Delinquent borrowers not contacting lenders
We can’t force delinquent homeowners to accept help with their mortgages. Many simply will avoid contact until it’s too late and there is foreclosure.
Continue Reading Add comment June 30th, 2010
Archive for June, 2010
FDIC guidelines for small loans
FDIC lays the ground work for small loans. This is to replace payday loans and other high interest loans.
Continue Reading Add comment June 24th, 2010
Inmates File Fraudulent Home-Buyer Tax Credit Claims
Claims totaling $9.1 million were filed by 1,295 inmates. The IRS processed multiple claims on the same house.
Continue Reading Add comment June 23rd, 2010
Another Hurdle For U.S. Housing- A Shortage
Can you believe it? Some mortgage and housing experts are predicting a housing shortage in 2011.
Continue Reading Add comment June 22nd, 2010
Fannie Mae helps BP oil spill victims
For homeowners in the Gulf Coast facing problems making their mortgage payments, the oil spill was another nail in the coffin. Many find themselves without an income and thus, are unable to make loan payments. The situation is even more pressing and stressful for those in a trial loan modification. As you might recall, if you miss the payments during the trial phase it’s game over.
Fannie Mae has a solution and it might rescue many homeowners. Fannie Mae has instructed the loan servicers to immediately suspend or reduce mortgage payments. This relief is good for 90 days. After 90 days there can be a further extension of another 90 days. Hopefully, this will be enough time for BP and the Government to work out a compensation plan for homeowners affected by the spill.
How will the spill affect homeowners who are already in the process of foreclosure? Will the banks back off? Chances are that the banks will proceed on schedule. It’s business as usual.
Add comment June 19th, 2010
Short Sales The Better Choice
Banks now want to do short sales. They are begging you to work with them.
Continue Reading Add comment June 12th, 2010
Mortgage Auditing…Does It Help?
Mortgage auditing can save you time but not your house.
Continue Reading Add comment June 5th, 2010
