Is a reverse mortgage a good thing??

by Doc Schmyz If you have already heard the term reverse mortgage, it still sounds a little odd ... s age, equity of the house, interest rate on the loan, closing fees, and a few other factors ... is so these questions can be answered. The name is somewhat confusing. A reverse mortgage is a loan [more...]

Date: 2009-01-06 22:24:09

Blog posts (617) | Videos (433)
 

12 Confessions Of A Home Mortgage Collector [Wells Fargo]

A former Wells Fargo Home Mortgage home collector has stepped forth from the shadows to tell you what's really going on ... my own copy of the Fair Debt Collection Practices Act, and even then most people in WFHM ... . Bankruptcy will not forgive a mortgage debt. 4. Fight your bankruptcy fees with a passion! WFHM [more...]

Date: 2008-09-10 16:36:38

(untitled)

A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. [more...]

Date: 2009-09-26 11:59:39

Your Home Pays You Back with Reverse Mortgages

The follow is a guest post by Tanesha Morgan a writer for Personal Finance Analyst ... by the lender.  The mortgage company recoups its money out of the deal and the remainder goes ... will not pay medical bills or afford you trips around the world.  However, a reverse mortgage does [more...]

Date: 2008-09-09 12:55:55

U.S. Mortgage Meltdown Linked To 2005 Bankruptcy Law

From Kansas City Star There’s no shortage of blame for the mortgage crisis that drove the economy into the ditch ... by the credit card industry. So say three researchers at the Federal Reserve Bank of New York, who argue that the legislation shifted risk from credit card lenders to mortgage lenders, helping trigger [more...]

Date: 2009-01-14 05:25:41

Mortgage Rights and Wrongs

Congress has said that they want judges to adjust mortgage debt. On the face of it, this makes sense. After all, when people declare bankruptcy they get their credit card, auto loan, and personal debts adjusted. What makes a mortgage any different? Well, one difference is the law. By law [more...]

Date: 2009-01-14 05:01:08

Explaining The CRUNCH In Mortgage Land

A: Yves Smith's blog Naked Capitalism points me to a great chart on Econbrowser showing the dramatic retrenchment of securitizing mortgage loans. This death of securitized mortgages, as Yves calls it, explains why our housing market is in the shape it's in and one reason why banks balance sheets continue to be crunched! [more...]

Date: 2008-06-29 13:40:34

Senior LO Sentenced In Mortgage Fraud Scheme Targeting Victims Through TV Ads

Winston Thomas , 43, New Carrollton, Maryland, was sentenced by U.S. District Judge Deborah K. Chasanow to 37 months in prison, followed by three years of supervised release, for failure to file federal tax returns and for conspiracy to commit wire fraud in connection with a scheme in which he and his conspirators offered to help financially vulnerable individuals save their homes from foreclosure, and instead defrauded homeowners and mortgage lenders. [more...]

Date: 2009-09-24 09:07:12

SIFMA Has a Cow: “CMOs weakened relative to TBA bonds” to be Recycled into TBA

Under the plan, dealers can re-package collateralized mortgage obligations, or CMOs, with attributes similar to plain-vanilla "agency" mortgage debt. Reconstituted issues can trade in the so-called "to-be-announced" (TBA) market — ... sight-unseen. ——————- 1 : "US mortgage bond market liquidity measure approved", by Al Yoon [more...]

Date: 2009-01-14 07:01:08

How to Receive Money from Reverse Mortgage

by Mulroony Vanrock A senior gentleman called me last Friday ... we might loan on his home given it’s current value. I pulled out my supercomputer, punched ... a reverse mortgage line of credit. In this instance the mortgage company alots a loan amount. The borrower [more...]

Date: 2009-01-15 07:01:18

How To Use Online Loan Calculators To Save Money

September 18, 2009 | By Nicole Bee In Finance | When you’re learning about simple loan calculators, it’s easy to feel overwhelmed by the sheer amount of relevant information available. This informative article should help you focus on the central points.How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Keep in-mind that Private Mortgage Insurance is required when less than 20% down payment is made. [more...]

Date: 2009-09-19 03:38:14

Mr Mortgage: My Case FOR Mortgage Principal Reductions

This weekend a top reporter, Teri Buhl at the New York Post, wrote about one of my weekly research reports to clients that I put out a couple of weeks ago.  In it, I talk about terrible bank- and regulator-led mortgage mods, Indymac and my solution. Most regular Mr [more...]

Date: 2008-12-14 17:49:06

Mortgage Security Holder Stands-Up - Could Cost BofA $80 Billion

Mr Mortgage: In-Depth Look at Mortgage Rates - 5.5% Does Not Exist For Most -Best Mr Mortgage 1/24/08 IndyMac locks $1 billion in loans in a single day - The Half-Truths Never Stop! Michael Perry is the biggest information fabricators in the industry [more...]

Date: 2008-12-02 14:37:25

Ask the Readers: When Does It Make Sense to Refinance a Mortgage?

So much for vacation. I just can’t keep myself away from you guys! ... are at a 37-year low. A 30-year fixed-rate mortgage averages about 5.28% right now. I don’t usually pay much ... loan), but our current mortgage is in a kind of phantom zone: We have a $207,000 balance at 6.25 [more...]

Date: 2008-12-19 13:00:18

Jumbo Prime ‘Walk Away’ Loans - More Downgrades Coming

Mr Mortgage is a 20-year mortgage banking veteran, specializing in wholesale and correspondent sales and sales/operations management and bringing financial institutions into new lending markets. His primary focus was upon Agency, Jumbo, Alt-A and FHA insured residential mortgages [more...]

Date: 2008-12-10 16:51:11

Horses are in the next county, time to shut the barn door…..

Okay, this is a classic example of closing the barn door after the horse is out.   Let me explain: New laws that go into effect on Thursday, Oct. 1 say that you can’t do “high cost” loans without verifying that the borrowers can actually make the payments.    There’s a concept that’s about 5 years behind it’s time. And mortgage lenders are “concerned” about it.   Why?   Because they say it will dry up the mortgage world. [more...]

Date: 2009-09-28 20:44:00

Vital Pieces Of Mortgage Loan Modification Advice |…

Who doesn’t want to be relieved of paying a high interest rate in a monthly basis? The goal of home mortgage loan modification all about saving money. It is actually an option preferred by several homeowners. Continue reading here: Vital Pieces Of Mortgage Loan Modification Advice |… [more...]

Date: 2009-09-29 17:48:03

Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 7 Nov08 Bankruptcy & Insolvency

Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To RealEstateMarketingThisWeek.com Part 7 (Excerpt) Beware of grandiose claims when dealing with a loan modification firm. You know I am glad that were back, when we went to the break we were talking amongst ourselves about some of these concepts, I really want to bring this back down to the listeners. [more...]

Date: 2009-09-29 17:30:06

Are Long Term Mortgages For You?

Are Long Term Mortgages For You? Posted by Dark Spider at January 14, 2009 The various ways of getting a house these days has definitely become easier, along with the way that it can be paid back. Traditionally, a mortgage on a house meant a maximum of 25 or 30 years before amortization [more...]

Date: 2009-01-14 12:09:19

But I Thought It Was Just A “Panic”?

But I Thought It Was Just A "Panic"? Courtesy of Karl Denninger at The Market Ticker Or so we were told… Remember, the values at which subprime mortgage bonds were trading at reflected "irrational fear" and "unreasonable expectations of default." Really? * As of last week, the ABX index of sub-prime mortgage debt showed that AAA-rated securities from early 2007 were trading at 28 cents on the dollar – AA was at 4 cents, near all-time lows. [more...]

Date: 2009-09-14 02:05:36

Morning Mortgage Meltdown: Time to Refinance!: Rates on 30-year fixed mortgages are...

Rates on 30-year fixed mortgages are down in the doldrums. Great, right? Except it's of little help to homeowners already underwater with debt and delinquent payments -- or, for that matter, anyone buying in the Bay Area, where homes generally cost more than the $417,000 [more...]

Date: 2008-12-19 18:44:52

Peter Dreier: How to Fix the Mortgage Mess 101

Here's the problem with the nation's troubled financial system in a nutshell: Americans don't have enough money to pay their mortgages. President Bush's plan to bail-out the banks by having the US government buy troubled mortgage-backed securities is the wrong way to fix this problem [more...]

Date: 2008-09-30 13:27:44

New HUD Data Shows Growth in Reverse Mortgage Activity

Despite turmoil in the broader mortgage market, data released in December by the Department of Housing and Urban Development shows that on a ... ), Baltimore (3,595), Phoenix (3,582), Orlando (3,556), Richmond, VA (3,493), Philadelphia (3,317) and Chicago (3,184) to round out the top 10. Post from: Reverse Mortgage Loan Blog New HUD Data Shows [more...]

Date: 2009-01-15 14:01:28

Want To Refinance? Good Luck

Interest rates are at historical lows so many homeowners are calling banks and trying to get in on the action. Only problem? ... to sales and mortgage data analyzed by Zillow.com, a web-based real estate services firm. Many ... afford the payments. Justin Miller, a broker with Resource Mortgage Group in Plantation, said [more...]

Date: 2008-12-26 19:33:05

The Daily Dozen

Is government spending too easy an answer? I think so.The incredible shrinking inauguration crowd ... announcements.With interest rates a 37-year low, should you refinance your mortgage? In a word -- yes.7 ... this for a while now. If the government had not been subsidizing housing through mortgage tax breaks [more...]

Date: 2009-01-12 13:16:00

Real Change: Thrift and Prudence

We Americans have come a long way from the Great Depression — not that we have learned from it. The Federal Reserve and U.S ... losses, business failures, mortgage foreclosures, inability to keep up with debt payments and other ... are floating on a sea of debt. America’s personal debt, excluding mortgages, is approaching $1 trillion [more...]

Date: 2009-01-15 12:17:53

Refinances Booming? Not As Much As You Think

Discount all the reports you read about Americans lining up to refinance their mortgages and take advantage of the lowest rates ever ... down. Only about a third of U.S. mortgage debt outstanding is likely to qualify for refinancing ... or Freddie Mac in the highest-cost areas. “The refinance boom is mostly impacting the people who need help [more...]

Date: 2009-01-16 00:46:03

Foreclosure Filings Up 81% In 2008

WASHINGTON — More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, ... , according to the Mortgage Bankers Association _ are likely to remain well above normal levels for years ... in the housing and mortgage industries as well as a rapid decline in home prices. Among metro areas [more...]

Date: 2009-01-15 13:47:06

Get The Best Home Mortgage Loans

by John Bear Planning to refinance your current mortgage? There are actually several options that are available for you ... , receiving cash out at closing, and so many others. Since home loan refinancing would involve taking a new ... makes you uncomfortable, you can now obtain a loan, which needs minimal documents. The best way [more...]

Date: 2009-01-14 21:01:19

Not too proud

The amount of negative press my latest book has been receiving is an interesting thing. As I said earlier, I fully expected this ... s email. If you might help him, let me know. – Garth I am 38 years old, I have no debt but a Mortgage ... both under 3 years of age. I was always taught to pay down debt, pay down that mortgage [more...]

Date: 2009-01-15 15:17:57

FANNIE AND FREDDIE MAC ON THE BRINK

Continued sharp slide in shares of mortgage finance firms raises new concerns about need for new capital, threat of government takeover [ ... , or about half the mortgage debt in the country. They play a central role in the U.S. housing market ... of the companies if their problems worsen. The shares started to erase early losses when word came [more...]

Date: 2008-07-11 15:26:26

10 Tips on Saving for Your Ideal Home

I’ve always wanted to be a homeowner, however with all the doom and gloom these days about the current housing market, ... (Thanks Home Loan Guru!).  And while everyone has their own savings mantra, I thought ... out some of our mortgage calculators if you aren’t sure– or contact a professional within Zillow Mortgage [more...]

Date: 2008-07-30 00:26:16

A commercial real estate bailout?

It is possible (subscription required). I am not happy about this but the tone of this piece will be more analytical than editorial ... this year for two reasons. First, rising default rates on commercial mortgage-backed securities due ... commonplace between 2004 and 2007. The second and more significant reason is that outstanding mortgage [more...]

Date: 2009-01-13 15:26:00

The Latest Home Mortgage rip-off.

If you or someone you know is in danger of losing their home and is considering paying someone to renegotiate their mortgage they need to read this ... to bilk homeowners out of the equity in their homes. Now, with that equity often dried up, they are presenting themselves as “foreclosure rescue companies” that charge upfront fees to modify loans [more...]

Date: 2009-01-15 18:14:17

Mortgage Rates for Friday Afternoon

Compared to the past few weeks, this week seemed a little more calm with regards to mortgage interests rates.  30 year fixed hung around 5.875 - 6 ... are offering free “float downs” once rates are locked due to this volatile market.  If your loan ... out of that market or repricing that segment in advance of new loan limits.  It’s an odd limbo time for [more...]

Date: 2008-11-14 22:14:30

Barney Frank Tells People Not to Pay Their Mortgages

A few days back, I made the point that President Obama's policies will soon encourage folks to fall behind on their mortgages ... Relief Program and the proposed stimulus package, Mr. Frank said he plans to lay out a series ... week.Meanwhile, an industry coalition is lobbying for a tax break that would allow companies [more...]

Date: 2009-01-12 11:52:00

Options for Mortgage Refinance in 2009

by Madeline Zidan When looking at Mortgage Refinance there are quite a few details to which you will want to pay attention ... . Mortgage Refinance probably makes very little sense if you plan on moving or foresee paying off [more...]

Date: 2009-01-16 00:23:21

Get a new house with bkr loans, 474007 euro in one day

Start with credibility. It’s not easy to know if the prices quoted by lenders are reliable. And of course, each loan and each borrower are different ... estate rather than other property and in some cases only land may be mortgaged. Settlement costs ... for 6 percent. While a mortgage in itself is not a debt, it is evidence of a debt of 8 percent [more...]

Date: 2009-01-15 21:15:03

Will a short sale hurt my credit score?

When I meet with homeowners who are struggling with their mortgage are maybe behind on payments and have no equity in their home, ... or foreclosure on one’s credit report. I recently came across some great information provided by a mortgage ... my report and if it appears that their only option is to sell their house in a short sale, I always [more...]

Date: 2009-01-15 20:14:24

Benchmarks and Tempations

I am beyond thrilled to say that, after a lot of really hard work, I am now $337.00 away from being debt-free except for my mortgage ... (k), but I have basically been plugging away at the debt very hard the last couple years.  (Having a roommate also ... : to be one of those people with no mortgage in ten years or less by socking all that money at the loa [more...]

Date: 2009-01-14 06:55:55

Final conspirator sentenced in mortgage fraud scheme

US Attorney’s Office FOR FURTHER INFORMATION CONTACT AUSA VICKIE E. LEDUC or MARCIA MURPHY at 410-209-4885 September 23, 2009 FOR IMMEDIATE RELEASE http://www.usdoj.gov/usao/md FINAL CONSPIRATOR SENTENCED IN MORTGAGE FRAUD SCHEME THAT TARGETED VICTIMS THROUGH LOCAL TV ADS Defendants Ordered to Forfeit Over $2 Million Greenbelt, Maryland – U.S. District Judge Deborah K. [more...]

Date: 2009-09-24 20:45:57

The reset that only partially barks?

By Fester: Alt a august 2008 Last August, I wrote that we should expect to see a tremendous number of Alt-A and prime mortgage problems similar ... mortgages. Two things would work to create payment shock in my implicit model.  The first is loans would stop being interest only and become fully amortized loans where there are principal payments [more...]

Date: 2009-01-14 19:20:04

? Subprime Mortgage Foreclosures: The Importance of Reading the Fine Print

by Michael Geoffrey If you don’t have good credit, you can still own your own home. This is the offer that many people noticed a few years ago ... served foreclosure paperwork, threatening eviction if they were not able to pay off their mortgages ... . These people rushed to get their own homes and signed up quickly for their low interest rate [more...]

Date: 2009-01-14 20:15:08

The “Helicopter Drop” Has Begun

The Fed cut interest rates to effectively 0% today, but that really isn’t important. The problem is that even though money is now ( ... about all the existing debt starting to go bad, so creating new loans doesn’t make sense. Thus comes the “helicopter ... debt and mortgage-backed securities to provide support to the mortgage and housing markets.” [more...]

Date: 2008-12-17 00:03:00

WHEN IS A 5.000 PERCENT MORTGAGE RATE REALLY 3.600 PERCENT?

Related posts:Get Extra Tax Deductions In 2008 — Pay Your Mortgage A Few Days Early For most Americans, mortgage interest paid on a home loan...Shopping for a low rate mortgage for your Danville real [more...]

Date: 2009-01-16 04:23:28

Keeping Your Mortgage Interest to a Minimum

When it comes to buying a home and taking out a mortgage, the fact is that the interest you pay will likely be your biggest expense ... things you may not have thought of. Before applying for a loan, many people close credit card ... their lowest interest rates for those with the very best credit scores and credit histories [more...]

Date: 2009-01-15 02:50:33

Mortgage Rates — More Changes Coming Soon!

Mortgage rates have improved but continue to be volatile.  Today’s rates are actually up about 0.125% from yesterday ... in order to make sure their loans will be purchased from Fannie without having to absorb the price ... ?  Those with 40% down (home equity), 740 plus credit scores with taxes and insurance included [more...]

Date: 2009-01-09 21:22:08

Stopping Home Foreclosure

A Foreclosure Prevention Service has numerous ways it can help you deal with the foreclosure process ... when homeowner makes satisfactory arrangements to bring the overdue mortgage payments current. Loan ... time. Mortgage Refinancing: In most cases, once foreclosure has started, homeowner [more...]

Date: 2009-01-15 04:37:09

Conference Call Highlights: Projections For Multi-Family REITs

WSJ says: Owners and developers of multifamily buildings are trying to stay afloat as the deteriorating economy and escalating job losses create ... . A downturn in this sector also drags in housing mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE)… Together, the two mortgage giants have nearly $200 billion of these loans on their books. [more...]

Date: 2009-01-14 13:04:08

The Very Flawed Weekly Mortgage Applications Survey

Mr Mortgage is a 20-year mortgage banking veteran, specializing in wholesale and correspondent sales and sales/operations management and bringing ... survey. In the past, this has been a decent measure of future refi and purchase loan fundings [more...]

Date: 2009-01-06 16:59:36

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