BofA offers principal reduction
Bank of America has agreed to provide mortgage relief, including partial loan forgiveness, to more than 200,000 borrowers.
The agreement is part of the $25 billion national mortgage settlement with five of the nation's biggest lenders that was announced last month and is expected to be filed today in federal court.
A spokesman for the bank says
Poll: Foreclosure abuse persists
Statistically, America may be digging out of the foreclosure quagmire caused by subprime mayhem and the subsequent collapse of the housing bubble ...
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Tagged Fannie Mae, Foreclosure, Freddie Mac, HAMP, Mortgages
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Jobs situation: Not as bad, not great
The economy added 227,000 new jobs in February, according to a report released this morning. That's not bad but not as good as January, when 284,000 new jobs were added.
The unemployment rate held steady at 8.3 percent, which is the lowest level it has reached in three years. If you are one of the 12.8
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Tagged job, mortgage, Mortgages, unemployment
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Shady force-placed insurance
If you have a mortgage, you know your lender requires you to pay for property insurance until the loan is paid in full. But do you know what happens if your coverage lapses or if at some point the lender decides you don’t have sufficient insurance? The lender buys insurance on your behalf and charges
Foreclosure activity surges
More than 230,000 mortgages began the foreclosure process in January, a 28 percent increase from December.
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Tagged Foreclosure, foreclosures, Mortgages, paperwork, process
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FHA refis get easier, cheaper
The government has made it easier and cheaper for borrowers who have a Federal Housing Administration mortgage to refinance their loans at lower rates through the FHA streamline refinance program.
About two million to three million borrowers will be eligible to refinance through the program, according to estimates by the administration.
President Barack Obama said Tuesday that
Luxury home prices still falling
At the beginning of the housing crash, it seemed as though luxury homes might be spared the worst of it. But the latest Standard & Poor's/Case-Shiller Home Price Indices show that in many metro areas, prices are stabilizing among cheaper homes but still falling in the high-end real estate market.
So far, according to Smart Money
Top foreclosure bargain cities
Want to buy a home for half the price? Move to Milwaukee.
No? How about Philadelphia or Boston?
Bank-owned homes in these three metro areas sold with an average discount of more than 50 percent in the fourth quarter of 2011. That's compared to the price of nonforeclosure homes that sold during that period, according to RealtyTrac.
10
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FHA fees are going up. Hurry!
A few weeks ago I told you if you wanted to get a Federal Housing Administration mortgage, you should get moving to avoid higher mortgage fees. I hope you didn’t ignore my advice, but if you did, here goes your second chance to save money.
The FHA says that on April 1, it will increase its
FHA fees on the rise again
Beginning April 1, borrowers will pay more for upfront mortgage insurance from the Federal Housing Administration, or FHA. Fees were last raised in April 2011 and are at the highest in the FHA's history.
Premiums for the insurance will rise from 1 percent to 1.75 percent of the base loan. The FHA estimates the increase will