Sigtarp, a report from the Troubled Asset Relief Program, showed that borrowers who had their mortgage payments reduced under the Home Affordable Modification Program (HAMP) are still having trouble keeping up with their payments, despite having their payments reduced on average by more than $400 a month. During the third quarter of 2009, forty-six percent […]
A recent study by NeighborWorks shows that prospective homeowners who underwent pre-purchase counseling before obtaining a mortgage were less likely to default on their mortgages than those who did not seek counseling. NeighborWorks studied 75,000 mortgages originated between 2007 and 2009 and found that those who went through the counseling program were 33% less likely […]
The Washington Post reported today that Fannie Mae will charge people more to get a home loan — even for those with perfect credit and can afford to put down a large down payment. The cost for a home loan may be even higher for those with less-than-perfect credit who do not have that much […]
A recent article in USA Today broke down how the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that was signed into law by President Obama will affect employers, employees and homeowners. Under the new tax law, homeowners can still take deductions on mortgage insurance premiums, the USA Today article states. This […]
The Wall Street Journal reported today that the Obama administration is launching a mortgage aid program which is aimed at reducing mortgage balances for homeowners who are currently underwater but are not in default. The federal government has set aside $14 billion as a way to modify between 500,000 and 1.5 million underwater loans that […]
This blog has previously reported on those who have strategically defaulted on their mortgages — that is, they have stopped paying their mortgages altogether, knowing they can no longer afford to pay them. Now, it’s not just middle-class and lower-middle-class folks throwing in the towel in their struggle to make payments; it seems the rich […]