Category Archives: Mortgages
Foreclosure Rate Falls to New Low, But Most of Decline Occurs Only in California
It’s still only February, and already 2013 is shaping up to be a better year for the housing market. Recently released data indicates that we’ve surpassed the peak of the foreclosure crisis. According to RealtyTrac, foreclosure activity – which includes default notices, scheduled auctions and repossessions – fell 7 percent since last month and a… Read More »
Large Debts and Bad Credit Preventing More Americans from Buying Homes
Home prices are low, mortgage rates have hit rock bottom – and yet owning a home is more out of reach than ever for a growing number of Americans. Why? Chalk it up to all that debt we carry. Last year, the average credit card debt for a U.S. household was $7,194. However, if you… Read More »
New Rules Mandate Banks Must Do More to Help Troubled Homeowners Avoid Foreclosure
Homeowners struggling to stay current on mortgage payments may soon have an unlikely ally: big banks. Last week, the Consumer Financial Protection Bureau debuted a new set of rules requiring U.S. banks to start evaluating defaulting borrowers for all possible loan assistance options, from programs available via mortgage giants Freddie Mac and Fannie Mae to… Read More »
Homeowners Rushing to Refinance Mortgages Often Overlook Drawbacks
With mortgage rates hovering at record lows, many homeowners are scrambling to lock in savings by refinancing – in some cases, multiple times. According to new data, nearly 2.2 million homeowners have refinanced a mortgage at least twice since 2009. Many of these borrowers are being lured in by lenders offering to waive some or… Read More »
New Foreclosure Settlement to Distribute $8.5 Billion to Millions of Eligible Borrowers
For the second time in two years, U.S. banks have agreed to pay a major settlement to homeowners who were improperly foreclosed upon. As to whether it will be more effective than the first agreement, only time will tell. USA Today reports that 10 of the nation’s largest banks claim they will shell out $8.5… Read More »