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New rules to protect borrowers take effect on July 30

By: Kenneth R. Harney Home Loans Views: 1680 | Comments: 0 | Votes: 0

Kenneth R. Harney

WASHINGTON – If you're applying for a loan to purchase a primary or secondary home, or planning to refinance, you should be aware of a little-publicized new set of federal consumer-protection rules that take effect July 30. If you don't get them, you can pull the plug. You'll now have up to a week to think about the transaction, and decide whether it's right for you. More

2009, A Year of Opportunity

By: Mark Goldman Home Loans Views: 2615 | Comments: 0 | Votes: 0

Mark Goldman

2009 is a Year of Opportunity"Adversity breeds opportunity." Remember what Warren Buffett says; "buy when others are fearful and sell when others are greedy."Contact me if I can help with your plans.Mark Goldman, CMPSSan Diego, 487-1875 More

Just stop paying your mortgage

By: Peter Schiff Home Loans Views: 5253 | Comments: 0 | Votes: 0

Peter Schiff

If you are a mortgage holder who is either struggling with crushing payments, bitter for having overpaid for your home during the bubble, or who has extravagantly refinanced when prices were rising, the government's landmark $700 billion bailout package has an important message for you: stop making your mortgage payments . . . immediately. Here's why. More

New idea to free up equity has drawbacks

By: Kenneth R. Harney Home Loans Views: 2119 | Comments: 0 | Votes: 0

Kenneth R. Harney

When an investor offers you $50,000 or $100,000 in exchange for 30 percent to 50 percent of your home's future appreciation, is it a good deal? That's what a new breed of investment firms is promoting as an alternative to traditional home equity loans, lines of credit and reverse mortgages. Two of the investment companies – REX & Co. Absolutely. That may suit you just fine. More

Beware of paying for a credit fix: It's a scam

By: Kenneth R. Harney Home Loans Views: 29056 | Comments: 1 | Votes: 1

Kenneth R. Harney

WASHINGTON – Picture this: You're eager to take advantage of today's troubled real estate market and buy a foreclosed house at a fire-sale price. The problem is you don't have much money for a down payment. And your credit files are scuffed up with late payments. But can they really do what they claim? According to a complaint by the FTC filed in U.S. William I. Kenneth R. More

Stocks cheer latest cut in rates

By: Art Of Saving Home Loans Views: 5081 | Comments: 0 | Votes: 0

Art Of Saving

By Barbara Hagenbaugh, USA TODAY   WASHINGTON — The Federal Reserve, battling recession and a fearsome credit crunch, cut interest rates by a hefty three-quarters of a percentage point Tuesday and said the economic outlook has deteriorated, suggesting more rate cuts could be on the way. The cut matched the most aggressive move since they began targeting the rate in 1990. More

Help comes with a catch for subprime borrowers

By: Kenneth R. Harney Home Loans Views: 3566 | Comments: 0 | Votes: 0

Kenneth R. Harney

WASHINGTON – It may be the only test you flunk if you score too high: It's called the FICO test and it is a key element of the sometimes arcane new guidelines governing which homeowners qualify for “fast track” interest rate freezes on their subprime mortgages, and those who don't. The rate freeze and loan modification program, announced Dec. Tops on the list is the FICO test. More

ARM Bailout Unfair to Responsible Borrowers

By: Todd Sullivan Home Loans Views: 3085 | Comments: 0 | Votes: 0

Todd Sullivan

If we are going to freeze subprime interest rates at their original rate for the next 5 years, I pose the following question:We bought our house one year ago with a 30 year fixed mortgage. Why? We thought rates were going up and the ARM's that were being offered were 3 year ARM's at about a point lower than ours ended up being. Do you rush out and buy him a new one? Hell no! More

Mortgage Fraud

By: Miles Loss Home Loans Views: 1710 | Comments: 0 | Votes: 0

Miles Loss

How does mortgage fraud affect you, as a borrower?I am sure you see all the news in the media about the mortgage industry but how is all that related to you? First and most importantly, the information on your application must be accurate and factual to see if you do actually qualify for a loan. The purpose is not to stop you from obtaining a loan. More

Data show mortage mess not so grave

By: Kenneth R. Harney Home Loans Views: 2965 | Comments: 0 | Votes: 0

Kenneth R. Harney

Just how bad is the foreclosure situation? In some states, the mortgage crisis is particularly severe. In Ohio, 5.2 percent of all home loans are now either three months past due or somewhere in the process of foreclosure. Michigan and Indiana are not far behind. In Michigan alone, one of every 100 houses saw foreclosure actions initiated in the three-month period covered by the survey. More