Latest News in Mortgages and Home Loans- Dec 29, 2009

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Looking for Loan Modification? Your Credit Score May Suffer
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One of the issues surrounding the current loan modification program is the fact that, in some cases, just entering a trial loan modification can affect your credit score. This can be very disheartening for those who are struggling to keep current on their mortgages, making payments on time and meeting the guidelines for [...]

Merry Christmas 2009 from the Mortgage Blog at Banks.com!
Today is Christmas Eve. Hopefully, you are enjoying time with your family and friends, and contemplating the types of gifts that don’t come from the store. After all, there are many different kinds of gifts, and all of them are reasons to be grateful. The housing market, which appears to be showing some improvement, got [...]

Make Sure There Are No Prepayment Penalties on Your Mortgage
Image by Steve Wampler via Flickr
One of the issues you may have to deal with when trying to pay a mortgage off early is the possibility of prepayment penalties. A prepayment penalty is when the mortgage lender charges you a fee for paying off the mortgage ahead of the term. The theory is that the [...]

Existing Homes Sales Data Impresses
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November saw a surge in existing home sales data. Indeed, the sales were much larger than expected, as home buyers rushed to take advantage of the fact that the home buyer tax credit has been expanded. Many are interested in buying a home right now, and first time home buyers are are showing [...]

Loan Modification Attempts Ineffective Long Term
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Loan modification attempts are working on some level, but in the long term, some are finding that the situation is deteriorating. Mortgage lenders and servicers are starting to step up efforts to help as foreclosures continue, but it still might not be enough. Even prime mortgage borrowers are falling behind on [...]

Citi Suspends Foreclosures in the Holiday Spirit
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In the spirit of the season, some mortgage lenders are suspending their foreclosures. Citi is one of the mortgage lenders that is providing a reprieve for borrowers who would otherwise lose their homes this holiday season. Citi’s program will take effect between December 18, 2009 and January 17, 2010. It is expected to [...]

Alternative to Foreclosure: Loan Modification
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Even though there are signs that the economy is starting to improve, recovery is a long way off. And that means that many people are still seeing difficulties in their personal situations. Job loss, cut hours and other problems related to the recent recession may make it difficult to make mortgage loan payments. [...]

Home Construction Picks Up
Image by Getty Images via Daylife
Home construction is picking up again, after a lull. Close to 574,000 homes have started in November, according to estimates. This is still well below the number of homes built to this point last year, in 2008, but still represents a monthly increase in home construction. CNN Money reports on [...]

Mortgage Lenders Continue to Struggle
Image by wallyg via Flickr
Mortgage lenders are having a tough time of it right now. Concerns about the housing market are still in effect. Even though November showed an increase in housing starts, and there has been an extension and expansion of the home buyer tax credit, there are still worries about the housing market. [...]

Consumer Protection Bill Passes House
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At the end of last week, even as the news of consumer spending and confidence saw a boost, the House of Representatives passed a consumer protection bill, aimed at reducing the powers of the Federal Reserve, and creating a new agency, the Consumer Financial Protection Agency (CFPA). Of course, before it becomes law, [...]

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