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Archive for June, 2010

Can “Mortgage Loan Audits” Stop Foreclosures?

Can “Mortgage Loan Audits” Stop Foreclosures?

At first it sounds like a good idea for concerned borrowers: Stop foreclosure by showing that the lender has improperly calculated the amount owed. If the lender did not appropriately credit a payment, improperly charged a fee or used the wrong interest rate then the borrower would have grounds to contest a foreclosure action or […]

Posted in: Mortgages
Should We Tax Our Vets?

Should We Tax Our Vets?

The IRS has created an excellent Web page — Tax Information for Members of the U.S. Armed Forces — which explains tax issues for those now on active duty. There are a huge number of rules, most of which greatly benefit those now fighting overseas. But when you look at the forms, deductions, exceptions, alternatives, […]

Posted in: Library
First-Time Home Buyer Credit Still On For Vets

First-Time Home Buyer Credit Still On For Vets

While the tax credit for first-time home buyers and sellers largely ended in April, the credit actually continues for active-duty military personnel until April 30, 2011, something that could be important for VA loan borrowers and veteran sellers. The $8,000 tax credit (along with its $6,500 companion credit for existing homeowners) spurred an uptick in […]

Posted in: Mortgages
Feds Start New Short Sale & Deed-in-lieu of Foreclosure Options

Feds Start New Short Sale & Deed-in-lieu of Foreclosure Options

Large numbers of people facing foreclosure have been helped by the government’s Making Home Affordable program, but what about those who can’t succeed under the plan? Truth is, a lot of people who enroll in the foreclosure prevention program don’t make it. The government reports that through April 299,092 borrowers received permanent loan modifications under […]

Posted in: Foreclosures
FBI Expanding Fight Against Mortgage Scams

FBI Expanding Fight Against Mortgage Scams

The FBI is adding a large number of agents to fight mortgage fraud and predatory lending, but will it be enough? Speaking before the Senate Judiciary Committee last year, FBI Assistant Director Kevin L. Perkins noted that the FBI now has new funding to chase mortgage fraudsters under the Financial Intelligence Center (FIC). The FIC, […]

Posted in: Mortgages