foreclosures, JPMorgan Chase & Co. will not put any loans into foreclosure over the next 90 days, the Associated Press reported November 3, 2008.
JPMorgan is the latest major bank to beef up its mortgage modification efforts, as the government also considers a plan to help homeowners avoid foreclosure.
"JPMorgan's expanded program aims to help avoid foreclosures on an estimated $70 billion in loans, which could help as many as 400,000 customers. The New York-based banking giant has already modified about $40 billion in mortgages, helping 250,000 customers since early 2007."
Modifications reportedly will range from reducing rates to extending terms to completely replacing products.
Bank of America also will start to modify loans December 1, 2008. It will modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp.
"Meanwhile, the Bush administration is expected to soon announce a new plan to help about 3 million homeowners avoid foreclosure, though administration officials say several different ideas are on the table, and that no announcement is imminent."
Want to know whether the house or condominium you're considering buying is in a walkable location?
Below I used 24 Washington Street in Downtown Haverhill, MA. The location is about a three-minute walk to the commuter rail that goes to North Station in Boston. Click the arrows to the right of the restaurants, bars, etc. to see more businesses within walking distance..
You can visit Walk Score to enter a new address and get your "walkscore."
I can't imagine why listing agents would not be taking advantage of this free product to promote listings in areas that are within walking distance of grocery stores, restaurants, etc.
<script src="http://walkscore.com/tile/show-tile.php?wsid=9ae945b8cf86d3feac0303e2a032b3dc" type="text/javascript"> </script>
Business Week recently named Malden, MA the best place to raise a family in Massachusetts, The Boston Globe reported November 13, 2008.
"Reviewing data from communities with more than 50,000 people and median household incomes between $40,000 and $100,000, the magazine weighed school performance, crime, the environment, diversity, green space, and affordability."
City officials point to Malden's parks, improving schools, and relative lack of violent crime, as evidence of the city's success.
The article has prompted more than 70 comments from readers on the Boston.com Web site.
What, declining prices and low interest rates are not good enough reasons to buy a home?
Need another reason to break up with the landlord and buy your own place?
Boston Area rents increased 4.2 percent over the past year, The Boston Globe reported October 29, 2008. It was the largest increase in rents in seven years.
"Average monthly rent in the metropolitan area increased to $1,659 in the third quarter, from $1,592 a year earlier, according to a report from Reis Inc., a New York research firm that tracks rents for apartments in buildings with at least 40 units. Boston's increase exceeded the national rise of 3.5 percent, Reis said."
The report blames foreclosures with putting more people in the rental market and increasing demand.
Ginnie Mae has a buy v. rent calculator to help consumers decide whether to buy or rent.
The Boston Sunday Globe on October 26, 2008 published an article discussing the difficulty in finding foreclosure listings.
The article also mentioned the fees some Web sites charge for the listings.
The Globe reporter obviously did not know about MassForeclosed.com, which provides consumers with bank-owned and short-sale listings absolutely free.
I am an exclusive buyer agent, 100% loyal to home buyers in Massachusetts. I help consumers buy homes in Essex, Suffolk and Middlesex counties. For more information: http://www.buyersbrokersonly.com
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