November 2009 - Blown Mortgage

November 2009

Loan Modifications In California May Get A Brand New Bill

California has been one of the hardest hit states by the mortgage crisis. California has the second highest foreclosure rate in October with 85,420 California properties receiving a foreclosure notice which represents a 1 per cent improvement from September. Nationwide foreclosure filings have dropped by 3 percent in October, a slight improvement but still 19 [...]

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How to Tell if Your Mortgage Broker is Legitimate

Over the past few years the real estate industry has gotten a somewhat unsavory reputation.  Being in the industry myself, I'm biased to tell you that most real estate professionals are high quality, upstanding "business citizens."  However, as with any big purchase or transaction, smart consumers do research independent of people who stand to benefit [...]

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Bankruptcy, Foreclosures, Loan Modifications and Ethics

It has been a surprise to see the number of comments on this blog that have revolved around the issue of ethics in mortgages and loan modifications. A pleasant surprise, but a surprise nonetheless. It is the single most popular controversy. Are easy roll-over Bankruptcies morally wrong? When should someone default on their mortgage payments [...]

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Loan Modifications have been sold as the way out of this credit mortgage crisis. However delinquencies and repossessed homes are breaking records and are at their highest level since 1972, which is when the Mortgage Bankers Association started to keep records. This is scary, at the beginning of the year 1 in 10 of American [...]

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Loan Modification Alternatives: Short Sale Your Home

Short Selling your home could be the win-win-win alternative to loan modifications. Loan modifications can be expensive for lenders and borrowers. Foreclosures are even more expensive costing lenders billions of dollars. According to a study carried out by the congressional Joint Economic Committee (www.jec.senate.gov) each foreclosure can cost lenders as much as $50,000. Homeowners naturally [...]

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