According to experts, a new rash of foreclosures will emerge this year due to prolonged unemployment which makes it difficult for millions of homeowners to pay their mortgages. In addition to that, a lot of them aren’t likely to obtain adequate help from a federal program which would help them at keeping their houses. Banks [...]

Mortgage deficiencies are experienced by some homeowners when they go through a short sale or foreclosure of their property. This refers to the difference between the amount that the house was sold for and what you owe the bank. In such cases like you owe your lender for a home that you no longer own, [...]

As stated by Freddie Mac last Thursday, the average interest rate on a 30-year fixed-rate mortgage fall down to 4.95% this week from 4.97% last week. Based on the mortgage giant’s weekly survey, lenders offer a rate of 20% down payment for borrowers with good credit and the upfront fees averaged 0.7% of the loan [...]

Trying to get out there first with a proposal for the future of Fannie Mae (FNM) and Freddie Mac (FRE), the Mortgage Bankers Association (MBA) is calling for Fannie and Freddie to be broken up into several smaller privately held companies that issue securities with an explicit government guarantee, not just an implied guarantee, according [...]

I posted yesterday about all the hard work that goes into a short sale. Here is a comment from Angel: Yes they say the average transaction take 150 calls. Yes thats right between home inspections pest reports, title companies and agents the average transaction takes 150 calls. Now add the bank calls which in our [...]