Here we go again another government attempt to stop foreclosure. With government initiated loan modification programs failing to put a stop to the foreclosure crisis. Ben S. Bernanke, Chairman of the Board of Governors of the Federal Reserve System, told congressional leaders in a letter yesterday that the Fed will seek to renegotiate mortgages it [...]
As consumers, it’s not like we have a con of opportunities to “get back” at huge financial institutions. Take for example what it was like when you applied for your mortgage. You probably had to search high and low for a massive amount of documents that basically told your entire life story. Never mind that [...]
There’s hardly a segment of the U.S. population that hasn’t been touched by the financial and mortgage crisis over the past few months. I know I’ve been hit by it, and several members of my extended family have as well. The stats say it’s close to 50% of homeowners who are facing some kind of [...]
Hundreds of thousands of Americans have either been foreclosed on, or are facing foreclosures. Neither the banks, nor the homeowners want this to happen. Banks don’t want it to happen because they’re forced to write down foreclosures, which runs the risk of the bank failing. Homeowners don’t want to lose their homes. The root cause [...]
Stated income home loans are now a thing of the past as Fannie Mae and Freddie Mac suffer with more defaults. Now consumers must qualify with full documentation and won’t be able to qualify due to debt to income ratios. This will affect over 70% of California and Florida homeowners needing to refinance their adjustable [...]