Want a mortgage? Spend carefully
Thinking of applying for a mortgage? Make sure you plan ahead so that you don't become part of this statistic.
More than one in four mortgage applications submitted to the 10 largest lenders in the United States in 2010 were denied, according to a recent analysis done by The Wall Street Journal. Many of the rejections
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Tagged credit history, credit scores, Mortgages
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Home prices up slightly
It looks like the spell is finally broken. Home prices rose for the first time in eight months, according to the Standard & Poor's Case-Shiller index.
The 20-city composite index increased 0.8 percent from March to April, shows a report released Tuesday.
That's somewhat good news, but don’t get too excited. The average price of a single-family
The end of reverse mortgages?
When home values were going up like a rocket, lenders often marketed reverse mortgages as a gateway to financial freedom. Now, some of them want out.
Wells Fargo says it will stop offering reverse mortgages as of June 30. Bank of America stopped offering them in February. The two lenders accounted for about half of the
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Mortgage help for unemployed
If you are behind on your mortgage payments because you lost your job, you may be able to get up to $50,000 in help from the government.
But act quickly.
This week, HUD announced a new interest-free government loan program for homeowners who are on the verge of foreclosure. It's called the Emergency Homeowners' Loan Program (EHLP),
HUD says BofA ‘hindered’ probe
Bank of America came under fire last week when it was revealed that the nation's largest lender "significantly hindered" a federal probe into its foreclosure practices on FHA loans.
The report, filed by a Department of Housing and Urban Development inspector general on June 1, was obtained by Bloomberg News when it was admitted into evidence as part
Foreclosure delay, delay, delay
Ominous numbers from RealtyTrac this week. The online marketplace for foreclosure properties says foreclosure filings in May were 33 percent lower than in May 2010, while, at the same time, the inventory of unsold, repossessed homes went up.
Even as foreclosures decline, homebuying is declining even faster.
"We have a lot of distressed properties on the market,
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Tagged Foreclosure, Mortgages, real estate
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Mortgage chat today
Today's live chat about mortgages begins at 2 p.m. eastern time. The chat is titled "Trying to buy or refi." Mortgage reporter Polyana da Costa and I will answer questions. Janet Stauble will moderate questions and comments.
We're prepared to answer questions about mortgages, refinances, break-even times, documentation, and basic stuff like that. We're not qualified
Mortgage chat Monday
We will have a live chat about mortgages on Monday, and you are invited.
The chat, titled "Trying to buy or refi," begins at 2 p.m. eastern time Monday. Mortgage reporter Polyana da Costa and I will answer questions.
Loan officers and brokers are welcome to listen in and comment and help answer tough questions. I've done
Busted for bad loan mods
If you're one of the many homeowners who have gone through the frustrating experience of trying to work with your lender to get a loan modification, this may serve as a bit of consolation.
The U.S. Treasury says it is withholding incentive payments owed to the three of largest servicers participating in the Home Affordable Modification
Fannie to inspect delinquent homes
If you happen to see a contractor walking around your house, taking pictures, don't panic. It's just your lender "inspecting" your property.
According to new rules announced by Fannie Mae this week, mortgage servicers will be required to "order" a "property inspection" no later than 45 days after a homeowner misses a mortgage payment. "The servicer
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