Three mortgage mistakes to avoid

The mortgage market is in a state of tumult these days. Rates are bizarrely low, but many homes are worth much less than the mortgage balances they secure. People are still losing their homes left and right, but millions of mortgage applications of creditworthy borrowers are being rejected every year. Against this backdrop, it’s really …

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Counseling Improves Mortgage Payment Success

If you or someone you know is having trouble paying each month’s mortgage payment, you may want to consider foreclosure prevention counseling. Data released by NeighborWorks American finds that a homeowner working with a housing counselor is nearly two times more likely to avoid foreclosure than those who don’t.  Counseled borrowers also tend to lower …

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What Happened to the Government’s Short Sales Program?

The Wall Street Journal posted the following article by WSJ’s reporter Nick Timiraos concerning the Home Affordable Foreclosure Alternatives short sale program: In April, the Obama administration formally rolled out a new program, called Home Affordable Foreclosure Alternatives, that was designed to spur more short sales, where banks allow homeowners to sell their homes for …

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California to join multistate inquiry of foreclosures by banks

In late September and early October several major lending institutions began voluntarily halting foreclosures in select states while they reviewed their foreclosure processes.  This action is in response to findings that questioned whether some lenders/servicers were following the correct procedures to foreclose on a property. MAKING SENSE OF THE STORY To date, Bank of America …

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