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Homeowners stuck as lenders cinch standards Edward Booker is one of nearly 3 million homeowners with adjustable-rate mortgages whove had trouble paying their bills. And, like Booker, many of them wont be able to refinance their loans once the interest rates start rising. At that point, theyll have to tighten their belts, sell their homes or lose them through foreclosure. Stonegate Mortgage Corporation Completes Acquisition of 1st Signature Lending Stonegate Mortgage Corporation todayannounced the completion of its acquisition of 1st Signature Lending, amortgage broker located in Indianapolis, Indiana. 1st Signature Lendingwill begin operating as Stonegate Mortgage starting March 1, 2007. Thecombined company will have offices in Indianapolis and Greenwood, Indiana,Florida and Michigan with nationwide lending capabilities. In 2006 ... Homeowners Stuck As Lenders Cinch Standards Edward Booker is one of nearly 3 million homeowners with adjustable-rate mortgages whove had trouble paying their bills. Stonegate Mortgage Corporation Completes Acquisition of 1st Signature Lending Stonegate Mortgage Corporation today announced the completion of its acquisition of 1st Signature Lending, a mortgage broker located in Indianapolis, Indiana. 1st Signature Lending will begin operating as Stonegate Mortgage starting March 1, 2007. The combined company will have offices in Indianapolis and Greenwood, Indiana, Florida and Michigan with nationwide lending capabilities. New FEMA survey gives some a sinking feeling LAKE IN THE HILLS – When Michael Schneider went to refinance his house last week, a $1,285 surprise cost him a timely closing. “I needed to have high-risk flood insurance,” Schneider said. “Plats of survey done by FEMA in 2006 changed the flood plain. Capmark Finance Inc. Closes Initial Funding of $725,000,000 Loan Portfolio RICHMOND, Va.----Capmark Finance Inc. has closed on the initial funding of a $725,000,000 loan portfolio secured by 65 apartment properties in Maryland and Northern Virginia. The initial funding of $680,170,000 is secured by 61 properties, and an additional $44,830,000 to be secured by four properties is scheduled to fund in October 2007. Mortgage refinancing gets tougher With rates on many homeowners adjustable-rate mortgages rising, some who would like to refinance into a new loan are finding they cant. In some cases, that is because their loan carries a prepayment penalty, which would force them to come up with thousands of dollars if they refinance in the first few years. Wayne Co. foreclosure rate leads the nation Wayne County posted the highest rate of home foreclosures among major metro areas in the nation during January -- seven times more than the national average -- while Oakland and Macomb counties took huge hits, too. Mortgage refinancing getting tougher With rates on many homeowners adjustable-rate mortgages rising, some who would like to refinance into a new loan are finding they cant. Glut of homes has created the ultimate buyers market Metro Detroits down-and-out housing market may be a nightmare for sellers, but its a paradise for potential home buyers. |