The federal government announced on Monday an update to a program for homeowners that would let borrowers who were underwater – owing more on the mortgage than the house is worth – to refinance their loans at the new historically low interest rates of almost 4%. [More]
mortgages
Rules Changed To Make Refinancing Your Home Easier
By 10.24.11
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]
Warning Signs Of Online Loan Scams
By 10.20.11
With loan rates bottoming out, borrowers may feel hurried to get out there and snag a low rate for a mortgage refinancing or debt consolidation as quickly as possible. But thanks to con artists out to take advantage of borrowers, a blind rush at the most appealing numbers could lead to disaster. [More]
States, Banks Close To Foreclosure Deal
By 10.19.11
Several states and major banks are said to be close to sealing a deal that would protect banks from civil suits over sketchy mortgage practices in exchange for $25 billion that would help underwater homeowners refinance their loans. The deal could help the weak housing market. [More]
Report: Fannie Mae Knew About Widespread Foreclosure Abuse In 2003
By 10.4.11
According to a government report, Fannie Mae knew in 2003 that law firms it hired to foreclose on homes were abusing their authority. That’s seven years before knowledge about the problems became widespread. The Federal Housing Finance Agency inspector general released a report that leveled the allegations, also blaming the agency he works for, which is tasked to oversee government-controlled Fannie Mae and Freddie Mac. [More]
More Banks Going After Strategic Defaulters To Get Back Balance Of Unpaid Mortgages
By 10.3.11
Since the housing market went smash-bang-crash into a deep ravine a few years back, we’ve written numerous stories of homeowners with mortgages they couldn’t pay — and some who could pay and chose not to — who opted to walk away and let the bank sell the house at a foreclosure auction. But if these people thought that they could abandon the home and have only a damaged credit rating to show for it, there’s a chance they could be very, very wrong. [More]
The Magic Of Doubling Down On Mortgage Payments
By 9.24.11
Most homeowners know it’s smart to make more than minimum mortgage payments in order to cut into the principal, but actually going through with the practice is as gratifying as opting for a meal of lettuce over pizza. The long-term gains of sending an extra $500 or so into a mortgage black hole is nowhere near as appetizing as doing something tangible with the money. [More]
When Shopping For A House, Keep The Numbers 20 And 25 In Mind
By 9.23.11
Even in a tight credit market, the fact that you can qualify for a mortgage doesn’t necessarily mean that you can afford it. In order to avoid becoming “house poor,” or in a worse scenario, putting yourself in position to one day deal with a short sale or foreclosure, you need to avoid loans that place you in a position to fail. [More]
3 Expenses You Can Deduct From Your Taxes, Even If You Didn't Pay Them
By 9.21.11
Just because someone else helps you with paying an expense doesn’t necessarily mean you can’t legally itemize that expense on your 1040 come tax time. [More]
Freddie Mac Tells Bargain Hunters To Buzz Off
By 9.14.11
Just because Freddie Mac has a glut of properties on its hands, buyers can’t expect Costco prices. Most of the buyers approaching Freddie have been looking to buy at 40-60% off of market price, like the final weeks of a Borders liquidation sale. Instead, Freddie is sending them back this letter which says sorry, we’re only taking less than 10% off. [More]
More Towns To Withdraw Millions From Chase Over Mortgage Mod Practices
By 9.13.11
We know the story. Chase and other banks got billions in bailouts that they were encouraged, but not required, to use to help people modify their mortgages. Instead they sat on it and smiled like cheshire cats. Now a movement has sprung up to punish Chase for its intransigence by withdrawing money from their accounts. On the individual account level, that’s not much. But in New York state, entire towns are getting in on the act. [More]
With Only $37,000 Left On Mortgage, House Gets Foreclosed
By 9.12.11
They only had $37,000 left to go on their mortgage they’d been paying off for 25 years, but now a California family’s house is going into foreclosure. [More]
Man Pays Bank Of America Mortgage On Time, Still Ends Up In Foreclosure & Has Credit Ruined
By 8.24.11
Ever since the housing bubble burst, we’ve run a number of stories about homeowners who had been told the only way they could qualify for a loan modification was to stop paying their mortgage for a few months, only to end up in foreclosure because the lender had no record of a modification application. This is not one of those stories, though the ending is the same. [More]
Justice Department Investigates Standard & Poor's Mortgage Security Ratings
By 8.18.11
Standard & Poor’s may be have a downgrade of sorts in store for itself, now that the credit ratings agency is the target of a Justice Department investigation into its ratings of mortgage companies before the financial crisis. [More]
Mortgage Rates Hit Record Low
By 8.12.11
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]
"Foreclosure Factory" Draws Critics
By 8.8.11
It’s a one-stop foreclosure shop. Under one roof is a law office, title company, and auction house. They act as their own notaries and can foreclose. Its owner and several of his top attorneys are even VPs at the Mortgage Electronic Registration Systems Inc (MERS) which gives them the ability to transfer mortgages from owner to the other. The Boston Globe profiles a local law firm that has attracted criticism from homeowners and consumer advocates for its vertically integrated approach to foreclosure that can speedily ride over homeowners who thought they were in the middle of working out a deal with the bank. [More]
BofA Bulldozing Foreclosed Homes
By 7.29.11
Now here’s one to reduce the oversupply in the housing market. As the reluctant owners of vast amounts of foreclosed and abandoned houses it can’t sell, Bank of America is going to start bulldozing patches of them. [More]
Department Of Justice Investigates Wells Fargo For Discriminatory Lending Allegations
By 7.27.11
The U.S. Department of Justice is said to be investigating allegations that Wells Fargo discriminated against black borrowers, offering high-interest, subprime mortgages that seemed geared to lead to default. [More]
