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Bea Garwood has been bracing for foreclosure since May, but she says she’s been told three times to expect a sheriff’s sale in the next month and it still hasn’t happened.
“We really at this point do not know where we are in the process,” said Garwood, who lives in Pinckney, Mich. with her husband. “We [...]
Archive for the ‘Mortgage’ Category
Banks Playing ‘Foreclosure Roulette’ With Delinquent Homeowners
Posted by admin2 on September 2nd, 2010
Owners Stop Paying Mortgages, and Stop Fretting
Posted by admin2 on June 1st, 2010
ST. PETERSBURG, Fla. — For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of.
Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. [...]
Its The Banks, Stupid — And Us, And…
Posted by admin2 on April 17th, 2010
We’ve heard much of it: Mortgage backed securities i.e. bonds, touted as spreading the risk for high-risk, would-be home owners to abet home owning, but relieving the lending banks of the risk of default by off loading that risk to the bond holders. Credit default swaps, called swaps after intense lobbying by the big banks [...]
Posted in Investments, Mortgage 
Tags: Credit default swaps, Mortgage, Mortgage backed securities 
No Comments »More Homeowners Fall Behind on Mortgages
Posted by lorenzo on November 23rd, 2009
About one in seven American households with mortgages is behind on payments or in foreclosure, according to new data from the Mortgage Bankers Association. That is up from about one in 10 a year ago.
The group reported Thursday that 14.4% of first-lien mortgages on one-to-four-family homes in the third quarter were 30 days or more [...]
Problem mortgages hit new high at 14 percent
Posted by lorenzo on November 23rd, 2009
Data mean foreclosures may not peak until next year
More than 14 percent of borrowers were in trouble on their mortgage during the third quarter, a new record, according to an industry survey released Thursday, which also suggests that the foreclosure rate is likely not to peak until next year as unemployment rates continue [...]
Google Tackles Mortgage Market With New Comparison Ads
Posted by lorenzo on October 29th, 2009
Google has just debuted a new form of advertising called AdWords Comparison Ads — a special kind of ad that will prompt users to view a list of sponsored products in a structured format. To get started, Google is running the ads for queries related to the mortgage market, though it has plans to eventually [...]
Posted in Mortgage Tags: Comparison Shopping, Google, Interest Rates, Real Estate, Saving Money No Comments »Homeowners who ’strategically default’ on loans a growing problem
Posted by lorenzo on September 20th, 2009
A study shows that people who abruptly and intentionally abandon their mortgages often have high credit scores, in stark contrast with most financially distressed borrowers.
Reporting from Washington –
Who is more likely to walk away from a house and a mortgage — a person with super-prime credit scores or someone with lower scores?
Research using [...]
Cheaper Mortgages Spark Lower FICO Scores for Payers
Posted by Staff Writer on July 19th, 2009
Victor Stern thought his money troubles were over when he got approval to modify his home loan. Then his credit score dropped 121 points.
Stern, a business development director at an information technology company in Charlotte, North Carolina, said he was shocked to see his credit score drop to 619 from 740 after entering the trial [...]
Nationwide offers 125% mortgage
Posted by Staff Writer on July 10th, 2009
The Nationwide Building Society has introduced a mortgage allowing borrowers to take loans worth 125% of the value of the home they are buying.
It will only be available to existing customers in negative equity who want to move house.
Negative equity means that the value of someone’s home is less than the amount they owe on [...]
Undocumented income makes it hard to get a loan
Posted by Staff Writer on July 9th, 2009
With more than $300,000 in combined annual income, tens of thousands of dollars in the bank and credit scores that top 800, Jennifer France and her partner would seem like ideal candidates for a mortgage refinance.
But when they applied to swap an interest-only loan on their nearly $1 million San Carlos home for a 30-year [...]
