Also known as HUD, the Department of Housing and Urban Development is the federal department responsible for the nation’s housing programs. It also regulates RESPA, the Real Estate Settlement Procedures Act, which governs how lenders must deal with their customers. Look here for more information about HUD and what it can do for you.
Freddie Mac, Fannie Mae Meet HUD Housing Goals
HUD sets home ownership rate goals for Fannie Mae and Freddie Mac to enable each year and the two met the housing goals consistently. To increase rates of home ownership, Fannie Mae and Freddie Mac try to encourage banks to make home loans to low-income and minority Americans. Learn also how home ownership benefits a community.
Home Loan Foreclosures Hit A Record High In September
Home lome loan foreclosures reached a 30-year high in September due to rising unemployment, stock portfolios and unexpected expenses. If you're worried about missing a mortgage payment and having your home go into foreclosure, here are some things you can do to keep your home and credit history safe.
Keeping Your Home Out Of Foreclosure
Although it may seem that lenders are quick to foreclose on a home, mortgage experts say foreclosure is an expensive, time-consuming process for lenders. If you are in danger of not making a payment to your lender, or if you are struggling to pay all of your bills, there are some ways you can avoid foreclosure and work out a different payment plan with your lender. The most important thing you can do is not avoid the problem; take action on your situation.
Homeowner Wants To Cancel Mortgage Insurance
A homeowner wonders if they may drop their mortgage insurance because they have paid more than 20% on their mortgage. For FHA home loans that originated before January 1, 2001, MI cannot be canceled. The only way to get rid of it is to refinance your home loan with a conventional lender.
Worst Mortgage Lenders Have High Default Rates
In the late 1990s, the National Training and Information Center released lists of the worst mortgage lenders in the country, as indicated by their loan default rates. The worst mortgage lenders had the highest rates of foreclosure. A list of Chicago mortgage lenders is included.