It is sad to see how people would just prey on their fellow countrymen and take advantage of today’s economy where a lot of people are striving to remain in their homes, struggling to be able to pay off their mortgage. Currently, mortgage loan modification frauds are rising in the US. Foreclosure scams use phone [...]

If you go to the websites of big banks you will notice that they are starting to look a little bit like real estate brokerages as they show a long list of properties that they have just repossessed. Based on the information from the National association of Realtors, many of those houses cost about 15-20% [...]

According a survey of the mortgage industry which was released last Thursday, over 14% of mortgage borrowers were in trouble during the third quarter. This survey would suggest that the forecloser rates may not peak until next year, considering the unemployment rates are still rising.

For the past few weeks now in many states, the real estate market has actually shown life. However, real estate watchers has also been cautious regarding another wave of foreclosure that is going to happen. Last Thursday,  Mortgage giant Fannie Mae explained that it would throw a lifeline to some people losing their homes to [...]

In many states, the real estate market has actually been showing life. However, industry watchers still fear that another wave of foreclosure is on the way. There are valid reasons for them to fear this: the continuous increase of unemployement rate, the falling home prices, the mortgage rates climbing back to 5%. These all are [...]

As real-estate values dropped and the unemployment rate in the US soared, the Obama administration began introducing a stimulus program early this year that called the Making Homes Affordable program which is a so-called loan modifications in order to save the homes of millions of Americans. Through this program, lenders agree to adjust terms of [...]

Imagine if in America new homebuyers have to answer questions on alcohol and cigarettes to qualify for a new mortgage loan. How would Americans respond? In the UK, home buyers may be faced questions regarding how much money they spend on alcohol and cigarettes each month as a requirement to obtain a new mortgage. This [...]

It has only been a few days that the mortgage rates slipped below 5% and mortgage loan applications have already jumped up by 13% since last week. The average rate is 4.9% but some rates can be as low as 4.65% for a fixed, 30-year mortgage.

With the 30-year mortgage rates sliding back to 5.04% last week, it is hoped that the number of mortgage application will once again increase despite the last week’s fall of application volume by 8.6%. The Federal Reserve recently proposed to amend the Truth in Lending Acts and one of the interesting proposal is the one [...]

Although many have experienced a relief in their monthly payments after their mortgage loan was modified, some say that it has made things even worse for them. They end up having larger debt on their homes and pay a higher monthly payment. Apparently, mortgage lenders roll late fees, back taxes and other kinds of taxes [...]