Mortgage Rates Plummet Good News For You

30-Year Mortgage Rates Fell in Latest Week: Zillow   By: Reuters Interest rates on 30-year fixed-rate mortgages fell in the latest week, real estate website Zillow.com said on Tuesday. Low rates on mortgages should continue to boost home loan refinancing activity and put more cash into consumers’ hands to funnel into the economy. They also […]

Gravy Train is Over for Mortgage Brokers

Fed finalizes ban on lender-paid bonuses for mortgage brokers The Federal Reserve has finalized its rules banning lender-paid bonuses for mortgage brokers and loan officers who get borrowers to accept a higher interest rate than necessary. The Fed said that its consumer tests found that borrowers generally are unaware of the payments lenders make to […]

Foreclosure On Hold Until Loan Modification

Foreclosures and Loan Modification Programs The state Senate passed a bill that bars lenders from starting foreclosure proceedings against borrowers until after they’re found to be ineligible for a modification. We urge the Assembly to move the bill forward. Despite the vital interest that both lenders and borrowers have in avoiding money-losing foreclosures, the number […]

Lowest Drop in Mortgage Rates in 50 Years

Mortgage Rates Drop to Lowest Rate in 50 Years Mortgage rates have sunk to the lowest level in more than five decades, but consumers aren’t rushing to refinance their loans or buy homes. Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week. That’s down from […]

Fannie Mae: Walk Away and You Will Pay

Fannie Mae: Walk Away and You Will Pay   Dare I say it? “What took you so long??” An announcement from government-owned mortgage giant Fannie Mae warns: “Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed […]

Homeowners Stop Paying Mortgages and Love It

Owners Stop Paying Mortgages, And Stop Fretting   For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of. Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling […]

What are Your Foreclosure Options?

When a person falls behind on their mortgage, there are options available to the borrower. Options include Loan Modifications, Reorganization of debt through Bankruptcy Protection, Short-Sales, Deed-in-Lieu of Foreclosure, or an outright sale of your property. Naturally more options are available to the person who seeks immediate legal advice. Here are a few options available […]

Short-Sale Incentives Start April 5th

Short-Sale Incentives Start April 5th Potential buyers of short-sale homes might consider waiting until April 5th before making a formal offer. That’s the date the federal government will begin offering lenders financial incentives to hasten the process. Under the new rules, banks will seek a BPO before the property is listed for sale and let […]