Mortgage applications hit 5 year high...

  Mortgage applications hit their highest level in more than five years as borrowers took advantage of low interest rates to refinance their home loans. While low rates are a great opportunity for borrowers with solid credit and equity in their homes, those in danger of foreclosure are sidelined, and...

Choose a good name for your business...

What makes your business stand out from the crowd?  When selecting a name for your business consider something catchy or perhaps a name with a double meaning. For instance, if you give financial advice, your could call your service “Riches Roar”, a take off on the old saying “Money Talks”.    You...

Mortgage re-Defaults up...

updated 9:16 a.m. PT, Mon., Dec. 22, 2008 WASHINGTON – The rate of home mortgage borrowers defaulting after their loans are modified is rising and shows no signs of leveling off, U.S. banking regulators said on Monday. The data showed that after six months, nearly 37 percent of mortgage loans...

Mortgage Activity on the rise at US Bank...

US banks are having trouble handling a surge of mortgage applications spurred by dramatically lower interest rates, after record loan defaults and thousands of job cuts have stretched mortgage industry resources to the limit. With average rates for a 30-year, fixed-rate mortgage now at about 5.2 per...

Loan Modification...

This term has been getting a lot of attention by homeowners, lenders and the government and will continue to do so. Currently there are millions of homeowners trapped in difficult adjustable rate mortgages with no options to refinance out of them as well as many homeowners who have watched the value...

15% of all homes will be in foreclosure ...

It has been forecast that 8.1 million mortgages will be in foreclosure over the next four years.  This represents over 15% ALL mortgages in the United States.   This is a staggering number. Despite some initial signs that foreclosures were near a plateau the combination of a continued decline in home...

Who qualifies for a loan modification?...

Lenders are staffing up for the rush of loan modifications and they will look at any justified request to modify the terms of the loan.   Approximately 3 million home loans need to be modified and only about 50,000 have been completed so far.  Most lenders will do almost anything to keep the borrower...

Managing Loss Mitigation Clients...

Below is a typical call or email that many brokers and attorneys are fielding. I never thought I would be in this spot and it is a very stressful situation we find ourselves in.  I am looking for help or advice on how to climb out of this hole. We moved into our home about 4 years ago.   In 2006 we...