The chairman of the House of Representatives Financial Services Committee said that he plans to keep working on legislation to reduce mortgage balances via bankruptcy proceedings, and that the lame performance of lenders, some of which received taxpayer bailout funds and have yet to modify a single mortgage, increases the support for that legislation. Continue reading ‘New Legislation May Help You When Your Lender Won’t’
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You need a mortgage modification. You checked the questionnaire on www.makinghomeaffordable.com and discovered that you meet the criteria for a modification under the Home Affordable Modification Plan (HAMP). So you call your lender, get your modification packet, and return it. And then nothing happens. For months. Continue reading ‘Frustrated with Your Lender? So Are Some Judges’
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All the buzz these days is about the homeowner rescue programs–Making Home Affordable and it’s babies Home Affordable Refinance Plan (HARP) and Home Affordable Modification Plan (HAMP). But eligibility for these programs requires that the property be a primary residence. What about investors? Is there any help for them? Continue reading ‘Investors In Trouble: Any Foreclosure Help for Borrowers with Rentals?’
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Drop the word “foreclosure” into almost any conversation and you’ll hear something like: “loose lending…irresponsible borrowers…dead real estate market…what do you expect?”
But what you probably won’t hear is that one of the biggest causes of losing a home–even today–is medical. Continue reading ‘Want to Avoid Foreclosure? Get Medical Insurance’
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Who would have thought “mortgage” would be everyone’s favorite cocktail party topic?! And listening to the misconceptions flying around you’d have to conclude that everyone at the party was drunk. So here’s a quick course on mortgage rescue. Continue reading ‘The Unofficial Mortgage Rescue Guide’
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It’s bad enough that you can’t pay your mortgage and have to go through foreclosure or a short sale. But it could get worse than that if you’re not careful. Continue reading ‘Foreclosure / Short Sale Pitfalls’
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Saw this article today, entitled Payday Loans Can Help You Save Your Mortgage from Foreclosure. Could not believe someone would write something so irresponsible. Let’s see, you can’t make the payments on the bills you have now, so of course the solution is to….get MORE debt! At a HIGHER interest rate! The author claims that the rate on payday loans is “nominal.” Think she has an agenda? You bet she does. Continue reading ‘Pay Your Mortgage with a Payday Loan?!’
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The Troubled Asset Relief program (TARP) was originally touted to Congress and the public as a request for funds to purchase troubled home loans, helping lenders get them off the books and loosening up money for deserving mortgage borrowers. However, once passed, that plan was junked in favor of less direct help. Continue reading ‘When Will the Bailout Help Homeowners?’
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Foreclosure is a nasty process. The stress on families has been well-documented. So has the turmoil it visits on neighborhoods. And it’s expensive for the lender. So who in the world does foreclosure benefit? All of us.
Before you CLICK to get away from this obviously psycho blogger, pull out your credit card statements. Look at the APR of each of those accounts. Now imagine making a mortgage payment with an interest rate like that. Mortgage rates are among the cheapest kind of financing available because they are secured by property. By taking the threat of foreclosure out of the equation you end up with an unsecured loan–just like a credit card. And with that level of risk comes that kind of interest rate.
So, how SHOULD banks lend? How can we balance the needs of homeowners and buyers with investors’ requirements for safe transactions? How do we keep mortgage financing affordable and accessible? Your ideas are gladly welcomed HERE.
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