Refinancing
Five Common (and Costly) Consumer Money Mistakes
3:00PM 4/04/2011
While we're doing a lot of things "right" these days (such as paying more attention to our credit card statements, shopping more frugally, and redefining our vision of retirement), we're still making quite a few mistakes. And some of them can be costly -- like these five common consumer...
Five Tax Tips, Tricks and Traps for Homeowners
12:00PM 2/28/2011
Ask a roomful of homeowners what's so great about owning versus renting, and you'll hear them holler in unison: "the tax deductions!" And it's true -- homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns.
That means...
New Mortgage Broker Law Aims to Save Home Buyers Money
12:00PM 2/27/2011
You get what you pay for, or so the saying goes. But consumer advocates have long bemoaned that the opposite is true in the world of mortgages.
Consumers choose between getting their loans through a mortgage broker, who can shop around with lots of lenders, or directly from the lenders themselves....
Home Equity Lending Has Returned, but It Will Cost You
12:00PM 2/21/2011
The Fed recently reported that Americans lost over 60% of their home equity between 2007 and 2009. So it's no surprise that millions of homeowners also lost the ability to borrow against the home equity they once had. In the states hardest hit by the foreclosure tsunami, like California, Nevada and...
Five Things to Do When Your Mate Can't Qualify For a Mortgage
10:05AM 1/30/2011
Being able to afford a home has inspired many couples to tie the home ownership knot, married or not. Even those who already own homes are looking at uber-low rates and running to refinance. But with lending guidelines tighter than a Nicki Minaj outfit, more and more wanna-be buyers are running...
Things aren't moving along all that swimmingly in the loan modification world. The number of proprietary loan modifications – those conducted by lenders themselves rather than a government program -- fell by almost 14% in October, according to the Hope Now alliance. At least in part, the...
Foreclosure Scandal Poses Severe Economic Threat, Report Says
9:15AM 11/22/2010
Fallout from the ongoing "robo-signing" foreclosure scandal may cost major banks billions, shake the foundations of the fragile housing market and threaten the stability of the U.S. economy, warns a new report from a congressional watchdog.
The Congressional Oversight Panel's November report,...
Mortgage modification company owner settles fraud allegations
10:17AM 10/19/2010
Refinancing, Real Estate, Consumer Ally, Crime, Family Money
The owner of New Day Financial Solutions Inc. agreed to pay New Jersey up to $805,000 to settle allegations that he defrauded homeowners trying to avoid foreclosures, said state Attorney General Paula T. Dow.
The state claimed New Day and other companies owned by Stephen Pasch of Somerset County...
3 reasons to refinance your 30-year mortgage into a 15-year home loan
11:00AM 10/04/2010
In the decade-long run-up to the bursting of the housing market bubble, millions of Americans got caught up in playing a game of home loan limbo: how low can my payments go? And with every cha-ching of the refinance ATM, the recipe of lower payments and more cash-out led to one result: an extended...
Forensic loan audits on mortgages called potential scams
5:00PM 9/16/2010
Debt, Real Estate, Refinancing, Credit, Real Estate, Consumer Ally, Crime
Inquiries and complaints about so-called forensic loan audits, aimed at getting mortgage modifications, are soaring -- leading consumer groups to warn that many of them are scams. Consumers need to know what they are getting before hiring a business that offers forensic mortgage loan audits because...
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