Archive for Mortgage Relief News
HARP Mortgage Refinance to Help Underwater Homeowners
The Home Affordable Refinance Program was a bold mortgage relief initiative released in 2009 in an effort to bridge the gap for underwater homeowners looking to refinance into a more affordable mortgage. The government created this program with the intention of helping struggling homeowners find a measure to refinance into mortgage refinance rates that had [...]
Bad Credit Loans Default but Foreclosures Halt In 23 States
Most people would agree that both borrowers and lenders have played a role in the recent mortgage crisis. Banks blame brokers —- Borrowers blame banks and we have ourselves a foreclosure crisis. Clearly, bad credit lenders took too many risks for too many years. But, before we join the borrowers in blaming the banks, let’s [...]
High Rate Mortgages for Option ARMs Slow Housing Recovery
Shirley Breitmaier’s mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, Calif., in 2007. The 73-year-old widow may see it jump to $3,500 a month in two years. Breitmaier took out a payment-option adjustable rate mortgage, a loan popular during the housing boom for its initially low minimum payments. According [...]
Subprime Loans and Delinquencies Rise as Foreclosures Loom
With new subprime originations all but extinct, subprime mortgage lenders continue to focus their efforts on helping troubled borrowers. Delinquencies and loan modifications increased again while foreclosure actions stalled in the fourth quarter of 2008. The volume of bad credit mortgage loans continues to drop but the demand for bad credit mortgages continues to rise. [...]
Will Obama Mortgage Plan Sinking Home Financing
Ben Tracy reports on whom Obama’s housing plan will risk the mortgage lending system. 20% of U.S. homeowners with mortgage loans are “underwater,” meaning they owe more money to their mortgage lender than their property is worth. Borrowers who have mortgage loans above the conforming and FHA loan limits are not eligible for the federal [...]
Mortgage Bailout Debate
On Fox News, Glenn Beck & Bill O’Reilly discuss the revolution of the mortgage bailout, loan modifications, bad credit refinancing and how the recent stimulus plan can help pull our economy out of this deep recession. Watch Mortgage Bailout Video as Glenn Beck and Bill O’Reilly debate on Obama’s mortgage relief bill, the housing and financial [...]
Mortgage Loan Report Suggests 1- 5 Homes Underwater from Declining Values
First American Core Logic announced that more than 8.3 million U.S. home mortgages had negative equity as of year-end, compared with 7.6 million just three months earlier. Another 2.2 million mortgaged owner-occupied properties have homes worth only about 5% more than their debt, so they are approaching negative equity as home values slide. More than [...]