Archive for Chris Birk
Will More Improper VA Mortgage Loan Foreclosures Be Uncovered?
The problem of improper foreclosures on active duty military members may be more widespread than previously thought. That’s a key finding from a recent Government Accountability Office report, which concluded that two of the country’s largest mortgage banks improperly foreclosed on the homes of nearly 50 active duty service members. Government regulators discovered the inappropriate [...]
11May2011 | Chris Birk | 1 comment | Continued
JP Morgan to Pay $56M to Settle Military Mortgage Violations
Lending giant JP Morgan Chase is paying $56 million to settle claims it repeatedly overcharged military families on their mortgages and improperly foreclosed on nearly a dozen service members. The lending giant came under fire this winter after an NBC News investigation revealed it repeatedly violated the Servicemembers Civil Relief Act, a key safeguard that protects [...]
27Apr2011 | Chris Birk | 1 comment | Continued
How VA’s Residual Income Factor Keeps Vets Out of Foreclosure
There are multiple reasons why VA loans continue to have the lowest rate of foreclosure of any major lending program. Residual income is a big one. This is a unique credit and underwriting guideline that applies only to VA loans. At the outset, it’s important to differentiate residual income from a debt-to-income ratio. Unlike conventional [...]
12Apr2011 | Chris Birk | 0 comments | Continued
Time Winding Down for First-Time Military Borrowers To Get Tax Credits
The government’s landmark tax credit program for first-time home buyers is starting to drift back in focus again as tax day approaches. The unique $8,000 credit for new buyers and $6,500 credit for existing homeowners helped inject stability into the slumping housing market during 2010. Consumers and some industry observers have pushed for a renewal [...]
3Mar2011 | Chris Birk | 0 comments | Continued
JP Morgan Chase Boosts VA Mortgage Protections for Military Service Members
JP Morgan Chase seems to have learned a lesson. The mortgage behemoth recently announced it will boost protections for service members in the coming months, on the heels of revelations that the company repeatedly violated the Servicemembers Civil Relief Act. The law protects active duty military members from foreclosure, high interest rates and other civil and [...]
17Feb2011 | Chris Birk | 0 comments | Continued
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 [...]
31Jan2011 | Chris Birk | 0 comments | Continued
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 [...]
19Jan2011 | Chris Birk | 0 comments | Continued
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 [...]
5Jan2011 | Chris Birk | 0 comments | Continued
Here’s how a foreclosed vet can get a new VA mortgage
Countless service members have been told otherwise by bank officials, mortgage brokers and others but the truth is a little different: Foreclosure on a previous VA loan does not preclude a vet from getting another VA loan. Instead, the more important question involves how much of a loan the veteran will be able to obtain [...]
6Dec2010 | Chris Birk | 0 comments | Continued
Military families ask: what’s a VA mortgage entitlement?
Entitlement is one of the cornerstones of the VA Loan Guaranty program. It’s also one of the most consistently confusing aspects of the whole eligibility and financing process. And it’s not just borrowers — the nooks and nuances surrounding entitlement confound industry experts, too. Veterans eligible to participate in the VA Loan Guaranty program have anentitlement, which [...]
23Nov2010 | Chris Birk | 0 comments | Continued
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