Mortgages Blog

Monday, February 13, 2012 5:24 pm
By Judy Martel · Bankrate.com

From the strange-but-true files: Struggling homeowners can find mortgage relief by allowing their home to be turned into a giant billboard. Apparently, 38,000 people are desperate or creative enough to submit their homes as potential advertisements to the marketing company behind this idea, Brainiacs from Mars. The founder of the company, Romeo Mendoza, told Reuters

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Monday, February 13, 2012 10:00 am
By Jay MacDonald · Bankrate.com

The $25 billion federal-state legal settlement with five of the nation’s largest banks over improper foreclosure, messed-up mortgage modifications, robosigning shenanigans and other abuses drew mixed responses from industry groups, economists and consumer advocates. Does the deal put an end to lenders behaving badly or merely let them off the hook with a slap on

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Friday, February 10, 2012 2:29 pm
By Polyana da Costa · Bankrate.com

Since the $25 billion mortgage settlement with five of the nation’s largest banks was announced, borrowers across the nation wonder if or when they will benefit from it. “This historic settlement will provide immediate relief to homeowners, forcing banks to reduce the principal balance on many loans, refinance loans for underwater borrowers, and pay billions

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Wednesday, February 8, 2012 5:04 pm
By Judy Martel · Bankrate.com

Consumer confidence in the economy is rising slightly and so are predictions about home prices. Mortgage company Fannie Mae reports that its January survey showed 30 percent of respondents believe the economy is on the right track, up from 22 percent in December. Respondents also predicted home prices will increase by 1 percent over the

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Monday, February 6, 2012 4:58 pm
By Judy Martel · Bankrate.com

Is President Barack Obama’s latest plan to allow millions more struggling homeowners to refinance their mortgages actually further stalling a housing market recovery? Critics of the proposal, announced last week, say the chief drawback is that it’s setting up a delay in foreclosures, which, in turn, prevents home prices from hitting bottom. Republicans, who believe

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Friday, February 3, 2012 10:08 am
By Polyana da Costa · Bankrate.com

The economy added 243,000 jobs in January. That’s the biggest gain since April and more than analysts had expected. The unemployment rate also fell slightly to 8.3 percent. Great news! But not good enough to cheer up the 12.8 million people who remain out of work. An additional 11 million are working part-time jobs because

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Thursday, February 2, 2012 3:09 pm
By Polyana da Costa · Bankrate.com

Banks can’t say no to borrowers who want to refinance their mortgages. In short, that’s what Shaun Donovan, secretary of the Department of Housing and Urban Development, said when asked by a reporter if he believed lenders were going to embrace the Federal Housing Administration refinance plan that President Barack Obama proposed Wednesday. The program

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Thursday, February 2, 2012 5:26 am
By Judy Martel · Bankrate.com

Part of the fallout of the housing crisis means that rental demand is up – and so are prices. As home prices have been dropping and supply increasing, it’s a cruel twist for renters who are blocked from getting a mortgage because of bad credit to see their monthly payments go up. It’s also frustrating

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Wednesday, February 1, 2012 1:15 pm
By Polyana da Costa · Bankrate.com

President Barack Obama has proposed allowing underwater homeowners to refinance their mortgages with FHA-insured loans. The proposed program would extend today’s low rates to homeowners who owe more than their homes are worth. The plan would be similar to the Home Affordable Refinance Program, or HARP, but it would apply to private mortgages that are

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Tuesday, January 31, 2012 5:11 pm
By Polyana da Costa · Bankrate.com

Have you ever wondered why, despite numerous government programs made to help struggling homeowners, there are still so many obstacles that prevent borrowers from refinancing their loans? Here is one of many disturbing reasons: Freddie Mac, which owns or guarantees many U.S. mortgages, makes a ton of money by betting on homeowners who are stuck

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