More mortgage relief from the White House – but congressional OK doubtful In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Details of that plan were released yesterday. However, funding for the proposed program [...]
Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions. Making sense of the story In a forbearance program, a lender agrees not to foreclose on a property and gives the borrower several [...]
The state-run program, “Keep Your Home California,” which helps homeowners struggling to pay their mortgages now has broader eligibility guidelines. Borrowers who did “cash-out” refinances and own multiple properties now are eligible for the program, according to California Housnig Finance Agency officials. To date, Keep Your Home California has helped approximately 8,000 low- and [...]
5 Tips to Avoid Being Scammed Don’t pay up-front fees. Foreclosure consultants are prohibited by law from collecting money before services are performed. Don’t ignore letters from your lender or loan servicer. Responding to those letters is your best bet for saving your house. Don’t transfer title or sell your house to a “foreclosure rescuer.” [...]
Just as in 2011, in 2012 many will be trying to figure out where housing is headed. While the housing market didn’t worsen in 2011, it also didn’t stabilize either. This year, the story will be about local markets. While many housing markets rose and fell together, they’re recovering at difference paces so talking about [...]
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. [...]
December 7, 2011 LOS ANGELES— Attorney General Kamala D. Harris today announced the arrests of two Southern California men who, under the guise of an attorney-backed loan modification company, collected more than $6 million from homeowners nationwide for services that were never performed. Christopher Fox, 37, of Laguna Niguel and Curtis Melone (AKA Curtis Kubat), [...]
With most lenders requiring borrowers to put down at least 20 percent as a down payment – unless using an FHA or VA loan, or purchasing mortgage insurance – the best holiday gift some people might receive would be help with a down payment on a house. According to a survey by Trulia, the biggest [...]
The Obama administration announced broad outlines of the revised Home Affordable Refinance Program on Oct. 24. Fannie Mae and Freddie Mac issued guidance last week that filled in most of the details. HARP 2 greatly reduces or eliminates the risk-based fees Fannie and Freddie charge on many loans and virtually eliminates the chance that [...]
New York Times Closing costs can increase the price of a home by as much as $10,000, sometimes more. Borrowers who are “cash-poor” can ask for assistance, or talk to their lender about a lender credit toward closing costs. Some lenders advertise that if borrowers agree to accept a mortgage interest rate from a quarter [...]
