December 7, 2007
- The Rate Freeze Idea - Give Us Your Opinion
The Rate Freeze Idea - Give Us Your Opinion
If you haven't been keeping up with the news of late, you may not be aware of the new "Rate Freeze" idea that is being kicked around by the Hope Now Alliance, coalition of lenders, servicers, investors and community groups, put together by the Treasury Department. Details [...]
November 26, 2007
- Foreclosure Scams Prey on Homeowners
Foreclosure Scams Prey on Homeowners
Consumer advocates and legal experts are advising homeowners to watch out for scams as foreclosure rates shoot through the roof. One popular scam is the offer to help a troubled homeowner get a new mortgage, and at a closing, trick the homeowner into signing away the deed to their property.
Has anyone [...]
November 25, 2007
- Mortgage Prepayment Programs: Beware of Fees
Mortgage Prepayment Programs: Beware of Fees
We all know the world is full of people trying to convince us to pay for things we shouldn't. For example, programs that promise to help you pay off your mortgage ahead of schedule. Worth the money? Not according to money reporter Stacy Johnson.
If you have more questions about [...]
November 15, 2007
- Mortgage Rescue? Rip-Off!
Mortgage Rescue? Rip-Off!
With housing prices falling and mortgage money scarce, foreclosures are going through the roof. And desperate times bring scam artists out of the woodwork. In the first part of a special three-part series, money reporter Stacy Johnson examines mortgage rescue scams.
Have you been scammed by a Mortgage Rescue Rip Off Artist? We'd love [...]
November 10, 2007
- Avoiding Another Mortgage Meltdown
Avoiding Another Mortgage Meltdown
It's easy for Democrats to portray America's subprime loan crisis as a massive failure by a Republican led government and now 2 million American families could be about to lose their homes.
Perhaps democrats have a point. Many borrowers were confused and deceived by the tactics used to sell subprime loans. Largely unregulated [...]
October 30, 2007
- Mortgage Adjustments: A Rude Awakening
Mortgage Adjustments: A Rude Awakening
About $50 billion in adjustable rate mortgages are resetting now, driving interest rates up for many borrowers. Despite efforts to raise awareness, it doesn't look like anyone is really prepared for what's to come.
Most borrowers are likely to scramble to pay the higher expenses, some of which could jump as [...]
October 21, 2007
- Refinancing Your Home
Refinancing Your Home
Refinancing your home can be an excellent way to lower your monthly mortgage payment, raise cash, or consolidate debts with high interest rates. However, you need to do your homework before deciding to refinance.
One important factor is the difference between current interest rates and the rate of your original loan. You also need [...]
October 20, 2007
- Carrying a Home Loan Into Retirement?
Carrying a Home Loan Into Retirement?
Start with this question: Should your goal be to pay off your home loan so you can live mortgage-free in retirement, or instead, should you aim to reduce your monthly loan payments, thus freeing up cash that can then be used for other things?
If you have a large savings nest-egg [...]
September 26, 2007
- Retiring in St.Louis With a Mortgage
Retiring in St.Louis With a Mortgage
It's an increasingly common dilemma. You want to retire — but you haven't yet retired your mortgage.
According to the Federal Reserve, among households headed by someone age 65 to 74, over 32% had a mortgage on their primary residence in 2004, up from less than 19% in 1992.
Going into retirement and [...]
September 15, 2007
- Refinance Rescue - Potential Tax Help Too
Refinance Rescue - Potential Tax Help Too
Hundreds of thousands of homeowners who may struggle to make mortgage payments are likely to get some relief in coming months, including more options to refinance into lower-cost, fixed-rate loans and tax relief if they do face foreclosure.
About 240,000 borrowers of the estimated 2 million with adjustable-rate loans scheduled [...]
September 3, 2007
- How Not to Lose Your Home to Foreclosure
How Not to Lose Your Home to Foreclosure
The most obvious way not to lose your home to foreclosure is by always making your payment on time. That's a given, but sometimes, things happen. As a growing number of borrowers fall behind on their mortgage payments. If you fall into this ever-growing category of homeowners, [...]
August 31, 2007
- Who Can't Get a Mortgage Now?
Who Can't Get a Mortgage Now?
For the average American looking for a home loan, the crisis in the subprime mortgage market may actually be good news.
Not only have home valuations come down, but interest rates are still historically low. In addition, tightened lending standards stemming from the subprime crisis likely means fewer buyers, pushing down [...]
August 27, 2007
- Home Buyers Getting More Conservative?
Home Buyers Getting More Conservative?
Borrowers tend to fall into two camps: Conservative buyers who are willing to pay more now for not having the risk of payments going up later, and the rest who focus almost solely on the monthly payments, asking "what is the smallest payment that will get me into a house?"
Both [...]
August 18, 2007
- Bankruptcy Should Be Your Last Resort
Bankruptcy Should Be Your Last Resort
While the option of bankruptcy may be crossing your mind these days, you need to be aware that it is not as easy an option as it once was, and in reality, bankruptcy should only be used as your last resort.
Bankruptcy will continue to haunt you for 7 to 10 [...]
August 10, 2007
- Why a Mortgage Could Be Your Best (and Worst) Move
Why a Mortgage Could Be Your Best (and Worst) Move
If mortgage debt is good debt, why are so many borrowers having such a hard time right now?
Financial experts often tout the virtues of home loans, arguing that mortgages are the cheapest money you will ever borrow. Yet many homeowners are regretting the day they [...]
August 7, 2007
- Reverse Mortgages: A Simple Explanation
Reverse Mortgages: A Simple Explanation
Reverse mortgages have been around for some 20 years. They were created when the American Association of Retired Persons lobbied the US Congress to come up with a financial way for seniors to be able stay in their homes as long as possible. It took awhile for the product to catch [...]
August 4, 2007
- Subprime Loan Alternatives
Subprime Loan Alternatives
After the subprime mortgage market collapsed, many products that were widely available have now disappeared from the scene.
More than a score of subprime lending specialists have closed their doors, with many banks cutting back on or eliminating subprimes, leaving many credit-damaged home buyers scrambling to find a loan.
Now that the collapse has shaken [...]
July 28, 2007
- How Much Home Can You Really Afford?
How Much Home Can You Really Afford?
Most people take for granted how much home they can afford. If the real estate agent or mortgage professional tells you that you can get up to a $300,000 home, do you argue? Most times not. Most people don't question it. But you should understand it and make sure [...]
July 23, 2007
- Rent-to-Own Real Estate Deals - Beware!
Rent-to-Own Real Estate Deals - Beware!
Rent-to-own contracts that substitute for mortgages and conventional home loans are enjoying a surge in popularity in several regions of the country. The slumping real estate markets in parts of the U.S. fuels these deals, where homes can sit on the selling block for months at a time.
Add to this [...]
July 21, 2007
- Interest Rates Level Off
Interest Rates Level Off
For nearly 10 months interest rates moved up a little, then down a little, but the average cost for most types of mortgages remained below 6.5%. Then rates unexpectedly took off in late May, making home loans more expensive than they’ve been since, well, this time last year.
A recent survey of major [...]
