Finally, someone is getting indicted for robo signing. Robo signing, if you haven’t heard or know what it was, is having employees signing thousands of false mortgage documents. Read the story below from the New York times for further explanation: “DocX, one of the largest companies in the nation to provide foreclosure services to [...]
Shopping for the best rates Interest rates are the lowest in decades, enticing many borrowers to shop for a loan. Mortgage lenders adjust their rates based on perceptions of risk, so unless the borrower can show they’re a low-risk individual, the borrower is unlikely to qualify for [...]
First-time home buyers planning to purchase a house later this year may have a better chance of qualifying for a mortgage if they have had a history of paying their rent on time. Last year, credit-reporting agency Experian added a section to millions of credit reports showing on-time rent payments and raised the credit scores [...]
Faced with finicky lenders, would-be home buyers are increasingly turning to family members, friends, and even strangers they meet online. While this is understandable, given the abundant bargains on the market, they also present significant risks. So-called peer-to-peer lending sites, such as Prosper and Lending Club, say demand for home-related financing is on the rise. [...]
Tighter lender standards and an unstable job market have made it tougher for some people, especially those just starting out, to qualify for a home mortgage on their own. So, some home buyers are turning to family members or close friends with good credit to co-sign a home loan. Making sense of the story While [...]
We all know that this recession we are in now is all due to our banks and Wall Street. With their haste to make as much money as possible, by reducing lending requirements, they created a housing market that had only one direction to go., down. They created a wave of foreclosures, Wall Street firms [...]
A weak economy and tightened financing conditions contributed to a slowdown in California home sales and median price during May, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported yesterday. Home sales in May declined 5.8 percent from April and 14.4 percent from the previous year, while closed escrow sales of existing, single-family detached homes in California [...]
Delinquent home owners are finding a wild-card in saving their home from foreclosure. In court, more home owners are successfully arguing that their mortgage companies can’t prove they own the loan and don’t have the right to foreclose on them. The Wall Street Journal reports: “In some cases, borrowers are showing courts that banks failed [...]
Borrowers who can afford higher mortgage payments, and who meet lenders’ stricter loan guidelines, often opt to replace their 30-year mortgages with shorter term loans at near-record low rates. The latest Freddie Mac quarterly survey of homeowners who refinanced found that more than one in three borrowers who refinanced from a 30-year fixed-rate loan opted [...]
Photo courtesy of Red Clay Media Despite Federal Reserve regulations that took effect April 1 requiring lenders to pay appraisers fair fees, many appraisers say they are still offered $200 to $250 by lenders for work billed to consumers at $450 or more. Last year’s Dodd-Frank financial reform law mandated that appraisers receive fees that [...]
