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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

Prices Reduced on 25 Percent of Listed Homes

Posted on August 12, 2010
One in four property listings on the market as of August 1 have experienced at least one price reduction, according to real estate search service Trulia. That marks the fourth straight month of increases in price reduction levels, thanks to a lack of qualified (or motivated) buyers, record low mortgage rates and all...

Mortgage Defaults Down, Bank Repos Up

Posted on August 12, 2010
Default notices continued to slide in July as bank repossessions hit near-record levels, according to foreclosure listing site RealtyTrac. ?Declines in new default notices, which were down on a year-over-year basis for the sixth straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth [...

Mortgage Rates Fall to Record Lows Again

Posted on August 12, 2010
This seems to be getting totally redundant, but mortgage rates hit new lows again this week, according to the latest survey from mortgage financier Freddie Mac. Mortgage rates actually haven’t risen since mid-June, which would explain the handful of new records being set, but that also means all is not well in the economy...

HUD Emergency Homeowners Loan Program

Posted on August 11, 2010
The Obama Administration today announced more targeted support for homeowners struggling with unemployment who are at risk of losing their homes. The $1 billion initiative, known as the ?HUD Emergency Homeowners Loan Program,? aims to provide 24-month bridge loans to those unable to keep up with monthly mortgage payments...

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Refinancing Borrowers Going with Shorter Loan Terms

Posted on August 11, 2010
More homeowners are opting for shorter loan terms when refinancing, according to mortgage financier Freddie Mac. During the second quarter, 30 percent of borrowers who originally had 30-year fixed-rate mortgages went with 15-year or 20-year fixed-rate loans, the highest level in six years...

Mortgage Demand Soft Despite Record Low Rates

Posted on August 11, 2010
Mortgage application volume increased just 0.6 percent on a seasonally adjusted basis for the week ending August 6, according to the Mortgage Bankers Association. On an unadjusted basis, mortgage demand increased a mere 0.4 percent from one week earlier ? so much for those record low rates...

Short Sales More than Triple, But Cost Lenders Big

Posted on August 10, 2010
The number of short sales has more than tripled since 2008, but mortgage lenders are losing $310 million in ?unnecessary losses? annually as a result, according to CoreLogic’s ?The Cost of Short Sales? 2010 research study. It is estimated that annual volume of short sales, in which a property is sold for less than the existing [...

Just 28 Percent Favor Mortgage Bailout

Posted on August 10, 2010
A new poll from Rasmussen Reports found that just 28 percent of Americans favor a homeowner bailout after rumors of such a plan surfaced in recent weeks. They were since put to rest by a Treasury spokesman, but there is still speculation that the Obama administration could do more to help struggling homeowners, possibly by offering [...

Wells Fargo Top Mortgage Lender as Volume Improves

Posted on August 09, 2010
Wells Fargo retained the title of ?top mortgage lender? in the second quarter as lending volume improved slightly from a quarter earlier, according to an analysis from MortgageDaily.com. The San Francisco-based bank and mortgage lender saw $81.5 billion in second quarter production, beating out rivals Bank of America and Chase...

Home Values Down, But So is Negative Equity

Posted on August 09, 2010
Home values nationwide fell 0.6 percent in the second quarter from a quarter earlier and were off 3.2 percent compared to last year, according to real estate information service Zillow. But the rate of decline slowed for the second straight quarter, likely a result of the homebuyer tax credit, improved affordability, and ongoing loan modification efforts...

FHA Short Refinance Program to Launch Next Month

Posted on August 06, 2010
More relief is on the way for underwater borrowers, assuming lenders agree to take part in the voluntary program. On September 7, the FHA will begin offering FHA loans to certain underwater non-FHA borrowers who are current on their existing mortgages via the FHA Short Refinance program, originally unveiled back in March...

Treasury: No Homeowner Bailout Coming

Posted on August 05, 2010
A Treasury spokesman today put to rest rumors government mortgage financiers Fannie Mae and Freddie Mac were set to forgive mortgage debt for millions of American homeowners. There had been speculation the pair would soon offer principal balance reductions to underwater borrowers, those who owe more on their mortgages than the current value of their homes, [...

FHA Annual Mortgage Insurance Premium to Rise

Posted on August 05, 2010
The Senate late last night unanimously approved legislation to grant the FHA authority to raise the annual mortgage insurance premium from 0.55 percent to 1.55 percent. However, FHA officials only expect to raise the premium to 0.9 percent, while lowering the upfront mortgage insurance premium...

15-Year Fixed Slips Below Four Percent

Posted on August 05, 2010
New record lows were achieved this week as mortgage rates sank across the board, according to the latest survey from mortgage financier Freddie Mac. The 30-year fixed, 15-year fixed, and five-year adjustable-rate mortgage all reached new lows during the week ending August 5 as economic news pushed rates lower (how mortgage rates work)...

Majority of Foreclosed Pennsylvania Homeowners Lost Jobs

Posted on August 04, 2010
Fifty-seven percent of the 500 Pennsylvania homeowners surveyed by the Pennsylvania Association of Realtors said they experienced job loss in the 12 months leading up foreclosure. Another 47 percent said they had experienced an unexpected medical bill, while 36 percent said they had other unexpected bills...

Mozilo Says SEC Admits Stockholders Knew Countrywide Risks

Posted on August 04, 2010
Countrywide Financial’s former CEO Angelo Mozilo said the SEC has now admitted that investors knew about the risks taken by the former top lender before its eventual collapse, according to a Bloomberg report. In a federal court filing in Los Angeles, Mozilo asked U...

Home Purchase Applications Up for Third Straight Week

Posted on August 04, 2010
Don’t look now, but applications to purchase a home increased for a third straight week ? after falling in nearly all of the previous 10 weeks, according to the Mortgage Bankers Association. Overall, mortgage application volume increased 1.3 percent on a seasonally adjusted basis during the week ending July 30...

Fannie Mae Launches Website to Help Struggling Homeowners

Posted on August 03, 2010
Government mortgage financier Fannie Mae today launched KnowYourOptions.com, a website designed to educate struggling homeowners on the choices available to them. The site is broken down into two main sections, with options to stay in your home and options to leave...

Countrywide Agrees to $600 Million Settlement

Posted on August 03, 2010
Former top mortgage lender Countrywide Financial agreed to pay $600 million to settle a number of class-action lawsuits, according to the LA Times. The suits involve the misleading of Countrywide shareholders, who claimed the company concealed massive losses as the mortgage crisis quickly swept in...

Foreclosure No Longer Most Common Outcome for Struggling Borrowers

Posted on August 02, 2010
Here’s some “good news.” A recent survey of 53 mortgage counselors (with 14,000+ caseloads in the past two months) conducted by the California Reinvestment Coalition revealed that foreclosure is no longer reported as the most common outcome for struggling borrowers, the first time since the survey began in 2007...

USDA Zero Down Loan Program to Return

Posted on August 02, 2010
The USDA’s zero down loan program is slated to make a comeback, thanks to legislation making its way to President Obama’s desk. The measure was part of H.R. 4899, otherwise known as ?The Emergency Supplemental Appropriations Act,? which the Senate passed last week...

The New Threat: Sidelined Home Sellers

Posted on July 30, 2010
By now, you’ve probably heard about the shadow inventory. You know, the millions of homes either in the process of foreclosure, or already owned by the banks, which have yet to be placed back on the market. If put on the market, these homes would obviously increase the housing stock and weigh down home prices, exacerbating an [...

Foreclosures Fall in Nine of Top 10 Hardest Hit Metros

Posted on July 29, 2010
Foreclosure filings increased in 75 percent of the nation’s top metro areas during the first half of 2010, according to RealtyTrac’s Midyear 2010 Metropolitan Foreclosure Market Report. Data revealed that 154 of the 206 U.S. metropolitan areas with populations of 200,000 posted year-over-year increases in foreclosure activity...

More Record Lows for 30-Year, 15-Year Fixed

Posted on July 29, 2010
Fixed-rate mortgages inched down during the week ending July 29 to reach new record lows for a six consecutive week, according to mortgage financier Freddie Mac. The popular 30-year fixed averaged 4.54 percent, down from 4.56 percent a week ago and 5...

HAMP Default Rate to be Revised

Posted on July 28, 2010
Last month’s Making Home Affordable Program report included delinquency data for the first time, revealing that just 4.1 percent of the 126,527 loan mods made permanent in the first quarter of 2010 were 60+ days late. It also noted that 1.3 percent were already 90+ days late...

Cash-In Refinances Rise in Latest Quarter

Posted on July 28, 2010
During the second quarter, 22 percent of homeowners who refinanced their mortgages lowered their principal balance by bringing in additional money at closing, Freddie Mac reported today. It was the third highest ?cash-in refinance? share since Freddie Mac began keeping records on refinancing trends since 1985...

Purchase Apps String Together Two Weeks of Gains

Posted on July 28, 2010
Applications to purchase a home increased for the second straight week as refinance apps slipped, the Mortgage Bankers Association said today. The group’s seasonally adjusted purchase index climbed a meager two percent during the week ending July 23 to the highest point since the end of June (not really saying much)...

HUD to Investigate Mortgage Lenders Who Discriminate Against Expectant Mothers

Posted on July 27, 2010
The U.S. Department of Housing and Urban Development plans to launch multiple investigations to determine if certain mortgage lenders are denying loans to expectant mothers, new parents, and those on temporary disability. The move came after a New York Times article exposed the practice, which may violate the Fair Housing Act...

Homeownership Rate Lowest Since 1999

Posted on July 27, 2010
The seasonally adjusted homeownership rate fell to its lowest point since 1999 in the second quarter, according to a report from the Census Bureau. It slipped to 66.9 percent last quarter, down from 67.2 percent in the first quarter and 67.4 percent a year ago...

Comic Book Saves Family from Foreclosure

Posted on July 27, 2010
When loan modifications don’t work, start searching feverishly through your attic for rare collectibles. A family facing foreclosure, which chose to remain anonymous, came across an ?Action Comics #1? comic book while in the process of packing up their belongings, according to Asylum...

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