There has been an uproar over proposed regulations that would require a homebuyer to put down 20 percent in order to qualify for the best mortgages. But now federal regulators have a new proposal that could limit even further who will be able to qualify for prime mortgage loans. Federal regulators are now proposing that [...]
The foreclosure crisis has ensnared even the most prepared amongst us. Many homeowners who played by the rules are facing foreclosure after being hit with a declining economy, frozen credit markets and eventually empty promises of a mortgage industry which has failed to deliver on the promises it made when accepting taxpayer handouts. Many debtors [...]
Under the Obama Administration's new HAMP guidelines, banks participating in the voluntary mortgage modification program must adhere to certain benchmarks or face losing financial incentives. Three major banks have failed to meet guidelines and will lose financial support for their foreclosure prevention efforts until they improve. Three of the nation's biggest banks have failed to [...]
In a rare move, mortgage banking officials and consumer advocates have joined forces to urge U.S. federal regulators to rethink a proposal which could make it nearly impossible to get a mortgage unless you make a down payment of 20 percent on a home first. The groups argue that the income and down payment requirements [...]
The foreclosure crisis has victimized not only those who have fallen behind on their mortgage payments; but also those who haven't and especially those who have paid cash for their home. In a recent case involving a retired police officer and his wife who paid $165,000 in cash to Bank of America for a foreclosure [...]
TransUnion statistics on indebtedness in America has revealed that 50 percent of homeowners facing foreclosure continue to pay their credit card bills on time. One homeowner facing foreclosure explained this phenomenon and the reasoning behind the choice to pay credit card debt while allowing a home to go into foreclosure. Jeff Horton of Orlando stopped [...]
When you talk about foreclosure , many get the vision of families being evicted from their homes and being forced to live in the spare rooms or living rooms of family and friends, or even seeking refuge in charity run shelters. However, the other side of foreclosure is that a huge slice of housing goes [...]
When a debtor files Chapter 7 or Chapter 13 bankruptcy , the bankruptcy trustee is charged with finding out how much the debtor can afford to pay to creditors, either through liquidation of assets or through a repayment plan. If the debtor has a home then there are a few options they have for handling [...]
It was recently discovered that the Federal Housing Administration (FHA) had been aware of some mortgage companies' fraudulent lending practices but failed to take action. The FHA, the government agency created to help increase homeownership, knew since at least October 2007 that Cambridge Home Capital posed a danger to home buyers and repeatedly violated the [...]
Reverse mortgages are suppose to help elderly homeowners keep their home while maintaining their lifestyle but the AARP filed a lawsuit against the Department of Housing and Urban Development which says that the recent changes made to reverse mortgages are pushing elderly homeowners into foreclosure. "HUD has illegally and without notice changed the rules in [...]