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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

Bank of America Forecloses on Home Without a Mortgage

Posted on September 23, 2010
Yet another foreclosure snafu… Bank of America reportedly foreclosed on a Florida man’s home despite him not having a mortgage on the property. Homeowner Jason Grodensky bought his Ft. Lauderdale home last December, choosing to pay cash instead of taking on a mortgage...

30-Year Fixed, 15-Year Fixed Unchanged This Week

Posted on September 23, 2010
Fixed-rate mortgages remained unchanged this week, according to the latest mortgage rate survey from mortgage financier Freddie Mac. The popular 30-year fixed stood at 4.37 percent during the week ending September 23, well below the 5.04 percent seen a year ago...

Making Home Affordable Numbers Slow in August

Posted on September 22, 2010
Loan servicers completed 33,342 new permanent loan modifications under the Making Home Affordable program (HAMP) in August, down from 37,000 a month earlier, according to the Treasury report released today. It was the slowest month so far this year as the program apparently continues to wind down ? trial modifications started totaled just 17,878...

Top Mortgage Lenders Q2 2010

Posted on September 22, 2010
Wells Fargo was the top mortgage lender in the second quarter of 2010, according to Mortgagestats.com. The San Francisco-based bank and mortgage lender saw loan originations of nearly $83 billion while claiming more than a 25 percent share of total residential lending volume...

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Most Support Mortgage Interest Tax Deduction

Posted on September 22, 2010
In recent months, the mortgage interest tax deduction has come under fire, prompting the National Association of Home Builders to step up its fight to preserve it. A survey conducted by national political and public affairs research firm Public Opinion Strategies on their behalf found that 79 percent of respondents support retaining federal tax incentives to [...

Should I Use a Mortgage Broker?

Posted on September 22, 2010
Mortgage Q&A: ?Should I use a mortgage broker?? I get asked this question a lot, and for good reason. Mortgage brokers are a big part of the mortgage business, accounting for more than 10 percent of all home loan originations. In fact, their share of the mortgage pie was as high as 30 percent during the mortgage boom, [...

Refinance Demand Falls for Third Straight Week

Posted on September 22, 2010
Both home loan application volume and mortgage rates fell during the week ending September 17, according to the Mortgage Bankers Association. Mortgage demand slipped 1.4 percent on a seasonally adjusted basis compared to one week earlier as refinance activity fell 0...

FHA Loan Share Surged in 2009

Posted on September 21, 2010
FHA lending surged last year, according to a report from the Federal Financial Institutions Examination Council (FFIEC). The report, which relied on Home Mortgage Disclosure Act (HMDA) data from nearly 15 million home loan applications (which resulted in nearly nine million loan originations), found that FHA loans accounted for 37 percent of all first mortgages in [...

Only 10 Percent of Real Estate Pros See Home Prices Rising Over Next Six Months

Posted on September 21, 2010
How’s this for confidence in housing. Just 10 percent of real estate professionals think home prices will rise over the next six months, according to the 3rd Quarter 2010 National Home Prices Survey from HomeGain. They cited high inventory levels (shadow inventory), ongoing foreclosure activity, and the expiration of the homebuyer tax credit...

Discover May Enter Mortgage Business

Posted on September 20, 2010
Despite the ongoing housing crisis, there may be a new player in the mortgage industry in the next few months. Discover Financial Services, better known for hawking credit cards to consumers, could get into the direct mortgage business. Chief Executive David Nelms told Reuters today that the company was looking to grow in light of weak demand [...

Mortgage Broker Lending Share Falls to Record Low

Posted on September 20, 2010
Loans originated by mortgage brokers fell 51 percent in the second quarter, according to exclusive production figures compiled by National Mortgage News. As a result, the mortgage broker-share of loan originations slipped to a record low 10.5 percent (not sure how far records go back)...

GMAC Mortgage Halts Foreclosures in 23 States

Posted on September 20, 2010
GMAC Mortgage told brokers and agents to immediately stop evictions, cash-for-keys transactions and lockouts in 23 states as the company may ?need to take corrective action in connection with some foreclosures.? It is unclear what exactly may have gone wrong in the foreclosure proceedings...

Short Sales May Get Shorter

Posted on September 17, 2010
A new bill has been introduced in an effort to speed up time-consuming short sale transactions. The legislation, H.R. 6133, also known as ?Prompt Decision for Qualification of Short Sale Act of 2010,? was offered up this week in Congress by U.S. Representatives Robert Andrews (D-N...

?How to Be a Mortgage Broker? Most Popular Course in Prison

Posted on September 17, 2010
Since the mortgage crisis has taken hold, I’ve tried to think of all the reasons why everything went so horribly wrong. By now, we know things like no money down mortgages, stated income loans, huge second mortgages, and option arms were bad news...

Distressed Home Sales at Seven Month Low

Posted on September 16, 2010
Distressed home sales are at a seven-month low, according to a new bi-monthly report from CoreLogic titled, ?U.S. Housing and Mortgage Trends.? In June, the distressed share of home sales fell to 24 percent, down from the 35 percent peak seen in early 2009...

70 Percent Think It?s a Good Time to Buy a Home

Posted on September 16, 2010
A whopping 70 percent of Americans believe it’s a good time to buy a home, according to the Fannie Mae National Housing Survey released today. That’s up from 64 percent in a similar survey conducted in January, but more respondents (33% vs 30%) said they were more likely to rent their next home if they were [...

30-Year Fixed Mortgage Rates Rise for Second Straight Week

Posted on September 16, 2010
30-year fixed mortgage rates, which had fallen for three consecutive months until last week, increased again this week, according to mortgage financier Freddie Mac. The popular fixed-rate mortgage averaged 4.37 percent during the week ending September 16, up from 4...

More Than a Third Say It?s Okay to Walk Away from Mortgage

Posted on September 15, 2010
More than a third (36%) of respondents believe “walking away” from the mortgage is acceptable, according to a Pew Research Center survey released today. Two-in-ten (19%) said it was outright acceptable, while an additional 17 percent ?volunteered? that it depends on the circumstances...

Bank Repossessions Hit Record High in August

Posted on September 15, 2010
Though mortgage defaults have been falling for several months, bank repossessions (where borrowers actually lose their homes) have been climbing ever higher as mortgage lenders continue to work through their backlogs. They reportedly reached a new all-time high last month, according to data set to be released by RealtyTrac tomorrow (via Realty Check)...

Refinance Demand Slips More than 10 Percent

Posted on September 15, 2010
Refinance demand fell for a second straight week as purchase activity remained soft, according to the latest survey from the Mortgage Bankers Association. Overall, home loan application volume fell 8.9 percent on a seasonally adjusted basis during the week ending September 10, compared to one week earlier...

More than 120 Banks Miss TARP Payments

Posted on September 14, 2010
Sure, a record number of homeowners have missed mortgage payments, but they aren’t alone. More than 120 banks (mostly small, regional ones) that received federal aid via Troubled Asset Relief Program (TARP) have missed scheduled quarterly dividend payments...

Borrower Facing Foreclosure Hires Man to Burn House Down

Posted on September 14, 2010
A North Carolina man facing foreclosure reportedly hired another man to burn down his house, according to a Winston-Salem-based news outlet. Davidson County Sheriff David Grice said homeowner Gregory Ringley, 48, hired David Hill, 40, of Coeburn, Virginia, to start the fire...

Mortgages Backed by Fannie/Freddie Far Superior to Private Label

Posted on September 14, 2010
The Federal Housing Finance Agency (FHFA) released data yesterday on Fannie Mae and Freddie Mac, comparing credit quality and performance of the loans they acquired (from 2001-2008) versus loans financed with private-label mortgage-backed securities. As you can see, Fannie and Freddie’s loans were of much better quality, and performance followed suit...

Zero Down Mortgages Making a Comeback

Posted on September 13, 2010
Just a few years after the mortgage crisis swept in, zero down mortgages seem to be making a comeback, according to a piece in the NY Times. Mortgages with no money down have performed worse than home loans where borrowers have some skin in the game, but proponents believe the lack of down payment wasn’t/isn’t the [...

How to Find the Best Mortgage Rates

Posted on September 09, 2010
There are a number of ways to find the best mortgage rates, but all require a little bit of work on your behalf. The key to all the methods is shopping around, since you can’t really determine if a mortgage rate is good without comparing it to others...

30-Year Fixed Finally Rises as Rates Mixed

Posted on September 09, 2010
The popular 30-year fixed-rate mortgage finally climbed higher for the first time in three months, according to the latest survey from mortgage financier Freddie Mac. It averaged 4.35 percent during the week ending September 9, up from 4.32 percent last week, but well below the 5...

1 in 3 Mortgages Were No Money Down At Height of Boom

Posted on September 08, 2010
In 2006, around the peak of the latest housing boom, roughly one in three homebuyers relied on no money down mortgages to obtain financing, according to remarks from former Fannie Mae chief credit officer Edward Pinto. That compares to about one in seven homebuyers in 2003, and one in 200 back in 1990...

Purchase Apps Rise as Refinance Demand Falls

Posted on September 08, 2010
Applications to purchase a home increased during the week ending September 3 as refinance apps slid, according to the latest survey from the Mortgage Bankers Association. That bucked an ongoing trend seen over the past few months in which refinance apps were surging and purchase apps were falling flat...

New Homebuyer Tax Credit? Probably Not

Posted on September 07, 2010
There’s been a lot of buzz about a new homebuyer tax credit ever since HUD Secretary Shaun Donovan did all but rule it out on CNN?s ?State of the Union? television program a week or so ago. While he noted that it was ?too early to say after one month of numbers whether the tax credit [...

When to Refinance a Mortgage?

Posted on September 02, 2010
Mortgage Q&A: ?When to refinance a mortgage?? With mortgage rates at record lows, you may be wondering if now is a good time to refinance. The popular 30-year fixed-rate mortgage slipped to 4.32 percent this week, well below the 5.08 percent seen a year ago, and much better than the six-percent range seen years earlier...

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