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Archive for June, 2012

More Than 300,000 Foreclosure Actions To Be Reviewed

More Than 300,000 Foreclosure Actions To Be Reviewed

More than 300,000 past foreclosure actions have been slated for evaluation under an independent review process announced last month by the federal government. According to statistics provided by the Office of the Comptroller of the Currency (OCC), a part of the Treasury Department, the government has mailed out nearly 4.4 million letters and forms announcing […]

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FHA Dumps Tough Mortgage Credit Rule

FHA Dumps Tough Mortgage Credit Rule

It probably seemed like a good idea at the time: In February HUD said that FHA lenders could ignore credit disputes as long as the total amount owed by a borrower was less than $1,000 and at least two years old. “If the borrower has individual or multiple disputed credit accounts or collections with singular […]

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How Does Rental Ownership Impact FHA Mortgage Borrowing?

How Does Rental Ownership Impact FHA Mortgage Borrowing?

How does owning rental property impact an FHA mortgage application? Two ways. First, you cannot use FHA financing to acquire an investment property, at least if we define “investment property” as someplace you don’t live. However, you can get an FHA mortgage for a property with two, three, and four units. As long as you […]

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Why A Huge Foreclosure Spike Lies Ahead

Why A Huge Foreclosure Spike Lies Ahead

Foreclosure filings across the country were down in May, a reduction best viewed as ominous. According to RealtyTrac, foreclosure filings including default notices, scheduled auctions and bank repossessions were reported for 205,990 U.S. properties in May. That’s a big number but 4 percent less than May 2011. The new and lower figures mask a growing problem: Since late […]

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Why Low Mortgage Rates Are A Problem

Why Low Mortgage Rates Are A Problem

Hardly a week passes when mortgage rates do not hit another historic low. This sounds really good – especially if you’re a borrower – but the reality is that microscopic loan rates suggest an economy which remains deeply troubled along with home values unlikely to rise. At the end of May Freddie Mac said “the […]

Posted in: News