Mortgage News

RISMEDIA, March 13, 2010—(MCT)—Phil Kelly had 18 more months to go before the fixed rate on his $2.5 million mortgage became adjustable. But when Kelly, a former computer executive living in Rancho Santa Fe, California learned he could knock his interest rate down by a full percentage point by refinancing, he went for it.

“It’s always tough to pick the exact bottom or top of anything,” Kelly said. “But I think this rate is about as low as you’re going to get.”

FORT LAUDERDALE, Fla. – March 10, 2010 – For William and Lida Negron, their lender’s decision to modify their mortgage seemed to be the key to holding on to their home.

William Negron, in his mid-70s, lost his job in car sales two years ago. The possibility of losing their home put “so much stress on him,” said son Carlos Negron.

RISMEDIA, March 11, 2010—(MCT)— By Jennifer Waters - U.S. consumers are starting to look like a frugal, debt-fearing lot as they pay down billions of dollars in credit card obligations. But an alarming trend is emerging: A small but growing number of people are skipping mortgage payments in favor of paying their credit card bills.

In an unprecedented shift, for some consumers having a credit card in good standing appears to have taken priority over having a roof over one’s head, experts said.

RISMEDIA, March 6, 2010— By Alyce Crawford Ritchie - Not only did we turn over a new year on January 1, 2010, but the U.S. Department of Housing and Urban Development (HUD) ushered in monumental and mandatory changes to the Good Faith Estimate (GFE) and HUD-1 settlement statement (HUD-1).

RISMEDIA, February 22, 2010— By Stephanie Andre

As a first-time home buyer, Jessica Garcia was excited last April to officially begin her home search. She found a home within her price range, completed the lengthy paperwork and paid for the appraisals, only to later be told after four months that the deal would not close.

RISMEDIA, February 22, 2010— By Stephanie Andre

As a first-time home buyer, Jessica Garcia was excited last April to officially begin her home search. She found a home within her price range, completed the lengthy paperwork and paid for the appraisals, only to later be told after four months that the deal would not close.

WALNUT CREEK, Calif. – March 4, 2010 – The word “as-is” can indeed be one scary phrase. Especially when buying a home in today’s market where foreclosures and short sales that need fix-up work are plentiful.

But a little-known Federal Housing Administration loan program that’s been around since 1978 can help take the sting out of “as-is.” Only a small number of homebuyers took advantage of the FHA’s 203(k) program in 2009.

By Yudislaidy Fernandez - Miami Today
   

WASHINGTON (AP) – March 3, 2010 – The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.

The Obama administration effort, known as Home Affordable Refinance Program (HAMP), had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.

The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates.

It was originally projected to help 4 millio

SOUTH FLORIDA – Feb.