By Mike Colpitts Fixed mortgage rates rose for the third straight week slightly as pent-up demand for housing got more applicants to apply for home mortgages. The rate on a 30-year fixed rate loan rose marginally just one basis point for the week to 4.81%. However, rates for all other types of mortgages declined for… Continue reading Mortgage Rates Climb as Loan Applications Rise
Category: Loans
California Woman May Receive Damages in Foreclosure Suit
By Kevin Chiu A California woman whose home was foreclosed may be able to obtain financial damages as a result of wrongly being dealt with by U.S. Bank in the foreclosure of her home, a federal court has ruled. The lender reneged on its promise to negotiate with the woman and her husband over their… Continue reading California Woman May Receive Damages in Foreclosure Suit
Mortgage Rates Drop Lower
By Mike Colpitts Driven by a spike in Treasury prices, mortgage rates saw a major drop lower as worries over a Greek default and the Federal Reserve’s dim economic outlook rattled financial markets. Rates paid to investors seeking the safest investment in Treasury bonds reached the lowest yield in four months Monday, hitting 1.84% on… Continue reading Mortgage Rates Drop Lower
Stung by Losses Banks Call Loans
By Kevin Chiu Stung by huge losses, banks are calling loans on businesses and home mortgages in efforts to protect their businesses and keep regulators at bay. A total of 157 banks failed last year, and were taken over by the FDIC, the most since the U.S. Savings and Loan Crisis ended in 1992. Homeowners… Continue reading Stung by Losses Banks Call Loans
Loan Modifications Top 3.7 Million Homes
By Kevin Chiu Mortgage servicers have modified nearly 3.7-million home mortgages since the housing crisis started in 2007, according to a private group of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization, Hope Now estimates the industry completed almost 150,000 permanent loan modifications during August, the last month for which figures are available.… Continue reading Loan Modifications Top 3.7 Million Homes
Millions Walking Away from Mortgages Could Still be Helped
A non-government backed mortgage rescue program started to stop homeowners walking away from mortgages is gaining momentum with the addition of Ohio’s Hardest Hit Fund. The state is one of the most severely impacted in the foreclosure crisis. The Responsible Homeowner Reward program has been included as an alternative resource in the state’s Hardest Hit… Continue reading Millions Walking Away from Mortgages Could Still be Helped
Hard Money Lending to Hit $2-Trillion
By Kevin Chiu Homeowners and business owners alike are borrowing money to keep their homes and commercial properties at high interest rates by the droves, sending hard money lenders busily searching for more cash to loan. The business of hard money lending is projected to hit a record $2-trillion in the U.S. within a year.… Continue reading Hard Money Lending to Hit $2-Trillion
Hard Money Lending Booms in Tough Economy
By Kevin Chiu Hard money lenders, where the downtrodden and desperate seek money are having a field day in the current tough economy, reaping huge profits from clients, most of whom are just trying to get by from day to day. The real estate market has been hit hard and many conventional mortgage lenders, including… Continue reading Hard Money Lending Booms in Tough Economy
Real Estate Rewards Mortgage Rescue Program Hands Out $86 Million
By Mike Colpitts A mortgage rescue program intended to save under water mortgage holders from defaulting on mortgages has offered $86-million in real estate rewards to homeowners since launching. The private company program implemented by Loan Value Group, a New Jersey based firm has helped more than 1,000 mortgage borrowers in its first four months… Continue reading Real Estate Rewards Mortgage Rescue Program Hands Out $86 Million