All Posts Tagged With: "foreclosure"
FBI Expanding Fight Against Mortgage Scams
The FBI is adding a large number of agents to fight mortgage fraud and predatory lending, but will it be enough?
Speaking before the Senate Judiciary Committee last year, FBI Assistant Director Kevin L. Perkins noted that the FBI now has new funding to chase mortgage fraudsters under the Financial Intelligence Center (FIC).
The FIC, says [...]
Mortgage Modification or Refinance — What’s The Difference?
Is it better to modify a mortgage or to refinance? While both result in new loan terms, the two choices are very different.
When you refinance a mortgage you replace an existing loan with a new one. There’s no need to negotiate with the old lender because his mortgage claim will be extinguished. However, borrowers with [...]
Who Pays Foreclosure Fees?
The foreclosure process is a big business, a reality which is not good news for those who face the loss of their home. However, who pays various foreclosure fees and costs depends on who winds up with the home.
Missed Payments
If an owner has missed one or more payments the lender will threaten to foreclose, If [...]
Foreclosure Buying & Mortgage Walk Aways More Acceptable, Says New Poll
A new poll from RealtyTrac and Trulia.com shows that a growing number of home buyers are considering the purchase of a foreclosed home — and are willing to talk away from the one they’ve got.
At this time 78 percent of U.S. adults believe there are downsides to buying foreclosed properties compared to 85 percent in [...]
Federal Rules Make Predatory Loans Legal & Lawful
With all the yelling and screaming in Washington regarding financial reform the fact remains that predatory lending remains perfectly legal and will be perfectly legal once a financial reform package is passed.
“The Wall Street reform bill in Congress represents the strongest consumer financial protections in history,” says President Obama. “You’ll be empowered with the clear [...]
What’s A Foreclosure Purchase Mortgage?
In the world of real estate and foreclosures there’s a financial creature called a “purchase money mortgage.” This is the financing used to acquire a home rather than money to refinance the property or add improvements.
At first it might seem that a purchase money mortgage was the same as any other financing but that’s not [...]
Controversy Brews Over Latest Obama Mortgage Write-Off Plan
The newest effort by the federal government to shore up the flagging housing market is going to set off a fierce debate. The just-announced FHA Refinance Option is likely to keep a lot of homeowners out of foreclosure. This is important because until the “shadow” inventory of distressed and foreclosed homes is reduced in a [...]
29Mar2010 | Peter G. Miller | 0 comments | Continued
Has The Obama Mortgage Modification Program Failed?
The Washington Independent — which tells us that it offers “national news in context” says that:
“President Obama’s mortgage modification program, known as the Home Affordable Modification Program or HAMP, was supposed to be the fulfillment of Obama’s promise to take care of Main Street more than Wall Street. Yet, just over a year into his [...]
How Foreclosures, Bankruptcies & Healthcare Are Tied Together
Last week we wrote about bankruptcies and the reality that 2009 was a banner year for financial failure — 1.5 million bankruptcies, up 32 percent from 2008.
Interestingly enough, as provisions of the newly-minted Patient Protection and Affordable Care Act go into effect we are likely to see both fewer bankruptcies and fewer foreclosures. Why? Because [...]
Bankruptcies Rise 32% in 2009, 1.5 Million Went To Court
Almost 1.5 million bankruptcies were recorded in 2009, a number up 32 percent from 2008 — and a number that was not supposed to happen.
Huh? How come there were not supposed to be so many bankruptcies.
Well, to put this as nicely as possible, the so-called Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was [...]
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