Quantcast

Archive for January, 2011

Why Rand Paul Is Wrong On FHA, Public Housing

Why Rand Paul Is Wrong On FHA, Public Housing

Newly-minted Senator Rand Paul (R-KY) has a way to instantly save $53 billion from the federal budget. His plan? Eliminate HUD, cut its budget to zero. Of course, if you get rid of HUD you also get rid of the FHA, the source of more than 40-million mortgages with little-down and no gotcha clauses. According […]

Posted in: News
JP Morgan Chase Meltdown Highlights Need to Protect Military Borrowers
By January 31, 2011 0 Comments Read More →

JP Morgan Chase Meltdown Highlights Need to Protect Military Borrowers

Lending giant JP Morgan Chase is refunding 4,000 military members about $2 million after violating provisions of the Servicemembers Civil Relief Act, a landmark piece of legislation that provides foreclosure safeguards for those who serve. Chase officials have acknowledged the mistakes and say they are in the process of rectifying the problems. The company also […]

Posted in: News
2010 foreclosure activity soars in metro areas

2010 foreclosure activity soars in metro areas

The latest quarterly report from RealtyTrac.com shows that 2010 foreclosure activity increased in 149 or the nation’s 206 largest metro areas when compared with 2009. The firm also reported that the 10 highest foreclosure rates all posted decreasing foreclosure activity from 2009 and six of the top 10 also posted decreasing foreclosure activity from 2008. “Foreclosure […]

Posted in: Foreclosures
Are FHA mortgage loans freely assumable?

Are FHA mortgage loans freely assumable?

In tough times is it true that FHA loans are assumable? You see spread across the Internet a resounding “yes” when the question of FHA mortgages and assumptions is raised. Unfortunately, a flat “yes” is not the whole story. FHA loans are not freely assumable; that is, a buyer cannot take over an existing mortgage […]

Posted in: Mortgages
Can I Get A Foreclosure Mortgage?

Can I Get A Foreclosure Mortgage?

If you’re interested in buying foreclosed real estate there are mortgages out there for you. In fact, a possible source of a foreclosure mortgage is the very lender selling the foreclosed property. In terms of financing, real estate is real estate. The fact that it’s a foreclosure, distressed property or home for sale under normal […]

Posted in: Foreclosures
How long must I hold a job to get an FHA mortgage?

How long must I hold a job to get an FHA mortgage?

With so much turmoil in the workplace — and so much demand for FHA loans — is it possible to get an FHA mortgage if you’ve had frequent job changes or even unemployment? The answer is “yes” and this should be good news to a lot of people in a changing work environment. HUD guidelines […]

Posted in: Mortgages
Struggling VA mortgage borrowers get cash relocation assistance
By January 19, 2011 0 Comments Read More →

Struggling VA mortgage borrowers get cash relocation assistance

Veterans who lose their homes to a short sale or a deed-in-lieu of foreclosure can receive up to $1,500 in relocation assistance. The VA has for years encouraged mortgage servicers to work with veterans on the edge of default.  Now, the agency has directed its approved servicers to provide that cash advance to borrowers who use […]

Posted in: Mortgages
2.9 million properties faced foreclosure in 2010, new record says RealtyTrac

2.9 million properties faced foreclosure in 2010, new record says RealtyTrac

To paraphrase Charles Dickens, it was the worst of times, it was, well, it really was the worst of times. Figures from RealtyTrac show that 2,871,891 U.S. properties received foreclose filings in 2010, a record and an increase of nearly 2 percent from 2009 and up 23 percent when compared with 2008. The final figures […]

Posted in: Mortgages
FHA to lenders: Show us your license

FHA to lenders: Show us your license

HUD has come out with a new standard for lenders, the requirement to see the license number for each lender or loan officer who does an FHA loan. The numbers are recorded with the Nationwide Mortgage Licensing System and Registry (NMLS). Okay, what does this mean and why should borrowers care? When you sell a […]

Posted in: Mortgages
Freddie Mac halts military service member foreclosures
By January 5, 2011 0 Comments Read More →

Freddie Mac halts military service member foreclosures

Large numbers of American service members struggling to pay their mortgages will receive a foreclosure reprieve through 2011. Freddie Mac in mid-December announced a sweeping foreclosure moratorium for service members who are released from active duty. They’ll get at least nine months of safety net, provided their mortgages are backed by the government-sponsored enterprise. In […]

Posted in: News