DailyFinance.comhttp://www.dailyfinance.comDailyFinance.com%http://www.blogsmithmedia.com/BlogURL%/media/feedlogo.gifDailyFinance.comhttp://www.dailyfinance.comen-usCopyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/Five Common (and Costly) Consumer Money Mistakeshttp://www.dailyfinance.com/2011/04/04/five-common-and-costly-consumer-money-mistakes/http://www.dailyfinance.com/2011/04/04/five-common-and-costly-consumer-money-mistakes/http://www.dailyfinance.com/2011/04/04/five-common-and-costly-consumer-money-mistakes/#commentsFiled under: , ,

Making money mistakes will quickly dry up your savingsWhile 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 mistakes:

1. Not Knowing Our Credit Scores

This is a really important number, looked at by everyone from lenders to landlords and even a growing percentage of employers. In fact, according to the Society for Human Resource Management, as many as 60% of employers now look at this number. And while lenders look at it to gouge your creditworthiness, employers look at it more as a way to check your character. They need to know that you're responsible with your finances, and that you're going to focus on your job, not your financial woes.

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]]>common consumer mistakescredit scoresloansretirementVera GibbonsMon, 04 Apr 2011 15:00:00 ESTFive Tax Tips, Tricks and Traps for Homeownershttp://www.dailyfinance.com/2011/02/28/five-tax-tips-tricks-and-traps-just-for-homeowners/http://www.dailyfinance.com/2011/02/28/five-tax-tips-tricks-and-traps-just-for-homeowners/http://www.dailyfinance.com/2011/02/28/five-tax-tips-tricks-and-traps-just-for-homeowners/#commentsFiled under: , , ,

House with a sale pending sign outsideAsk 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 that if you're in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.


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]]>homeowners deductiontaxes 2010Tara-Nicholle NelsonMon, 28 Feb 2011 12:00:00 ESTNew Mortgage Broker Law Aims to Save Home Buyers Moneyhttp://www.dailyfinance.com/2011/02/27/new-mortgage-broker-law-aims-to-save-home-buyers-money/http://www.dailyfinance.com/2011/02/27/new-mortgage-broker-law-aims-to-save-home-buyers-money/http://www.dailyfinance.com/2011/02/27/new-mortgage-broker-law-aims-to-save-home-buyers-money/#commentsFiled under: , ,

home for sale - new mortgage broker lawYou 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. The two options have historically had a long list of trade-offs in terms of customer service, speed and the number of programs each has to offer.

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]]>borrowingbrokerslendingmortgagereal estateTruth in Lending Actyield Spread PremiumTara-Nicholle NelsonSun, 27 Feb 2011 12:00:00 ESTHome Equity Lending Has Returned, but It Will Cost Youhttp://www.dailyfinance.com/2011/02/21/home-equity-lending-has-returned-but-it-will-cost-you/http://www.dailyfinance.com/2011/02/21/home-equity-lending-has-returned-but-it-will-cost-you/http://www.dailyfinance.com/2011/02/21/home-equity-lending-has-returned-but-it-will-cost-you/#commentsFiled under: , , ,

a half-built home backlit - home equity lendingThe 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 Florida, home equity lending has been virtually nonexistent the past couple of years, for a short list of reasons.

Continue reading Home Equity Lending Has Returned, but It Will Cost You


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]]>HELOChome equityHome Equity Lines of Creditlendingloansreal estateRecessionrefinancingTara-Nicholle NelsonMon, 21 Feb 2011 12:00:00 ESTFive Things to Do When Your Mate Can't Qualify For a Mortgagehttp://www.dailyfinance.com/2011/01/30/five-things-to-do-when-your-mate-cant-qualify-for-a-mortgage/http://www.dailyfinance.com/2011/01/30/five-things-to-do-when-your-mate-cant-qualify-for-a-mortgage/http://www.dailyfinance.com/2011/01/30/five-things-to-do-when-your-mate-cant-qualify-for-a-mortgage/#commentsFiled under: , ,

when a mate doesn't qualify for a mortgageBeing 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 into a major financial/romantic dilemma: one partner qualifies for the home loan, but the other's job record, credit blemishes or insufficient income fouls up the financing.

What's a couple to do when one partner can't qualify for the mortgage? Take these five steps:

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]]>co-signerscredit scoresjoint-borrowersjoint-ownershipmarriagemortgagesreal estatespouses partner scoresTara-Nicholle NelsonSun, 30 Jan 2011 10:05:00 ESTCitiMortgage Offers Assistance to Troubled Borrowers by Hosting Call-A-Thonhttp://www.dailyfinance.com/2010/12/14/citimortgage-offers-assistance-to-troubled-borrowers-with-call-a/http://www.dailyfinance.com/2010/12/14/citimortgage-offers-assistance-to-troubled-borrowers-with-call-a/http://www.dailyfinance.com/2010/12/14/citimortgage-offers-assistance-to-troubled-borrowers-with-call-a/#commentsFiled under: , , ,

CitiMortgage offering assistance to troubled homeowners 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 decrease can be tied to the robo-signing controversy and the fact that large lenders suspended foreclosures to investigate.

Government mortgage modification programs aren't helping that many homeowners, either. HAMP - the Home Affordable Modification Program - was once expected to stave off three to four million foreclosures. Today, that expectation has fallen to around 800,000, with only about a half million permanent modications made thus far.

To help troubled homeowners, the folks at CitiMortgage, one of the largest mortgage lenders in the country, have decided to take matters into their own hands by hosting a Call-a-Thon.

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]]>CitiCitiMortgagecitimortgage call-a-thonforeclosureJeanChatzkyloan modificationmortgage modificationmortgagesrefinancing helpJean ChatzkyTue, 14 Dec 2010 14:30:00 ESTForeclosure Scandal Poses Severe Economic Threat, Report Sayshttp://www.dailyfinance.com/2010/11/22/foreclosure-scandal-poses-severe-economic-threat-report-says/http://www.dailyfinance.com/2010/11/22/foreclosure-scandal-poses-severe-economic-threat-report-says/http://www.dailyfinance.com/2010/11/22/foreclosure-scandal-poses-severe-economic-threat-report-says/#commentsFiled under: , , ,

foreclosure signFallout 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, "Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation," spells out best- and worst-case scenarios, though the picture is grim if the latter plays out.

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]]>Bank of Americaevictionsforeclosureforeclosure crisisforeclosure fraudGMAC mortgage foreclosuresreal estaterobo-signersrobo-signingrobo-signing scandalJorgen WoutersMon, 22 Nov 2010 09:15:00 ESTMortgage modification company owner settles fraud allegationshttp://www.dailyfinance.com/2010/10/19/mortgage-modification-company-owner-settles-fraud-allegations/http://www.dailyfinance.com/2010/10/19/mortgage-modification-company-owner-settles-fraud-allegations/http://www.dailyfinance.com/2010/10/19/mortgage-modification-company-owner-settles-fraud-allegations/#commentsFiled under: , , , ,

Foreclosed homeThe 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 broke New Jersey law by taking upfront fees from homeowners for mortgage modification help. Pasch also owns American Credit Repair and Settlement, NDROA Inc. and Paramount Debt Settlement USA. In a related case, attorney Ejike N. Uzor of Newark agreed to settle similar state claims for $25,000. Uzor's two companies, Uzor Financial Solutions and Ejike N. Uzor and Associates were also named in the state's 2009 lawsuit.

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]]>ConsumerAllyfraudhomemortgagesNew Day Financial SolutionsrefinancingLinda DoellTue, 19 Oct 2010 10:17:00 EST3 reasons to refinance your 30-year mortgage into a 15-year home loanhttp://www.dailyfinance.com/2010/10/04/3-reasons-to-refinance-your-30-year-mortgage-into-a-15-year-home/http://www.dailyfinance.com/2010/10/04/3-reasons-to-refinance-your-30-year-mortgage-into-a-15-year-home/http://www.dailyfinance.com/2010/10/04/3-reasons-to-refinance-your-30-year-mortgage-into-a-15-year-home/#commentsFiled under: , , ,

someone signs home loan papersIn 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 mortgage payoff date. For some, this just meant they would pay on a 30-year loan for a year, then refinance it every year, hitting the snooze button on that 30-year clock and never getting any closer to paying their mortgage off. Other homeowners, however, went from 30-year mortgages to 40-year mortgages, getting a lower payment -- despite increasing the loan's balance -- just by virtue of spreading that payment out over more years. The prevailing sentiment was that most people would never pay their mortgages off anyway, so why try?

Why indeed. Fast-forward to today, after the bubble. Conspicuous Consumption is OUT. Conspicuous Frugality is IN. Americans everywhere are trying to save as much as they can, anywhere they can. And with interest rates at historically low levels, many savvy homeowners are refinancing into today's low rates, not to extend their loans or get cash out, but to get shorter loan terms!

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]]>15-year mortgage30-year mortgagehistoric low interest ratesmortgage rateTara-Nicholle NelsonMon, 04 Oct 2010 11:00:00 ESTForensic loan audits on mortgages called potential scamshttp://www.dailyfinance.com/2010/09/16/forensic-loan-audits-on-mortgages-called-potential-scams/http://www.dailyfinance.com/2010/09/16/forensic-loan-audits-on-mortgages-called-potential-scams/http://www.dailyfinance.com/2010/09/16/forensic-loan-audits-on-mortgages-called-potential-scams/#commentsFiled under: , , , , , ,

beware forensic loan reviewsInquiries 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 mistakes could literally cost the house.

During a forensic loan audit, an investigator examines all mortgage documents to see if the lender made mistakes or broke the law -- like inaccurately stating finance charges. Such mistakes could be used as leverage to change or reduce the home loan. The BBB has alerted consumers to the issue because it has gotten inquiries into the issue, said Jody Thomas, vice president of communications for the Better Business Bureau of Greater Maryland.

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]]>ConsumerAllydebtfinanceforensic loan auditsfraudLinda DoellThu, 16 Sep 2010 17:00:00 EST5 things you need to know before bidding on a condo auction 'bargain'http://www.dailyfinance.com/2010/08/30/5-things-you-need-to-know-before-bidding-on-a-condo-auction-bar/http://www.dailyfinance.com/2010/08/30/5-things-you-need-to-know-before-bidding-on-a-condo-auction-bar/http://www.dailyfinance.com/2010/08/30/5-things-you-need-to-know-before-bidding-on-a-condo-auction-bar/#commentsFiled under: , , , ,

Auctioneer selling foreclosure at auctionWe've all seen and heard of foreclosed condos selling for less than a late-model, mid-range car. From $5,000 units in Detroit to $30,000 units in Sacramento, Calif., it seems like buying one of these über-cheap units would be a fool-proof investment. Or so you might think.

But think twice. Here are 5 critical, need-to-knows before you buy a cheapo condo:

Need-to-know No. 1: The fine print associated with the type of auction you're attending. If you plan to score your bargain-basement unit at the foreclosure auction on the steps of the county courthouse, consult with a local real estate attorney and make sure you conduct an exhaustive title search before you make your bid. It's possible to purchase one of these properties and still have to contend with other liens still on the property, like second (or third) mortgages, back property taxes and Homeowners Association (HOA) dues unpaid by the former owner.

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]]>condo auction caveatscondo auction tipscondo auctions advicecondo buyingCondoAuctionCaveatsCondoAuctionsAdviceCondoAuctionTipsrepo condo auction tipsTara-Nicholle NelsonMon, 30 Aug 2010 12:00:00 ESTDon't let debt swamp your retirementhttp://www.dailyfinance.com/2010/06/29/dont-let-debt-swamp-your-retirement/http://www.dailyfinance.com/2010/06/29/dont-let-debt-swamp-your-retirement/http://www.dailyfinance.com/2010/06/29/dont-let-debt-swamp-your-retirement/#commentsFiled under: , , , , , ,

Retired seniors paying off debtA friend of mine nearing retirement is looking longingly at a new Harley, but getting financing is going to be a challenge. He's contemplating refinancing his house and using some of the equity to buy the bike.

When he told me that, I didn't say anything, but I guess I didn't have to. My face must have done the talking. My friend is within 10 years of retirement. Unless he hit the lottery recently, he doesn't have a huge amount of savings and his job has been off and on the last year or two while the economy has been so lousy.

Continue reading Don't let debt swamp your retirement


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]]>debtdebtsretireretiredretirementretirement planningretirement savingsseniorsJennie L. PhippsTue, 29 Jun 2010 12:00:00 ESTMortgage rates hit 50-year lows and it likely won't matterhttp://www.dailyfinance.com/2010/06/25/mortgage-rates-hit-50-year-lows-and-it-likely-wont-matter/http://www.dailyfinance.com/2010/06/25/mortgage-rates-hit-50-year-lows-and-it-likely-wont-matter/http://www.dailyfinance.com/2010/06/25/mortgage-rates-hit-50-year-lows-and-it-likely-wont-matter/#commentsFiled under: , , , , ,

The good news: Mortgage rates dropped to their lowest levels in more than 50 years.

The bad news: You need to have a job and impeccable credit to get them.

The average 30-year fixed loan rate tumbled to 4.69% this week, down from 4.75% last week, Freddie Mac reported. These are the lowest rates since the mortgage giant began keeping records in 1971 and the last time rates were lower was in the 1950s.

Nobody expects the falling rates to matter much. They aren't likely to snap the housing market back to life. And they aren't likely to benefit anyone who is unemployed, underemployed or who has had their credit rating dinged in the recession.

Continue reading Mortgage rates hit 50-year lows and it likely won't matter


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]]>crediteuropemortgage ratesmortgagesrecessiontreasury bondsAnn BrenoffFri, 25 Jun 2010 15:00:00 ESTHome sales recovery: A state of mind?http://www.dailyfinance.com/2010/05/03/home-sales-recovery-a-state-of-mind/http://www.dailyfinance.com/2010/05/03/home-sales-recovery-a-state-of-mind/http://www.dailyfinance.com/2010/05/03/home-sales-recovery-a-state-of-mind/#commentsFiled under: , ,

Home sales recovering- maybe.A new online poll indicates that we have a ways to go before the residential real estate market in this country returns to anything resembling "normal" because the vast majority of those polled -- 69% -- don't even believe we have hit the bottom in home sales.

That means that if you are looking to buy, you may hold off, thinking you will get an even lower price soon, while if you are looking to sell, you may hold off, thinking you will get an even higher price soon. Not exactly a vibrant marketplace that we are talking about here.

The HousingPredictor.com poll asked the simple question : "Do you feel your housing market has hit bottom?" 31% answered yes, while 69% said no.

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]]>housing market stabilizationhousing pricesreal estate marketRealEstateMarketwarren buffetCharles FeldmanMon, 03 May 2010 11:00:00 ESTHampered by HAMP?http://www.dailyfinance.com/2010/04/14/hampered-by-hamp/http://www.dailyfinance.com/2010/04/14/hampered-by-hamp/http://www.dailyfinance.com/2010/04/14/hampered-by-hamp/#commentsFiled under: , , ,

The U.S. Treasury is hampered by HAMP.

A report released today from the Congressional Oversight Panel says the Treasury is still struggling to get the $50 billion Home Affordable Modification Program, or HAMP, off the ground.

So far, around 230,000 households have been given permanent reductions in loan payments as of the end of March, according to the Wall Street Journal. That is up from 168,703 in February.

But nearly eight million households are behind on mortgage payments, or already in the throes of foreclosure.

The oversight panel says in the report: "Treasury's response continues to lag well behind the pace of the crisis" and that, even when HAMP is fully operational, they "will not reach the overwhelming majority of homeowners in trouble." The report questions the timeliness, sustainability, and accountability of Treasury's foreclosure programs.

The panel says HAMP could delay or prevent up to 1.2 million foreclosures, at least temporarily. But HAMP is just a delay to mortgage problems, not a solution. Households who take advantage of HAMP must devote a whopping 59 percent of their total income to debt service, not very sustainable to the average family.

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]]>congressional oversight panelHAMPTreasurySarah CoffeyWed, 14 Apr 2010 06:00:00 ESTUnemployed and underwater borrowers to get more government helphttp://www.dailyfinance.com/2010/03/26/unemployed-and-underwater-borrowers-to-get-more-government-help/http://www.dailyfinance.com/2010/03/26/unemployed-and-underwater-borrowers-to-get-more-government-help/http://www.dailyfinance.com/2010/03/26/unemployed-and-underwater-borrowers-to-get-more-government-help/#commentsFiled under: , , , ,

underwater homeIf you're unemployed or your home is severely underwater, help is on the way. The Administration announced additional options for struggling homeowners to get help and explained the program during a press briefing Friday. You won't be able to call your lender right away, but you can call 1-888-995-HOPE (4673) for help with the Making Home Affordable Program and speak with a HUD-approved housing counselor for more information.

Underwater borrowers
Borrowers whose homes are underwater will be able to get help in two ways. If you're making on-time payments you may be eligible for a refinance with an FHA loan. If you're 60-days delinquent or more, you'll need to apply for help through the Home Affordable Modification Program (HAMP).

Continue reading Unemployed and underwater borrowers to get more government help


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]]>HAMPmortgagesprincipal reductionunderwaterunemployedLita EpsteinFri, 26 Mar 2010 13:30:00 ESTHome buyers tax credit program stallshttp://www.dailyfinance.com/2010/03/09/home-buyers-tax-credit-program-stalls/http://www.dailyfinance.com/2010/03/09/home-buyers-tax-credit-program-stalls/http://www.dailyfinance.com/2010/03/09/home-buyers-tax-credit-program-stalls/#commentsFiled under: , , , ,

home buyers tax credit programWhen it comes to trying to fix the still very much ailing real estate market in this country, it really doesn't seem as if the government can do anything right.

We've known for a long time now that its mortgage modification scheme has pretty much fallen flat with nowhere near the number of homeowners the program hoped to help actually getting that much coveted permanent loan modification. Now, anecdotal evidence seems to suggest the home buyers tax credit program -- which started strong -- is fizzling out.

Continue reading Home buyers tax credit program stalls


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]]>home buyers tax creditHomeBuyersTaxCreditmortgagesreal estateCharles FeldmanTue, 09 Mar 2010 13:30:00 ESTFailed mortgage refinancing program extendedhttp://www.dailyfinance.com/2010/03/02/failed-mortgage-refinancing-program-extended/http://www.dailyfinance.com/2010/03/02/failed-mortgage-refinancing-program-extended/http://www.dailyfinance.com/2010/03/02/failed-mortgage-refinancing-program-extended/#commentsFiled under: , , , , ,

Fannie Mae officeBy any measure, the so-called Home Affordable Refinance Program has been a dismal flop, with only an estimated 200,000 or so distressed homeowners managing to get a permanent mortgage loan modification from their lenders. Not anywhere near the roughly 5 million homeowners the Obama administration originally said it hoped would be helped by the program.

So, of course, what does the government do? Why, it extends it! The initiative will now last until June 2011. The program was set to wrap up at the end of this June.

Continue reading Failed mortgage refinancing program extended


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]]>home affordable refinance programmortgage refinancingMortgageRefinancingCharles FeldmanTue, 02 Mar 2010 12:00:00 ESTPlan to mandate modification review before foreclosure more PR than helphttp://www.dailyfinance.com/2010/02/26/plan-to-mandate-modification-review-before-foreclosure-more-pr-t/http://www.dailyfinance.com/2010/02/26/plan-to-mandate-modification-review-before-foreclosure-more-pr-t/http://www.dailyfinance.com/2010/02/26/plan-to-mandate-modification-review-before-foreclosure-more-pr-t/#commentsFiled under: , , , ,

New proposal won't help foreclosuresThe Obama administration is reportedly considering a plan that would prohibit lending institutions from foreclosing on a home before a mortgage loan modification is given consideration. This is the sort of thing that may sound good on paper (especially after "draft proposals" were obviously leaked to news media) but, upon closer inspection, I'm afraid, smells of nothing more than spin.

In that, I concur with Laurie Goodman, the senior managing director at the Amherst Securities Group who told the New York Times, " We think there is a large public relations element to this." She correctly points out that such a policy probably would have very little real-world effect.

Continue reading Plan to mandate modification review before foreclosure more PR than help


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]]>hamp reviewmortgage modificationMortgageModificationCharles FeldmanFri, 26 Feb 2010 15:15:00 ESTMan bulldozes his own home to thwart repossessionhttp://www.dailyfinance.com/2010/02/22/man-bulldozes-his-own-home-to-thwart-repossession/http://www.dailyfinance.com/2010/02/22/man-bulldozes-his-own-home-to-thwart-repossession/http://www.dailyfinance.com/2010/02/22/man-bulldozes-his-own-home-to-thwart-repossession/#commentsFiled under: , ,

Man bulldozes his own houseIf you're the kind of person who hates to clean for company, perhaps you might see a subplot in the actions of an Ohio man who bulldozed his $350,000 house rather than surrender it to a foreclosing bank.

According to WLWT Channel 5 in Cincinnati, Terry Hoskins, who lived in the rolling hills east of Cincinnati, was losing the home on which he owed $160,000 as a result of a failing family business, which the bank claimed as collateral. The IRS was in line as well, looking for its pound of flesh.

Hoskins had told the bank beforehand what he intended to do in response to its actions.

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]]>home repossessionHomeRepossessionrepossessionrepossession rebellionRepossessionRebellionTom BarlowMon, 22 Feb 2010 10:00:00 EST