WASHINGTON (CNNMoney.com) — As the economy begins to mend, the cost of borrowing money for a big purchase could start to increase. Mortgages, in particular, have flirted with record lows during the recession. Credit card rates have been bouncing upward and, while auto loan rates are expected to stay low for a little while...
Mortgage
How To Profit By Providing Hard Money Real Estate Loans
Real estate prices are low, but the lack of available financing is preventing people from taking advantage of them. This of course presents an opportunity for investors. By providing hard money loans, investors can make a healthy profit with low risk. See the following article from REIClub for more on this. It is a...
Mortgage Modification — the “Good” and “Bad” Lenders
The number of homeowners who have received modifications of their existing mortgages under the Federal government’s HAMP (Home Affordable Modification Program) continues to climb. More than one million modifications of existing mortgages are active, as of the recently-released February stats. The percentage of modifications that have hit permanent status has also risen, to 17...
IRS gives break on mortgage cuts
With the Obama administration and private lenders considering mortgage principal-reduction programs to help financially distressed homeowners, the Internal Revenue Service has issued a new advisory for taxpayers who receive such assistance. The IRS gets involved in mortgage principal write-downs because the federal tax code generally treats any forgiveness of debt in excess of $600...
Mortgage Q&A: FHA loans attractive for some
Q. My wife and I are considering buying our first home this summer. The only thing we have done so far is poke around the Internet to learn about the process. It appears that an FHA loan is the most suitable for us because we don’t have a lot of cash for a down...
GMAC Sells $250M in Problem Mortgages as CFO Steps Down
GMAC Financial Services has auctioned off $250 million of problem mortgage assets, using Citigroup Inc. as its broker on the deal, according to a report from American Banker. “Our plan is to continue to sell assets through the year in our normal course of business and as we have done historically,” a GMAC spokesperson...
Twice-Monthly Half Mortgage Payments Might Save You Money
Some financial planners advise making two half payments on your mortgage each month instead of one full sum. The idea is that homeowners will save thousands of dollars over the years in interest payments. Does this idea hold water? Finance blog The Simple Dollar posits that, assuming your lender allows you to split your...
Pelosi: Treasury Allocation to California is Step in Right Direction for Many Families at Risk of Losing Their Homes
Washington, D.C. – March 9, 2010 – (RealEstateRama) — Speaker Nancy Pelosi released the following statement today on the Treasury Department’s allocation of $700 million to California’s housing finance agency under the President’s most recent $1.5 billion initiative to prevent foreclosures in the five hardest hit states. “Today’s announcement is a step in the...
Mortgage relief funds headed to California
Targeting California and the four other states hardest hit by the housing crisis, President Obama on Friday offered a $1.5 billion “innovation fund” to devise solutions for homeowners struggling against foreclosure. “What we can do is help families that have done everything right to stay in their homes,” Obama said at a town hall...
Uncle Sam’s Deadbeat Mortgage Lenders
Will these 10 firms’ high default ratios wind up costing taxpayers a bundle? If you read the news everyday, you’ve probably seen more and more headlines like these in recent months: “Government Shuts Down Troubled Mortgage Firm” and “HUD Probes High-Default Lenders.” Such language might lead you to believe that the feds are weeding...
