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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

Many Homeowners Won?t See Positive Equity Until 2015

Posted on March 29, 2010
We already know negative equity is plaguing millions of Americans nationwide, but perhaps worse is the fact that many won’t see any positive equity for many years to come, according to First American CoreLogic. In fact, the typical homeowner who is currently underwater on their mortgage won’t see positive equity until 2015...

FHA Short Refinance Option Coming Soon

Posted on March 26, 2010
A new option that should be available by fall of this year will allow borrowers current on their mortgages to execute short refinances into FHA loans, whether the original loan was FHA-insured or not. The new FHA loan must have a balance no greater than 97...

New HAMP Changes to Slow Foreclosures

Posted on March 25, 2010
A number of changes are expected to be announced regarding the Home Affordable Modification Program (HAMP), which should slow the pace of foreclosures, for better or worse. Herbert M. Allison, Assistant Secretary for Financial Stability, testified before the House Committee on Oversight and Government Reform today, detailing the added ?borrower protections...

Mortgage Rates Stay Close to Historic Lows

Posted on March 25, 2010
Mortgage rates inched up a bit this week, but remain near historic lows, according to mortgage financier Freddie Mac. The popular 30-year fixed averaged 4.99 percent during the week ending March 25, up from 4.96 percent last week and 4.85 percent a year ago...

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Bank of America Wants You to Earn Principal Forgiveness

Posted on March 24, 2010
Bank of America announced a new strategy today to tackle the pesky underwater mortgages on its books, many acquired via its merger with Countrywide. The so-called “earned principal forgiveness” initiative will target borrowers with subprime loans, option ARMs, and prime two-year hybrid ARMs...

Refinance Share Lowest Since October

Posted on March 24, 2010
Mortgage demand slipped week-to-week thanks to lackluster refinance activity, the Mortgage Bankers Association said today. The home loan application index fell 4.2 percent on a seasonally adjusted basis (-3.9% unadjusted) for the week ending March 19...

Lenny Dykstra Suing Chase Over Bad Mortgages

Posted on March 18, 2010
Former Philadelphia Phillie (and Met) Lenny Dykstra, also known simply as ?Nails,? has sued JPMorgan Chase for $100 million over mortgages he obtained during the housing boom. Dykstra claims he was ?fraudulently induced into borrowing more money than he could afford,? leading to his eventual bankruptcy...

Fixed Mortgage Rates Hold Tight

Posted on March 18, 2010
Fixed mortgage rates displayed very little movement this week, as adjustable-rate mortgages were mixed, government mortgage financier Freddie Mac said today. The popular 30-year fixed-rate mortgage increased a single basis point to 4.96 percent during the week ending March 18, and now sits just below the 4...

Foreclosure Backlog In Full Effect

Posted on March 17, 2010
By now, we’ve heard plenty about the so-called shadow inventory, which is the pending supply of homes owned by banks and lenders that aren’t on the market for various reasons. These (millions of) properties distort the overall housing inventory picture, making it appear as if we’re in better shape than we really are...

Mortgage Demand Down Again

Posted on March 17, 2010
Mortgage demand was back to its slumping ways after rising slightly one week earlier, according to the latest report from the Mortgage Bankers Association. Home loan application volume slipped 1.9 percent on a seasonally adjusted basis (-1.7% unadjusted) for the week ending March 12; the year-over-year data is unknown because the MBA no longer publishes [...

Trump Property Facing Foreclosure

Posted on March 16, 2010
An unfinished condotel complex in Ft. Lauderdale associated with Donald Trump is facing foreclosure, according to the Sun Sentinel. Developers reportedly defaulted on the $139 million loan tied to the 298-unit project, known as the Trump International Hotel & Tower...

Foreclosure Starts Rise 20 Percent in California

Posted on March 16, 2010
Notices of default, the first step of the foreclosure process, increased 19.69 percent in California from January to February, according to ForeclosureRadar.com. The company, which claims to track every California foreclosure, said NODs increased to 31,004 during the month after declining for four straight months...

How Short Sale Fraud Works

Posted on March 15, 2010
There’s been a lot of talk about short sales lately, and considerable concern about related fraud. Up in the hard-hit northern San Joaquin Valley region of California, the ?hottest fraud? reportedly involves short sales, per an article in the Merced Sun Star...

Top Mortgage Lender in 2009 is Wells Fargo

Posted on March 15, 2010
San Francisco-based bank Wells Fargo grabbed the title of top mortgage lender in 2009, according to MortgageDaily.com. Wells Fargo saw loan origination volume increase a whopping 83 percent compared with numbers in 2008, thanks largely to the record low mortgage rates on offer...

Higher FHA Down Payment Would Shut Out 300,000 First Time Buyers

Posted on March 12, 2010
FHA commissioner David Stevens testified to Congress Thursday, arguing that a blanket minimum down payment increase for FHA loans would ?adversely impact the housing market recovery.? He noted in his testimony that requiring a five percent minimum down payment on FHA loans for all borrowers (up from the current 3...

Foreclosures See Smallest Annual Increase in Four Years

Posted on March 11, 2010
Good news folks: Foreclosure activity fell two percent last month compared with January, and was up only six percent compared with February 2009, according to RealtyTrac. Default notices, scheduled foreclosure auctions and bank repossessions were reported on 308,524 properties during the month, representing one in every 418 U...

Mortgage Rates Ease for Second Straight Week

Posted on March 11, 2010
Mortgage rates fell for a second consecutive week, albeit by very little, according to mortgage financier Freddie Mac. The popular 30-year fixed averaged 4.95 percent during the week ending March 11, down from 4.97 percent a week ago and 5.03 percent last year...

Short Sale Program Slammed by Appraisers

Posted on March 10, 2010
Just days after details of the Treasury’s streamlined short sale program were revealed, several leading appraiser groups have criticized the proposal. The issue involves how short sale properties would be valued under the program, relying on broker price opinions (BPOs) carried out by real estate agents rather than standard appraisals completed by licensed appraisers...

Mortgage Demand Still Soft

Posted on March 10, 2010
Another week, more weak mortgage demand, according to the Mortgage Bankers Association. The group’s market composite index climbed just 0.5 percent on a seasonally adjusted basis, or 1.2 percent unadjusted, compared with one week earlier. The refinance index fell 1...

Foreclosure Woes Hit Napa Wineries

Posted on March 09, 2010
California’s Napa Valley is the latest victim of the ongoing foreclosure crisis, according to a piece in BusinessWeek. Land values in the area have fallen by roughly 15 percent from the 2007 peak, and demand for the costly wines produced in the region has slumped...

Streamlined Short Sale Program on the Way

Posted on March 09, 2010
It appears 2010 will indeed be the year of the short sale, according to a report from the New York Times. Apparently the Treasury is planning to add another weapon to its growing foreclosure prevention arsenal, though this latest one involves the loss of the home...

Mortgage Rates Stay Low, Affordability High

Posted on March 04, 2010
The popular 30-year fixed continued to yo-yo, this week slipping back below five percent, according to mortgage financier Freddie Mac. It averaged 4.97 percent during the week ending March 4, down from 5.05 percent last week and 5.15 percent a year ago...

37 Percent of Borrowers with 30-Year Fixed Mortgages Have Rates Above Six Percent

Posted on March 03, 2010
We all know mortgage rates have been flirting with records over the past year and change, but many have still not taken advantage, or can’t, according to a piece in the WSJ. Despite the en vogue 30-year fixed floating around five percent, 37 percent of borrowers with the popular mortgage have mortgage rates of six percent [...

Lower Rates Spur Mortgage Demand

Posted on March 03, 2010
Mortgage demand finally ticked higher thanks to an improvement in rates, and possibly the weather, according to the Mortgage Bankers Association. The home loan application index increased 14.6 percent on a seasonally adjusted basis compared to one week earlier, and was up 15...

Home Affordable Refinance Program Extended into 2011

Posted on March 01, 2010
The Home Affordable Refinance Program (HARP) has been extended until June 30, 2011, according to the Federal Housing Finance Agency (FHFA). ?FHFA has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market conditions that necessitated the actions taken last year have not materially changed,? said FHFA Acting [...

Foreclosure Ban in the Works?

Posted on February 26, 2010
Alarm bells sounded yesterday after it was relieved that the Obama Administration was considering an all-out “foreclosure ban.” But it’s probably a big ado over nothing…essentially all foreclosures would be banned until the associated mortgages were reviewed for possible inclusion in the Home Affordable Modification Program (HAMP)...

67 Percent of Californians Sold Homes Because They Couldn?t Pay the Mortgage

Posted on February 25, 2010
A staggering 67 percent of Californians who sold their homes in 2009 did so because they couldn’t meet their mortgage obligations, according to the California Association of Realtors’ 2009-2010 Survey of California Home Sellers. ?Tighter underwriting standards and a decline in equity continued to impact the market in 2009,? said C...

Mortgage Rates Hurdle Back Above Five Percent

Posted on February 25, 2010
Mortgage rates climbed back over that psychological five-percent threshold this week, according to government mortgage financier Freddie Mac. The popular 30-year fixed averaged 5.05 percent during the week ending February 25, up from 4.93 percent last week, but slightly below the 5...

MBA Proposes Bridge to HAMP For Unemployed Borrowers

Posted on February 24, 2010
The Mortgage Bankers Association has unveiled a conceptual forbearance plan for unemployed borrowers unable to take advantage of existing loan modification programs such as the Home Affordable Modification Program (HAMP). Under the program, dubbed ?Bridge to HAMP,? loan servicers would reduce or postpone monthly mortgage payments for qualified borrowers based on their household income for up [...

Snow, Excess Inventory Slow Mortgage Demand

Posted on February 24, 2010
Blame it on the rain snow… Home loan application volume slipped 8.5 percent on a seasonally adjusted basis during the week ending February 19, according to the latest weekly survey from the Mortgage Bankers Association. Refinance applications were off 8...

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