It’s important to remember that mortgage companies are just trying to protect themselves. They want to make sure that, whether or not you can make your mortgage payments, they will get paid. One way they can feel more secure is if you take on a cosigner who has substantial assets or a much higher credit score or income than your own.
Successful mediations have benefits for all parties, but getting everyone to the table is another matter.
While the overriding story is one of misfortune, people like Fysah Thomas can thank the market for her dream home.
(Rolling Out) — Bishop Eddie L. Long is in the news once again after it was revealed that he’s being investigated by the U.S. Secret Service for being linked to a “questionable mortgage venture” that caused many church members to lose their homes. Long is already on the media’s radar as he seeks to come […]
(New York Times) — In California, where foreclosures are more abundant than in any other state, homeowners trying to win a loan modification have always had a tough time. Now they face yet another obstacle: hiring a lawyer. Sharon Bell, a retiree who lives in Laguna Niguel, southeast of Los Angeles, needs a modification to keep […]
(Wall Street Journal) — Facing a spike in the number of apartment buildings going bust in low-income neighborhoods due to heavy debt burdens, the Bloomberg administration is taking an activist approach, publicly and privately pushing lenders selling loans on the properties to take haircuts on the troubled mortgages. The aggressive role reflects a fear among […]
(New York Times) — As least until recently, we’ve been in the midst of a refinancing boom. So consumers applying for refinancings should at least expect some delays. While lenders are leery about releasing details about how long refinancings are taking to close today versus a year ago, some are willing to admit that processing times are […]
(CNN Money) — The number of foreclosure notices filed in November plunged 21%, the biggest month-over-month drop ever recorded by RealtyTrac, the online foreclosure marketer. Filings fell 14% compared with November 2009. The number of Americans who actually lost their homes to bank repossessions plummeted even more steeply — to 67,428. That was off a […]
(Wall Street Journal) — Mortgage rates, after hitting record lows this summer, are rising. But the rates are still tantalizing for borrowers looking to refinance out of an onerous loan. For the week ended Dec. 9, the average rate for 30-year fixed loans was 4.46%, according to Freddie Mac, up from 4.17% in early November […]
(LA Times) — The day is coming when lenders will no longer turn their clients loose after they leave the closing table, never to be heard from again unless someone misses a payment or two. Think of it as crisis intervention. Rather than waiting for previously solid borrowers to ask for help, lenders will monitor […]
(Wall Street Journal) — Rising government borrowing costs have driven mortgage rates to their highest level in six months, challenging the still-shaky housing market and the Federal Reserve’s efforts to boost the U.S. economy. The rate for a 30-year, fixed-rate mortgage averaged 4.61% this week, according to the weekly survey from government-backed mortgage firm Freddie […]
(AllHipHop) — Black Eyed Peas’ frontman will.I.am has launched a new business aimed at helping people who are losing their homes or are facing foreclosure due to the sagging American economy. The superstar rapper/producer told The Sun that he has launched the i.am.home Mortgage Relief Program, which also helps to find jobs for those in unemployed. “I rescue families […]