Archive for March, 2010

HEFI: Home Equity Fractional Interest

It has been my experience in life that before something goes mainstream and everyone knows about it, people usually work on it behind the scenes for a long time.
I suspect the HEFI program (explained to me by Equidebt Solutions recently) is no different — it is complex enough that I bet someone has been working [...]

Five More “Hardest Hit” States Get Mortgage Aid

The Obama administration said it is increasing the number of states that will receive funds aimed at stemming the tide of foreclosures. The news came on the heels of changes made last week to the government’s mortgage loan modification program.
The second HFA Hardest Hit Fund is targeting five states that have a high percentage of homeowners in economically [...]

Government Tries More Loan Modification Experiments

According to White House economic advisor, it is expected that somewhere between 10 million and 12 million foreclosures are going to happen over the next three years.
And the White House along with other government institutions have released a plan designed to help at least some of the millions of people who may fall into the [...]

FHA 90 Day Flip Rule: Is There One?

If you are wanting to buy a home and finance the home with an FHA loan, chances are that your lender may have mentioned a “FHA 90 day flip rule”.
Some lenders have a rule in place that they will not lend you money for an FHA loan if the home you are buying has been [...]

More People Are Paying Cash to Buy Homes

More people are using cash to purchase homes. Data from the National Association of Realtors (NAR) show that 26% of home sales in January were all-cash purchases, compared with 18% a year earlier, according to USA Today.
Although some buyers are paying cash for homes to live in, many of these transactions are attributed to investors getting [...]

Will Getting A Loan Modification Hurt Your Credit Score?

Many people who are getting a loan modification are finding out that their credit score is suffering.
It appears that in some cases, when a lender agrees to a loan modification, the credit bureau is notified and the result is a lower credit score.
Even if you have been on time with your mortgage payment, participating in [...]

Woman Files Suit Over Bank Padlocking Home, Taking Parrot

Apparently a Bank of America contractor who mistakenly thought a house was empty when the owner was away, padlocked the home and cut off the utilities.
Angela Iannelli, who lives near Pittsburgh, says the worker also stole her pet parrot, Luke, causing her emotional distress during the week she couldn’t find him, according to the Wall Street Journal. She said [...]

5 Secrets To Success When Getting a Mortgage

Getting a mortgage doesn’t have to be difficult… well, okay – maybe it is not as easy as it was a few years ago to get a loan. But there are still things that you can do to make it as easy as possible.
Here are some simple things that you can do to make it [...]

Guidance for Currently FHA-Approved Loan Correspondents Regarding Renewal of FHA Lender Approval

Directly from HUD this morning:
As proposed in a November 30, 2009, proposed rule (74 FR 62521), HUD is seeking to eliminate FHA approval for loan correspondents. Because this rulemaking is still in process and a final rule has not yet been issued, FHA is extending the deadline for the submission of audited financial [...]

Government’s Refinance Program Gets an Extension

Still looking for help with your mortgage loan? The government has extended its Home Affordable Refinance Program for another year. The refinance program was set to expire in June, but the Obama administration hopes that a larger chunk of distressed homeowners can be helped.
Originally the government had hoped that about 5 million homeowners would be helped by the program. [...]