An organization devoted to preventing fraudulent loan modifications reports that consumers have filed 20,000 complaints against loan modification businesses since March 2010. Homeowners who have fallen behind on mortgage payments and want to avoid losing their homes in foreclosure are being preyed upon by remorseless business operators who take large upfront payments. Later on, the […]
Warning To FHA Borrowers – Avoid Fraudulent Forensic Loan Audits, Loan Mods And Foreclosure Scams
Falling behind on FHA mortgage payments has resulted in a nightmare scenario for many homeowners. The economic mess that our country has fallen into since the housing bubble burst in 2006 has produced the double disaster of unprecedented unemployment along with collapsing home values. Unfortunately, many delinquent FHA borrowers have had their financial misery compounded […]
Millions Of FHA Borrowers Have Negative Home Equity Which Often Results In Defaults
Few things are more psychologically and financially damaging than the realization that you owe more on your home than it is worth. The real estate industry has forever advised potential buyers that you “can’t go wrong owing a home since prices always go up” – a myth that exploded as the housing bubble started to […]
Streamline FHA Refinance Can Reduce Monthly Mortgage Payments
The FHA has a special refinance program that can reduce a homeowner’s monthly mortgage payment. Under the FHA Streamline Refinance program, a borrower is allowed to refinance to a lower rate with greatly reduced documentation requirements and easier underwriting rules. The FHA Streamline Refinance program has certain eligibility requirements, as follows: The borrower must already […]
FHA Extends Waiver On Property Flipping To Stabilize Housing Market
To protect purchasers from the predatory practice of “property flipping”, the FHA refuses to insure a mortgage on a home that was owned by the seller for less than 90 days. The practice of quickly reselling (flipping) properties often resulted in unsuspecting buyers paying inflated prices, according to the FHA. In an effort to stabilize […]