| Home Equity Line of Credit still a great option for a loan If you are considering refinancing an existing mortgage, be sure to do your homework. Ads for "low rates", "reduce your payments" or "quick loan approval" are plastered (full story) |
| Home Equity Loans 3 day Cancellation Rule You have just signed the mortgage documents at your banker's office, but as you leave, you have second thoughts. Your right to rescind will protect you. (full story). |
| How to spot Foreclosure Rescue Scams It's hard to believe that people are preying on homeowners who are desperate to hold onto their homes. These fraudsters are only interested in a payments. (full story). |
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| Refinance Your Mortgage Through HARP It is worth he time and effort to apply for a refinance mortgage through HARP. The Making Home Affordable Program is part of President Obama's strategy to get the housing market back to profitability, and thus create more jobs. (full story) |
| HUD Inspector General probes mortgage companies with significant claim rates. Subpoenas were served to the corporate offices of 15 mortgage companies demanding documents and data related to failed loans which resulted in claims paid out by the FHA. (full story) |
| Lender Freezes or Reduces your HELOC: Is it legal? Sometimes a lender will freeze or reduce your Home Equity Line of Credit. This is legal, and the clause is generally found in your contract. The clause might say "if the value of the home declines significantly" or "if the lender reasonably believes that you will be unable to make your payments due to a material change" in your financial circumstances. If this happens, contact your lender and have a frank discussion about your current situation. Ask if there is something on your credit report that lead to the decision. Also, ask if a new appraisal report will prove that your house is still holding it's value. After showing that nothing material has changed with your life-style, income and market value of your house, and the lender still refuses to reinstate the HELOC at the original amount, you should shop around for another line of credit with another lender. |
| How to obtain a Lien Release Consider this situation. Your grand-parents have paid off their house years ago. Now they are ready to sell and move to a retirement community. But they are told that they need a "lien release". Apparently the bank never gave them the lien release when the final payment was made. Well, we all make mistakes, even banks. To make matters worse the bank is no longer in existence. It is one of the 174 banks that failed since 2008. To get a lien release you have to contact the FDIC. You have to provide proof that the mortgage has been paid off in full, and also provide the name and address of the bank. Approximate 14 business days later you will have the lien release. |
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| Economy Worsens July 5, 2010 The Economy shed 125,000 jobs in June. Many workers were hired to conduct the 2010 Census. Now that the census has been completed, it's back to unemployment for most. Almost half of the unemployed have been without work for more than 27 weeks, and have fallen into the category of 'long term unemployed'. Some of these workers will have trouble making their mortgage payments, and might end up in foreclosure. |
| One Of The Best Run Banks In The Country Why can’t we have a bank for all of America like the Bank of North Dakota? The Bank of North Dakota, unlike commercial banks, is not part of the FDIC. It was founded in 1919, and is the only state owned bank in the country. All deposits are guaranteed by the state. The bulk of the deposits come from state run institutions, tax revenues and pension contributions. In 2009 the Bank of North Dakota had a profit of $58.1 million. The Bank of North Dakota avoided the sub-prime lending fiasco. Overall, the state itself is on solid financial footings with one of the lowest foreclosure rates in the nation. The State has a delinquency rate of about 1.84%, the lowest in the country. This bank has to be doing something right. It is keeping it simple. No fancy derivatives. No credit swaps. Other states are considering their own bank. Oregon Democrat and candidate for the governor’s mansion, Bill Bradbury, is calling for the creation of a Bank of Oregon. In Michigan, another Democrat, Virg Bernero would like to see a Bank of Michigan. The movement is on and some day we will all sleep peacefully knowing that our money and our pensions and our mortgage are secured in a bank, just like the Bank of North Dakota. |
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