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The Associated Press recently reported that more people are dropping out of the Obama administration’s loan modification program — a sign, experts say, that foreclosures will rise and cause further damage to an already weakened housing market. The Treasury Department says that, of the 1.3 million homeowners who enrolled in the program since March 2009, 530,000 … Continue reading More Homeowners Leaving Government Loan Program The housing crisis may get more personal for struggling homeowners, even those who have perfect credit. RISMedia reports that homeowners seeking a loan modification or considering foreclosure to help them pay their mortgages might see their credit score fall sharply, thanks to the effects of the housing debacle. It gets worse. Citing complaints from bankers that … Continue reading Housing Crisis May Ruin Your Credit Score April was one of the cruelest months for homeowners seeking aid from the federal government to pay their mortgages. The Washington Post reported yesterday that 280,000 borrowers — or 20% of homeowners — were dropped from the Making Home Affordable program, raising questions about the effectiveness of stemming the tide of foreclosures. Treasury data showed that … Continue reading 1 in 5 Homeowners Dropped from Federal Mortgage Aid Program in April With foreclosures at an all-time high and 25% of homeowners finding themselves underwater on their mortgages, many homeowners find themselves seeking help. CNNMoney.com reported that the Obama administration recently announced that loan servicers will be required to lower balances in the loan modification process. Freddie Mac and Fannie Mae — two government-controlled mortgage owners — say … Continue reading Where Can You Get Help With Your Mortgage Payments? The Associated Press reported this week that the government’s mortgage relief plan has helped only 16% of borrowers who signed up since the plan’s launch last year. According to the Treasury, till last month, 170,000 homeowners had completed their applications and undergone permanent loan modifications, out of the 1.1 million homeowners who enrolled in the … Continue reading Under Government’s Mortgage Plan, 16% of Borrowers Received Aid Beginning April 5, the government plans to launch a new program that will allow homeowners to sell their homes for less than they owe and pay them to help cushion the loss. So far, the government’s Making Home Affordable Program focused on helping homeowners keep their homes and prevent foreclosure through loan modifications or refinancing. However, … Continue reading New Program Will Help Homeowners Make a Short Sale The government announced yesterday that it would be extending its Home Affordable Refinance Program (HARP) that was scheduled to end on June 10 this year. The program, which was started to help troubled borrowers with little or no equity in their homes, will now continue till June 30, 2011. HARP initially had a goal of helping … Continue reading Government Extends Home Affordable Refinance Program After falling below the 5% level, mortgage rates rose again above 5%, according to Freddie Mac’s weekly survey. The average rate for 30-year fixed mortgages was 5.05% for the week ended February 25, an increase from 4.93% last week, but a decline from 5.07% the previous year. The rates on 15-year fixed-rate mortgages increased to … Continue reading Mortgage Rates Rise To Five Percent Level Again The Wall Street Journal reported yesterday that the U.S. Treasury may introduce new guidelines for mortgage lenders to give distressed borrowers more time to try and qualify for the Home Affordable Modification Program (HAMP). Among other proposed changes, loan servicers would have to give borrowers 30 days to respond after they are denied a loan modification … Continue reading Treasury May Introduce New Guidelines For Mortgage Lenders Under HAMP |
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