first person fraud

Incidents of attempted loan fraud skyrocket during credit crunch

An epidemic of attempted mortgage loan fraud is sweeping the country as the credit crunch lingers on. Consumers should be aware of what constitutes loan fraud to avoid committing it. Penalties for mortgage loan fraud include jail time and hefty fines. Attempted mortgage loan fraud jumps 57 percent Attempted loan fraud skyrocketed to nearly 60

A Home Mortgage in Today’s Economy

Perhaps you have heard how difficult it is to secure a home mortgage in today’s economy. You may have even heard that home loans are so difficult to secure that many people should not bother with the process. Before we go much further, let’s dispel those rumors right now. The way of mortgages today Mortgage

Reverse mortgages are secured loans that don’t always work out

The reverse mortgage loan Reverse mortgages are secured loans that come with a catch. Just ask Ernest Minor of Marysville, California about them. He had a reverse mortgage and hoped it would pay for his wife’s medical bills. She eventually passed away and his loan came due. He received a bill for $200,000 from the

Americans losing faith in mortgage loans and real estate

Americans are becoming less convinced that getting mortgage loans to buy real estate is a good idea. A recent survey found that the number of people who believe owning a home is a worthy investment has dwindled to the lowest level in years. Home sales have been sluggish to recover from the housing crash. Fewer

Case-Shiller index indicates home prices still falling

Should homeowners brace for more financial pain? So America has recovered from the housing bubble and things are looking better for Real Estate… right? Not so fast. Marketwatch reports that the most recent Case-Shiller home price index indicates a “not-seasonally adjusted” .2 percent drop for 20 major American cities for December 2009. Prices did rise
Look into the basics of short term loans and mortgages before you start negotiating to buy a new home.

Using short term loans to assure a good home buy

For homebuyers, short term loans can be priceless. A short term loan is a convenient, simple and quick way for any qualified customer to get additional money. New homeowners like to use these types of loans for unforeseen expenses. If you are buying a new home, there are some things you need to watch out

Mortgage modification programs under fire from Republicans

The federal mortgage modification program is fast becoming a target for criticism as a failed program. Congressional Republicans have announced intentions on scrapping federal mortgage relief programs, which have been dismal failures. Foreclosures on failing mortgages  have slowed, but procedural issues are hampering the foreclosure processes nationwide. Failed mortgage relief programs prime target for spending
Ghost town

The adjustable rate mortgage is staging a comeback

One of the supposed causes of the real estate collapse and recession of the last few years was something called an adjustable rate mortgage. An adjustable rate mortgage, or ARM, can be misunderstood and, in fact, has a lot of benefits for some buyers. The ARM is starting to make a comeback. Adjustable Rate Mortgages

Tax Bills Proving Difficult to Manage as Owners Look for Cash Now

Although the recession is officially over, the result of it is still at its core. Many homeowners are finding it very difficult to manage because of multiple economic reasons, including increasing property taxes. Governments struggling over tax revenue declines Homeowners looking for cash now are having a difficult time due to their tax bills. Across

Walking away | The basics of strategic default

Strategic defaults — when a mortgage borrower decides to pick up and just walk away from their mortgage, even though they can pay it — are increasing. About 31 percent of mortgage foreclosures were estimated to be “strategic” in March of 2010. Strategic defaults can, more than ever, be an option for borrowers whose mortgages
Congressional Hearing

Bailout official labels mortgage modification program a failure

The Inspector General of government bailout programs has labeled the mortgage modification program a failure. Neal Barofsky, appointed to oversee the bailout programs including the Home Affordable Modification Program, blasted the program in a Congressional hearing for being ineffective. More than half a million applicants have gotten their mortgages modified. Mortgage modification program blasted in

Is the 40-Year Mortgage Really An Answer to Debt Relief

The 40-year mortgage The 40-year mortgage is growing more popular, but is it a true answer to debt relief? Many loan officers are promoting lower mortgage payments, citing the 40-year long term as a huge benefit to cash-strapped homeowners. But how exactly are they beneficial? President of, Jeff Lazerson, stated that the 40-year mortgage

Home Buyers Have New Options for Borrowing Money

Banks and credit unions Home loans were once the exclusive business of banks. Just a few short years ago credit unions joined the fray and banks were no longer the only option when it came to borrowing money for a home purchase. Together, banks and credit unions offered competitive options when it came to mortgage
For Sale

Housing prices decline, but home sales are rising

Nationwide home prices are declining, but home sales are beginning to rise. The past year has been volatile for real estate, but more people have been consulting with loan lenders to purchase a home. The low prices are thought to be the reason for the spike in purchases. Wealthy and investors buying houses again Figures

Mortgage Loans Equal Personal Loans to the Rich

How the rich find loans The rich have known for years that personal loans can come in the form of mortgages. For example, grocery-store billionaire Ron Burkle has known the secret of finding funding for years. He currently has about $56 million in loans against two properties. High-end home borrowers are growing in the market

Loan Modifications Find Trouble in Less than a Year

A Big Push for Little Results Last year, the federal government pushed lenders very hard to rework deals for thousands of mortgage holders. The sudden fall in home prices pushed the entire market to near complete collapse. The feds wanted to do something for the individual homeowner and developed the loan modification program. Under this
Timothy Geithner

Possible end in sight for mortgage giants Fannie and Freddie

Mortgage backing companies Freddie Mac and Fannie Mae could become a thing of the past. An upcoming Treasury report will make proposals about what should be done with the two government sponsored enterprises. One proposal is to let them both go under. Proposed cut of Freddie and Fannie would take years The Department of the