Archive for the 'Uncategorized' Category

Higher FHA loan limits extended

For poor credit mortgage borrowers, the Federal Housing Administration (FHA) offers government-backed loans that are often a better deal than non-government loans. That's why it was news when, in October 2011, temporary loan size increases -- authorized by Congress in 2008 to help relieve the effects of the housing crisis -- expired.

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Will a government shutdown mean no bad credit mortgages?

I don't know of anyone who purports to like government. Taxes, potholes, lost mail--everyone's got a gripe. But if you have bad credit you should love government, and you should be concerned about an impending shutdown. These days, home loans for people with bad credit are pretty much limited to government loans like VA, FHA, and USDA. But even if you don't have bad credit, mortgage lenders will have a harder time processing and funding your mortgage. If most of government isn't functioning, the following will be affected:

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Avoid modification, collections and mortgage fraud!

A Nevada case illustrates the extent that we trust people who act as though they have a right to our money. According to a news story, two men, Joseph Yorkus and James Bartczak, set up a company called Great Western Business Services and set out to defraud homeowners. They allegedly sent letters to homeowners informing them that their mortgages had been transferred from Bank of America to Great Western. The letters instructed the homeowners to make their mortgage payments to Great Western rather than Bank of America even though B of A still actually owned the loans. So many of those who complied with the request are now behind on home loans, dealing with credit problems and at risk of foreclosure because B of A didn't get the payments; instead the scammers took the money.

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Looking for a bad credit mortgage? Think small

In the mortgage crisis, smaller may be better. A story in the Washington Post indicated that smaller local banks have taken advantage of the paralysis of large institutions and thrown themselves back into local lending with a vengeance. Other studies indicate that especially with lower-income borrowers, smaller lenders did a much better job at keeping them in their homes during the financial crisis.

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Myths about shopping for a bad credit mortgage online

Today I read a blog post entitled "What lenders don't want you to know about shopping for a mortgage online" and decided that it contained enough misinformation that I had to correct it. Plus sometimes I get the urge to make fun of people. The blogger in question works for a lender and I guess figured that his potential clients would be more likely to stay with him if he could convince them that burning gas and shoe leather is a better way to get a home loan. Interestingly, he claims that he doesn't think much of the Internet, but then goes to the trouble of creating a blog...

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FHA Streamline refinance: You might have money coming!

If you have an FHA mortgage and could get a lower mortgage rate by refinancing to a new FHA mortgage, you should not hold back. FHA Streamline has minimal charges, almost no underwriting requirements, and you could be owed a refund of your upfront mortgage insurance premiums (Remember, the upfront MIP was reduced from 2.25% ...

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State-run foreclosure mediation programs: Here are your links

For those trying to avoid foreclosure, twenty-one states offer some form of foreclosure mediation, which can help you and your lender reach an agreement and some form of affordable solution. Here is a list of those states and the links to their programs. CALIFORNIA California Department of Corporations information on �� 2923.52, includes Servicer Application for Exemption, ...

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Specializing in Bad Credit Mortgages… Because Life Doesn’t Always Turn Out Like You Planned. A sick child, a few late bills, or an unexpected expense can easily get you off track and your credit may suffer, but we don't think you should miss out on the opportunities available to everyone else.