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Loan Modification

The Truth About Mortgage.com

Mortgage news and advice (with great photos by author).
By Anonymous

Post Frequency: 2.1/day

Last Entry: March 30, 2011 at 15:56:07

Mortgage Lending Volume Expected to Fall Below $1 Trillion in 2011

Posted on October 27, 2010
Mortgage lending volume is expected to fall from an estimated $1.4 trillion this year to slightly under $1 trillion in 2011, according to a forecast from the Mortgage Bankers Association. The drop in loan origination will be driven by a decline in refinance applications, slightly offset by an increase in purchase originations...

Mortgage Demand Bounces Back as Rates Fall

Posted on October 27, 2010
Mortgage demand bounced back last week after seeing a double-digit decline a week earlier, according to the Mortgage Bankers Association. The group’s home loan index increased 3.2 percent on a seasonally adjusted basis (+3.1% unadjusted) for the week ending October 22 as mortgage rates slipped back toward record lows...

Rising Inventory Points to Lower Home Prices

Posted on October 26, 2010
A quarterly survey of 28 major metropolitan areas revealed that the supply of unsold homes continued to rise during the third quarter, per the WSJ. The number of homes listed for sale at the end of September rose a staggering 50.6 percent in Sacramento from a year ago...

Mortgage Defaults Climb in California During Third Quarter

Posted on October 26, 2010
A total of 83,261 Notices of Default (NODs) were recorded in California during the third quarter, up 18.9 percent from the prior quarter, but down 25.5 percent from a year earlier, DataQuick reported today. It was the first quarter-to-quarter increase since early last year, but well below the peak of 135,431 notices sent back in the [...

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11 Percent of HAMP Modifications Back in Default

Posted on October 26, 2010
After nine months, 11 percent of homeowners who received permanent loan modifications via the Making Home Affordable program were back in default, according to a Treasury report released today. And roughly 16 percent of permanent mods were 60+ days delinquent...

Should I Fix My Mortgage?

Posted on October 25, 2010
With mortgage rates so low, many borrowers looking to purchase a home or refinance are locking in fixed rate mortgages, but what about the long-forgotten adjustable-rate mortgage? ARMs are at record lows too, and going for a lot less than their fixed-rate brethren...

Mortgage Interest Tax Deduction May Be Cut

Posted on October 25, 2010
The mortgage interest tax deduction, billed as a huge incentive for homeowners, may be reduced to help balance the growing deficit, according to the WSJ. A bipartisan panel, created by President Obama in February called the ?National Commission on Fiscal Responsibility and Reform,? has until December 1 to decide on what to cut to help balance [...

Bank of America Acknowledges Foreclosure Errors

Posted on October 25, 2010
Bank of America has acknowledged some errors in its foreclosure processes, according to a report in the WSJ. The Charlotte, North Carolina-based bank and mortgage lender already discovered flaws in 10 of the first 25 loan files analyzed as part of a massive investigation started last Monday...

Teacher Denied Mortgage Over Purchase of School Supplies?

Posted on October 22, 2010
An article over at the Huffington Post claims a teacher was denied a refinance loan because the money they used to pay for school supplies was deducted from their income. As a result, the teacher’s debt-to-income ratio exceeded the mortgage lender’s underwriting guidelines, leading to the loan being declined...

California Home Sales Fall More Than 17 Percent

Posted on October 22, 2010
An estimated 33,176 resale homes and condos sold in California last month, down 3.1 percent from August and 17.5 percent from September 2009, according to DataQuick. The average for September is 44,310 sales, with the highest 68,114 in 2005 and the lowest 24,460 in 2007...

Fannie and Freddie Tab May Rise to $363 Billion

Posted on October 21, 2010
More staggering figures from the Federal Housing Finance Agency, which oversees government mortgage financiers Fannie Mae and Freddie Mac. The pair, which went into conservatorship back in September 2008, could cost American taxpayers up to $363 billion...

Fixed Rate Mortgage Rates Rise Slightly, ARMs Hit New Record Lows

Posted on October 21, 2010
Fixed-rate mortgage rates rose slightly during the week as economic news was mixed, but adjustable-rate mortgages managed to hit new record lows, according to mortgage financier Freddie Mac. The ever-popular 30-year fixed-rate mortgage edged up to 4.21 percent from 4...

NY Courts to Hold Foreclosure Lawyers Accountable

Posted on October 20, 2010
The New York State court system today instituted a new rule regarding residential foreclosures in light of the ongoing robosigning accusations. Going forward, plaintiffs will be required to file an affirmation form certifying that they have taken ?reasonable steps ? including inquiry to banks and lenders and careful review of the papers filed in the case [...

Mortgage Demand Falls More Than 10 Percent

Posted on October 20, 2010
Home loan application volume fell 10.5 percent on a seasonally adjusted basis during the week ending October 15, according to the latest survey from the Mortgage Bankers Association. The refinance index, which had surged a week earlier, decreased 11.2 percent, while the seasonally adjusted purchase index slipped 6...

Strategic Default Driven by Future Home Prices, Default Costs

Posted on October 19, 2010
Borrowers thinking about walking away from their homes voluntarily don’t necessarily give up because the mortgage balance exceeds the value of their homes, according to an Economic Letter titled “Underwater Mortgages,” from the Federal Reserve Bank of San Francisco...

Bank of America Resumes Foreclosures

Posted on October 19, 2010
Bank of America has decided to resume foreclosures after announcing a voluntary nationwide moratorium earlier this month. The company, which halted foreclosure proceedings amid allegations it used robosigners to carry out scores of foreclosures, anticipates that by October 25 it will resume foreclosure sales in the 23 judicial states...

What is Home Equity?

Posted on October 18, 2010
Mortgage Q&A: ?What is home equity?? You’ve probably heard the phrase home equity thrown around, likely during a commercial urging you to pull the equity out of your home using a home equity line of credit (HELOC). In short, home equity is the market value of your property less any liens/mortgage balances...

Former Countrywide Boss to Pay Largest SEC Fine Ever

Posted on October 18, 2010
Former Countrywide CEO Angelo Mozilo will pay a record $22.5 million penalty to settle SEC charges that claim he and two other executives misled investors as the mortgage crisis took flight. Mozilo also agreed to pay $45 million in ?disgorgement of ill-gotten gains? to settle the SEC?s disclosure violation and insider trading charges, for a total [...

HUD Chief Says Blanket Foreclosure Moratorium Would Hurt Home Prices

Posted on October 18, 2010
HUD Secretary Shaun Donovan expressed in an op-ed Sunday that ?no one should lose their home as a result of a bank mistake,? but warned a blanket foreclosure moratorium would have unintended consequences. He said the Obama Administration supports ?voluntary moratoria,? and that banks and mortgage lenders must follow the law and fix what is wrong, [...

Bank Repossessions Surpass 100,000 in September

Posted on October 14, 2010
Robosigners and foreclosure-gate aside, bank repossessions surpassed 100,000 last month for the first time ever, according to RealtyTrac. A total of 102,134 bank repos, where borrowers actually lose their homes to foreclosure, were reported in September, up from 95,364 in August...

Mortgage Rates Lowest Since 1951

Posted on October 14, 2010
The popular 30-year fixed mortgage fell again this week, hitting its lowest point since 1951, according to mortgage financier Freddie Mac. It averaged 4.19 percent during the week ending October 14, down from 4.27 percent last week and 4.92 percent last year...

All 50 State AGs Launch National Foreclosure Probe

Posted on October 13, 2010
The Attorney General offices from all 50 states today launched a probe into the mishandling of foreclosure proceedings nationwide. The so-called ?Mortgage Foreclosure Multistate Group? is a coalition of 50 AGs, state-level mortgage regulators and bank oversight agencies...

Refinance Demand Surges as Mortgage Rates Hit New Record Lows

Posted on October 13, 2010
Refinance demand surged higher last week as mortgage rates hit new record lows, according to the latest survey released today by the Mortgage Bankers Association. Overall, home loan demand increased 14.6 percent on a seasonally adjusted basis during the week ending October 8...

White House Supports Foreclosure Probe, but No Moratorium

Posted on October 12, 2010
White House Press Secretary Robert Gibbs said today that the Obama Administration supports a probe into the faulty foreclosure proceedings, but is against a moratorium. Gibbs said they want to get to the bottom of the whole foreclosure snafu while avoiding the unintended consequences of a widespread foreclosure freeze...

Home Prices Fared Best in Markets Where Borrowers Chose Fixed Mortgages

Posted on October 12, 2010
Home prices fell the least in housing markets where most borrowers took out fixed-rate mortgages, according to a perspective by Freddie Mac deputy chief economist Amy Crew Cutts. Cutts, who praised the fixed-rate mortgage for being an ?American Economic Shock Absorber,? noted that home prices are down less than five percent in states where prime, FHA [...

Mortgage Lending Volume Expected to Rise in 2011

Posted on October 11, 2010
Wondering where the mortgage market is heading in 2011? Well, residential mortgage lenders are expected to fund $1.6 trillion in home loans during 2011, thanks in part to the record low mortgage rates, according to MortgageStats.com. That’s up from an estimated $1...

National Foreclosure Moratorium in the Works?

Posted on October 11, 2010
Rumors are beginning to swirl that a national foreclosure moratorium may go into effect as a result of the use of so-called robosigners. These employees/agents signed off on hundreds or thousands of foreclosure documents in a short amount of time, essentially proving they didn?t do their due diligence or follow protocol, causing a number of mortgage [...

Bank of America Stops Foreclosures in All 50 States

Posted on October 08, 2010
Bank of America announced today that foreclosure sales have been halted in all 50 states amid allegations foreclosure proceedings were done hastily or improperly nationwide. The issue focuses on so-called ?robosigners,? otherwise known as employees or agents who signed off on hundreds or thousands of foreclosure documents in a short amount of time, essentially proving they [...

Top Five Mortgage Lenders Dominate Mortgage Market

Posted on October 07, 2010
Since the mortgage crisis struck, the industry has been thinning out considerably, per data from Mortgagestats.com. Back in 2000, the top five mortgage lenders held a 29.01 percent share of the overall residential mortgage market. This year, it is estimated that the five largest mortgage lenders will hold a whopping 62...

New Record Lows for 30-Year Fixed, 15-Year Fixed, and 5-Yr ARM

Posted on October 07, 2010
Yet again, it was another week and another set of record low mortgage rates. The popular 30-year fixed-rate mortgage, 15-year fixed, and five-year adjustable-rate mortgage all hit record lows, which extend back to 1970, per mortgage financier Freddie Mac...

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