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Tag: payment

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 […]

Posted in: News
Should Borrowers Pay More For Big FHA Mortgages?

Should Borrowers Pay More For Big FHA Mortgages?

Should the FHA demand more money down from those who want big mortgages? This is the question that HUD raised with a notice last month asking for a bigger down payment from those who borrow $625,500 or more. The notice gave the general public 30 days to respond to the FHA proposal, a period which […]

Posted in: News
Washington Special Interests and Mortgage Loans

Washington Special Interests and Mortgage Loans

“Pro-Housing Policies will Stimulate Job Growth” says the National Association of Home Builders. Well, good, where do we start? What exactly are those “pro-housing” policies? “The inventory of new homes for sale is at a record low and there are many areas of the country that are approaching a housing shortage. Tight credit conditions are […]

Posted in: News
Why You DON’T Need 20% Down For A House

Why You DON’T Need 20% Down For A House

There’s been a lot of talk claiming that new mortgage rules will soon require borrowers to put down 20% down if they want to buy a home. Such talk is nonsense. The alleged culprit in this matter is the Dodd-Frank Wall Street Reform and Consumer Protection Act. Having failed to prevent its passage, the lending […]

Posted in: Mortgages
Is it good not to pay your mortgage loan?

Is it good not to pay your mortgage loan?

Is it a good thing if you don’t pay your mortgage? The usual answer is a fat “no” after which comes a discussion of foreclosures, diving credit scores, ugly credit reports, deficiency judgments, loan denials and higher interest costs for mortgage loans and automobile financing. And yet there’s a strange and somewhat logical theory floating […]

Posted in: Mortgages
Can We Predict Mortgage Loan Walk-Aways?

Can We Predict Mortgage Loan Walk-Aways?

It’s generally estimated that about a third of all mortgage foreclosures are simply voluntary, people who can afford their monthly payments but throw in the financial towel and make a strategic decision to walk away from their homes and loans. Now a new system says it can predict who will walk and who will stay. […]

Posted in: Mortgages
How To RAISE Social Security Benefits Now

How To RAISE Social Security Benefits Now

Social Security is much in the news with claims that it’s going bankrupt and cries that benefits must be cut. But that isn’t the case, in fact if everyone simply paid their fair share of the costs — if bosses paid as much of their income as their workers — benefits could be maintained or […]

Posted in: News
FTC Seeks Halt To Mortgage & Foreclosure Relief Programs

FTC Seeks Halt To Mortgage & Foreclosure Relief Programs

The federal government is seeking to shut down more than a dozen firms which supply mortgage modification or foreclosure relief services. According to the Federal Trade Commission, the government has sought to ban more than a dozen marketers from selling mortgage relief and foreclosure relief services, in one instance seeking $11.4 million for contempt. The […]

Posted in: Foreclosures
Mortgage Loan Relief For BP Spill Victims

Mortgage Loan Relief For BP Spill Victims

Homeowners impacted by the BP oil spill are getting mortgage relief from Fannie Mae and Freddie Mac, the two largest mortgage owners. In general terms, the loan relief offered by the two companies follows the emergency policies both have had in place following such disasters as hurricanes Katrina, Rita and Wilma. Relief In the usual […]

Posted in: Mortgages
When To Tell Your Mortgage Lender To Take A Hike

When To Tell Your Mortgage Lender To Take A Hike

If you’ve been getting strange calls from your mortgage lender demanding payment, don’t be so quick to reach for your checkbook — such calls could be nothing but efforts to get money before it’s due. Or they could be outright frauds, a form of identity theft. Let me explain: I have a mortgage which is […]

Posted in: Mortgages