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Lenders Team up to Curb Foreclosures
Six major lenders have agreed to allow seriously overdue home owners to suspend foreclosures for 30 days, giving them time to work out affordable loans.
The plan called Project Lifeline is being announced today by the Department of Housing and Urban Development.
Initially, the pilot program will involve Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc., and Wells Fargo & Co.
All six lenders are currently involved in the Hope Now plan, the deal the Bush administration brokered last year to freeze rates on some high-cost subprime mortgages for five years to aid borrowers whose introductory rates had jumped.
The new plan applies to seriously delinquent home owners whose mortgages are 90 or more days past due.
Source: The Associated Press, Marcy Gordon (02/11/08)
If any Oneonta homeowners need more information or want to list their home for sale contact me thru my website www.olsenre.com
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As housing at the colleges gets more expensive, parents are looking to purchase investment property. Purchasing a multi-family can make sense while their child is in school for 4 years.
With all the baseball camps between Oneonta and Cooperstown also, you can have a rental for 12 months instead of 10. You do need to get a permit from the city of Oneonta to rent to the baseball families.
Many investment buyers are looking at Oneonta for property because it is still priced affordable.
Please contact me if I can be of any assistance. colsen@stny.rr.com,
Century 21 Realtor
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Thank you to all my clients who were Buyers and Sellers in Upstate NY. in 2007
I received a TOP PRODUCER 2007 award last night at our annual Otsego-Delaware Board of Realtors Awards.
I have enjoyed working with all my clients and will continue to work hard in 2008 to help you with your Buying or Selling needs.
Please contact me if you are looking to buy or sell thru my website at www.olsenre.com or email colsen@stny.rr.com
Thank you
Sincerely
Carol Olsen
Realtor
Century 21/ Chesser Realty
Oneonta, NY
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