Contact Your Lender to Avoid Foreclosure
Many people avoid calling their lender when they have money troubles. Most of us are embarrassed to discuss our money problems with others or believe that if lenders know we are in trouble, they will rush to collection or foreclosure.
Foreclosure is expensive for lenders, mortgage insurers and investors. HUD/FHA,...
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Real Estate And Mortgage News
- HUD Secretary Donovan Applauds Senator Landrieu, U.S. Senate for Adoption of GO Zone Tax credit ExtensionWASHINGTON - U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan issued a statement today following the United States Senate's adoption of an amendment extending the Gulf Coast Opportunity Zone (GO Zone) Low Income Housing Tax Credit (LIHTC) placed in service date by two years, to December 31, 2012. Donovan and Treasury Secretary Timothy Ge […]
- Pending Home Sales DownPending home sales fell 7.6 percent and additional declines are expected from abnormal weather conditions. […]
- HUD Charges New York Landlords with Discriminating Against Veteran with DisabilitiesWASHINGTON - The U.S. Department of Housing and Urban Development today announced that it is charging two Poughkeepsie, New York-area landlords with violating the Fair Housing Act for allegedly refusing to allow a Vietnam-era veteran suffering from Post-Traumatic Stress Disorder to have a therapeutic service dog in his apartment. In addition, HUD's char […]
- HUD v. Gerald Paribelli and Patrick Paribelli[…]
- Home Prices Fall 0.4 Percent in 2009McLean, VA – Freddie Mac (NYSE: FRE) announced today that its Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series registered a 0.4 percent decline from the fourth quarter of 2008 to the fourth quarter of 2009, a much smaller decline than the 9.5 percent drop in home prices recorded in 2008. […]
The Economy
- Manufacturers' Shipments, Inventories, and OrdersNew orders for manufactured goods in January increased $6.2 billion or 1.7 percent to $378.4 billion. January 2010: 1.7 % change December 2009: 1.5 % change […]
Avoiding Foreclosure
Alert: Mortgage and Loan Modification Scams
WASHINGTON, DC – The U.S. Department of Housing and Urban Development, in partnership with the Loan Modification Scam Prevention Network, today announced the launch of PreventLoanScams.org.
“ Homeowners at risk of foreclosure can be easy prey for home loan modification scammers. Often, dishonest individuals lure vulnerable homeowners into foreclosure rescue scams by making false promises. Scammers...
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Home Sales Down
The real estate market is still suffering and the weather has not helped. According to the National Associatio of Realtors:
The Federal Reserve Board on Wednesday proposed a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers...
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Pennsylvania Homeowners And Altieri Builders
HARRISBURG, PA — As part of an ongoing consumer protection case against Altieri Enterprises, the Attorney General’s Office is requesting detailed information from Pennsylvania homeowners about the losses they have suffered at the hands of this Maryland-based home construction company.
Attorney General Tom Corbett said formal notices have been sent to nearly 100 consumers in...
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Freddie Mac 2010 Conforming Loan Limits
McLean, VA – Freddie Mac’s (NYSE:FRE) conforming loan purchase limits for 2010 are unchanged from those in effect for 2009 for all areas of the United States, according to the Federal Housing Finance Agency (FHFA). The loan limits set the maximum original loan amounts allowed on single-family conventional mortgages Freddie Mac can purchase...
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Existing-Home Sales Down Sharply
Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate1 of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the...
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Who Pays For Flood Insurance?
What government insurance plans are subsidized by the taxpayers and available to everyone? Probably, the only answer is flood insurance.
The Federal Emergency Management Agency (FEMA) oversees the flood insurance program. Over the past few years, FEMA has been hammered with insurance claims. In an effort to keep expenses under control, FEMA has been encouraging relocation...
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$2.7 million in Relief to PA Residents for Countrywide Financial Settlement
HARRISBURG, PA – Foreclosure relief checks totaling more than $2.7 million have been mailed to several hundred Pennsylvania consumers as part of a multi-state settlement with Countrywide Financial Corporation.
Attorney General Tom Corbett said the foreclosure relief is part of a broad-based package intended to assist borrowers in Pennsylvania who were allegedly misled by Countrywide...
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Help for the Hardest Hit Housing Markets
Today, President Obama will announce funding for innovative measures to help families in the states that have been hit the hardest by the aftermath of the housing bubble. In each of these states, the average price for all homeowners in the state has fallen more than 20% from the peak. Home prices...
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Buyer Beware: Internet Real Estate Scams
HARRISBURG, PA – Attorney General Tom Corbett today cautioned Pennsylvania consumers to be alert for possible scams linked to online ads for rental homes and apartments, along with Internet “for sale” ads and auctions for real estate, cars, motorcycles and other items.
“Internet classified ads and auction websites are popular tools for bargain-hunters searching for...
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About FHA Mortgages
93. WHAT IS A 203(b) LOAN?
This is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines, limited lender’s fees, and a maximum loan amount.
94. WHAT IS A 203(k) LOAN?
This is a loan that enables the homebuyer to finance both the purchase and rehabilitation of a home through a...
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What Is Mortgage Insurance?
88. WHAT IS MORTGAGE INSURANCE?
Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. It’s required primarily for borrowers making a down payment of less than 20%.
89. HOW DOES MORTGAGE INSURANCE WORK? IS IT LIKE HOME OR AUTO INSURANCE?
Like home or auto...
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Greater Philadelphia Region
- 60th Year Reunion Of West Philly Class of 195060th YEAR REUNION OF WEST PHILLY JAN.’50 CLASS SCHEDULED FOR SEPTEMBER 25th Members of the January 1950 class of West Philadelphia High School will assemble on Saturday, September 25th, at Bala Golf Club for a luncheon reunion 60 years after graduation. Several of the people who planned the class’ 50th year reunion in center city formed [...] No related post […]
- Ryan Reaching OutArchbishop Ryan High School is reaching out to the cause of childhood cancer. The faculty and school community are donating to the St. Baldrick’s Foundation to honor the life of Jesenia Perez, the 11 year old sister of junior student, Jessica Perez. Jesenia was diagnosed with cancer at age nine and [...] No related posts. […]