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Mortgages Articles
What is an FHA Loan?

     Federal Housing Administration (FHA) is a mortgage loan issued by Federal Govt that insures loans to make homes for single or multifamily homes situated in the territory of the United States of America. It’s the largest insurance loan program all over the world for the needy people have their own home and live happily.

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Wells Fargo - Insurance Department/Loss drafts

Please note that coverage cannot be bound, altered or amended by sending a message through this website. You need to contact your local Wells Fargo Insurance Services office for assistance with changes to your policy.

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Wells Fargo - Bankruptcy department

If you are a Wells Fargo customer, please include your account number in your correspondence.

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Wells Fargo - Customer service numbers

Wells Fargo's Customer Service Phone Number is 1-800-869-3557. The company does encourage users to use their technical support system and help forums on their website.

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Bank of America – Insurance Department/Loss drafts

Banc of America Insurance Services, Inc.

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Bank of America - Bankruptcy department

Legal Department of Bank of America is based in San Francisco, California, it is has its offices in Los Angeles, Florida, New York, Seattle and Chicago.

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Bank of America - Customer service

Bank of America is a banking corporation with branches all over United States. Bank of America offers both residential and commercial banking services.

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Drop in Rates of interest Boosts Need for Property

New york -- Apps for U.S. home mortgages rebounded very last week as interest rates pulled again for the initially time in three weeks, info from an field team showed on Wednesday.

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Terminating a Canadian Mortgage Note

There are four ways to Terminate a Canadian Mortgage Note.

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What is My Home Really Worth?

An old adage about real estate is: Rents don't lie. What it means is rents dictate the value of real estate.

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Mortgage rates wilt in the shadow of Cyprus

Mortgage rates receded this week, thanks to the Federal Reserve and a small, financially troubled island in the Mediterranean Sea.

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Should I co-sign a loan for someone?
Most of us have been there. Someone we care about calls and asks if we can ca-sign on a loan. Should you do it?
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What is Lifetime Home Insurance?

By TIM PARADIS, AP Business Writer 32 minutes ago

 

NEW YORK - Stocks surged Monday as investors rushed to lay bets on a broad economic recovery following the weekend announcement that the U.S. government will bail out mortgage giants Fannie Mae and Freddie Mac. The major indexes jumped, with the Dow Jones industrials gaining more than 250 points.

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Officials announce takeover of mortgage giants
Officials announce takeover of mortgage giants
Sunday September 7, 12:34 pm ET
By Alan Zibel and Martin Crutsinger, AP Business Writers

 

Government assumes control over mortgage giants Fannie Mae and Freddie Mac

WASHINGTON (AP) -- The Bush administration, acting to avert the potential for

 
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What If You Owe More Than Your Home is Worth?

 

By Seth Taylor, Denver Mortgage Broker

A Common Situation

Many homeowners are currently “under water” or “upside down” on their mortgages, actually owing more than their homes are worth. Right now, during this mortgage crisis, this is a common situation.
If you are a homeowner behind on your payments and upside down, or under water, on your mortgage, you may feel there is no possible way you can remedy the situation and either salvage your home loan or get out from under it without foreclosure.
You may, in fact, be considering walking away from your mortgage and letting t
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Sheldon Trainor Vice Chairman of Principl Investin

HONG KONG, Sept 4 (Reuters) - Merrill Lynch's (MER.N: ) head of Asia investment banking will step down from day-to-day responsibilities of the division and assume a new role, a source with direct knowledge of the move said on Thursday.

 

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Mortgage Industry Using Technology to Get Back on

In the throes of distressed credit markets, lenders have had to take deep losses in their mortgage-backed securities (MBS) and asset-backed securities (ABS) portfolios. Lenders and investors alike have had to come to market for additional operating capital. According to Bloomberg News, banks raised $120 billion in capital from August 2007 to July 2008 to offset billions of dollars of write-downs and diminished earnings capacity.

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GMAC Exits Retail Mortgage Business

WATERLOO (KWWL) -- GMAC Mortgage announced they are getting out of the retail mortgage business.  According to a corporate release the initiative is a result of the downturn in the credit and mortgage markets persist.

The company says they are streamlining their operation in an attempt to reduce cost and refocus their lending resources.

The company will close all 200 of its GMAC Mortgage retail offices. 

Approximately 3,000 employees will receive notification this month. The majority of the remaining 2,000 reductions will get notice by the end of the year.

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The Mortgage Business Is A Tough Business

Here is a list of the mortgage lenders, wholesale lenders, and monoline banks that have not survived the mortgage meltdown as of June 2008.

 

Mortgage Loans

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What Does the Mortgage Meltdown Mean for Appraisal
A Brief Summary of the 2007-2008 Mortgage Crisis
You’re no doubt aware that the U.S. real estate market suffered, in popular slang, a “meltdown” in 2007 and 2008, and it’s not over yet. Still, it’s always good to quickly review the facts of the situation before discussing ramifications and implications.
In a nutshell, the mortgage crisis is largely a result of people watching their mortgage payments rise as interest rates rose. Many of these homeowners had unconventional loans, such as interest-only loans or adjustable rate mortgages (ARM). Far too many of them had borrowed more than they could really afford, and when things got tight, they found themselves unable to make their house payment. Because of the sheer numbers of distressed homeowners, banks and other financial institutions took a major hit (witness the sale of Bear
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What is Mortgage Forebearance Agreement?
 
Mortgage Forebearance Agreement

 An agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments. A forbearance agreement is not a long-term solution for delinquent borrowers; it is designed for borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment or health problems.
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FAQ's Regarding Chase Platinum Visa Heloc

What is a home equity loan?
What are the primary advantages of a home equity loan?
How can I use my home equity loan?
Can I pay off balances from other accounts?
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Teeing Up the Next Mortgage Bust

In responding to the subprime mortgage crisis, most Congressional Republicans and many Bush administration officials apparently believe they have time on their side. They are wrong.

The housing bust is feeding on itself: price declines provoke foreclosures, which provoke more price declines. And the problem is not limited to subprime mortgages. There is an entirely different category of risky loans whose impact has yet to be felt — loans made to creditworthy borrowers but with tricky terms and interest rates that will start climbing next year.

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'The Worst Is Behind Us': Paulson Says

Posted May 07, 2008 11:28am EDT by Aaron Task in Newsmakers, Recession, Banking

With Treasury Secretary Hank Paulson and Merrill's John Thain chiming in, there's now near unanimity of opinion on Wall Street: The worst of the credit crisis is over.

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The Housing Crisis Is Over
By CYRIL MOULLE-BERTEAUX
May 6, 2008

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.

How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.

Most people forget that the current housing bust is nearly three years old.

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Countrywide Rating Cut To Junk

NEW YORK (Reuters) - Even as it prepares to be acquired by Bank of America Corp <BAC.N>, Countrywide Financial Corp's <CFC.N> descent to a "junk" credit rating could hinder its ability to make loans and collect deposits, the mortgage company has warned.

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New regulation we need to stop

The reason for this memo, a regulatory call to action, deals with a nearly silently adopted regulation which could very well be the most dangerous restriction ever placed on the mortgage industry.  It literally threatens to eliminate mortgage brokers almost overnight.  We have to act now to stop it, because the commentary period on the proposed regulation ends this Wednesday. 

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What is a mortgage?

A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security

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Your Loans- Are You Paying More Than You Should?
Probably. Most of us don’t even know what our credit card rate is. We just pay it, and chances are, we’re paying more than we think. One late payment can send your credit card rate soaring from 10.99% to 29.99%. Have you checked your rate lately? Chances are, you can find a better rate and better terms – fast.
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Mortgage System in United States

The mortgage system followed in United States is a bit different from other countries. There are two types of mortgage instruments used in United States. Those are Mortgage deed and Deed of trust.

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How Important is the interest rate?

When applying for a home equity loan, the person looking for the loan is usually looking to get the most he can, or in other words - getting a good interest rate. The “good” interest rate is the first thing on people’s minds and is generally the primary concern. Although it is true that most homeowners are placing a lot of emphasis on getting the best deals out there, and the lowest home equity loan interest rates, this may not necessarily be the most important factor in the whole financial perspective of home equity. .

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30 Year fixed Mortgage Q & A

Q: We currently have a 30-year fixed-rate mortgage at 5.75%. We built our home about 2 years ago and plan on staying there forever. We owe $198,500 on the mortgage and our monthly payment of principal and interest is $1,194. We also pay an extra 100.00 per month towards the principal in order to pay off the mortgage early.

My husband and I are 40 and 37 years old, respectively and are wondering if an interest-only loan is something that would benefit us. What would the advantages and disadvantages be for our financial situation?

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