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California, Florida Cities Dominate Foreclosure Rankings

By:: Kirk Haverkamp - MortgageLoan.com | July 31, 2009

Sun Belt cities continue to be pummeled by foreclosures, with California and Florida heavily dominating the list of worst-affected communities, according to new data from the foreclosure management firm RealtyTrac.

New Truth-in-Lending Protections Take Effect

By:: Kara Johnson - MortgageLoan.com | July 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:: Kara Johnson - MortgageLoan.com | July 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.

Lenders Pressured to Modify More Mortgages

By:: Kirk Haverkamp - MortgageLoan.com | July 30, 2009

The Obama Administration is putting increased pressure on the nation's lenders to step up the pace of mortgage loan modifications performed under the government's Making Home Affordable (MHA) foreclosure avoidance program.

Elderly Increasingly Rely on Credit Cards for Medical,Other Expenses

By:: Peter King - MortgageLoan.com | July 29, 2009

Elderly consumers are piling up credit card debt at a rate far exceeding all other age groups, with health care costs and deteriorating values of retirement savings causing many age 65 and older to increasingly rely on plastic for routine living expenses.

Some Lenders Farming Out Loan Modification Work to Third Parties

By:: Kirk Haverkamp - MortgageLoan.com | July 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 Home Sales Jump

By:: Kirk Haverkamp - MortgageLoan.com | July 28, 2009

Sales of newly constructed homes rose 11 percent in June, according to new data released by the Commerce Department, as buyers continue to be drawn back into the market by low prices, tax incentives and mortgage rates that remain near historic lows.

New Rules On Appraisals Draw Fire

By:: Kara Johnson - MortgageLoan.com | July 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.

New Rules Would Require Clearer Disclosure of Mortgage Terms

By:: Kara Johnson - MortgageLoan.com | July 27, 2009

New rules designed to provide consumers with a clearer understanding of the potential costs and risks of a particular type of loan when applying for a mortgage or home equity line of credit (HELOC) have been proposed by the Federal Reserve Board of Governors.

Administration Considers Mortgage Assistance for Unemployed

By:: Peter King - MortgageLoan.com | July 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.

Mortgage Rates Show Mixed Results

By:: Kara Johnson - MortgageLoan.com | July 24, 2009

Mortgage rates posted a mixed performance this past week, with the three leading weekly surveys showing significant disagreement over which way rates are headed.

Avoiding Foreclosure Avoidance Scams

By:: Kirk Haverkamp - MortgageLoan.com | July 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:: Kara Johnson - MortgageLoan.com | July 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?

Existing Home Sales Up for Third Straight Month

By:: Peter King - MortgageLoan.com | July 23, 2009

Sales of existing homes rose for the third month in a row in June, the first time that's happened in five years, according to survey data released today by the National Association of Realtors.

Opportunities and Challenges for Repeat Home Buyers

By:: Kirk Haverkamp - MortgageLoan.com | July 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.

New Limits on Credit Rating Agencies Proposed

By:: Kara Johnson - MortgageLoan.com | July 22, 2009

New rules to tighten regulation of credit rating agencies, which were blamed for failing to properly assess the risk of mortgage-backed securities prior to the collapse of credit markets last fall, are being proposed by the Obama Administration.

203(k) Mortgage Covers Both Purchase and Repairs

By:: Kara Johnson - MortgageLoan.com | July 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.

FHA Mortgages Set Record in June

By:: Peter King - MortgageLoan.com | July 21, 2009

Nearly 186,000 Federal Housing Administration (FHA) loans were made in June, the most in the agency's history, as its relatively relaxed lending standards continue to attract homebuyers squeezed out of other credit markets.

Freddie Mac Offers Incentives on Foreclosed Homes

By:: Peter King - MortgageLoan.com | July 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.

Leading Economic Indicators Rise Again

By:: Kara Johnson - MortgageLoan.com | July 20, 2009

The Index of Leading Economic Indicators rose for the third straight month in June, reinforcing hopes that the recession is nearing an end, even as a companion index showed actual economic activity continues to decline.

Will A Loan Modification Affect Your Credit?

By:: Peter King - MortgageLoan.com | July 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.

New Housing Starts Up in June

By:: Kara Johnson - MortgageLoan.com | July 17, 2009

New home construction rose in June, driven by a strong surge in construction starts on single-family homes, which were up nearly 15 percent from May's level, according to new figures released by the Census Bureau.

Short Sales Can Be an Attractive Alternative to Foreclosure

By:: Kara Johnson - MortgageLoan.com | July 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.

Foreclosures Up 11 Percent in Second Quarter

By:: Kara Johnson - MortgageLoan.com | July 16, 2009

Foreclosures filings rose nearly 11 percent in the second quarter of the year, as a number of lenders lifted voluntary moratoriums that had been in place during the first few months of the year and job losses continued to take their toll on the housing market.

Some states offer financial aid to avert foreclosure

By:: Peter King - MortgageLoan.com | July 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.

Mortgage Refinances Pick Up as Rates Drop

By:: Kirk Haverkamp - MortgageLoan.com | July 15, 2009

Mortgage refinancing activity jumped sharply last week as 30-year interest rates dropped back down toward the magic 5 percent mark.

Home Prices Rise for Second Straight Month

By:: Peter King - MortgageLoan.com | July 14, 2009

Home prices rose for the second month in a row in May, with increases posted in all four major regions of the United States, according to the monthly IAS360 Home Price Index.

Quickly Raising Money for a Down Payment

By:: Peter King - MortgageLoan.com | July 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.

FHA, VA Account for One in Three New Mortgages

By:: Kara Johnson - MortgageLoan.com | July 13, 2009

Government-insured mortgages, those backed by the FHA or VA, are at their highest rate in almost two decades, accounting for more than one mortgage application in three.

Foreclosure Avoidance Workshops Offer Quick Help for Mortgage Woes

By:: Kara Johnson - MortgageLoan.com | July 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.

Lenders Urged to Step Up Loan Modification Efforts

By:: Peter King - MortgageLoan.com | July 10, 2009

Expressing dissatisfaction with the progress to date under the government's Making Home Affordable Program the Obama Administration is urging the nation's lenders to do more to help financially troubled homeowners obtain mortgage loan modifications.

GAO Highlights Problems with Reverse Mortgage Marketing

By:: Kirk Haverkamp - MortgageLoan.com | July 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.

Small Increase Reported in Quarterly Home Prices

By:: Kara Johnson - MortgageLoan.com | July 09, 2009

Quarterly home prices have risen nationwide for the first time since 2006, according to at least one new study, with prices edging up 1.7 percent over the previous quarter.

Mortgage Rates Steady, Applications Rise

By:: Kirk Haverkamp - MortgageLoan.com | July 08, 2009

Mortgage activity increased last week, with applications for both refinances and new home purchases rising after interest rates backed down from recent highs.

FBI Identifies Newly Emerging Mortgage Frauds

By:: Peter King - MortgageLoan.com | July 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.

Credit Delinquencies Hit Record Levels

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

Delinquencies on credit cards, home equity loans, personal loans and other forms of consumer credit all rose in the first quarter of 2009, as more Americans struggled to pay their bills in the face of mounting job losses and a worsening economy.

Home Prices Predicted to Keep Dropping

By:: Kara Johnson - MortgageLoan.com | July 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.

Michigan Restores Federal Mortgage Credit Program

By:: Kirk Haverkamp - MortgageLoan.com | July 06, 2009

First-time home buyers in Michigan are getting an added incentive to buy a home, as the state is rejoining an old and often overlooked federal tax credit program.

25-Year Mortgage Refinancing Option Offered

By:: Peter King - MortgageLoan.com | July 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:: Peter King - MortgageLoan.com | July 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.

Foreclosures Hit One Mortgage in Forty

By:: Kirk Haverkamp - MortgageLoan.com | July 02, 2009

Foreclosures rose sharply during the first quarter of the year, increasing by more than 20 percent to account for one in 40 outstanding U.S. mortgages, according to government figures released this week.

Foreclosures Hit One Mortgage in Forty

By:: Kirk Haverkamp - MortgageLoan.com | July 02, 2009

MHA Refinace Limit Raised to 125 Percent

By:: Peter King - MortgageLoan.com | July 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.

Mortgage Applications Drop Sharply

By:: Kara Johnson - MortgageLoan.com | July 01, 2009

Mortgage applications dropped sharply last week, declining almost 19 percent from the week before despite a third consecutive week of falling interest rates, the Mortgage Bankers Association (MBA) has reported.