Mortgage

Foreclosure Properties: Bill to Have Centralized Data

An up-to-date centralized reporting mechanism on repo properties and loan modifications across the U.S. will be created if a proposal to require the mortgage industry to make updated foreclosure reports is enacted.
The proposal to track foreclosed homes reliably is included in the House bankruptcy bill which is set to be discussed in the Senate.
A recent [...]

Mortgage Applications to Avoid Repo Homes Up

The number of mortgage applicants increased by 30 percent, with refinancing loans to avoid repo homes accounting for almost 78.5 percent of all applications.

Drop in Home Mortgage Rates Expected to Abate Foreclosures

Homeowners who are facing the threat of foreclosure may have an opportunity to refinance their properties following the dropped in interest rates for home mortgages.
The 30-year fixed-rate mortgage loans averaged 5.9 percent, a dropped from 6.04 of the previous week. This marked a decline of below 6 percent nationwide since last October.
The rate decrease [...]

Subprime Mortgage Foreclosures Have Affected the Financial Meltdown

The title of the “Anatomy of a Meltdown” in an issue of The New Yorker magazine was rightly apt for the current financial crisis sweeping across the nation. Federal Reserve Chairman Ben Bernanke and other experts last year were quick to say that the blossoming issues on subprime mortgages and foreclosures would easily be contained. [...]

Foreclosure Crisis Update: Underwater Homeowners Reach 7.5 Million!

Reports show that the number of underwater homeowners is now 7.5 million and is alarmingly growing because owing more than the actual worth of the house is typically the first step to foreclosure.

Modified Mortgage Program Prevented 250,000 Foreclosed Homes

New York based JPMorgan Chase & Co, made announcements that it prevented at least 250,000 foreclosures since it joined other banks last 2007 in modifying or refinancing mortgages from clients who are delinquent in payments and those who may not be able to pay higher interest rates. This is a bid to thwart an increase in foreclosed homes and prime mortgage losses that bank executives from JPMorgan predict could reach $300 million by the start of 2009.

Housing Bill Momentum Slowed Down by Senate Issues

When the Senate voted on the controversial housing rescue plan, it received overwhelming support. But sadly, the likelihood of it becoming a law soon is reduced because of some problems coming from another unrelated proposal.

Developer?s Mortgage Terms Result to High Foreclosure Rate

In a small Texas neighborhood, homeowners are worried about the unusually high foreclosure rate. It seems like families are constantly moving in but do not stay long and end up facing foreclosure.

Mortgage Basics: Getting Pre-Approved or Pre-Qualified?

One of the realities of buying any home including Miami foreclosure homes is that most buyers will need to obtain a housing loan. Most real estate experts advise buyers to get pre-approved or even pre-qualified for a mortgage before going on a foreclosure hunting expedition.

Avoid Foreclosures by Understanding Mortgages

Ever since the housing market started to crash, real estate and financial experts have looked to the mortgage industry as the culprit. But even though these mortgage lenders are largely-responsible for the current foreclosure crisis, a small part of the blame should be shouldered by the borrowers themselves. If you are planning on buying a [...]