FBI arrests 400 for mortgage fraud and
Thu Jun 19, 2008 02:06PM
mortgage rates are at the highest since last September. Two Bear Sterns managers of two hedge funds related to sub prime mortgage fiasco are indicted. What a joke, then everyone involved in sub prime mess should be arrested too. And...No money down purchase is still possible
Tue Jun 3, 2008 01:06PM
Q: Is that still possible to buy a house with no money down? I would like to take advantage of current prices, but don't want to come with down payment. My credit scores are 691, 713 and 745. I...If you can't verify your income, no jumbo loans for you
Mon May 19, 2008 02:05PM
If you are looking for or currently have a jumbo loan, that is the one over $417,000 unless you live in some very expensive areas, which you probably do not, where this mortgage limit is over $700,000, and your income...Refinancing with bad credit
Mon May 12, 2008 04:05PM
Q: I am trying to refinance and I have first and second mortgages, with 60 days late on my first mortgage and 120 days late on my second. Had some problems that didn't let me keep up with my...Some lenders increase Debt-to-Income ratio to 60 percent
Wed Apr 16, 2008 11:04AM
In an effort to find borrowers who can pay their mortgage loans and will not walk away or get foreclosed, the debt to income ratio has gone up to 60% with certain lenders. To qualify you must at the...Deed-in-lieu of Foreclosure
Mon Apr 7, 2008 04:04PM
The deed in lieu of foreclosure is the procedure where the borrower conveys all interest in a real property to the lender to satisfy a mortgage that is in default and avoid foreclosure proceedings. This deed instrument immediately releases...Stop foreclosure by filing Chapter 13 bankruptcy
Sat Apr 5, 2008 12:04PM
Let me state right away that IMHO, having Chapter 13 Bankruptcy is way better for the credit report than having a foreclosure. So it is another way to stop foreclosure and far from the worst one. Chapter 13 is...Short sale is the last resort to stop foreclosure
Fri Apr 4, 2008 11:04PM
Before the ongoing real estate crisis, short sale would normally take place after property didn't sell on the auction. Then it went back to the lender which put it for a short sale. Such properties often called REO or...Forbearance agreement
Thu Apr 3, 2008 10:04PM
Normally when you loan is delinquent for more than 90 days, the lender files a Notice of Default, starting a foreclosure proceeding. Many states allow you around 30 days to enter into forbearance agreement with the lender. Typically you...Stopping foreclosure - Mortgage Modification
Thu Apr 3, 2008 09:04PM
The key is to start working on stopping foreclosure before it starts. Once the mill start milling, there isn't often much what you can do. The best way is to work with your lender on to modify your mortgage...Bank of America further tightens lending requirements
Tue Mar 11, 2008 10:03PM
Bank of America has just announced that as of March 1, it offers Stated loans to self employed borrowers only. W2 wage earners are no longer eligible. What it means is that if you are W2 computer programmer or...Foreclosure bail out mortgage - a hard money loan - saving your house?
Mon Mar 10, 2008 10:03AM
I have to state right here that in my humble opinion, a foreclosure bail out mortgage is suicidal, and if you are looking for one, you may be better of to look for other alternatives, which we will cover...High income and bad credit scores
Tue Mar 4, 2008 01:03PM
Q: My husband and I make about $58,000 each. My credit scores are in mid 700, while his are in low 500 range. Can we use his income when applying for a mortgage without using his credit scores? A:...Credit Suisse catches subprime virus
Tue Feb 19, 2008 12:02PM
That is the story from Yahoo, but you have to understand that if a bank like Swiss Credit Suisse, which supposedly has one of the very best risk management teams in the banking industry, has to take such an...Foreclosure freeze - 30 day reprieve
Tue Feb 12, 2008 01:02PM
If you are more than 90 days and about to get foreclosed, you may be in luck, as long as your mortgage is with either - Bank of America, Citigroup, Countrywide, J.P. Morgan Chase, Washington Mutual or Wells Fargo -...Higher FICO, Lower Mortgage Payments
Wed Jan 30, 2008 01:01PM
You already know that your FICO score directly affects your mortgage interest rate and, accordingly, your monthly mortgage payments. So it is important to continue repairing your credit history to improve your FICO score. The higher your FICO, the...Foreclosure refinance - can you refinance foreclosure at all
Mon Jan 28, 2008 09:01AM
You can refinance foreclosure and you can not - much depends on the state laws you live in, your credit history, why you are in foreclosure, and equity in your house. The WHY question is important. How much equity...Conforming loan limit as high as $725,000?
Thu Jan 24, 2008 02:01PM
As the part of stimulus package, to address the mortgage crisis, the package also raises the limits on Federal Housing Administration loans and home mortgages that Fannie Mae and Freddie Mac can purchase to as high as $725,000 in...With sub prime lending gone, Alt A loans have followed
Thu Jan 17, 2008 12:01AM
and with that, the home prices will be depressed even further. Chase just announced that it is eliminating the entire suite of Alt A Products. You have to understand the implications of this decision as other lenders will follow without...Can't refinance: property value went down
Thu Dec 20, 2007 10:12AM
Q: We have a big problem with our adjustable rate mortgage. We bought this house 3 years ago and paid $160,000 with 10% down payment, getting a 3 year interest only ARM from a mortgage professional who explained every...Freddie Mac, Countrywide and the rest
Tue Nov 20, 2007 04:11PM
Freddie Mac reported it lost $2 billion in the third quarter and warned it may need to decrease its business unless it can raise new capital. As you undoubtedly aware of, Freddie Mac together with its big sister Fannie Mae...Sub-prime mortgage is officially dead - bad credit borrowers hit rough times
Mon Nov 5, 2007 04:11PM
If you have bad credit, you really have nowhere to go. I don't know how I missed that in August, but Lehman Brothers said Wednesday that it's shutting its subprime-mortgage unit BNC Mortgage LLC and firing 1,200 people, becoming the...As lenders tighten lending guidelines, credit repair alone will not do it
Thu Aug 23, 2007 10:08AM
You need a down payment, and a large one. We wrote about how important was to repair credit or establish credit in March. With all the mortgage woes going on and likely getting worse, banks and mortgage companies have...New 50 year mortgage in - is that a good idea?
Sat Jun 2, 2007 05:06PM
While sub prime mortgage market struggles mighty, the lenders are looking for new products to sell to you as well as to their investors. The latest mortgage program is Fully Amortized 50/30, offers lower monthly payments during the first 10...Sub Prime Mortgage meltdown means lower rates for borrowers with good credit?
Sat Apr 21, 2007 05:04PM
As the the foreclosures hit even luxury segment, the sub prime mortgage is basically thing of the past. Those lenders like Countrywide, HSBC and Wells Fargo, that have had a very large sub prime presence, are fighting among themselves for...Banks to the rescue: new mortgage loans to save you from foreclosure!
Wed Apr 18, 2007 03:04PM
New mortgage loans to save a day, and you from foreclosure - first banks created the problem, now they are the saviors? First mortgage lenders were busy creating loans to make a million dollar home affordable for almost anyone. They...Fixed 5-year mortgage rate at 6.375% is not bad - new Payment Advantage ARM from Countrywide Mortgage
Tue Jan 2, 2007 01:01PM
Countrywide Mortgage has just introduced a new mortgage program, sure to make even those you, timid and indecisive, a bit more comfortable. Almost normal ARM program that gives payment options. It's called the Payment Advantage ARM. While the payment...Mortgage insurance is going tax deductible, so WHAT?
Fri Dec 15, 2006 01:12PM
A lot has been made from the tax bill that was passed by 109th congress in its very last hours. One of the provisions is that private mortgage insurance will be tax deductible for 2007 - only for the purchase...Paying mortgage origination points
Wed Dec 6, 2006 05:12PM
Q: Should you pay mortgage points? There are many sites and books showing you complicated calculations, helping to decide on, should you pay or not? I have seen many publications advocating paying mortgage points for a slightly lower interest...If the house was listed on MLS, can I refinance?
Sat Oct 21, 2006 08:10PM
Normally conventional lenders don't have any issues in such a case, if the house has been off the Multiple Listing Service for at least 6 months. Anything less than 6 months requires some additional work and cost. You would...Soft prepayment penalty vs. hard prepayment penalty
Thu Oct 5, 2006 10:10PM
Q: What is the difference between soft and hard prepayment penalties? A: Hard prepayment penalty penalizes if you either refinance or sell. Soft prepayment penalty only penalizes in case you refinance....How can I borrow on my home if I have credit score below 600?
Mon Sep 25, 2006 08:09PM
Q: There are a few questions I want to ask. How can I do a mortgage refinancing now when I have a real bad credit score, it is below 600 and I have been in default lately with my...How to refinance second mortgage
Wed Sep 6, 2006 04:09PM
Q: I want to refinance second mortgage I have on my house. I bought this house a year ago with 10 percent down for $350,000. I had a rather bad credit with the scores at 608, 615 and 627....Changing mortgage loan amount to reduce payment
Tue Aug 8, 2006 11:08AM
Q: I refinanced my house in March, 2003. I took 5 year adjustable rate mortgage at 3.875%. The mortgage loan amount was $150,000 and the monthly principal and interest payment has been $705.36. I've been making additional principal payments...Washington Mutual mortgage question
Mon Jul 31, 2006 10:07PM
Q: I am buying my first house and the mortgage broker I am working with, told me that she would cover all closing costs up to $2,000, and in the worst case, I would only pay few hundred dollars...Reverse mortgage
Thu Jul 20, 2006 12:07PM
Reverse mortgage is rather hot topic these days. Several readers have asked questions about reverse mortgage and we are going to try our best to explain this mortgage product. As housing market has significantly cooled off, and will likely slow...Mortgage insurance
Mon Jul 3, 2006 10:07AM
Q: What can you advise on mortgage insurance. We recently bought our first house, the mortgage is about $300,000. Letters soliciting mortgage insurance have been coming every week. We got offers on disaster mortgage protection, mortgage accidental death coverage,...Rising interest rates, adjustable rate mortgages, bad credit, low home equity and debt
Fri Jun 23, 2006 09:06AM
That is a long title, I know, but we actually should have made it longer. You see, all these factors - rising interest rates, adjustable rate mortgages, bad credit, low home equity and debt, plus more stringent lending criteria by...Comeback Credit mortgage
Fri Jun 16, 2006 10:06AM
Comeback Credit home loan is the Fixed Rate Mortgage that helps borrowers with bad credit lower their interest rate. As mortgage interest rates have gone up, no borrowers were hit harder than those with large debt and bad credit. Sub...Bad credit mortgage can be harder to get
Thu Jun 8, 2006 03:06PM
If you obtained bad credit mortgage few years ago, chances are you have a high rate that has been fixed for 2 or 3 years, as vast majority of bad credit mortgage loans were 2/28 or 3/27 adjustable rate mortgages....Option ARM advantages
Tue Jun 6, 2006 10:06AM
Option ARM's the main and only advantage is its flexibility. You, the borrower must understand exactly how this mortgage product is structured. There are few cases where Option ARM has a clear cut benefit for a buyer. First, it is...Helpful Links
Recent Entries
- FBI arrests 400 for mortgage fraud and
- No money down purchase is still possible
- If you can't verify your income, no jumbo loans for you
- Refinancing with bad credit
- Some lenders increase Debt-to-Income ratio to 60 percent
- Deed-in-lieu of Foreclosure
- Stop foreclosure by filing Chapter 13 bankruptcy
- Short sale is the last resort to stop foreclosure
- Forbearance agreement
- Stopping foreclosure - Mortgage Modification
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