Navigating the Mortgage Minefield Even if you have stellar credit these days, there may be stumbling blocks in the road toward getting approved for a mortgage. The smallest misstep can set back the process. Lenders check credit reports at the beginning and toward the end of the process, any changes are scrutinized and could be […]
Underwater on Your mortgage? Thoughts to Consider
Underwater on Your mortgage? Thoughts to Consider In the fourth quarter of 2009 another 600,000 homeowners found themselves “underwater” or owing more on their mortgages than their homes were worth. In fact, the total number of households in this situation is now over 11 million people or 24 percent of all properties that carry a […]
Homeowners: More Than Interest to Consider at Tax Time
Homeowners: More Than Interest to Consider at Tax Time Interest rates gain the most attention from mortgage borrowers, but two other expenses, points and mortgage insurance premiums, are significant, as well. And both may come into play as you fill out your tax returns this year. When you shop for a mortgage loan — which […]
Were Your Loan Documents Forged?
Were Your Loan Documents Forged? It is estimated that there are more than 9 million people who are in foreclosure today with the numbers of foreclosures increasing by the day. There is a silver lining for some of them. Documents pertaining to some home loans were not correct and in some instances were even forged. […]
Underwater on Your Mortgage?
Underwater on Your Mortgage? The housing market is still very unstable. One month we read that home sales are strong and home prices are rising. The next month we see that sales are down. One piece of discouraging news that came out recently was that in the fourth quarter of 2009 another 600,000 homeowners found […]
The Government Wants out of the Housing Market
The Government Wants out of the Housing Market The US federal government is looking to get out of the housing market whether we are prepared for it or not. Actually, the scheduled date of the fed pull out has been narrowed down to be within a few months time. By this happening there will be […]
Help Arrives for Distressed Homeowners
Help Arrives for Distressed Homeowners Help could soon arrive for homeowners who don’t have the financial resources to make their mortgage loan payments. Mortgage rates and home prices could become a distant memory, while releasing owners from any liability. One of the nation’s largest mortgage servicer providers, CitiMortgage, just launched a new program aimed at […]
7.2 Million U.S. Homes Now Behind on Payments
7.2 Million U.S. Homes Now Behind on Payments According to the latest January 2010 Mortgage Monitor Report by Lender Processing Services, home loan delinquency rates in the U.S. have now surpassed 10 percent. Factoring in foreclosures in process, the total non-current rate sits at 13.3 %. When extrapolated to reflect the entire mortgage industry, this […]
New Rule Affects Foreclosure Avoidance Program
New Rule Affects Foreclosure Avoidance Program The Obama administration overhauled its struggling foreclosure avoidance program recently, saying it would require homeowners seeking to ease their mortgage terms to document their financial situation before a trial modification is granted. Borrowers previously could have their interest rates lowered and the terms of their loans extended on a […]
New Proposals to Protect Homeowners
New Proposals to Protect Homeowners The federal government is proposing new steps to try to protect people who may be struggling with their mortgage payments. According to a recent announcement from the Federal Trade Commission, it has proposed a rule that would prohibit companies from charging up-front fees for mortgage modification services. Under the proposal, […]