(RAWRZ!)

Mortgages Slightly Easier To Get For Prime Borrowers, Still Tough For Subprime Applicants

Ten years ago, a potential home buyer could walk into a Countrywide office and get pre-approved for a half-million dollar home loan based on a bank statement written in crayon on a restaurant place mat and a pinky swear that the loan could be paid back. We all know too well the results of those lax standards, which is why regulators and banks ramped up restrictions on lending to the point where applying for a home loan is like auditioning for American Idol, without the washed-up celebrity appearances. But a new survey says that lenders are easing up… a bit. [More]

(cogdogblog)

Should You Pay Off Your Mortgage Before You Retire?

Considering that the average retirement age is approaching 282 and a large number of people have taken out second mortgages or equity lines of credit in recent years, not everyone who is nearing retirement has the option or ability to get rid of that home loan early. But for those that do, there are some things to consider. [More]

(CBS San Francisco)

Foreclosed-Upon Homeowner On The Hook For Squatters Because BofA Won’t Assume Title To House

UPDATE: Bank of America now gives Consumerist its side of the story, saying it could not foreclose on the property because the homeowner had filed for bankruptcy. [More]

(ArksEndeavours)

Homeowner Tries To Get Mortgage Adjustment, Ends Up Owing $14,500 More On Her House

When a retired Michigan homeowner applied for a mortgage adjustment back in 2009, little did she know that it would result in years of ongoing legal wranglings, a sizable increase in the amount of her mortgage and possible eviction. [More]

(Great Beyond)

Fannie & Freddie To Let Some Underwater Homeowners Walk Away From Their Mortgages

Since bailed-out mortgage servicers began dealing with the toxic loans made during the housing bubble, the focus has been on people who couldn’t pay their mortgages. Now Fannie Mae and Freddie Mac have an out for people who have continued to pay while their houses have lost value. [More]

(jetsetpress)

CFPB Rules Aim To Protect Homeowners From Inept & Foreclosure-Happy Mortgage Servicers

One week after it announced a new set of rules that require mortgage lenders to prove that borrowers will actually be able to pay back their loans, the Consumer Financial Protection Bureau is unveiling a slew of new rules for mortgage servicers intended to curb some questionable practices and provide more safeguards for all borrowers. [More]

(jczart)

New Rule Means Banks Will Have To Make Sure Borrowers Can Actually Repay Mortgages

When the housing market collapsed five years ago, it was due in no small part to mortgage lenders who handed out loans without really considering whether or not the borrower could ultimately pay that money back. Hoping to minimize the chances of this happening again, regulators have introduced a new rule today. [More]

Chase Is Now Surprising People With Mortgage Adjustments

Chase Is Now Surprising People With Mortgage Adjustments

While we’ve seen many a story during the last few years of people stuck chasing their tail in an attempt to get a mortgage modification from their lender, some Chase customers are now finding out they’ve gotten a loan adjustment without ever having to lift a finger. [More]

New Guidelines Aim To Make Short Sales Less Of A Pain In The Butt To Everyone

New Guidelines Aim To Make Short Sales Less Of A Pain In The Butt To Everyone

Short sales now account for nearly 1-in-11 home sales in the U.S., so there’s a decent chance that anyone who has been house-shopping recently has visited a for-sale property only to have the realtor say, “Now I have to warn you, it is a short sale.” At this point, many of you would go running for the hills rather than be stuck in bank-approval muck for months. But new guidelines issued by the Federal Housing Finance Agency are aimed at speeding up the process. [More]

Report: Forced-Place Insurance Pushing Homeowners Into Foreclosure

Report: Forced-Place Insurance Pushing Homeowners Into Foreclosure

If you’ve got a mortgage on your home, it needs to be insured. So if you stop paying that insurance premium, the bank will often go out and get insurance for you. Problem is, according to Bloomberg News, those policies cover less, cost more and will likely just end up putting you into foreclosure anyway. [More]

Is 3 Weeks Too Long To Wait For My Bank To Refund $1,200 It Took By Mistake?

Is 3 Weeks Too Long To Wait For My Bank To Refund $1,200 It Took By Mistake?

Consumerist reader Josh is currently staring at a depleted checking account — and it could be several weeks before it’s back to looking healthy again — all because his mortgage lender screwed up some paperwork. [More]

Former Goldman Sachs Staffer: Company's Mortgage Mod Process Was "Total Disaster"

Former Goldman Sachs Staffer: Company's Mortgage Mod Process Was "Total Disaster"

In 2009, tens of thousands of homeowners with mortgages serviced by Goldman Sachs subsidiary Litton Loan Servicing entered into trial loan modifications. But fewer than 12% of those same people ever received permanent adjustments to their mortgages, not because they didn’t qualify, but because Litton’s system for handling paperwork was a horrendous mess. [More]

Couple Spends Five Years In $1.2 Mansion Without Ever Making Mortgage Payment

Couple Spends Five Years In $1.2 Mansion Without Ever Making Mortgage Payment

It now takes an average of 634 to foreclose on a home in Maryland, but one couple has managed to live large in their 4,900 square-foot abode on the Potomac River for nearly three times as long — all without ever having made a single mortgage payment. [More]

Big Banks Pinky-Swear To Overhaul Lending & Foreclosure Practices

Big Banks Pinky-Swear To Overhaul Lending & Foreclosure Practices

Nearly a half-decade after the U.S. housing market collapsed like something that collapses really badly, the country’s five biggest mortgage providers — Bank of America, Chase, Wells Fargo, Citi and Ally — are oh-so-close to reaching a settlement with the states that could include overhauls to how they operate when it comes to the whole lending/servicing/foreclosing process. [More]

Rules Changed To Make Refinancing Your Home Easier

Rules Changed To Make Refinancing Your Home Easier

With mortgage interest rates continuing to hover near record lows, the Federal Housing Finance Agency has announced big changes to the Home Affordable Refinance Program with the intention of making it easier for homeowners to save money by refinancing their loans at these rock-bottom rates. [More]

30-Year Mortgage Rates Now Lowest Ever, People Still Aren't Buying

30-Year Mortgage Rates Now Lowest Ever, People Still Aren't Buying

It’s like that scene in Groundhog Day, where Chris Elliott’s character enters the Punxsutawney bachelor auction and is greeted by dead silence from the women in the crowd…. Once again, mortgage rates have dropped to record lows while potential home buyers continue to hold off on making a purchase. [More]

Mortgage Rates Hit Record Low

Mortgage Rates Hit Record Low

It continues to be a buyer’s market out there — for those with enough money to make a down-payment on a home at least — as mortgage rates continue to sink to historically low levels. [More]

New Federal Program Offers Underwater Homeowners Loans They May Not Have To Repay

New Federal Program Offers Underwater Homeowners Loans They May Not Have To Repay

With millions of homeowners still having difficulties catching up to their mortgage payments, the federal government continues to look for ways to stem the tide of foreclosures. The latest effort provides loans of up to $50,000 that some homeowners will never have to repay. [More]