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 [...]
FHA Planning Stricter Loan Requirements
The Federal Housing Administration is taking the first steps toward stricter loan requirements. The FHA plans to “hold lenders accountable for their origination quality and compliance with FHA policy”. These planned changes could put more pressure on an already struggling housing market. Their plan is designed to limit the risks to the FHA loan portfolio, [...]
Strategic Mortgage Defaults A Cause For Concern
A new report from the National Consumer Law Center (NCLC) titled “Why servicer’s foreclose, when they should modify, and other puzzles of servicer behavior”, says the number of borrowers expected to walk away from their homes is projected to increase. This is known as strategic default, when a borrower decides to stop making payments on [...]
Making Home Affordable?
A new study out from the Federal Reserve Bank of Boston concluded that “lenders expect to recover more from foreclosure than from a modified loan”. The reason? Only about 30% of homeowners that fall behind on their mortgage payments are able to start paying again without lender intervention. When loans are modified, 30% to 45% [...]
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