The US Treasury department released new details this week on its upcoming program to encourage lenders to modify loans for homeowners.
The program includes annual payments to the lenders of up to 1000 for approving the modification and additional bonuses if the homeowners are still in their home five years from now. Investors [...]
When you take a few minutes to read the internal guidelines of lenders on setting up loan modifications, you often find reference to “MORTGAGEE LETTER 2008-21″ where the Department of Housing and Urban Development lays out for lenders the rules of setting up a loan modification compliant with regulations. We thought we would [...]
Adjustable Rate Mortgages with lots of payment options have fallen out of favor, and banks are falling over themselves to help their customers refinance into more stable notes. But if you already have a stable 30 year fixed mortgage, should you consider refinancing it now?
Here are some examples of how costs might differ if [...]
If you find yourself five years into a thirty year mortgage and lenders start dangling lower interest rates, is it worth it to bite? Well it depends on your circumstance, but sometimes it isn’t. Many mortgages are front loaded on interest payment. It is only when you are five or six years [...]
Nothing is ever as simple as you think it is. What’s the likelihood that a homeowner falling towards forclosure on his mortgage might also be behind on his income taxes? Actually its pretty common, and unfortunately, it can put a family in a world of hurt.
Here’s the circumstance: if you fall far [...]
I hate to quote complete articles, but this analysis from USAToday is so powerful, and so sobering, we thought that it was well worth reading.
More room to fall?
For every $100 spent on a house in 1950 the investment rose slightly through 2002, then soared to about $192 in 2006, adjusting for inflation. Then credit [...]
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