Mortgage Lender May Lower Interest Rate On Loan
In light of the credit crisis you may be wondering whether you can get your mortgage loan modified. One type of loan modification is having your mortgage loan interest rate lowered. To find out whether you qualify for this kind of mortgage loan modification you should contact your mortgage lender…
Mortgage loan application volume surged 32 percent last week, according to the Mortgage Bankers Association. That means the number of applications filed for new mortgage loans increased.
The mortgage loan application volume also increased 18 percent from the same week a year ago, MBA announced.
…
Mortgage Industry Group Calls For Regulation
Perhaps they saw the writing on the wall. The Mortgage Bankers Association is calling for federal regulation of the mortgage lending industry. And not only do they want it, they're offering bullet points for what Congress should include in the legislation!
Is it a conflict of interest? MBA is…
A reverse mortgage is a loan against the property. When the property is sold, the reverse mortgage is paid off from the proceeds. The lender doesn’t usually acquire equity in a reverse mortgage.
A home buyer has discovered that the sewer lines for his home are not on his property and needs to know how to determine who owns the next-door property. The local recorder of deeds should be able to provide the owner of the adjacent property. The homeowner says he cannot get a mortgage without the…
Helping Daughter Purchase Home
Homeowners can sell their property for the amount they wish, but if it is sold for much less than it is worth, it will need to be determined if that difference is a loan or a gift. Giving cash or a home itself as a gift can trigger taxes from the IRS. Lending, rather than gifting, the cash to buy a…
Blog: Making Home Affordable Mortgage Modification
Here's the updated FAQ from the White House on the Modification program under the new Making Home Affordable program. For more information, check out MakingHomeAffordable.gov.
HOME AFFORDABLE MODIFICATIONS
Q: Can Making Home Affordable help me if my loan is not owned or securitized by Fannie Mae or…
Making Homes Affordable: Refinance
Along with the launch of the MakingHomesAffordable.gov website, the White House released an updated FAQ about the refinancing and modification programs. Here's the refinance FAQ. I'll post the modification FAQ next.
BORROWER FREQUENTLY ASKED QUESTIONS UPDATED MARCH 18, 2009
What is “Making Home…
Credit Score Affects Mortgage Loan Approval
When you're applying for a mortgage loan it's critical to have a good credit score. Most mortgage lenders look for a credit score of at least 720 since the credit crisis and FHA mortgage lenders require a credit score of at least 500. If you look up your credit score and discover that it's low, you…
Making Home Affordable Web Site Debuts
The federal government launches a new Web site today: MakingHomeAffordable.gov
The site is geared to two main groups: homeowners whose homes have lost value and cannot refinance; and homeowners who are having trouble making mortgage payments because their loans have increased interest rates or…
Most Mortgage Fraud Occurs In Rhode Island
Rhode Island ranks first in the U.S. for mortgage fraud, reported the Mortgage Asset Research Institute on Monday at a conference in Las Vegas. It jumps up from fifth place in 2007.
The other states in the top 10 are: 2. Florida 3. Illinois 4. Georgia 5. Maryland 6. New York 7. Michigan 8. California…
Ilyce Glink was on CNN.com today to discuss the mortgage crisis and the three ways to save your house.
You can watch the segment online at here.
Who Is Responsible For Home With Reverse Mortgage?
The difference between a regular loan and a reverse loan is that, in a regular loan, all of the proceeds are usually given to the homeowner at the time the loan is taken out and the homeowner pays back the loan over time. In a reverse loan, the lender may pay the homeowner over time and the lender…
Divorce Settlement Should Resolve Property Dispute
When you get divorced your divorce settlement should outline who gets what property and how it's divided up. Property issues that can be resolved in a divorce settlement can include rental property or primary residence issues. If you and your ex-spouse own rental property together and one of you…
Estate Must Make Mortgage Payments, Not Heirs Of Inheritance
When you inherit property with a mortgage, paying off that mortgage loan is the responsibility of the estate, not the heirs. If the estate lacks the money to pay off the mortgage and the bank decides to foreclose, it should not negatively affect the credit histories of the heirs. While the heirs…
Clark Howard Show Notes - Mar. 12, 2009
Clark Howard Show Notes for today
Ken inherited a windfall in excess of $150,000. He wanted to know how to invest the money or if he should pay off the house. I've written a lot about how you should make this choice. You'll want to click on these stories before you make your decision:
Freddie Mac Shares At 42 Cents
Freddie Mac announced fourth quarter 2008 and full year results today, after the closing bell. It made me curious to see what was the company's current stock price. It closed at 42 cents a share today. It fell 2 cents to 40 cents a share in after hours trading.
If the company doesn't raise its share…
Mortgage Lending Reform Testimony
Sandra F. Braunstein, Director, Division of Consumer and Community Affairs, Federal Reserve Mortgage lending reform Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S House of Representatives, Washington, D.C. March 11, 2009
Chairman Gutierrez…
Refinance Mortgage Loan - When Is The Right Time?
What should you consider when you're debating whether to refinance your mortgage loan? When you're thinking about refinancing your mortgage loan you need to run the numbers - think about how long you'll be in the home and how many years you want your mortgage to last - then find out whether…
Government-Backed Mortgage Loans Cost More
When you're looking for a mortgage loan you may be debating between a government-backed mortgage or a conventional mortgage. How do mortgages from FHA or VA differ from conventional mortgage loans? Government-backed mortgage loans tend to cost consumers more and are more cumbersome for mortgage…
Sub-prime Mortgage Loans Did Not Meet Goals
Sub-prime mortgages issued between 2001 and 2006 did not achieve the goal of increased home ownership, a recently released study finds.
The number of sub-prime mortgages terminated between 2001 and 2006 was higher than the number of first time home buyers who applied for them during that time frame…
Home Loan Modifications Encouraged By Federal Regulators
Federal Financial Regulatory Agencies Issue Statement In Support of the “Making Home Affordable” Loan Modification Program
The federal bank, thrift, and credit union regulatory agencies encourage all federally regulated financial institutions that service or hold residential mortgage loans to…
David Moffett, CEO of Freddie Mac, announced his resignation today.
Freddie Mac is one of the two government sponsored entities that buys mortgages from lenders. Lenders rely on Freddie Mac and Fannie Mae to buy these mortgages to get more money to make additional loans.
Moffett said he wants to get…
Financial Crisis Testimony From Secretary Geithner March 3, 2009
U.S. Treasury Secretary Tim Geithner Written Testimony -- As prepared for delivery House Ways and Means Committee Hearing March 3, 2009
Chairman Rangel, Ranking Member Camp, members of the Committee, thank you for providing me the opportunity to appear before you today to discuss the President's…
Pay Off Mortgage Quickly With Bi-weekly Prepayment
You can pay off mortgage quickly by arranging bi-weekly payments. This allows you to prepay your mortgage and pay it off sooner. Prepaying your home loan not only allows you to pay off your mortgage more quickly, it allows you to save money.
