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Archive for January, 2012

Caution: Refinancing with Low Mortgage Rates May Not Work

Caution: Refinancing with Low Mortgage Rates May Not Work

I got a letter from my mortgage lender offering to refinance my home. I could lower my rate, said the letter, and I might save money. Actually, both claims are correct but the bigger issue is whether refinancing is actually worthwhile. According to the letter my mortgage rate would drop from 4.63 percent to 4.46 […]

Posted in: Mortgages
1 in 5 Home Sales Distressed, Foreclosed or Bank Owned, Says RealtyTrac

1 in 5 Home Sales Distressed, Foreclosed or Bank Owned, Says RealtyTrac

For the third quarter of 2011 RealtyTrac reports that 20 percent of all existing home sales were bank owned or being foreclosed. This is down from 30 percent of all sales in the third quarter of 2010. The latest RealtyTrac figures might be seen as good news were it not for the glum reality which makes […]

Posted in: News
Should Mortgage Robo-Signers Go To Jail?

Should Mortgage Robo-Signers Go To Jail?

John O’Brien is a Register of Deeds based in Salem, Massachusetts. Instead of burning witches, O’Brien believes we should investigate the people who created the notes and documents that have now destabilized the entire property records system. He also believes those who are guilty of criminal conduct should go to jail and not merely face […]

Posted in: Mortgages
Do FHA Mortgage Borrowers Still Face Credit Score Layering?

Do FHA Mortgage Borrowers Still Face Credit Score Layering?

More that a year has passed since HUD announced that it would investigate 22 lenders. The issue? Layering, the addition of requirements on top of FHA standards. “The investigations,” said HUD, “are in response to 22 complaints the National Community Reinvestment Coalition (NCRC) filed with HUD alleging that the loan activities of the mortgage originators […]

Posted in: Mortgages
Foreclosure Filings Off Nearly 30%, RealtyTrac

Foreclosure Filings Off Nearly 30%, RealtyTrac

On paper at least foreclosure filings fell nearly 30 percent in 2011 according to year-end figures from RealtyTrac, the nation’s leading source of foreclosure listings and data. But the new numbers tell only part of the story. What they really demonstrate is that millions of homes remain distressed and that the foreclosure process itself continues […]

Posted in: Foreclosures
American Chopper’s Paul Sr. To Join Trump’s Celebrity Apprentice

American Chopper’s Paul Sr. To Join Trump’s Celebrity Apprentice

American Chopper’s Paul Teutul, Sr. will join the 2012 cast of Donald Trump’s Celebrity Apprentice, according to an announcement from NBC Entertainment. This, as the expression goes, should be interesting. Teutul is likely to be a strong competitor because — whether a fan or not — he’s an actual, real-life entrepreneur, someone who started with […]

Posted in: News
FHA Mortgage Insurance Premium To Rise In 2012

FHA Mortgage Insurance Premium To Rise In 2012

Borrowers will pay more to get an FHA loan in 2012. The much-heralded payroll tax cut worked out by Congress will also raise the cost of an FHA mortgage by at least .2 percent and probably more in 2012. Think of it as a back-door tax increase. While the public was watching the payroll debate […]

Posted in: News