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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 Rates Slip Deeper into Record Territory

Posted on July 01, 2010
It seems every week mortgage rates hit new record lows, with the latest being no exception, according to figures compiled by government mortgage financier Freddie Mac. During the week ending July 1, all mortgage rates surveyed by the company aside from the one-year adjustable-rate mortgage fell to a new a record low...

Homebuyer Tax Credit On Verge of Being Extended

Posted on June 30, 2010
The homebuyer tax credit, which expires tomorrow, will probably be extended another three months, assuming the Senate gives it the green light. Both the $8,000 first-time homebuyer tax credit and the $6,500 tax credit for move-up homebuyers will expire tomorrow if legislation being floated by Majority Leader Harry Reid (D-Nev...

Foreclosure Sales Accounted for 31 Percent of First Quarter Sales

Posted on June 30, 2010
A total of 232,959 properties in some stage of foreclosure (default, auction, REO) were sold to third parties in the first quarter, a 14 percent decline from the previous quarter, RealtyTrac said today. The numbers were off 33 percent from the peak seen in the first quarter of 2009, when foreclosure properties accounted for 37 percent [...

Refinance Applications Highest in Over a Year

Posted on June 30, 2010
Mortgage application volume increased 8.8 percent on a seasonally adjusted basis during the week ending June 25, the Mortgage Bankers Association said today. The refinance index increased 12.6 percent from a week earlier to its highest level since the week ending May 22, 2009...

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Most Borrowers Don?t Strategically Default Until Deeply Underwater

Posted on June 29, 2010
New research conducted by the Federal Reserve revealed that the median borrower doesn?t strategically default until equity falls to -62 percent of their home?s value. In other words, only half of borrowers who are severely underwater actually make the decision to walk away...

Delinquent Mortgage Borrowers Now Get Free Cell Phones

Posted on June 29, 2010
Imagine receiving a cell phone in your mailbox, that once powered on, dialed your mortgage lender ? and once connected, offered lower mortgage payments. Sounds like a dream right? Well, First Guaranty Mortgage customers have reportedly received cell phones in the mail, programmed to dial the company’s loss mitigation department...

Summary of the Mortgage Reform and Anti-Predatory Lending Act

Posted on June 28, 2010
Below is a summary of the “Mortgage Reform and Anti-Predatory Lending Act,” which is a part of the wider Dodd-Frank Wall Street Reform And Consumer Protection Act: - Require Lenders Ensure a Borrower’s Ability to Repay: Establishes a simple federal standard for all home loans: institutions must ensure that borrowers can repay the loans they are [...

Oil Spill to Increase Florida Mortgage Defaults

Posted on June 28, 2010
The never-ending oil spill in the Gulf of Mexico may further exacerbate matters for struggling Florida homeowners, according to Fitch Ratings. A study conducted by the company revealed that half of all securitized non-agency mortgages in the Sunshine State are 60 days or more delinquent, thanks largely to home price depreciation...

New Record Lows for Mortgage Rates

Posted on June 24, 2010
All mortgage types aside from the one-year adjustable-rate mortgage hit a record low this week, according to mortgage financier Freddie Mac. The highly popular 30-year fixed-rate mortgage fell to 4.69 percent during the week ending June 24, down from 4...

Fannie Mae to Punish Strategic Defaulters

Posted on June 23, 2010
Government mortgage financier Fannie Mae plans to make life harder for so-called strategic defaulters, or those who walk away despite having the capacity to make their mortgage payments. Those borrowers, along with those who fail to ?complete a workout alternative in good faith,? will be ineligible for a Fannie Mae-backed mortgage for seven years from the [...

Delinquencies Down, but Foreclosures Up and Loan Mods Performing Poorly

Posted on June 23, 2010
Mortgage delinquencies fell for the first time since 2008, but foreclosures are on the rise and loan modifications are re-defaulting at a seriously high rate, according to the OTS Mortgage Metrics Report released today. Mortgages in all stages of pre-foreclosure (such as 30+ day lates, 60+ day lates, and so on) on all types of loans [...

Purchase and Refinance Applications Slip

Posted on June 23, 2010
Mortgage application volume decreased 5.9 percent on a seasonally adjusted basis during the week ending June 18 compared to one week earlier, the Mortgage Bankers Association said today. The refinance index was off 7.3 percent week-to-week, while purchase apps dipped 1...

Fannie and Freddie to Assist Homeowners with Problem Drywall

Posted on June 18, 2010
Government mortgage financiers Fannie Mae and Freddie Mac announced today that they would provide mortgage payment relief to homeowners with problem drywall. Fannie Mae, which said the funky drywall is covered under the company’s ?Unusual Hardships? policy, will forebear payments for up to six months and has instructed loan servicers to minimize the derogatory credit scoring [...

Sergei Fedorov Facing Foreclosure on Two Michigan Mansions

Posted on June 17, 2010
Sergei Fedorov, better known for scoring hat tricks than missing mortgage payments, is facing foreclosure on two of his Michigan mansions. The ex-Red Wings star owes more than $2 million on two Bloomfield Hills properties, according to Detroit News. The PrivateBank and Trust Company filed two notices on foreclosure against the hockey player today, compounding his financial [...

Fixed Mortgage Rates Up, ARMs Down

Posted on June 17, 2010
Fixed mortgage rates climbed higher during the week ending June 17 as adjustable-rate mortgages saw some relief, Freddie Mac said today. The popular 30-year fixed averaged 4.75 percent, up from 4.72 percent last week, but well below the 5.38 percent average seen this time last year...

Citi and Fannie Suspend Foreclosures, Payments in Oil Stricken Gulf

Posted on June 16, 2010
Both Citi and Fannie Mae announced separate foreclosure moratoriums today for homeowners affected by the BP oil spill. Citi said it would suspend foreclosure notifications and sales on CitiMortgage-owned first mortgages in coastal regions of the Gulf of Mexico ?hard-hit by the oil spill? for three months...

Most Loan Modifications Expected to Fail

Posted on June 16, 2010
While both HAMP and loan servicer-specific loan modifications are on the rise, most are expected to re-default, according to a new report from Fitch Ratings. Roughly 15 percent of all residential mortgage-backed securities (RMBS) have received either a HAMP or non-HAMP loan modification through May, up from 10 percent in September 2009...

Home Purchase Applications Up for First Time in Six Weeks

Posted on June 16, 2010
Mortgage application volume jumped 17.7 percent on a seasonally adjusted basis during the week ending June 11, according to the Mortgage Bankers Association. The refinance index surged 21.1 percent compared with the previous week, climbing to its highest level since May 2009...

Bank of America Warns Modification Numbers Won?t Be Accurate

Posted on June 15, 2010
Bank of America announced today that it completed 70,000 permanent loan modifications under the Making Home Affordable Program, but warned an upcoming Treasury report may reveal different numbers. ?Bank of America continued to make significant progress in converting HAMP trial modifications to completed modifications last month,? said Rebecca Mairone, default servicing executive for Bank of America [...

Home Sizes Get Smaller After Increasing for 30 Years

Posted on June 15, 2010
After nearly three decades, the average size of a newly constructed single-family home got smaller, according to the National Association of Home Builders. The average size peaked at 2,521 square feet in 2007, was flat in 2008, and declined about 100 square feet in 2009...

Indymac Customers May Get Deposits Back

Posted on June 14, 2010
Finally some good news for former Indymac customers. A proposal offered up by House lawmakers under the wider financial-overhaul bill would see former Indymac banking customers recoup a portion of the $265 million in lost deposits after the mortgage lender and thrift collapsed back in 2008...

Arizona Immigration Bill May Increase Foreclosures

Posted on June 14, 2010
The highly criticized (and praised) immigration bill set to take effect in Arizona in six weeks could boost foreclosures and wreak havoc on housing in the state, according to a report from Azcentral.com. Apparently there are ?thousands if not tens of thousands? of illegal immigrants who purchased homes in Arizona during the housing boom, thanks to [...

Foreclosures Finally ?Leveling Off?

Posted on June 10, 2010
Foreclosure filings fell three percent in May compared to one month earlier and were less than one percent higher than levels seen a year ago, according to RealtyTrac. ?The numbers in May continued and confirmed the trends we noticed in April: overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that [...

Mortgage Rates Fall as Economic Woes Persist

Posted on June 10, 2010
Mortgage rates improved again this week as economic uncertainties remained, according to mortgage financier Freddie Mac. The always fashionable 30-year fixed-rate mortgage averaged 4.72 percent during the week ending June 10, down from 4.79 percent last week and 5...

Purchase Applications Fall for Fifth Straight Week

Posted on June 09, 2010
Purchase activity fell for a fifth straight week, but this time refinance applications also took a dive, according to the latest survey from the Mortgage Bankers Association. The group’s seasonally adjusted purchase index slipped 5.7 percent from one week earlier, while the unadjusted purchase index was off 16...

Judge Halts Bank of America Foreclosures in Utah

Posted on June 08, 2010
Some good news if you happen to have a Bank of America owned mortgage and live in the state of Utah. A St. George judge has temporarily put a stop to all foreclosure sales in the state after an attorney claimed the bank and its affiliates weren’t properly registered to do business in the state, according [...

Tired Home Shoppers More Likely to Pick High Risk Mortgages

Posted on June 07, 2010
A new study claims homebuyers are often so mentally exhausted from home shopping that they rush the mortgage process and wind up with higher-risk loans. A pair of George Washington University instructors identified the phenomenon as ?cognitive resource depletion,? meaning individuals burn out on one activity and devote less time to a subsequent one, in this [...

Countrywide to Pay $108 Million for Overcharging Homeowners

Posted on June 07, 2010
Former mortgage lending giant Countrywide has been ordered by the FTC to pay out $108 million in refunds to homeowners who were overcharged by the company’s servicing division. After borrowers fell behind on mortgage payments (mind you from terrible mortgage products like the infamous option arm), Countrywide’s loan servicing operation began overcharging homeowners for things like [...

Rapper Chamillionaire Strategically Defaults

Posted on June 04, 2010
These days many homeowners need to make tough decisions when it comes to staying or going, what with all the underwater mortgages out there. For rapper Chamillionaire, the decision seemed to come easy. He told the notorious TMZ cameras that his 7,583 square foot mansion in Houston, Texas was a losing endeavor, and that he simply chose [...

Hispanics Only Minority Group to See Homeownership Decline Since 2009

Posted on June 04, 2010
Hispanic homeowners were the only racial/ethnic minority group to see a decline in total homeownership since 2009, according to housing counselor NeighborWorks America. The group’s rate of homeownership fell to eight percent this year, down three percent from 2009...

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