The Truth About Mortgage.com: Loan Modification

Home -> Law Blog Directory -> Loan Modification Blogs

OR PHONE (866) 635-1838 for Bankruptcy Help, (866) 635-6190 for Divorce,
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense

Find a Local Lawyer

Bankruptcy (866) 635-1838
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402

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

Purchases Make Up Nearly Half of All Mortgage Applications

Posted on June 10, 2009
If purchase activity is making up close to half of all mortgage activity, things can?t be good. Mortgage rates surged for the second straight week, pushing the refinance share of mortgage applications closer to fifty percent, according to the MBA. Mortgage application volume slipped 7...

Now Appraisals Are Too Low?

Posted on June 09, 2009
Home appraisals are increasingly becoming an obstacle for those looking to refinance or sell their properties, according to a report in the WSJ. Back during the housing boom, it wasn?t difficult to obtain that ?right value,? but it seems the tables have turned, maybe too much, as some borrowers now believe appraisers are being too stingy [...

Mortgage Production Up 68 Percent in First Quarter

Posted on June 09, 2009
Residential mortgage production increased a whopping 68 percent during the first quarter of 2009, compared to a quarter earlier, NationalMortgageNews.com reported. Banks and mortgage lenders funded $466 billion during the productive quarter, with San Francisco-based Wells Fargo once again leading the way...

Foreclosed Home Boarded Up With Owner Inside

Posted on June 09, 2009
Believe it or not, a Minneapolis man facing foreclosure was boarded up in his home after failing to vacate in a timely fashion, according to the Star Tribune. On May 12, 53-year old Ted Poetsch was met by a city inspector who told him he had one hour to back his belongings and leave the property...

To access this complete feed in the blog feed reader login or register for free.

Freddie Mac Loosens Refinance Guidelines

Posted on June 08, 2009
Mortgage financier Freddie Mac loosened guidelines for its so-called ?Relief Refinance Mortgage,? which is what they seem to be calling loans refinanced under the Making Home Affordable program. Going forward, borrowers will be able to refinance a Freddie Mac-owned or guaranteed mortgage with any affiliated lender, instead of having to work with the current loan servicer...

Regulator: Reverse Mortgages Similar to Subprime Loans

Posted on June 08, 2009
The Office of the Comptroller of the Currency warned today that reverse mortgages, growing in popularity over the past few years, pose significant compliance risks that must be addressed early. ?While reverse mortgages can provide real benefits, they also have some of the same characteristics as the riskiest types of subprime mortgages ? and that should [...

Massachusetts Division of Banks Shuts Down Nearly 90 Mortgage Shops

Posted on June 08, 2009
The Massachusetts Division of Banks shut down 87 mortgage brokers and mortgage lenders in the state Friday for violations of newly imposed financial rules. The cease-and-desist orders were issued after the companies failed to provide required financial information and for failure to post bonds, which ranged from $75,000 for mortgage brokers to $100,000 and up for [...

Group Wants $1 Million Conforming Loan Limit

Posted on June 04, 2009
It seems these days people want the government to do everything, at least when it comes to mortgages. The latest evidence of this comes from a letter sent to the FHFA from the Consumer Mortgage Coalition, urging the regulator to throw out the current conforming loan limits...

Mortgage Rates Revert Back to 2008 Levels

Posted on June 04, 2009
Mortgage rates reverted back to levels not seen since early December 2008 this week, denting hopes of a housing recovery, according to mortgage financier Freddie Mac. ?30-year fixed-rate mortgage rates caught up to the recent rise in long-term bond yields this week to reach a 25-week high,” said Frank Nothaft, Freddie Mac vice president and chief [...

Former Countrywide CEO Mozilo Charged with Fraud

Posted on June 04, 2009
The former CEO of embattled mortgage lender Countrywide, Angelo Mozilo, has been charged with civil fraud, according to the AP. The ex-Countrywide boss, along with two other former executives, was charged by the Securities and Exchange Commission, per an agency spokesman...

NY Governor Looks to Slow Foreclosures

Posted on June 04, 2009
New York Governor David A. Paterson is looking to keep more distressed borrowers in their homes by expanding previous laws and establishing safeguards against foreclosure scams. New legislation would require banks and lenders to give all homeowners a 90-day pre-foreclosure notice so they have more time to work on viable alternatives; this was previously in place [...

Unsold Luxury Condos Converted into Homeless Shelters

Posted on June 04, 2009
Here?s a bit of (feel) good news on the housing front. Some ?luxury condos? in Brooklyn will be used as homeless shelters after failing to attract buyers, according to the Daily News. The new 67-unit complex in Crown Heights comes complete with granite countertops, marble bathrooms, walk-in closets, and terraces...

Hurricane Victims May be Put in Foreclosed Homes

Posted on June 03, 2009
Every storm cloud has a silver lining, right? The federal government is apparently considering housing hurricane evacuees in foreclosed properties if another Katrina-like storm devastates the Gulf region, the AP reported today. The move would aim to ensure that hurricane victims, commonly displaced to neighboring cities, stay put, unlike the many that left New Orleans and never [...

Thrift Losses Fall, But Troubled Assets Rise

Posted on June 03, 2009
The U.S. thrift industry posted a loss of $47 million during the first quarter, a sharp improvement from the fourth quarter when savings and loans lost a collective $5.36 billion. Lower loan loss provisions softened the blow for the under-stress industry as mortgage originations surged to $95...

Higher Mortgage Rates Dent Refinance Activity

Posted on June 03, 2009
The absence of super low mortgage rates killed refinance activity last week, revealing just how weak the mortgage market is without government manipulation, according to the MBA. Mortgage application volume slipped 16.2 on a seasonally adjusted basis (35...

Some Neg Am Loans, Prepays May be Banned in California

Posted on June 02, 2009
Pay option arms, which allow homeowners to make less than the interest-only mortgage payment each month (negative amortization), may be partially banned in the state of California if proposed mortgage reform legislation becomes law. Yesterday, Assemblymember Ted Lieu announced that the California Assembly passed “Assembly Bill 260,” which bans the worst of so-called ?predatory lending practices...

Proposal to Require More Stringent Review of Loan Originators

Posted on June 02, 2009
The FDIC, Office of Thrift Supervision, and National Credit Union Administration, among others, have proposed developing a joint system to register residential mortgage loan originators who are employees of the related regulated institutions. ?The S.A...

Pending Home Sales Rise, But Not By Much

Posted on June 02, 2009
Pending home sales increased for the third consecutive month in April, up 6.7 percent from March and 3.2 percent above year-ago levels as distressed sales and record low rates boosted activity, according to the NAR. ?Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the [...

Foreclosure Starts Hit One Million Mark

Posted on June 01, 2009
Foreclosure starts, the first step of an often lengthy process, already hit the one million mark this year, according to estimates from the Center for Responsible Lending. The group expects foreclosure starts to hit a whopping 2.4 million in 2009, reducing the property values of 70 million households by a staggering $502 billion, or $7,200 per [...

Mortgage Delinquencies Rise, but Pace Slows Somewhat

Posted on June 01, 2009
Mortgage delinquencies rose for the ninth straight quarter, but the pace at which they did slowed a bit, according to credit bureau TransUnion. The national delinquency rate, characterized by home loans 60 days or more past due, increased to 5.22 percent in the first quarter of the year, up from 4...

Homebuyer Tax Credit Modified to Require Down Payment

Posted on May 29, 2009
The much anticipated and hotly contested homebuyer tax credit is officially back on, though with some big changes. Borrowers applying for an FHA loan will now be required to come up with a minimum 3.5 percent down payment, but will be able to use the tax credit for additional down payment or for other closing costs...

Foreclosures and Delinquencies Hit New Record Highs

Posted on May 28, 2009
The seasonally adjusted delinquency rate for mortgage loans on one-to-four unit residential properties increased to 9.12 percent during the first quarter, the MBA said today. That?s up 124 basis points from the fourth quarter of 2008 and 277 basis points from a year ago, a new record going back to 1972...

Mortgage Rates Rise as Bond Yields Jump

Posted on May 28, 2009
Mortgage rates were mostly higher this week thanks to a big jump in long-term bond yields, denting the Treasury’s hopes of keeping them low to spark a housing recovery, Freddie Mac said today. The 10-year bond yield, which economists use to track long-term mortgage rates (what causes mortgage rates to move), increased from 3...

A Tale of Two Houses

Posted on May 27, 2009
I took this photo up in Victorville, which is nearly 100 miles Northeast of Los Angeles (San Bernardino County). It?s one of the harder hit areas of the state, thanks to overbuilding, propped up home prices, and not nearly enough demand. This has been the case in many of the fringe areas of large metropolitan cities, where [...

Three Out of Four Loan Modifications May Re-default

Posted on May 27, 2009
So much for loss mitigation? Between 65 percent and 75 percent of modified mortgages may re-default after 12 months, according to a new report from Fitch Ratings. The credit ratings agency noted that though loan servicers are ramping up loan workouts, they?re fighting off the effects of the recession, including rising unemployment, shrinking disposable income, and possibly [...

Refis Slide as Mortgage Rates Jump

Posted on May 27, 2009
Refinance activity crashed during the week ending May 22 as mortgage rates saw their largest increase in months, according to the MBA. The group?s home loan application index slipped 14.2 percent on a seasonally adjusted basis (13.8 percent unadjusted) during the week, though lending was still up 28...

BankUnited Failure Largest This Year

Posted on May 21, 2009
Troubled bank and mortgage lender BankUnited was shut down today by the Office of Thrift Supervision and placed into FDIC receivership. It was the 34th bank failure of 2009 and the third in the state of Florida so far this year. The failure didn?t come as much of a surprise, as it was widely known that BankUnited [...

Nearly 100 Percent of Homeowners Chose Fixed Mortgages When Refinancing

Posted on May 21, 2009
More than 99 percent of prime borrowers who originally had conforming adjustable-rate mortgages chose fixed-rate loans when they refinanced during the first quarter, according to a report from Freddie Mac. That?s up slightly from the just-below 99 percent share in the fourth quarter; nearly 100 percent of borrowers who originally had fixed-rate loans refinanced into similar [...

Government Could Grab Majority Stake in GMAC

Posted on May 21, 2009
The U.S. government may end up being the majority stakeholder in General Motor?s struggling finance unit GMAC, according to the Detroit News. The Treasury Department is reportedly preparing to offer the provider of auto and home loan financing another $7...

Fed Seen Slowing Mortgage Bond Purchases to Keep Rates Lower Longer

Posted on May 21, 2009
In a bid to keep interest rates on mortgages lower for a longer period of the time, the Fed has apparently decided to slow its purchase of mortgage bonds, according to a research note from Credit Suisse. The analysts said they believe Fed involvement in the mortgage-backed securities market will be necessary well into 2010, and [...

Previous | Next

Related Law Bulletins

Two Homes, Two Mortgage Contingencies, Two Loan Applications, but only One Loan, Who Wins?
Topic: Real Estate Transactions The Appeals Court of Massachusetts...

TWO HOMES, TWO MORTGAGE CONTINGENCIES, TWO LOAN APPLICATIONS, BUT ONLY ONE LOAN, WHO WINS?
Topic: Real Estate Transactions The Appeals Court of Massachusetts...

Filing Date is What Matters When Determining Parties to Name in Mortgage Foreclosure
When a lender makes the decision to foreclose on its borrower&#821...

Homeowners Have Added Protection Against Mortgage Fraud
Albany, NY: The Governor of New York, Eliot Spitzer, is an advocat...

Qualifying for a Mortgage
Here's the formula banks use to determine how much mortgage you ca...