Loan Modification

Mortgage Forgiveness Debt Relief Act of 2007 Is Extended Through 2012

By lheraty | Published: April 30, 2009

In December of 2007 Congress signed into law the Mortgage Forgiveness Debt Relief Act. Under regular circumstances, when a lender chooses to forgive all or part of a borrower’s debt, the forgiven amount is considered income and the borrower is liable to be taxed. This law offers relief to the homeowner in that it extends relief for three years, [...]

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Some New “Rules” Banks Are “Enforcing” If You Want A Home Equity Line Of Credit Or Mortgage

By lheraty | Published: April 23, 2009

The days when a financial advisor counseled a homeowner to keep a $50,000 home equity line of credit (Heloc) open as a financial cushion, are over. As the economy, and subsequently the housing market, have declined lenders are making it much more difficult for homeowners to qualify. Rest assured if you do, you will pay much more interest than you would have [...]

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Part II: Additional Things Of Importance To Know About The Reverse Mortgage

By lheraty | Published: March 30, 2009

Here are some more important things that anyone considering a Reverse Mortgage should know:
 
 

FHA Reverse Mortgage loan limit is $625,500
Eligible property types include single family residences, condos and town homes, one to four unit properties and newly constructed homes that can provide proof of completion and a Certificate of Occupancy.
Participants are required to complete a [...]

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Seniors Age 62 And Older May Qualify For A Reverse Mortgage

By lheraty | Published: March 27, 2009

Did you know that in our country someone turn age 50 every 76 seconds? We are living in a rapidly ageing population, so thank goodness the Department of Housing and Urban Development insures the Reverse Mortgage. It was created to assist seniors live out their golden years in comfort without fear of losing their homes.
Seniors aged 62 and [...]

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Everything You Need To Know About Reverse Mortgages

By lheraty | Published: March 21, 2009

Reverse Mortgages are available to anyone who is over 62 years of age, owns their home and uses it as their primary residence. It is a very good option if you need cash and want to stay in your home for as long as possible.
 In a nutshell, Reverse Mortgages work by allowing borrowers to swap the equity [...]

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Be Aware That Freddie Mac Has Introduced New Fees And Has Increased Others

By lheraty | Published: February 4, 2009

Since home prices have continued to fall, Freddie Mac has determined that they are at a heightened risk of many more mortgage defaults and claims.  They report that there may be even more of a housing price decrease in 2009. In light of this news they have increased several fees and added new ones. One of their new fees is a 0.75% fee [...]

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