More Banks to Let You Put Your House On The Line to Pay Off Student Loans

Mortgage giant Fannie Mae recently announced a change in underwriting polices they say will help more people with student loan debt to be able to qualify for a mortgage. What I find most interesting about this is how lenders are adjusting their policies to get more people to qualify for mortgages rather than society dealing … Read more

Family Makes Their Mortgage Payments But Gets Foreclosed On Anyway

How ridiculous would it be if you made all your mortgage payments in full and on time for years and your mortgage lender foreclosed on you anyway? Surely that could never happen. Unfortunately, that’s exactly what happened to Henry and Elizabeth Manfrediz, a lovely married couple with four kids and a cute dog, who live … Read more

Fannie Mae Wants to Settle Our Mortgage Debt for Less Than We Owe. – Dorrie

“Dear Steve, Reduced payoff and the mortgage is in good standing We have a house mortgage with SLM (Fannie Mae). We have been getting letters from them stating that we are eligible for a reduced payoff if we refinance with another Mortgage Company. Now mind you we are current and always been current (direct payment … Read more

Countrywide Emails Predicted Early Mortgage Collapse. Borrowers Set Up for Foreclosure.

A reader and tipster (send in your tips here) has forwarded me a document which is alleged to be the emails and documents of Countrywide regarding the mortgage loans they were initiating. There are a number of foretelling and interesting statements contained in this document. One point in particular, after the pay option sub-prime loans … Read more

Will Proposed Government Programs Really Help Homeowners?

by Cora Currier ProPublica The Obama administration has recently unveiled a string of proposals to help struggling homeowners and get the housing market back on its feet2014 part of the administration’s “We Can’t Wait” election year to-do list. Of course, the White House has made big promises before about helping homeowners, only to see them … Read more

Mortgage Settlement With Banks Leaves Consumers Still Looking In the Abandoned Windows

by Cora Currier ProPublica The Obama administration is billing today’s $25 billion agreement between most states and five banks that engaged in flawed or deceptive practices as a big win for struggling homeowners. Most of the money in the settlement isn’t a penalty, or a fine levied on the banks. Instead, the biggest slice of … Read more

Federal Housing Finance Agency Just STICKING it to Homeowners

by Cora Currier ProPublica, Last week, ProPublica and NPR raised questions about a risky investment strategy at Freddie Mac that would pay off if homeowners stayed trapped in expensive mortgages. It’s just the latest example of how government-owned Freddie Mac and Fannie Mae have frustrated many by not putting homeowners first. Fannie and Freddie are … Read more

Fannie Mae and Freddie Mac Just Won’t Help Homeowners. Here’s Why.

by Cora Currier ProPublica Earlier this week, ProPublica and NPR detailed how Freddie Mac placed bets against homeowners that paid off if borrowers were unable to refinance their mortgage loans. The story highlighted the conflicted role of the behemoth and now government-controlled Freddie Mac and Fannie Mae: They are at once supposed to maximize their … Read more

How Soon Can I Buy a New Home After Foreclosure? – Raeburn

“Dear Andy, We refinanced our mortgage with the assurance we could refinance our home in two years. The company had our appraisal fixed to overstate the value of our house. The mortgage was sold to another comapny and when we went to refinance we were too far upside down for them to pursue helping us. … Read more

I Am 3 Months Behind on My Mortgage Payment of My Rental Property. – Janis

Janis “Dear Steve, I am 3 months behind in my mortgage payment on my rental property. My husband was laid off but now employed. I want mortgage Co. to rewrite loan to fixed, now at variable and cannot afford a higher rate come May. With a lower payment and tack the arrears on the end … Read more