Latest News in Mortgages and Home Loans- Oct 13, 2009

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Foreclosures Moving Up in the Housing Market
One of the more interesting housing market trends that is becoming visible as unemployment continues to grow, and things move slowly toward recovery is the fact that foreclosures are moving up the housing market scale. We’re beyond the point where most of the foreclosures where subprime loans were made to people who maybe couldn’t really [...]

If Johnny Isakson?s $15,000 Tax Credit for Every Home Buyer is Passed, I?m Bu…
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There is speculation that October will be a good month to buy a home. Mortgage interest rates are back below 5%, and people are having a fire lit under them by the prospect of the end of the first time home buyer tax credit. But will it really be the end? There are [...]

Reader Question: What is a Money Merge Account?
Image by kiki99 via Flickr
I received this question from a reader recently, with regard to a software program that purports to help you pay off your mortgage faster:
Recently, I have learned about programs called money merge accounts? Do these programs really help you pay off your mortgage early? How do they work?
Money merge accounts are [...]

Making Home Affordable: Loan Modification
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Even though there are signs that the housing market is stabilizing, there are still a great many people in danger of foreclosure. If you are trying to figure out how you can stave off foreclosure, you might consider loan modification. Under the Making Home Affordable plan, there are provisions for [...]

Staving off Foreclosure When You Don?t Qualify for Loan Modification
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It is true that there are many loan modification opportunities, as well as the ability to refinance if you are concerned about losing your home to foreclosure. However, in some cases, you might not qualify for these types of programs. This can be discouraging, since it may seem that your only way out [...]

What Happens to Your Home Mortgage in Bankruptcy?
One of the more interesting issues to consider when you are in financial straits and planning to declare bankruptcy is what happens to your mortgage when you file. There are many different scenarios. In some cases, it is possible to save your home and protect it — as long as you will be able to [...]

Will October Be the Time to Buy a Home?
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It is increasingly looking as though October may be the time to buy a home. After all, many people will be rushing to take advantage of the tax credit being offered to first time home buyers. But even if you don’t qualify for a first time home buyer credit, October may be a [...]

FDIC Wants Banks to Prepay Fees
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Recently, the news has got out that the FDIC’s bank fund is in the process of being depleted. As a result, the FDIC is meeting today to try and hash out issues related to replenishing its fund. Here is what MarketWatch reports about the situation:
The FDIC meets Tuesday to tackle the thorny [...]

Fannie Mae Tightens Credit Requirements for Home Mortgage Loans
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During the credit crunch, Freddie Mac and Fannie Mae, the two government sponsored entities responsible for making home mortgage loans more affordable, have been providing loans. Fannie Mae has been doing this by allowing people with credit scores of around 580 to qualify for home mortgage loans. However, Fannie Mae [...]

New Home Sales Rise in August
Image by Getty Images via Daylife
Sales of existing homes dipped in August, but new home sales increased. However, they didn’t increase as much as analysts had hoped, reports CNN Money:
New home sales rose 0.7% last month to a seasonally-adjusted annual rate of 429,000, the Commerce Department reported. That was up from a downwardly-revised reading of [...]

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