FTC Proposes Up-Front Fee Ban for Mortgage Modifications
The Federal Trade Commission has proposed a new rule that would ban third party mortgage companies from charging up-front fees for mortgage modification and foreclosure rescue. Under the new FTC rule, third party mortgage companies would only receive payment after services are completed for the borrower. These companies would also be required to disclose the [...]
Report: HAMP Program Only Making A Dent In Foreclosure Crisis
A report released this week says the nation’s foreclosure crisis is on the verge of deepening. This is according to the State Foreclosure Prevention Working Group, which is made up of 12 state attorneys general and 3 banking regulators. The group collected data from 13 different mortgage servicers for two years. This is their fourth [...]
Higher Mortgage Rates Possible
Economist believe mortgage rates will increase, predicting the average 30 year rate will move closer to 5.75% over the next six months. Such forecasts force homeowners with adjustable rate mortgages to consider refinancing their loans to avoid an increase in their monthly payments. An increase that few are prepared to handle when we consider the [...]
Unemployed Homeowners Might Receive Assistance
Advocacy groups are meeting with officials from Housing and Urban Development, the Treasury Department and the White House Economic Council. These groups hope officials will take part in an existing $75 billion program to help homeowners modify mortgages and implement a program that would help the jobless stay in their homes. Spearheading this program is [...]
Lenders Resist Making Home Affordable
The Treasury Department announced a total of 31,382 homeowners have received a permanent home loan modification since details of the program were announced in March. 4% of homeowners whose home loans were re-worked through the Making Home Affordable Program have successfully completed the trial period to receive permanent modifications. There are currently more than 728,000 [...]
Reverse Mortgage Option Gaining Momentum, Seniors at Risk
More seniors are applying for reverse mortgages than ever before. This trend is gaining momentum as seniors are finding their retirement nest egg disappearing. Tim McDonald, a reverse mortgage specialist for Wells Fargo Home Mortgage, says, “the aging population is becoming more and more aware of reverse mortgages as a way to stay in [...]
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