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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

12 Percent of Mortgage Defaults in February Strategic

Posted on April 29, 2010
More homeowners are walking away from their mortgages (and their homes) voluntarily, according to a new report from Morgan Stanley. In February, the last month for which data was available, 12 percent of mortgage defaults were strategic, meaning they were for planned for and voluntary...

Consumers Spend Same Amount of Time Researching Mortgages and Vacations

Posted on April 29, 2010
On average, American consumers only spend five hours researching their home loan options, despite the fact that such transactions are arguably the largest in most borrower’s lives. That compares to two hours for a television, four hours for a computer, and 10 hours for a car, according to a new survey from Zillow, which offers mortgage [...

Mortgage Rates Not Going Anywhere Fast

Posted on April 29, 2010
Mortgage rates were little changed this week, easing fears of a quick rise in rates after the conclusion of the Fed’s mortgage securities purchase program. Of course, as the economy continues to improve, rates will rise, that’s just how it works...

1.6 Million Distressed Sales Expected This Year

Posted on April 28, 2010
Barclays Capital expects 1.6 million distressed sales of homes this year, according to a report in the WSJ. These ?distressed sales? will mainly be in the form of foreclosures and short sales, and will make up roughly 30 percent of all home sales this year and next...

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Foreclosure More Likely if You?re Bad at Simple Math

Posted on April 28, 2010
There’s a better chance you’ll experience foreclosure if your math isn’t up to snuff, according to a new research paper from the Atlanta Fed. Three researchers studied the effect of borrower’s financial literacy and cognitive ability to see what type of role, if any, they played in the mortgage crisis...

Purchases Up as Homebuyer Tax Credit Set to Expire

Posted on April 28, 2010
Mortgage demand decreased 2.9 percent during the week ending April 23 compared with one week earlier, the Mortgage Bankers Association said today. The weekly decline was led by an 8.8 percent drop in refinance applications, while purchase applications picked up the slack with a 7...

Mortgage Rates Unmoved This Week

Posted on April 22, 2010
Mortgage rates displayed very little movement this week, according to mortgage financier Freddie Mac (yes, they’re still around). The popular 30-year fixed rate mortgage remained unchanged at 5.07 percent during the week ending April 22, but is more than a quarter-point above its year-ago average of 4...

Wells Fargo CEO Says He?s Been Upside Down on a Mortgage

Posted on April 21, 2010
If you’re upside down on your mortgage, meaning you owe more than your property is currently worth, don’t fret. Wells Fargo CEO John Stumpf has been there too, according to his admission during the company’s first quarter conference call...

California Mortgage Defaults Down 40 Percent

Posted on April 21, 2010
Notices of default, the first step in the foreclosure process, fell 4.2 percent in the first quarter compared to the linked quarter and 40 percent year-over-year in the Golden State. A total of 81,054 “NODs” were recorded between January and March, compared to 84,568 in the prior quarter and 135,431 in the first quarter 2009, according [...

Mortgage Demand Up After Slump

Posted on April 21, 2010
Mortgage demand, which had recently fallen to the third lowest point since June, snapped its slump and increased 13.6 percent last week, according to the Mortgage Bankers Association. The rally was led by a 15.8 percent increase in refinance applications and a 10...

Free Rent for a Year If You Stop Paying Your Mortgage

Posted on April 20, 2010
Here’s an interesting tidbit from Diana Olick over at RealtyCheck. Former Credit Suisse analyst Ivy Zelman, the one that came up with the infamous mortgage rate reset chart, said on average it takes 417 days for a lender to send a foreclosure notice after a borrower stops making mortgage payments...

Equity Sharing Loan Modification Program Launched

Posted on April 19, 2010
ISGN Corp. and EquityRock have teamed up to offer the ?industry’s first equity sharing, loan modification service.? The program, coined RESET (Real Estate Shared Equity Transaction), allows borrowers eligible for a loan modification to receive a principal reduction in exchange for a share of their home equity...

Fannie Mae Cuts Waiting Period for New Mortgage After Deed-in-Lieu of Foreclosure

Posted on April 19, 2010
Going forward, borrowers who previously experienced a deed-in-lieu of foreclosure won’t have to wait as long to get approved for a subsequent mortgage. Last week, mortgage financier Fannie Mae changed its required waiting period (the amount of time that must elapse after a pre-foreclosure event) to reflect current market conditions...

Bank of America to Waive Mortgage Payments for Unemployed

Posted on April 19, 2010
Bank of America plans to waive mortgage payments for up to nine months for those jobless and collecting unemployment benefits, according to the Charlotte Observer. There’s a bit of a catch though: borrowers must agree to hand over the house if they’re unable to find a job within those nine months...

Mortgage Companies Hiring, Making Changes

Posted on April 15, 2010
Two of the largest mortgage companies in the nation are hiring new sales staff to originate more home loans. Chase announced today it plans to take on another 300 mortgage loan officers in the Tri-State area over the next six months in its bid to close more purchase and refinance loans...

Mortgage Rates Finally Turn Around

Posted on April 15, 2010
Mortgage rates finally eased after a month long run-up that left many fearing the worst, according to a weekly report from mortgage financier Freddie Mac. The �ber-popular 30-year fixed-rate mortgage averaged 5.07 percent during the week ending April 15, down from 5...

Mortgage Demand Continues to Slump

Posted on April 14, 2010
Mortgage demand fell again last week, slipping 9.6 percent on a seasonally adjusted basis to the third lowest point since the end of June, according to the Mortgage Bankers Association. The refinance index fell 9.0 percent, its fifth consecutive decline, while the seasonally adjusted purchase index dropped 10...

California Enacts Mortgage Forgiveness Tax Relief

Posted on April 13, 2010
A new California state law enacted at the eleventh hour allows residents to immediately exclude forgiven mortgage debt from their taxable income. The measure, “SB 401,” permits most taxpayers to exclude canceled mortgage debt up to $500,000 on their primary residence resulting from a foreclosure, short sale, or loan modification...

Some Markets Won?t See Peak Home Prices Until After 2039

Posted on April 12, 2010
More bad news on the negative equity front. Real estate markets that experienced the greatest price bubbles won’t see home prices returning to peak levels until 2025 or later, according to Fiserv. For those who bought during the boom years between 2005-2008, it may be difficult to see the light at the end of the tunnel...

27 Million Believe Home is Underwater

Posted on April 12, 2010
Despite what looks like a potential housing recovery, albeit a fragile one, 27 million believe they owe more on their mortgages than what their homes are currently worth, according to a poll from Harris Interactive. Of the survey respondents who have a mortgage, 24 percent said they believe their home is worth-less than what is owed [...

Luxury Home Foreclosure Jet Tour

Posted on April 09, 2010
Foreclosure bus tours are so pass�, and oh so tacky. If you’re going to shop for foreclosures, take a jet for goodness sake. After all, it’s free, thanks to Luxury Home of Las Vegas and JetSuite Air, who unveiled their ?Luxury Home Foreclosure Private Jet Tour? this week, aimed at unloading three bank-owned mansions in [...

Distressed Home Sales Nearing Peak

Posted on April 08, 2010
Distressed home sales, including short sales and real estate owned (REO) sales, accounted for 29 percent of all home sales in January, according to First American CoreLogic. That’s the highest level since April 2009, and just below the peak 32 percent share seen in January 2009...

Mortgage Rates Rise as Economy Adds Jobs

Posted on April 08, 2010
Mortgage rates increased this week, but remain close to historic lows, according to mortgage financier Freddie Mac. The popular 30-year fixed rate mortgage averaged 5.21 percent for the week ending April 8, up from 5.08 percent last week and 4.87 percent a year ago...

Subprime Delinquencies Fall for First Time in Four Years

Posted on April 07, 2010
The delinquency rate on subprime residential mortgage-backed securities (RMBS) fell for the first time in four years, according to Fitch Ratings. Subprime RMBS delinquencies dipped to 46.3 percent in March from 46.9 percent the prior month, but are still well above the 39...

Mortgage Rates Jump, Applications Fall

Posted on April 07, 2010
Mortgage demand slipped 11 percent on a seasonally adjusted basis during the week ending April 2, according to the Mortgage Bankers Association. The refinance index plummeted 16.9 percent and purchase apps inched up 0.5 percent from one week earlier, though they were off 18...

20 Percent of Florida Foreclosure Victims Have Income of $100,000 +

Posted on April 06, 2010
Interesting little tidbit from the Florida Realtors regarding foreclosures and income levels released today. A new research study on foreclosures in the state over a three year period (March 2006 ? February 2009) found that 20 percent undergoing foreclosure have annual income of $100,000 or more...

Nearly 9 in 10 Americans Believe It?s Wrong to Stop Paying Mortgage

Posted on April 06, 2010
A shock poll from mortgage financier Fannie Mae revealed nearly nine in 10 Americans believe it’s unacceptable to stop making payments on an underwater mortgage. That includes seven in 10 who are currently delinquent on their own mortgages. However, 15 percent said financial distress would make stopping payments on an underwater mortgage acceptable...

FHA Shuts Out Another Two Lenders

Posted on April 05, 2010
Two more lenders fell victim to the FHA’s ongoing campaign to remove bad players from the mortgage market. Last week, it permanently withdrew approval for Atlanta-based RSA Financial and 1st Alliance Mortgage LLC of Houston, Texas. FHA lending seems to be the only game in town these days, so the move could lead to their eventual demise...

Bond Yields, Mortgage Rates Heading Higher

Posted on April 05, 2010
The record low mortgage rates we’ve come to enjoy may be a thing of the past, thanks in part to relatively good economic news and the end of the Fed mortgage securities purchase program. Last summer, some economists warned that mortgage rates could climb a half to a full percentage point in a hurry if the [...

NYC Residents Facing Foreclosure to Receive Free Legal Assistance

Posted on March 29, 2010
A new initiative spearheaded by mayor Michael Bloomberg aims to provide free legal aid to New York City residents facing foreclosure. The so-called ?NYC Service Legal Outreach? will support homeowners with free legal assistance during the mandatory settlement conference stage, which is a meeting between the bank and homeowner where foreclosure alternatives are negotiated...

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