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The $64,000 question: Could you live in an 800-square foot home?

1:00PM 3/02/2009

Simplification, Mortgage Confidential, Real Estate, Economizer, Family Money

Everyone likes a little room to stretch out at home, but with the new homes that KB Home is selling, that may be a little difficult. As new homeowners look to find a mortgage that fits their budget, instead of buying as much home as a lender will let them qualify for, they may want to look at the...

Isn't it time to just ban ARM loans outright?

8:00AM 2/27/2009

By Zac Bissonnette

Mortgage Confidential, Real Estate

On Monday, Freddie Mac reported that 97% of prime borrowers who refinanced adjustable-rate mortgages in the fourth quarter opted to switch into fixed-rate loans. Of borrowers who were refinancing fixed-rate loans, an astounding 99.7% opted for another fixed-rate mortgage.In January of 2006, 41.9%...

Photographer Annie Leibovitz, overexposed, is forced to sell her life's work

4:30PM 2/25/2009

By Jason Cochran

Relationships, Mortgage Confidential, Credit, Banking, Saving Money

Famed celebrity photographer Annie Leibovitz is broke. The woman who shot John Lennon on the same day that Mark David Chapman did, the one who has done portraits of everyone from Queen Elizabeth to a pregnant Demi Moore, has had to sign away the copyrights, negatives, and contracts for all her work...

Stimulus money: SF has fewest homes that qualify for Obama rescue

12:00PM 2/24/2009

By Aaron Crowe

Mortgage Confidential, Credit, Real Estate, Personal Finance, Family Money

The San Francisco Bay Area has the fewest homeowners in the country who are eligible for the refinancing included in President Obama's housing rescue package, according to a San Francisco Chronicle story. The real estate service Zillow.com offered an analysis of loan data and found that more than...

Need a home? Ask Obama

5:30PM 2/12/2009

By Deborah Barrow

Mortgage Confidential, Economy, Family Money

Henrietta Hughes, the homeless Florida woman who asked President Obama for help at a town hall meeting on the economic stimulus plan, is moving out of her pickup truck and into the home of a state representative. Earlier this week, Chene Thompson, the wife of Florida state Rep. Nick Thompson,...

Why can't I refinance to lower my mortgage interest rate?

8:00AM 2/11/2009

By Lita Epstein

Mortgage Confidential, Credit, Real Estate

Our readers have sent in numerous questions asking why they can't refinance to a lower interest rate, which will make it more affordable for them to stay in their homes. As interest rates reset, people in adjustable rate mortgages are finding their new rate jump to 7% or more. Meanwhile, mortgage...

Should I pay off my mortgage with an equity line?

2:00PM 1/23/2009

By Lita Epstein

Mortgage Confidential, Credit, Family Money

With equity line rates lower than mortgage rates, some readers are wondering if it would be better to pay off their mortgage using their equity line. In some cases that might be true, especially since I expect interest rates to stay low for at least a year. But, if you do decide to use this...

Home values could take decades to recover

2:00PM 12/12/2008

By Lita Epstein

Mortgage Confidential, Credit

If you bought near the top of the housing bubble between 2005 and 2006, you could wait decades for the prices to reach that level again, according to a report in USA Today. People who must move for a new job or family crisis find they either have to come up with cash for closing (if they find a...

Skipping payments to get a mortgage modification is not a good idea

5:00PM 12/11/2008

By Lita Epstein

Mortgage Confidential, Credit

A nasty rumor is floating around that people should skip a few mortgage payments to get a better interest rate on their mortgage. While it's possible if you happen to have your mortgage with a bank under the new Fannie and Freddie program, you can't count on help. When you stop making mortgage...

Don't use mitigation services to save your house!

2:00PM 11/18/2008

By Lita Epstein

Mortgage Confidential, Economy, Real Estate, Family Money

We've been seeing a number of questions regarding mitigation services and whether to pay them $1,000 or more to help save a home from foreclosure. Most of these mitigation services are frauds. You not only could lose any money you pay them, you could also lose your house.You don't need to pay for...