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Category Archives: Mortgage Dispute Topics

Failure By Mortgage Companies To Modify Mortgages May Reawaken Bankruptcy Cramdown Legislation

Published on October 15, 2009 by Kathleen Munden

According to an article in the Journal of the American Bankruptcy Institute, the failure by mortgage companies to pursue voluntary modifications of mortgages may renew the push to allow judges to modify mortgages within bankruptcy cases. Since the “Home Affordable Mortgage Program” (HAMP) went into effect in March 2009, only about 360,000 homeowners have [...]

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New Federal Program Addresses Short Sales of Homes

Published on September 10, 2009 by Kathleen Munden

National Mortgage News reports that the major mortgage servicers are preparing for the Treasury Department to roll out a short sale program and they are signing up vendors that specialize in handling these difficult real estate transactions that help troubled homeowners avoid foreclosure.
Loan Resolution Corp. chief operating officer Travis Olsen said one of the top [...]

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Option ARMs Expected to Lead Next Wave of Foreclosures

Published on September 3, 2009 by Kathleen Munden

Since February 2009, default and foreclosure rates on option adjustable rate mortgages have passed those of subprime mortgages, which led the initial wave of foreclosures. Option ARMS accounted for $750 billion in mortgages between 2004 and 2007, and they remain at risk, especially because many are not eligible for refinancing.
About one-third of option ARMS are [...]

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What Is a Reverse Mortgage?

Published on August 28, 2009 by Kathleen Munden

A reverse mortgage allows people 62 and older to convert equity in their homes to tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. When the borrower leaves the house, the property reverts to the lender to pay off the loan.
Although reverse mortgages have been [...]

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Fewer Delinquent Mortgage Borrowers Are Catching Up

Published on August 26, 2009 by Kathleen Munden

The Wall Street Journal has reported that homeowners who have fallen behind on their mortgages are much less likely to catch up again than in previous years. The report from Fitch Ratings focused on mortgages that were packaged into securities for sale to investors, and excluded loans that were guaranteed by government-backed agencies and those [...]

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Texas Attorney General Website Offers Valuable Consumer Information

Published on July 14, 2009 by Kathleen Munden

The Attorney General is the official in the State of Texas who is responsible for protecting consumers and businesses by enforcing the Deceptive Trade Practices Act and other consumer and business protection legislation. The website of the Office of the Attorney General contains a wealth of information for consumers, along with complaint forms, hotline numbers, [...]

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FHA Loans More Accessible Than Most People Realize

Published on July 12, 2009 by Kathleen Munden

Although lending standards have become more strict during the economic crisis, the FHA loan program has remained relatively unchanged, and continues to be the most popular mortgage program in America.
Many people falsely believe that FHA loans are available only for first-time buyers or those with perfect credit. Both of those misconceptions are untrue. FHA loans [...]

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Home Values In North Texas Back To 1990 Levels

Published on July 9, 2009 by Kathleen Munden

According to a study released recently by the Joint Center for Housing Studies at Harvard University, falling home prices have wiped out billions of dollars in residential property values in North Texas. Overall, home prices in the Dallas-Fort Worth area have slipped to 1990s levels, when adjusted for inflation.
The Harvard researchers [...]

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White House Sends Congress Draft Bill for Consumer Financial Protection Agency

Published on July 1, 2009 by Robert A. Kraft

The Financial Times reports the Obama Administration “has sent Congress draft legislation for a new consumer financial protection agency, setting out the fine details it wants to see in the body responsible for regulating products such as credit cards and mortgages.” The agency “would have power over any company that sells financial products to consumers, [...]

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Change to Foreclosure Law to Benefit Renters

Published on June 23, 2009 by Robert A. Kraft

The House and Senate have each passed bills providing that any current lease survives a foreclosure unless the new owner intends to live in the property. Currently, in many states, a landlord has no obligation to notify tenants of pending foreclosure actions, and a renter’s lease becomes void the moment a foreclosure sale is completed. [...]

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North Texas Foreclosures Decrease for June’s Auction

Published on June 22, 2009 by Kathleen Munden

According to a spokesman for Addison-based Foreclosure Listing Service, foreclosures scheduled for June 2009 in Dallas, Tarrant, Collin, and Denton Counties have decreased by 10% from the figures for May. However, even those rates are up from the same period in 2008 by 40% in Tarrant County, 39% in Collin County, 25% in Dallas County, [...]

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Prime Loan Foreclosure Rates Rising

Published on June 21, 2009 by Kathleen Munden

Among all the publicity about the rash of sub-prime loans that are being foreclosed, prime loans – those held by homeowners with once-solid credit ratings – are increasingly facing the same fate.
Many economists expect the current 8.9% unemployment rate to rise into the double digits, and foreclosures of all types of mortgages are likely to [...]

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Foreclosure Scams Targeted By The Federal Reserve

Published on June 1, 2009 by Kathleen Munden

Beginning on April 10, 2009, the Federal Reserve began running ads in movie theaters in several states which have been hardest-hit by foreclosures as the recession worsens. The ads warn consumers against scam artists who are charging people for help that is free from non-profit groups working with the government.
The ads [...]

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