Latest News in Mortgages and Home Loans- July 14, 2009

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Treasury Offers More Grants for Affordable Housing
The government has been providing money for various programs aimed at halting blight and foreclosure, as well as creating affordable housing. One program, the Neighborhood Stabilization Program, recently saw money begin flowing. Another program, aimed at affordable housing projects in different states, has been issuing grants through the Treasury Department. National Mortgage News Online reports [...]

Refinancing for 125% of The Value of Your Home
Recently, there have been some efforts to make refinancing more widely available to those who have been hit hard by housing market in the form of much lower housing values. Indeed, with housing values dropping, many homeowners have found themselves upside down on their mortgages, unable to refinance to lower rates (and payments) because of [...]

Reader Question: How Long Does It Take to Get Mortgage Financing?
Image by TheTruthAbout via Flickr
Every now and again I receive a question from a reader. I woke up this morning with this question in my inbox:
How long does it take to get mortgage financing and appraisal?
First of all, it is important to note that appraisal is usually part of the financing process. Before the financing [...]

Mortgage Fraud Continues to Rise
Image by Renegade98 via Flickr
Mortgage fraud remains a very real part of the housing market. In fact, the incidence of mortgage fraud has actually increased. Since last year, mortgage fraud has increased 36%. BloggingStocks reports on the continuance of mortgage fraud:
According to the agency, reports filed through March put fraud reports on track to [...]

Boston Fed Looks at Why Loan Modification is Having Limited Success
Image via Wikipedia
For many, one of the options to try when it comes to foreclosure prevention is loan modification. In this process, mortgage lenders modify the loan, changing such terms as interest rate, payments and sometimes even principle. However, even with the incentives being offered to mortgage lenders to engage in loan modification, such programs [...]

4th of July: Some Reflections
This weekend we celebrate the 4th of July. It’s a time when we commemorate the signing of the Declaration of Independence. Of course, the signing didn’t take place exactly on the 4th (more like shuffling people in and out to sign the document over the course of two or three days). But that’s not really [...]

Unemployment Approaches 10%; Foreclosures Likely to Continue
Image by nuttyxander via Flickr
Today, the government released its non-farm payrolls unemployment report. The news, as expected, remains somewhat grim: The unemployment rate in June reached 9.5%. This is slightly better than the anticipated 9.6% unemployment rate.
The fact that things aren’t quite as bad as analysts expect offers cold comfort. Sure, the rate of rising [...]

Prime Borrowers Hit By Foreclosures
The rate of foreclosure continues to increase. Foreclosures have been moving like a wave through borrowers as the recession has progressed. What started as something mostly confined to subprime mortgages has moved steadily through Alt-A mortgages and now to prime mortgages. Indeed, delinquencies on prime home mortgage loans have doubled, showing that the recession is [...]

Should You Buy That Fixer-Upper?
Image via Wikipedia
Right now, it’s all about the deals on the housing market. There are a number of incentives, not to mention the great deals on home prices as the market continues to look for a bottom. And, if you are willing to buy a fixer-upper, you can really make a killer of deal. In [...]

Selling Your Home Fast in This Market
If you are trying to sell your home, you know that it is most definitely a buyer’s market. Plus, there is a good chance that your home will be on the market for months before you manage to sell. This means that you may need to take drastic action in order to sell your home [...]

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