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Treasury Streamlines HAMP Loan Modification Guidelines

By:: Kara Johnson - MortgageLoan.com | January 29, 2010

The Treasury Department is simplifying and standardizing key documents needed to apply for loan modifications under the government’s Home Affordable Modification Program (HAMP), in hopes of speeding approvals for homeowners seeking mortgage relief.

Foreclosure, Short Sale May Not Free You From Mortgage Debt

By:: Kirk Haverkamp - MortgageLoan.com | January 29, 2010

As more homeowners fall behind on their house payments or find themselves “underwater” on their mortgages, many are choosing to simply give up the home through foreclosure or a short sale. Unfortunately, that doesn’t always free them from their financial burden.

More and more, homeowners who have lost their homes through foreclosure or given them up through a short sale are shocked to discover their lenders are still coming after them for the unpaid balance on the mortgage.

Get Preapproved Before You Start Home Shopping

By:: Peter King - MortgageLoan.com | January 28, 2010

Getting a mortgage can be difficult these days. So when shopping for a new home, it helps to be preapproved before you start your search or make an offer to a seller.

Record 2.8 Million Foreclosures Reported in 2009

By:: Peter King - MortgageLoan.com | January 28, 2010

A record 2.8 million U.S. properties went into foreclosure last year, a 21 percent increase over the year before and more than double the number recording in 2007, according to figures released today by the foreclosure tracking company RealtyTrac.

Mortgage Rates Hold Steady

By:: Kara Johnson - MortgageLoan.com | January 28, 2010

Mortgage rates remained relatively unchanged this past week, according to the weekly Freddie Mac market survey.

Bank of America Signs On to Second Lien Modification Program

By:: Peter King - MortgageLoan.com | January 27, 2010

Bank of America has announced that it will participate in a government program to modify second liens on home mortgages, becoming the first lender to agree to do so.

Should You Always Avoid Prepayment Penalties?

By:: Peter King - MortgageLoan.com | January 27, 2010

Prepayment penalties, also known as cancellation fees, are one of the classic pitfalls that await the unwary borrower. All too often, a homeowner selling or refinancing their home has been stunned to discover that they first have to pay a penalty of several thousand dollars to get out of their current mortgage.

New Home Sales Drop for Second Month

By:: Kirk Haverkamp - MortgageLoan.com | January 27, 2010

New home sales fell to an annual rate of 342,000 in December, according to figures released today by the Commerce Department, exceeding the expectations of economists who had predicted a much smaller decline.

Home Prices Show Mixed Picture

By:: Peter King - MortgageLoan.com | January 26, 2010

Seasonally adjusted U.S. home prices posted a small increase in November, despite signs of weakness in several areas that present a mixed picture of the overall housing market.

Rep. Frank Calls for Fannie, Freddie to be Eliminated

By:: Peter King - MortgageLoan.com | January 25, 2010

Fannie Mae and Freddie Mac, the giant lenders that support the majority of the U.S. mortgage market, should be abolished and replaced with a new system to back mortgage lending, according to U.S. Rep. Barney Frank, chair of the House Financial Services Committee.

Can a Cosigner Help You Qualify for a Mortgage?

By:: Kirk Haverkamp - MortgageLoan.com | January 23, 2010

If you’re looking to buy or refinance a home but are having trouble qualifying for the mortgage, you might consider getting a cosigner to help.

State Attorneys General Urge Mortgage Principal Markdowns

By:: Kirk Haverkamp - MortgageLoan.com | January 22, 2010

A task force of state attorneys general and banking regulators is calling for principal reductions on “underwater” mortgages in order to stem foreclosures in areas that have experienced steep declines in housing values.

New iPhone Aps Simplify Home Shopping

By:: Kara Johnson - MortgageLoan.com | January 22, 2010

House-hunting has become a lot easier and more convenient, thanks to some new iPhone applications that provide instant access to real estate listings and other information while touring neighborhoods of interest.

How Your FICO Credit Score Works

By:: Kirk Haverkamp - MortgageLoan.com | January 21, 2010

Everyone knows that you need a good credit score to qualify for a mortgage and get the best interest rates. But how are credit scores determined? What, if anything, can you do to improve a poor one?

Mortgage Rates Drop Back Below 5 Percent

By:: Peter King - MortgageLoan.com | January 21, 2010

Mortgage interest rates fell back below the 5 percent threshold this past week, despite predictions that sharp increases are on the way as the government winds down a program designed to support credit markets.

Mortgage Rates Drop Back Below 5 Percent

By:: Kara Johnson - MortgageLoan.com | January 21, 2010

FHA Tightens Up Mortgage Lending Guidelines

By:: Peter King - MortgageLoan.com | January 20, 2010

Getting an FHA mortgage is about to get a bit more expensive and a bit more difficult.

Buy a New Home, Let the Current One Go to Foreclosure?

By:: Kirk Haverkamp - MortgageLoan.com | January 19, 2010

Suppose you’re way upside down on your mortgage. Can you buy another house at today’s discounted prices, then simply stop payments on the first one and let it go into foreclosure?

More Homeowners Approved for Permanent Loan Modifications

By:: Kirk Haverkamp - MortgageLoan.com | January 19, 2010

The number of permanent loan modifications finalized under the government’s Making Home Affordable Program more than doubled in December, following criticism that few homeowners were obtaining long-term mortgage relief under the program.

The Treasury Department reported that, as of the end of December, 66,465 had received permanent loan modifications under the program, up from 31,382 at the end of November.

FHA Mortgage Restriction Eased for Foreclosure Repurchases

By:: Kirk Haverkamp - MortgageLoan.com | January 18, 2010

To encourage the resale of foreclosed properties, the Department of Housing and Urban Development (HUD) is temporarily easing a restriction on the type of properties that can be bought with an FHA mortgage.

How Soon After a Foreclosure Can You Buy a Home?

By:: Kara Johnson - MortgageLoan.com | January 17, 2010

If you give up your current home, how soon can you buy another one? With millions U.S. homeowners “underwater” on their mortgages or even facing foreclosure, it’s a question that many are pondering.

Reasons a Loan Modification Might Be Denied

By:: Kirk Haverkamp - MortgageLoan.com | January 15, 2010

What are some of the main reasons people are turned down for loan modifications? Aside from the obvious – like not enough income to maintain even a modified payment schedule – there are any number of less apparent reasons that can trip up someone who otherwise might be able to qualify and save their home from foreclosure.

Consumer Confidence Up Less Than Expected

By:: Peter King - MortgageLoan.com | January 15, 2010

Consumer confidence in the economy edged up slightly in early January, but not nearly as much as economists had expected.

Foreclosures Hit 2.8 Million Homes in 2009

By:: Kara Johnson - MortgageLoan.com | January 14, 2010

More than 2.8 million U.S. properties, or one home in 45, were subject to foreclosure in 2009, according to a year-end report released this week by the foreclosure data firm RealtyTrac.

Mortgage Rates Ease for Second Week

By:: Peter King - MortgageLoan.com | January 14, 2010

Mortgage rates eased slightly for the second consecutive week, giving borrowers a respite after a December in which some interest rates by nearly half a percent.

What Kind of Interest Rate Can You Expect?

By:: Kirk Haverkamp - MortgageLoan.com | January 14, 2010

Thinking about taking out a mortgage, but not sure what kind of interest rate you can get? Wouldn’t it be nice if they just had a chart where you could see what you can expect to pay with a certain credit score, down payment and other factors?

Mortgage Rates Predicted to Hit 6 Percent in 2010

By:: Kara Johnson - MortgageLoan.com | January 13, 2010

Mortgage interest rates will jump to around 6 percent in the coming months, but then stabilize for the rest of the year, according to a new economic forecast from the Mortgage Bankers Association (MBA).

Federal Reserve Posts Record Surplus in 2009

By:: Peter King - MortgageLoan.com | January 12, 2010

The Federal Reserve’s interventions this past year did more than goose the economy and send mortgage interest rates to record lows – the generated a tidy profit for the government as well.

Time Running Out on "Underwater" Refinance

By:: Kirk Haverkamp - MortgageLoan.com | January 12, 2010

Owe more on your mortgage than your home is worth? “Underwater” borrowers have an opportunity to refinance their mortgage, but you need to act soon before the program expires.

Minnesota AG Seeks Foreclosure Mediation Law

By:: Kara Johnson - MortgageLoan.com | January 11, 2010

The Minnesota attorney general has said she and allies in the state legislature will try again this year to enact a foreclosure mediation law giving at-risk borrowers a chance to save their homes.

What’s Better? Cash-out refinance or home equity loan?

By:: Kara Johnson - MortgageLoan.com | January 09, 2010

You don’t hear a lot about people taking out home equity loans these days. With all the millions of homeowners who got in financial trouble by using their homes as “ATM machines” to support their lifestyle and the recent massive declines in home values, home equity borrowing has both gotten a bad rap and become much more difficult to obtain.

Mortgage Rates Fall Back Slightly

By:: Kara Johnson - MortgageLoan.com | January 08, 2010

Mortgage rates fell back slightly the first week of the year after posting sharp increases throughout December, according to the latest weekly survey from Freddie Mac.

Home Equity Delinquencies Hit Record High

By:: Kara Johnson - MortgageLoan.com | January 08, 2010

Delinquencies on home equity loans hit a record high in the third quarter of the year, even while falling for most other types of consumer installment loans, according to new data from the American Bankers Association (ABA).

Mortgage Refinance Options

By:: Kirk Haverkamp - MortgageLoan.com | January 08, 2010

When refinancing a mortgage, many borrowers focus exclusively on getting a lower interest rate. But interest rates are only part of the picture – there are many other options to consider as well.

Las Vegas Home Prices Post First Increase in Three Years

By:: Peter King - MortgageLoan.com | January 07, 2010

Las Vegas has posted its first quarterly increase in housing prices in three years and Detroit led all U.S. metropolitan areas in housing price gains for the second consecutive month, as some of the nation’s most battered housing markets are showing signs of stability.

Mortgage Applications Drop

By:: Kara Johnson - MortgageLoan.com | January 06, 2010

Mortgage applications fell sharply just before Christmas, as rising interest rates seem to have dampened consumer interest in mortgage refinancing.

HUD Lifts Cap on FHA Mortgage Origination Fees

By:: Peter King - MortgageLoan.com | January 05, 2010

FHA mortgages could get a bit more expensive for borrowers, now that the government has lifted a cap on what lenders can charge for originating the loans.

Existing Home Purchases Drop Sharply

By:: Peter King - MortgageLoan.com | January 05, 2010

Pending home sales fell sharply in November, breaking a string of nine consecutive monthly increases, according to figures released today by the National Association of Realtors (NAR).

Keys to Getting Approved for a Loan Modification

By:: Peter King - MortgageLoan.com | January 05, 2010

Mortgage loan modifications have been big news lately. Unfortunately, that’s largely because of all the difficulties homeowners are having getting one. What can you do to improve your odds of being approved?

Bernanke Says Lax Regulation to Blame for Housing Bubble

By:: Peter King - MortgageLoan.com | January 04, 2010

A lax economic policy was not the cause of the housing bubble and crash of the past decade, according to Federal Reserve Chair Ben Bernanke, who said stronger financial regulations and oversight are needed to prevent it from happening again.

Understanding the New Good Faith Estimate Form

By:: Kirk Haverkamp - MortgageLoan.com | January 01, 2010

As of Jan.1, 2010, lenders will be providing more straightforward information to potential borrowers and making it easier to understand the costs involved in obtaining a new mortgage.