Mortgages Blog

Wednesday, December 7, 2011 4:54 pm
By Judy Martel · Bankrate.com

As one way to unload the glut of housing inventory languishing on the market, two senators want to introduce a bill today that gives foreigners who buy a home in the U.S. a residence visa. Foreigners would have to invest at least $500,000 in residential real estate (buyers can invest in more than one home

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Tuesday, December 6, 2011 6:00 am
By Judy Martel · Bankrate.com

Beware when searching on the Internet for ways to modify your mortgage payments. So far, the federal government has shut down more than 200 scam companies that are promising to help struggling homeowners.  In a separate action, search engines have been taking their own actions by barring suspicious advertisers. Google removed 500 advertisers from its

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Monday, December 5, 2011 3:44 pm
By Polyana da Costa · Bankrate.com

GMAC, the mortgage arm of Ally Financial, will cease most of its mortgage lending in Massachusetts. The announcement came a day after Massachusetts Attorney General Martha Coakley filed suit against GMAC and four other major mortgage servicers, alleging illegal foreclosure practices in Massachusetts. GMAC says it will stop buying loans from correspondent lenders and wholesale

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Monday, December 5, 2011 10:00 am
By Jay MacDonald · Bankrate.com

Among the more bizarre bottom-feeders to profit from our foreclosure mess is Jacob Franz: Dyck (yep, he signs with a colon), a 72-year-old former Florida dentist and ex-con who figured out a clever way to drill for gold in the cavities of America’s broken dreams. Dyck considers himself a “sovereign citizen,” meaning he’s not bound

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Friday, December 2, 2011 10:43 am
By Polyana da Costa · Bankrate.com

The labor market took a small step forward in November, but when you read the fine print, the situation isn’t as rosy as it appears. Still, mortgage rates will likely rise amid the somewhat positive news. The Labor Department reports that the unemployment rate dropped to 8.6 percent. That’s a big deal considering the rate

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Thursday, December 1, 2011 4:29 pm
By Polyana da Costa · Bankrate.com

Homeowners who face foreclosure will get a short break this holiday season. Fannie Mae and Freddie Mac will suspend foreclosure evictions from Dec. 19 through Jan. 2. For those whose homes are in foreclosure, this doesn’t mean the foreclosure process will be put on hold. Foreclosure proceedings will continue, but borrowers will be “permitted” to

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Wednesday, November 30, 2011 6:04 pm
By Judy Martel · Bankrate.com

The monthly cost of owning a median-priced home (including taxes and insurance) is lower than the average cost to rent in 12 metro areas, according to a Wall Street Journal survey. In 15 of the 27 cities surveyed, it is still less expensive to rent, but the scale has been tipping in favor of homeownership.

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Tuesday, November 29, 2011 2:38 pm
By Polyana da Costa · Bankrate.com

Here are some not-so-fun facts on borrowers who owe more on their mortgages than their houses are worth. About 10.7 million homes in the United States were underwater in the last three months, compared to 10.9 million in the last quarter, shows a report by CoreLogic. About 22.1 percent of all residential properties with a

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Monday, November 28, 2011 4:30 pm
By Judy Martel · Bankrate.com

The cure for the ailing housing market is time, and any signs of sustainable recovery won’t come until 2013, according to a group of economists polled by Reuters. Attempts to revive the market are being discussed, but the economists believe they’ll do little to increase home sales, stave off foreclosures or get more money flowing

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Wednesday, November 23, 2011 6:25 pm
By Judy Martel · Bankrate.com

The number of Americans who moved in the past year was at a record low, not only as a result of the poor economy, but also putting a drag on further recovery. From March 2010 to March 2011, a little more than 11 million Americans moved, according to U.S. Census data. Compare that with the

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