Latest News in Mortgages and Home Loans- March 17, 2009

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Trying to Get a Loan Modification From Your Mortgage Lender
Right now, there are plenty of folks who are excited to try and get a loan modification. These are folks who may be in danger of foreclosure. Many of them are hardworking people who are seeing problems — like lay offs — due to the economy. As a result, they are trying to keep their […]

Would Forgiving Student Loans Stimulate the Economy?
There are a number of proposals out there for stimulating the economy that center on regular folks. Leaving aside, for the moment, that there probably isn’t money left to spend much on regular folks (a lot has been spent already on banks), it is tempting to decide to provide a stimulus for individuals who are […]

FDIC Fund Failing Because Banks Didn?t Pay Premiums
Today’s major outrage: Apparently the banks we’ve been paying trillions to bailout didn’t pay their FDIC insurance premiums for 10 years.Nice, eh? And Congress didn’t do a damn thing.
Here is what Boston.com reports about the situation:
The Federal Deposit Insurance Corporation, which insures deposits up to $250,000, tried for years to get congressional authority to collect […]

HECM Program for Seniors Downsizing
One of the ways that many retirees help pay their living expenses is through a reverse mortgage. When done with FHA financing, these reverse mortgages can be wise decisions for some people. Now, a HECM program allows seniors to take advantage of downsizing their home and then using a reverse mortgage with the new equity. […]

Are Credit Cards the Next Incarnation of the Credit Crunch?
For more than a year, financial news has been dominated by the fact that defaults in home mortgage loans have caused a credit crunch: Banks are less willing to lend — even to those with reasonable credit. But the credit markets aren’t sorted out yet, and the next phase of the credit crunch could be […]

Misplaced Rage: Really? We?re Upset that Government?s Trying to Help Regular …
I’m going to climb up onto my soap box here for the space of a couple hundred words. It’s really getting kind of ridiculous out there right now. I think that there is a lot of misplaced rage with regard to efforts being made to forestall foreclosure. So far, $11 trillion has been committed to […]

Do State Laws Contribute to Foreclosure Problems?
Some of the issues with home mortgage modification and with foreclosure relief, stem from state laws. In some cases, state laws can make a bad situation even worse. Real Estate Pro Articles points this out about some of the foreclosure laws that could compound the foreclosure situation:
One of these obsolete laws is the fast-track foreclosure […]

Deal Reached on the Question of Bankruptcy Mortgage Loan Modification
In an ongoing effort to strike compromises with the GOP minority, the Democrats are rethinking the measure in the mortgage relief bill that allows bankruptcy judges to modify the terms of home mortgage loans. Although, this compromise is probably for the best.
Bankruptcy mortgage loan modification as a last resort
Rather than giving carte blanche to bankruptcy […]

Reader Question: Credit Card Bill or Mortgage Payment?
Yesterday, I received this question from a reader: I am having trouble meeting my obligations. Should I pay my credit card bill or make my mortgage payment? I suspect that with the current economy — not to mention fears of job loss — this is going to be a question asked with increasing frequency. The […]

The Importance of Your Credit Score When Buying a Home
One of the most important aspects of your financial life is your credit score. And your credit score is extremely important when it comes to buying a home. Indeed, before you start looking for a home, it is a good idea to check your credit score.
Problems that can arise from a poor credit score
It is […]

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