Archive for General
Homeowners Squeezed by Housing Costs, Report Says
The Joint Center for Housing Studies at Harvard University recently released its State of the National Housing 2010 report and found that 40.3 million households spend more than 30% of their incomes on housing in 2008, and 18.6 million spend more than half their incomes on housing.Â
The report also found that one in seven homeowners [...]
Manage Your Online Reputation
When searching in Google for information on a company, many times, the Google Suggest feature will suggest relevant searches. for example, if you search for “Lending Tree”, it will suggest “Lending tree Reviews” and “Lending Tree Complaints”. It is wise to see what is showing up and at least respond to any complaints when possible. [...]
More Borrowers Leave Mortgage Loan Modification Program
Almost twice as many people dropped out of the government’s mortgage loan modification program in June as those who received permanent modifications, according to the Treasury Department.
There were 91,000 dropouts in June, which means that 530,000 homeowners have left the mortgage program without a permanent loan modification, reported Reuters. Only 49,000 borrowers received permanent mortgage modifications, [...]
Pregnancy Could Hurt Mortgage Loan Prospects
Pregnancy has a lot of risks associated with it. But other than some of the obvious health issues involved, now your dreams of home ownership could be affected.
Apparently mortgage lenders are giving the thumbs down to parents who are expecting a baby or are on maternity leave when they apply for mortgage loans, according to the New [...]
Wells Fargo Closing Unit That Made Subprime Mortgages
Wells Fargo announced that it is shutting down its unit that originates “non-prime portfolio mortgage loans.” The bank also said it plans to lay off about 3,800 workers as it closes the Wells Fargo Financial division.
Wells Fargo said in a statement:
Customers with existing Wells Fargo Financial consumer loans and clients of Wells Fargo Financial’s commercial businesses [...]
Strategic Default: Fannie Mae Cracks Down
If you are planning on just walking away from your home even though you might be able to afford it, a recent rule change by Fannie Mae may make you think twice about it.
Fannie Mae announced that they are changing the rules so that there is a seven year lockout for borrowers who are considered [...]
How Long Before Everything Is Better?
How long, would you say, did it take for America to plunge itself into the economic shame spiral out of which we’re trying so desperately to climb? A year? Two? More like 8 years or so, by my count.
So, why … WHY is it that everyone, from the local janitor all the way up to [...]
Mortgage Relief for Gulf Coast Borrowers Affected By Oil Spill
So, you’re a fisherman living and working along the Gulf Coast of Alabama (or Louisiana or Mississippi … take your pick). All is going well. You work hard, but you pay your bills and there’s food on the table.
BOOM!
On April 20, 2010 (though you mightn’t have recognized it on that day), your life changed, and [...]
Stated Income Loans: Are They Making A Comeback?
Late last week, I got an email from a lender with something I haven’t seen for a while — a stated income loan offering.
Are stated income loans making a comeback?
They are at one lender – which means that other lenders are likely to follow suit soon.
Highlights of the Stated Income loan offered at this lender:
720 [...]
FHA Reverse Mortgages: What About Happens If Seniors Don’t Pay Their Property Taxes?
The FHA reverse mortgage program is popular with seniors who want to convert the equity they have in their home for cash. Â As underwriting guidelines have changed over the last few years with regards to people doing cash-out refinances, the FHA reverse mortgage guidelines have remained somewhat unchanged.
As long as a senior meets the age [...]