Quantcast

Archive for September, 2013

How The FHA Can Fix Its Reverse Mortgage Woes
By September 30, 2013 0 Comments Read More →

How The FHA Can Fix Its Reverse Mortgage Woes

The FHA reverse mortgage program is in trouble again, but as usual the wrong party is being blamed. In a letter to Congress FHA Commissioner Carole Galante says the FHA needs $1.7 billion in taxpayer dollars, in large measure because of losses on the reverse mortgages it insures. None of this is a surprise. To […]

Posted in: News
Homeowners Insurance — Lenders Get 1,000% Mark-Up
By September 24, 2013 1 Comments Read More →

Homeowners Insurance — Lenders Get 1,000% Mark-Up

The state of New York is cracking down on lenders who charge from two to ten times the going rate for “force-placed” homeowners insurance. Under new rules such alleged price gauging, kick-backs and “reverse competition” are out, at least in the Empire State. But while New York moves ahead to end a legalized scam with […]

Posted in: News
New Reverse Mortgage Rules Cut Senior Options

New Reverse Mortgage Rules Cut Senior Options

Uncle Sam is about the only one willing to insure reverse mortgages but with losses to date of $2.8 billion HUD has now come out with new rules which will reduce withdrawals, require new financial paperwork and raise borrower costs. The new rules impact reverse loans made after September 30th. In basic terms, reverse mortgages […]

Posted in: News
MARS Rule Changing Short Sales & Mortgage Relief

MARS Rule Changing Short Sales & Mortgage Relief

It used to be that there were plenty of people who could grease the wheels if you got into mortgage trouble. Instead of a short sale or foreclosure these lovely folks — some of whom claimed government recognition and approval — would negotiate for you with the lender so you could walk away from the […]

Posted in: News