mortgage: FHA Cash Reserves Fall To Lowest In History - 11/12/09 03:55 PM
The Federal Housing Administration's mortgage insurance cash reserves fell to the lowest levels in recorded history, 0.53 percent. The FHA announced today FHA cash reserve levels have fallen below the congressionally mandated threshold. The annual independent accounting survey of the FHA came with the assessment that additional action needed to be … (1 comments)
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mortgage: Have You Heard The News? $8,000 First Time Home Buyer Tax Credit To Be Extended and Expanded - 11/04/09 01:53 PM
First time home buyers and others can celebrate soon. There's movement to extend and expand the first time home buyer tax credit. But wait, there's more. The new and improved home buyer's tax credit will be expanded to include higher income earners and existing home owners. The fragile real estate may … (2 comments)
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mortgage: What's Considered The Difference Between A Short Sale Or A Full Price Offer? - 11/04/09 01:43 PM
If you receive a full price offer for the sale of your home, can the lender still consider the sale a short sale? What if the full price offer covers all expenses and covers the entire amount owed to the lender, would the sale still be a short sale?
Q: My … (6 comments)
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mortgage: Have We Really Hit The Bottom Of The Real Estate Housing Market? - 11/03/09 11:06 AM
Everyone’s so anxious to call the “bottom” of the real estate housing crisis.
Why? There’s no accolade for being right. It’s not as if we’re going to see a 65 percent surge in housing prices over the next six months (and watch out for that kind of momentum in the stock … (2 comments)
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mortgage: If You Can't Refinance, Should You File for Bankruptcy Or Let The Home Go Into Foreclosure? - 10/20/09 12:20 PM
Q: I've been divorced for almost 2 years. My ex-husband was awarded the house and subsequently took over the payments. He has been laid off several times over the last two year, failed to qualify for unemployment, and still has not refinanced the house to remove my name from both mortgages. … (0 comments)
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mortgage: When Should You Refinance Your Mortgage? - 10/06/09 11:50 AM
Refinancing a first mortgage and/or a second mortgage or home equity line of credit may not be right for everybody. If you refinance the mortgages will you reduce the amount you owe on the mortgage loan? Will you reduce the number of years left to pay on the mortgage once you … (0 comments)
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mortgage: Should You Pay Spouse's Mortgage Debt After Their Death? - 09/10/09 04:15 PM
Q: Am I responsible for my deceased husband’s mortgage debt? My name was not on my spouses mortgage debt when he died. Can the mortgage company hold me responsible for this debt?
A: My condolences on the loss of your spouse. It’s unlikely that the mortgage lender can hold you … (2 comments)
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mortgage: Do You Know the Latest Mortgage Fraud Scams? Protect Yourself! - 07/21/09 10:00 AM
In its 2008 survey of morgage fraud, the FBI concluded there is a strong correlation bewteen mortgage fraud and distressed real estate markets. Indeed, some of the states with the highest levels of mortgage fraud also had the highest levels of foreclosures. But new mortgage fraud scams emerged in 2008 … (5 comments)
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mortgage: Can I Combine My First Mortgage And Home Equity Line of Credit Into One Loan? - 06/17/09 01:42 PM
Can you refinance to combine a first mortgage with a home equity line of credit if you owe more than your house is worth? Borrowers across the country are finding that if they are underwater with their mortgage (that is, their house is worth less than the mortgage amount), lenders will … (0 comments)
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mortgage: Should you buy a car before closing on your new home? - 06/06/09 01:03 PM
For many home buyers, when they're looking for a new home they also happen to be looking for a new car, new appliances and new furniture. That's a lot of cash leaving your wallet (or being charged in your charge card) all at the same time. It might also put … (1 comments)
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mortgage: Prepaying Mortgages With Low Interest Rates - 05/31/09 06:05 PM
Interest rates are at record lows. Does it make sense to prepay your mortgage when you have a really low interest rate? What's the best way to prepay a mortgage loan
with a low interest rate? How can you ensure that the mortgage lender knows when you are sending in prepayments … (2 comments)
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mortgage: Selling Home to Pay Off Debt - 04/23/09 04:17 PM
When you're deep in debt you may think you should sell your home. What if you live with someone in this situation? Is it your responsibility to help him or her pay off debt by selling the home the two of you share? You need to calculate how much each … (0 comments)
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mortgage: Refinance to Save Costs Pending Divorce - 04/23/09 03:59 PM
When you're facing divorce you may have to figure out what to do with your primary residence. If you plan to keep your primary residence but have to live on a smaller income, you may want to refinance to get a better interest rate and save money. How can you … (0 comments)
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mortgage: Credit Score Requirements More Strict For Mortgage Loan - 04/17/09 06:22 PM
You may think that having a credit score of at least 700 and a down payment of almost 5 percent will help you buy a home in this home buying environment. But lenders have tightened credit requirements for obtaining a mortgage when you're buying a home.
You may still be … (1 comments)
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mortgage: How to Prepare for a Mortgage Refinance - 04/12/09 07:59 PM
With mortage interest rates at record lows, you may be thinking about refinancing your mortgage. What should you do to prepare to refinance your mortgage?
It's important to know the current value of your home, your current mortgage loan interest rate, and your credit history and score. You should … (2 comments)
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mortgage: Mortgage Loan Modifications Are Still Possible With Declining Home Value - 04/05/09 08:04 PM
Can you refinance your mortgage loan when you owe more on the property than it's current home value?
Your mortgage lender may be more likely to grant you a mortgage loan modification or refinance since the federal government has been offering mortgage lenders financial incentives. Learn how to request a … (2 comments)
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mortgage: Making Homes Affordable: Refinancing - 03/31/09 06:09 PM
Along with the launch of the MakingHomesAffordable.gov website, the White House released an updated FAQ about the refinancing and modification programs. Here's the refinance FAQ. I posted the modification FAQ on my blog (www.thinkglink.com/blog)
What is “Making Home Affordable" all about?
Making Home Affordable is part of President Obama's … (0 comments)
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mortgage: Mortgage Lender May Lower Interest Rate On Loan - 03/26/09 01:32 PM
In light of the credit crisis you may be wondering whether you can get your mortgage loan modified.
One type of loan modification is having your mortgage loan interest rate lowered. To find out whether you qualify for this kind of mortgage loan modification you should contact your mortgage lender. Your mortgage … (2 comments)
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mortgage: FHA Loan May Solve Mortgage Dilemma - 02/15/09 11:27 PM
Summary: If you bought a home and now your home is worth less than your purchase price you may be kicking yourself, especially if you're paying a high mortgage. While buying high end real estate is a risk, every home buyer who does so chooses to take on that responsibility. In … (2 comments)
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mortgage: How To Handle Missing Mortgage Payments
- 02/06/09 02:53 PM
Question: I'm a married father of two who finds himself in a very ugly financial position, like a lot of my fellow Michiganders.
I'm out of work, unable to pay my mortgage and starting to get notices from my primary lender and secondary (equity) lender. I am approaching three months of … (0 comments)
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