Articles by Subject

New Truth-in-Lending Protections Take Effect

By:
Kirk Haverkamp - MortgageLoan.com | Fri, 07/31/2009

They haven't drawn a lot of attention, but some new consumer protection rules under the Truth in Lending Act took effect July 30. Here's a rundown on how they'll affect you if you're planning to purchase a new home or refinance your current mortgage.

FHA to Begin Offering Makng Home Affordable Loan Modications

By:
Kirk Haverkamp - MortgageLoan.com | Thu, 07/30/2009

Until now, financially pressed homeowners with an FHA-backed mortgage couldn't obtain a loan modification under the generous terms of the government's Making Home Affordable Program (MHA). But that's about to change.

Some Lenders Farming Out Loan Modification Work to Third Parties

By:
Kirk Haverkamp - MortgageLoan.com | Wed, 07/29/2009

An increasing number of mortgage lenders and servicers, mostly smaller ones, are turning to third-party loss mitigation companies to assist them in working out loan modifications for customers who are falling behind on their mortgages.

New Rules On Appraisals Draw Fire

By:
Kirk Haverkamp - MortgageLoan.com | Tue, 07/28/2009

If you're thinking about buying a home or refinancing your current mortgage, you're going to need an appraisal so the lender has an accurate evaluation of what the property is worth. But recently, that's gotten a bit more complicated, thanks to a new rule called the Home Valuation Code of Conduct.

If you're thinking about buying a home or refinancing your current mortgage, you're going to need an appraisal so the lender has an accurate evaluation of what the property is worth.

Administration Considers Mortgage Assistance for Unemployed

By:
Kirk Haverkamp - MortgageLoan.com | Mon, 07/27/2009

Of all the programs the government has put forward to help homeowners avoid foreclosure, none of them do much about the underlying problem of unemployment. But that could be about to change.

Avoiding Foreclosure Avoidance Scams

By:
Kirk Haverkamp - MortgageLoan.com | Fri, 07/24/2009

Bad times, unfortunately, sometimes bring out the worst in people. That's particularly true in the case of scam artists, who tend to proliferate during economic downturns. As the number of homeowners at risk of foreclosure or in other financial difficulty has grown, there's also been an increase in the number of con artists seeking to profit from their misfortune.

Study: Paying Off Mortage Beats Investments for Retirees

By:
Kirk Haverkamp - MortgageLoan.com | Thu, 07/23/2009

For a retiree with a mortgage, what's the best option? Use your accumulated savings and investments to pay off the mortgage and live debt-free? Or to hang onto those savings and investments to provide liquidity and earnings, while continuing to pay down the mortgage as usual?

Opportunities and Challenges for Repeat Home Buyers

By:
Kirk Haverkamp - MortgageLoan.com | Wed, 07/22/2009

For those fortunate enough to be secure in their employment and finances, the current housing market is very appealing. But for current homeowners who are looking to move up, things can be a bit more challenging right now than for those who are buying for the first time.

203(k) Mortgage Covers Both Purchase and Repairs

By:
Kirk Haverkamp - MortgageLoan.com | Tue, 07/21/2009

Foreclosed properties can offer some great bargains, but they often require a fair amount of repairs to make them livable. Fortunately, there's an FHA program - the 203(k) loan - that enables home buyers to roll the purchase price and estimated cost of repairs into a single mortgage right up front.

Freddie Mac Offers Incentives on Foreclosed Homes

By:
Kirk Haverkamp - MortgageLoan.com | Mon, 07/20/2009

For homebuyers, there are a lot of good deals on foreclosed properties right now, especially with mortgage rates being as low as they are. And Freddie Mac has just sweetened the deal.

Will A Loan Modification Affect Your Credit?

By:
Kirk Haverkamp - MortgageLoan.com | Fri, 07/17/2009

One concern that many people have about getting a mortgage loan modification is how it will affect their credit rating. They may be in a position where a loan modification would help them, but they hesitate to pursue one for fear of harming their credit.

Short Sales Can Be an Attractive Alternative to Foreclosure

By:
Kirk Haverkamp - MortgageLoan.com | Thu, 07/16/2009

So you've come to the conclusion that you can't afford your mortgage and you've had no luck trying to work out a refinance or a loan modification. Is there anything you can do other than sit around and await the inevitable? Actually, there is - a short sale.

Some states offer financial aid to avert foreclosure

By:
Kirk Haverkamp - MortgageLoan.com | Wed, 07/15/2009

When it comes to government foreclosure avoidance programs, much of the focus has been on federal efforts such as Making Home Affordable. But many states offer their own programs as well, some of which even offer direct financial assistance for qualified homeowners.

Quickly Raising Money for a Down Payment

By:
Kirk Haverkamp - MortgageLoan.com | Mon, 07/13/2009

Raising the money to cover a down payment and closing costs can be a major challenge for potential homebuyers. In fact, four out of five Americans regard it as the number one obstacle to buying a house, according to a recent survey by the National Association of Realtors.

Foreclosure Avoidance Workshops Offer Quick Help for Mortgage Woes

By:
Kirk Haverkamp - MortgageLoan.com | Fri, 07/10/2009

Wouldn't it be great to solve all your mortgage problems in just a day? There are a lot of horror stories out there about homeowners getting an endless runaround in trying to obtain a loan modification under the government's Making Home Affordable plan, spending weeks trying to get their application approved while their financial situation steadily worsens. But there is a way to get quick help - but you have to be alert for the opportunity.

GAO Highlights Problems with Reverse Mortgage Marketing

By:
Kirk Haverkamp - MortgageLoan.com | Thu, 07/09/2009

Reverse mortgages are an increasingly popular way for senior citizens to tap into the equity in their homes in order to pay bills or improve their standard of living. However, they also have a number of shortcomings and potential risks that may be hidden through misleading marketing.

FBI Identifies Newly Emerging Mortgage Frauds

By:
Kirk Haverkamp - MortgageLoan.com | Wed, 07/08/2009

Mortgage fraud is rising along with the slumping economy and real estate market. And the scam artists are coming up with new schemes to con homeowners, borrowers and lenders out of their money and property.

Home Prices Predicted to Keep Dropping

By:
Kirk Haverkamp - MortgageLoan.com | Tue, 07/07/2009

Despite recent suggestions that the housing market is stabilizing, home prices will likely continue to decline another two years, according to a leading assessment of real estate market trends.

25-Year Mortgage Refinancing Option Offered

By:
Kirk Haverkamp - MortgageLoan.com | Mon, 07/06/2009

You don't often hear about 25-year mortgages, but it's one of the newest options the Obama Administration is adding to the mix under its Making Home Affordable Program.

Improving Your Credit Score

By:
Kirk Haverkamp - MortgageLoan.com | Fri, 07/03/2009

So how do you go about improving your credit score? Good credit is the key factor in getting the best interest rates when buying a home or refinancing a mortgage. In today's tight credit markets, it even can determine whether you qualify for a loan at all.

MHA Refinace Limit Raised to 125 Percent

By:
Kirk Haverkamp - MortgageLoan.com | Wed, 07/01/2009

Many homeowners who are underwater on their mortgages now have a new option for reducing their monthly payments - refinancing under the government's Making Home Affordable Program.