A controversial bill that would allow Federal judges to modify loans, forcing banks to reduce the payments of borrowers in bankruptcy got one step closer to becoming a law. The so called mortgage “cram-down” law passed in the House of Representatives yesterday 234-191 and heads to Read more…
Recent mortgage industry data reports are showing that the mortgage crisis continues to alarming deepen despite a variety of government assistance programs and capital. One of the major contributors in the expansion of job loss to multiple sectors and an increasing number of States.According Read more…
Today the US Treasury announced the much anticipated details of the Obama loan modification plan. This program is the broadest program to date targeting foreclosure prevention. Unique to other similar loan modification programs this plan seeks to aid troubled borrowers before they Read more…
According to a Wall Street Journal report, Citigroup will announce a program today that attempts to help unemployed homeowners make their mortgage payment. Despite all of the emphasis on foreclosure prevention and loan modifications the latest challenge in battling the mortgage crisis Read more…
President Obama’s recent budget proposal may wipe out your mortgage deduction. Is this the right time to cut incentives to homeownership? The housing industry, at record lows and bulging with home inventory, is loudly protesting.Currently, households taxed at the 33 and 35 percent Read more…
Mortgage applications fell over the last week as mortgage rates climb and some borrowers wait for President Obama’s mortgage plan to be implemented. However, there may be an even bigger contraction that will prevent any significant recovery–mortgage loan officers are finding it increasingly Read more…
Here are the most common home refinancing definitions. AAA Rating: This is a security rating, in terms of how secure a company, share or bond is. A triple A rating is the most secure rating that can be achieved. Accrued Interest: Interest Read more…
A reverse mortgage is something that not many homeowners are familiar with. The process is often thought to be confusing and should be researched before determining if a reverse mortgage is the best way to take advantage of the equity that has been developed in your home.
How does Read more…
The mortgage approval process is exciting, stressful and can even be overwhelming to those first time homeowners. Knowing how the process works can lead to a stress free experience in which the potential homeowner is aware of all the processes and knows what to expect throughout the Read more…
Applying for a mortgage can be nerve wracking – after all, it is one of the most important and expensive investments that one will make in their lifetime. When it comes to buying your first home, how do you determine how much you can afford for housing?
Contrary to popular belief, Read more…