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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

70 Percent of All Nevada Mortgage Properties Underwater

Posted on February 23, 2010
There’s no beachfront property in Nevada, but 70 percent of it is underwater. Yep, a staggering 70 percent of residential properties with mortgages were underwater as of the end of 2009, meaning the mortgage balance exceeded the property value, according to the latest report from First American CoreLogic...

Forensic Loan Audits Called Latest Scam

Posted on February 22, 2010
Los Angeles Attorney General Edmund G. Brown Jr. warned Californians today to avoid ?forensic loan audits,? referring to them as the latest ?phony foreclosure-relief service.? He said homeowners pay up-front fees for a review of their lender’s practices, only to be provided nothing in the way of foreclosure prevention...

Man Bulldozes Home Facing Foreclosure

Posted on February 22, 2010
File this under: extreme foreclosure prevention. Or maybe strategic bulldozing. A man in Moscow, Ohio decided to bulldoze his own home after a bank began foreclosure proceedings, according to local NBC affiliate WLWT.com. Homeowner Terry Hoskins reportedly had tax liens placed on his carpet store and commercial property after his brother and one-time business partner sued him...

15 Percent of Mortgages Late or in Foreclosure

Posted on February 19, 2010
A record 15.02 percent of all mortgages were at least one payment behind or in foreclosure as of the end of the fourth quarter, according to the latest delinquency survey from the Mortgage Bankers Association. The non-seasonally adjusted delinquency rate increased 50 basis points from 9...

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Housing Affordability Ends 2009 Near Record High

Posted on February 18, 2010
Believe it or not, housing affordability ended 2009 near its record-high, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) release. The HOI revealed that 70.8 percent of all new and existing homes sold in the final quarter of 2009 were affordable to families earning the national median income of $64,000...

Mortgage Rates Inch Back Toward Record Lows

Posted on February 18, 2010
Mortgage rates strung together two consecutive weeks of declines and are nearing record low territory again, according to the latest survey from mortgage financier Freddie Mac. ?Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery,? said Frank Nothaft, Freddie Mac vice [...

HAMP Permanent Loan Modifications Double

Posted on February 17, 2010
The Home Affordable Modification Program (HAMP) has finally gotten some legs, with permanent loan modifications doubling last month compared to December, according to the Treasury. More than 116,000 homeowners have now received permanent HAMP modifications and another 76,000 have been offered to borrowers, with only the borrower signature in the way of being finalized...

SoCal Median Climbs Over Year Ago Level

Posted on February 17, 2010
Don’t get too excited, but the median price paid for a Southern California home rose above the year-ago level for the second consecutive month in January, according to DataQuick. The median price paid for all houses and condos sold in the Southland last month was $271,500, down 6...

Mortgage Demand Slows as Rates Hold Steady

Posted on February 17, 2010
Mortgage demand decreased for the second week in a row, falling 2.1 percent on a seasonally adjusted basis during the week ending February 12, according to the Mortgage Bankers Association. On an unadjusted basis, the home loan application index was off just 0...

Former Countrywide Customers to Receive Relief Payments

Posted on February 16, 2010
Former mortgage lender Countrywide Financial is mailing out checks to 2,700 borrowers as part of a settlement with Florida homeowners, according to Attorney General Bill McCollum. In July 2008, McCollum’s office filed a lawsuit against the Calabasas, CA-based lender for what it called deceptive and unfair trade practices, namely putting borrowers into mortgages they couldn’t afford [...

Shadow Inventory Five Million Units Strong

Posted on February 16, 2010
Millions of foreclosures are expected to keep downward pressure on home prices over the next several years, according to two new studies. One study, conducted by John Burns Real Estate Consulting Inc., estimates that five million homes and condos currently delinquent are sailing toward foreclosure...

Citi Offers Six Month Stay In Exchange for Keys

Posted on February 11, 2010
Citi announced today that it will let borrowers stay in their homes for six months if they agree to a deed-in-lieu of foreclosure. In exchange for the deed on their property, homeowners will also get a minimum of $1,000 for relocation assistance and counseling, as well as coverage for certain property expenses if Citi determines the [...

Mortgage Rates Sneak Under Five Percent, Again

Posted on February 11, 2010
Mortgage rates were mostly lower this week, according to the latest survey from mortgage financier Freddie Mac. The uber-popular 30-year fixed dipped to 4.97 percent from 5.01 percent during the week ending February 11, and remains just below the 5.16 percent seen a year ago...

Weak Purchase Activity Lowers Mortgage Demand

Posted on February 10, 2010
Less-than-stellar purchase activity pushed mortgage demand down 1.2 percent on a seasonally adjusted basis during the week ending February 5, the Mortgage Bankers Association said today. The group’s seasonally adjusted purchase index was off 7.0 percent compared with one week earlier, and the unadjusted purchase index was 7...

Why is the APR Lower Than the Mortgage Rate?

Posted on February 09, 2010
If you’ve been shopping mortgage rates lately, you may be wondering why the APR is sometimes lower than the advertised interest rate. The APR, or annual percentage rate, is the interest rate of the loan factoring in specified closing costs like the loan origination fee, processing fees, mortgage insurance, and so forth...

Now Get Rewarded for Simply Paying the Mortgage

Posted on February 08, 2010
A New Jersey-based company has launched an incentive-based program to address the risk of strategic default, which is surely on the rise as a result of sinking property values. Loan Value Group, LLC’s ?Responsible Homeowner Reward? (RH Reward) program creates incentives for homeowners to stay current on payments without changing the terms of the loan or [...

Mortgage Bankers Association Sells Headquarters at Huge Loss

Posted on February 06, 2010
The Mortgage Bankers Association sold its Washington D.C. Headquarters at a multi-million dollar loss to commercial real estate firm CoStar Group, according to the WSJ. The bankers group apparently parted with the property for $41.3 million, well below the reported $79 million paid back in 2007, while it was still under construction...

Upfront Fees on Loan Modifications Set to be Banned Nationwide

Posted on February 05, 2010
The FTC has proposed a new rule that would ban upfront fees for loan modification services nationwide. Per the rule, companies offering such services would have to wait until after receiving a documented offer from the loan servicer or mortgage lender to collect payment...

Million Dollar Home Sales Decline for Fourth Straight Year in California

Posted on February 04, 2010
The number of million-dollar plus homes sold in the Golden State fell for the fourth consecutive year, according to DataQuick. Just 18,621 million-dollar plus homes sold in California last year, down 23.8 percent from the 24,436 sold in the state during 2008...

Mortgage Rates Back Over Five Percent

Posted on February 04, 2010
The 30-year fixed climbed back above five percent this week, rising two basis points to 5.01 percent, according to mortgage financier Freddie Mac. A year ago, the popular mortgage program averaged 5.25 percent, meaning interest rates have been attractive for a long, long time now...

What to Pay First? Mortgage or Credit Card?

Posted on February 03, 2010
Well, an increasing number of consumers are making sure the plastic is paid before the mortgage, bucking the historical trend and adding to strategic default worries nationwide, according to credit bureau TransUnion. In the first quarter of 2008, the percentage of consumers current on credit cards but delinquent on mortgages first surpassed the percentage of consumers [...

ResCap to Cut More Than 300 Jobs

Posted on February 03, 2010
Residential Capital (ResCap), the money-burning real estate finance arm of GMAC, is expected to slash more than 300 jobs at locations in Costa Mesa, California and Charlotte, North Carolina. The Charlotte office will be shut down entirely, while the Costa Mesa office will retain roughly 30 people, according to a company spokeswoman...

Mortgage Demand Heats Up

Posted on February 03, 2010
Mortgage demand jumped 21 percent on a seasonally adjusted basis (23.5% unadjusted) during the week ending January 29 compared to one week earlier, according to the Mortgage Bankers Association. ?Mortgage application volume rebounded last week, returning the purchase and refinance indexes to levels from mid-December,? said Michael Fratantoni, MBA?s Vice President of Research and Economics, in [...

More Than Nine Percent of FHA Loans Seriously Delinquent

Posted on February 02, 2010
Roughly 9.1 percent of borrowers with FHA loans were seriously delinquent (at least three months behind) as of December, according to a report from the Washington Post. That’s up from 6.5 percent a year ago, thanks mainly to FHA loans originated in 2007 and 2008 going sour, putting increased pressure on the FHA’s depleted insurance fund...

Fannie Mae Offering 3.5 Percent in Closing Costs if You Buy One of Their Homes

Posted on January 29, 2010
Government mortgage financier Fannie Mae is offering 3.5 percent in seller assistance if you purchase one of their previously foreclosed HomePath properties. The offer is good for any owner-occupant who purchases an REO (Real estate owned) home listed on Homepath...

HAMP Modifications Will Require Income Documentation Upfront

Posted on January 29, 2010
The not-so-hot Home Affordable Modification Program (HAMP) will soon require borrowers to provide important income documentation upfront in order to take part. For all HAMP trial period plans with effective dates on or after June 1, loan servicers may evaluate borrowers for program eligibility only after they receive the initial documentation package, which includes: - Request for [...

Cash Out Refinancing Hits All Time Low, Cash In Hits High

Posted on January 28, 2010
The share of refinancing involving cash-out fell to its lowest point since Freddie Mac began analyzing such data back in 1985. During the fourth quarter of 2009, just 27 percent of borrowers who refinanced increased their loan balance by five percent of more; the previous lowest cash-out refinance share was 33 percent during the second quarter [...

Countrywide Fails to Add Promised Texas Jobs

Posted on January 28, 2010
Former top mortgage lender Countrywide, now owned by Bank of America, failed to bring an additional 7,500 jobs to the state of Texas as promised back in 2004. Six years ago, the Calabasas, CA-based home loan lender received a $20 million grant after pledging to create 7,500 new jobs in the Lone Star State by 2010...

Mortgage Rates Trickle Down

Posted on January 28, 2010
Mortgage rates pretty much moved as little as possible while still managing to move this week, according to the latest survey from mortgage financier Freddie Mac. The uber-popular 30-year fixed slipped a single basis point to 4.98 percent during the week ending January 28, and remains just below the 5...

California Mortgage Defaults Drop 24 Percent, But More Homes Lost to Foreclosure

Posted on January 27, 2010
Mortgage defaults in the Golden State dropped 24.3 percent in the fourth quarter compared to a quarter earlier, but were still 12.4 percent higher than a year ago, according to DataQuick. A total of 84,568 Notices of Default (the first step in the foreclosure process) were recorded between October and December, compared to 111,689 in the [...

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