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Tag: foreclosure

FHA Back To Work Mortgages — New Loans In 12 Months

FHA Back To Work Mortgages — New Loans In 12 Months

(Note to readers: This program ended September 30, 2016.) If you’ve been shut-off from new mortgage financing because of hard times you might want to take a look at the new FHA Back To Work mortgage program. Here, finally, is a program which can allow you to get an FHA loan in as little as […]

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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 […]

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Foreclosure Activity Hits Six-Year Low

Foreclosure Activity Hits Six-Year Low

Foreclosure activity hit a six-year low in April according to RealtyTrac, but while home losses were down in general they actually rose in states where foreclosure actions must go through local courts. Maryland, for example, is the nation’s wealthiest state in terms of household income and yet foreclosure activity — default notices, scheduled auctions and bank […]

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Wealth Gap Creates More Foreclosures and Short Sales

Wealth Gap Creates More Foreclosures and Short Sales

The worst of the foreclosure crisis seems over, if you can accept the idea that today’s foreclosure levels are in any way acceptable. Many of the foreclosures and short sales seen today actually have their roots in the period between 2000 and 2008 when lending standards went out the window. Today, with the better underwriting […]

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Should Paid-Off Medical Bills Damage Credit Scores?

Should Paid-Off Medical Bills Damage Credit Scores?

There are a lot of people who do not get home mortgages or automobile financing because of events which are far beyond their control, especially medical bills. Now there is an effort on Capitol Hill that would limit the way health costs are listed on credit reports and thus how they impact credit scores. “Illness […]

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Are Cash Investors Missing Real Estate Profits?

Are Cash Investors Missing Real Estate Profits?

There are a lot of real estate investors who finance with cash but are they getting the best deals? According to the National Association of Realtors, 32 percent of all existing home transactions in February were cash deals. On many levels such an approach to financing makes sense: There are no loan applications, no mortgage […]

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1st Quarter Foreclosures Drop 12%, Says RealtyTrac

1st Quarter Foreclosures Drop 12%, Says RealtyTrac

Quarterly foreclosure filings are down significantly from 2012 — but that big problems remain. The latest figures from Realtytrac show that foreclosure filings in the first quarter — default notices, scheduled auctions and bank repossessions — were reported on 442,117 U.S. properties. That’s down 12 percent from the previous quarter and down 23 percent from the first quarter of 2012. […]

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Are Three Missed Payments Required For FHA Short Sales?

Are Three Missed Payments Required For FHA Short Sales?

Question: In a short sale where the financing was insured by the FHA is the borrower first required to miss three payments? This was the advice given by a lender before it would allow a short sale to go forward. Answer: We sent this question over to HUD and received this response: “The information is […]

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RealtyTrac: January Foreclosures Slide 28%

RealtyTrac: January Foreclosures Slide 28%

Foreclosure filings continue to decline. The latest monthly report from RealtyTrac shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — fell 28 percent when compared with January 2013. Still, 150,864 U.S. properties received a foreclosure notice in January, a huge number by historic standards. On a national basis the federal government has […]

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Mortgage Foreclosure “Dual-Tracking” Abuses To End

Mortgage Foreclosure “Dual-Tracking” Abuses To End

New government rules will end the practice of foreclosure “dual tracking,” cases where borrowers enrolled in loan modification programs are simultaneously foreclosed. The new regulations give borrowers powerful new foreclosure protections and essentially require loan servicers to help prevent foreclosures in situations where borrowers are seeking modifications or short sales on a timely basis. As […]

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