Latest News in Mortgages and Home Loans- May 25, 2010

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5 Tips To Help You Get Home Loan Approval
When it comes to getting a home mortgage loan, things can get a little difficult, especially in this climate. Home loan approval is hard to come by these days, with banks tightening lending standards. A few years ago, it was possible to get a home mortgage loan just by walking into a bank. Now, though, [...]

Tax Sale: The Other Foreclosure
A lot of the time, we think of foreclosure resulting from an inability to make mortgage payments. We either figure that the someone in foreclosure either bought a home they couldn’t afford, or that they lost their job and could no longer keep up with the mortgage. But this is not the only kind of [...]

Consumer Financial Protection Agency Gets Go Ahead in Regulatory Reform
The Senate passed a financial regulatory reform bill last night. The creation of a Consumer Financial Protection Agency was part of the bill, meant to provide consumers with an agency to protect their interests from banks. National Mortgage News Online reports on some of consumer protections addressed in the bill:
The bill, crafted by Sen. Christopher [...]

Want to Trade Up Your House? Good Luck Selling Your Current Residence
Not too long ago, my husband and I started casually looking at homes. We are waiting to see whether my man gets a job here in town, but we thought it might be fun look around a little bit and see what’s available, since prices are low and mortgage rates are favorable. However, the more [...]

FHA Loan Changes May Be Coming Soon
Loans backed by the Federal Housing Administration have been playing a wider role in the house market since the mortgage market crash and the recession. As mortgage lenders tightened credit requirements and raised requirements for down payments, the FHA’s more generous program gained in popularity. This is not particularly surprising, since the FHA requires a [...]

Senate Approves Measures to Limit Debit Card Fees
The financial sector continues to reel as more bad news comes in for banks and others in the financial services industry. Yesterday, several banks received subpoenas related to practices in rating mortgage backed securities. Today, the Senate has voted to curb debit fees that can be charged by payment processors like Visa and MasterCard. BusinessWeek [...]

Did Banks Misrepesent Mortgage-Backed Securities to Get Better Credit Ratings?
Image by Getty Images via Daylife

Nearly three years after the first signs of trouble from the subprime lending sector began appearing, banks are being scrutinized for their representation of mortgage-backed securities. The most recent probe is being led by New York Attorney General Andrew Cuomo. The Wall Street Journal reports on the allegations:
The Cuomo probe [...]

Mortgage Loan Forgiveness: IRS Sees it as Income
Image by Getty Images via Daylife

The recent recession resulting from the financial crisis has brought to light a need for options when it comes to dealing with negative equity in homes. There are a number of courses you can take if you want to avoid foreclosure, including a short sale.
What is a Short Sale?
A short [...]

Strategic Default: Should You Walk Away from Your Mortgage?
Over the weekend, the CBS News show 60 Minutes looked at homes that are underwater. However, many people can still afford to make their payments, but are still walking away. Here is a quote from the special, along with a clip:
It’s estimated that one million Americans walked away from homes “underwater” or worth less [...]

Underwater Mortgage Holders Increase in 2010 Quarter 1
Those with underwater mortgages increased during the first quarter of 2010, reports Zillow. These underwater mortgages are those in which the owner owes more on the home than it is worth. This situation is also known as having negative equity. Many people are seeing increases in negative equity since home values began falling in late [...]

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