The Pre-Recession Housing Problem That’s About to Slam Homeowners

Mortgages

The Pre-Recession Housing Problem That’s About to Slam Homeowners

The Pre-Recession Housing Problem That’s About to Slam Homeowners

The home equity line of credit (HELOC) had been around for many years before it became a hugely popular financial product in the early 2000s. When the financial crisis happened in 2008, drastically lower home valuations put a stop to the HELOC boom, and today we see far fewer being issued by lending institutions. However,... Read More

Mortgage Modification Scams Get Busted by CFPB

Mortgages

Mortgage Modification Scams Get Busted by CFPB

Mortgage Modification Scams Get Busted by CFPB

The housing market has been slowly recovering for most of the year, but the fact remains that millions of Americans are still underwater when it comes to what they owe on their mortgage versus the value of their home. As such, many may be looking for some relief, and scammers are now preying on that... Read More

Will Obama’s Mortgage Plan Work?

Mortgages

Will Obama’s Mortgage Plan Work?

Will Obama’s Mortgage Plan Work?

If you’re a homeowner who is struggling to keep up with a mortgage you can’t afford, or wondering whether to continue to stay and pay on a home that is deeply underwater, you may have seen another glimmer of hope in yesterday’s news about more proposals to address the housing crisis. Early Wednesday, preliminary details... Read More

Underwater On Your Home Option 3: Get a Loan Modification

Mortgages

Underwater On Your Home Option 3: Get a Loan Modification

Underwater On Your Home Option 3: Get a Loan Modification

In this series, I detail six possible ways to deal with an “underwater” home—one that’s worth less than the amount of money owed on it. Here is part three of my six-part series. When Javier Gonzales first started falling behind, he doggedly pursued a loan modification. He had both a first and second mortgage with... Read More

Despite Big Glitches, Government Still Helping Underwater Homeowners

Mortgages

Despite Big Glitches, Government Still Helping Underwater Homeowners

Despite Big Glitches, Government Still Helping Underwater Homeowners

We’ve run several stories (including this one and that one) about how the federal government’s program to help people avoid foreclosure is an abject failure. Regardless, some people have still managed to get help and keep their homes. Fannie Mae and Freddie Mac, the two taxpayer-owned mortgage giants, helped over a million people refinance their... Read More

New Legislation Aims to Curb Mortgage Servicer Abuses

Mortgages

New Legislation Aims to Curb Mortgage Servicer Abuses

New Legislation Aims to Curb Mortgage Servicer Abuses

Over one million homes were foreclosed upon last year, and an estimated 8-10 million homes still face foreclosure. As things stand now, homeowners who try to work with their lenders to modify their loans will often find themselves facing a nightmare of lost paperwork, conflicting advice, and delays that ultimately cost them their homes. U.S.... Read More

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