Interest Rates Content Index - Page 5

NEW UPDATE 9/10/09: Today's update is an edited, condensed transcript of my conversation with BOA spokesperson Rick Simon. Cenlar is a legitimate loan servicing company and Roundpoint is NOT A SCAM. The situation is confusing, but not fake. 9/01/09 Yesterday, we reported that Bank of America taking over servicing rights for FHA loans and Ginnie Mae loans previously held by Taylor Bean and Whitaker Mortgage Company.Earlier this month, Taylor Bean and Whitaker Mortgage Company, which is owned by Colonial BancGroup shut its doors. Dozens of Taylor Bean and Whitaker Mortgage Company borrowers called the Clark Howard Show and Ilyce Glink Show to ask what they should do. Should they pay their old loans or new loans? How could they find out if their loans funded? The FDIC and Federal Reserve Bank have set up customer hotlines you can call to get information.

Today on the Clark Howard show, we discussed the new unemployment numbers. Ilyce talked about her upcoming How to Profit From Foreclosures event, on October 24th, and mentioned that Clark Howard listeners would get a special 2 for 1 offer on the Early Bird Special. Details of the offer are below. We also have FREE BOOKS and EBOOKS we're giving away. Thanks for listening to Newstalk 750 WSB.

Closing costs have to be considered when you thing about refinancing. Along with the closing cost for refinancing, the interest rate and length of the loan are also important, but many people forget to take into account the closing costs for refinancing. Will you save money on your monthly mortgage payment with the refinance interest rates? If the closing costs for refinancing cannot be paid off within a year with the savings from the refinance, refinancing may not be worth it.

Filling in for Clark Howard, Ilyce talked about the Deutsche Bank study that says 48 percent of homeowners could be underwater with their mortgage (owe more than the house is worth) by 2011, up from 26 percent now. But another study says home prices rose 5 percent in the last quarter. We'll discuss what's really going on. There's a new study out that says women want to shop and are tired of living the frugal life. Is that true? How do you feel about that? Mortgage rates fell to 5.22 percent (30-year fixed) for the first time in 3 weeks. Jobless claims fell to 550,000 last month, with continuing claims to 6.3 million. Are people falling off the unemployment rolls? FREE BOOK and EBOOK deals and a SPECIAL CLARK HOWARD DISCOUNT for the HOW TO PROFIT FROM FORECLOSURE EVENT.

Scams from Nigeria are targeting apartment rentals in South Carolina, Illinois, Colorado and California. You need to be careful to avoid these Nigerian apartment rentals scams. Use common sense and do your due diligence before sending any information to third parties you do not know. Once you become a victim of a scam from Nigeria that target apartment rentals, you'll have to take action to protect your financial information.

Right now, applying for a home equity loan or a home equity line of credit can be very difficult. If you qualify for a home equity loan or a home equity line of credit under the current strict guidelines, you'll want to compare mortgage rates offered by several lenders to find the best rates.

The Department of Housing and Urban Development (HUD) extended Fannie Mae and Freddie Mac's ability to refinance loans to 125 percent of the home loan-to-value ratio of the property. Despite all the advice people get from lenders encouraging them to refinance, some borrower's still say their lenders are turning them down. These new rules are supposed to allow lenders greater ability to refinance loans under the plan.

What homeownership rights are lost when you lose your home in a sheriff sale? As a homeowner, you also own mineral rights, water rights, air rights, and in some cases riparian rights. Which of these homeowenrship rights will be lost?

HUD announced a new loan modification program for FHA borrowers that will help FHA borrowers who are having trouble making their mortgage payments by creating a second interest-free loan for up to 30 percent of the loan amount. New monthly payments will be amortized on the remaining portion of the loan balance, which should lower monthly costs for homeowners. The second, interest-free loan does not have to be repaid until the primary loan is paid off.

The Department of Housing and Urban Development (HUD) announced a new program designed to help FHA borrowers refinance their mortgages. FHA will allow mortgage servicers to provide a an interest-free second loan of up to 30 percent of the loan balance that does not have to be paid until the primary loan is paid off. Mortgage servicers can rewrite the terms of FHA loans, even FHA loans that are delinquent.