All Posts Tagged With: "mortgages"
Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), Citigroup (NYSE: C) Penalties Likely to End “No Money Down” Programs
As banks face penalties for abuse mortgage practices and sketchy foreclosure practices, lenders begin looking for larger down payments for borrowers looking to buy houses. Penalties faced by the nations largest banks, Bank of America, Wells Fargo and Citigroup are expected to run into billions of dollars as a result of the banks automatically signing [...]
Citigroup (NYSE: C) Goes Outside HAMP to Offer Loan Modifications
Citigroup (NYSE: C) is still offering home loan modification to customers but are now adding more options to the pool. The options are outside the options available through the Make Home Affordable program. Citigroup mortgage customers are still facing foreclosures due to the inability to make monthly mortgage payments. This is largely due to the [...]
Bank of America (NYSE: BAC) Reevaluating Loan Modification for Hispanic Customers
A former employee of Bank of America (NYSE: BAC) has spoken out about concerns the bank did not properly assist Spanish-speaking customers during mortgage loan modification procedures. The employee speaking out now works for a real estate agent. Part of her responsibilities relates to short sales for homeowners who have loans through Bank of America. [...]
Bank of America (NYSE:BAC) Head Above the Rest for Home Modifications
Bank of America (NYSE: BAC)has announced their participation in mortgage modifications since January 2008 has provided modifications to more than 680,000 homeowners, putting it in the lead over other lenders. This data includes the 79,859 modifications that were part of the Home Affordable Modification Program (HAMP) under the US government. The bank is said to [...]
Bank of America (NYSE: BAC) Sued Over Foreclosure Work
Bank of America (NYSE: BAC) has been sued by Diversified Field Solutions based on allegations the bank failed to provide contracted work for their foreclosure properties. Bank of America contracted with DFS to handle foreclosure preservation measures on the bank’s properties in 14 states. DFS claims Bank of America never upheld their end of the [...]
Citigroup (NYSE: C) Successful in Modification Program
Among the lenders who are offering homeowners a home modification program, Citigroup (NYSE: C) is being cited as one of the more successful lenders. According to the latest report from the Making Home Affordable program, Citigroup has made modifications for half of their eligible customers in the form of a permanent or trial basis. The [...]
Bank of America’s (NYSE: BAC) Lending and Investing Initiative Report Shows Almost $150 Billion Credit Lent in the First Quarter
Bank of America(NYSE: BAC) has extended nearly $150 billion in credit for the first quarter of 2010, making them the largest lender of credit of any United States Bank. The Lending and Investigating Initiative Report which is issued quarterly details the money was lent in the form of $70 billion in first mortgages and 77,000 [...]
Citigroup (NYSE: C), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and JPMorgan Chase (NYSE: JPM) Join the Obama Administration to Reduce Second Mortgage Balances
The Obama Administration has announced a plan last Friday that will finally begin reducing the amount troubled borrowers owe on their home mortgage loans. This plan will allow people who are underwater on their mortgages to get a new mortgage backed by the Federal Housing Administration. Loans backed by the government agency insure the loans [...]
Bank of America Hijacks Parrot, Forecloses Wrong House
Bank of America (NYSE: BAC) has a lot of explaining to do. According to a Pittsburgh, Pennsylvania woman, the bank took not only her home but also hung on to her parrot even after proof was offered Bank of America had the wrong house. The woman filed a lawsuit today against Bank of America. Bank [...]
Lose Your Home To Foreclosure? You Might Still Get A Bill
For homeowners who have lost their home to a foreclosure due to their inability to keep up with mortgage payments, there may still be bad news on the horizon. After banks sell the home at auction, any balance remaining on the value of the home and the sale price at auction make come back billed [...]
Stricter Guidelines Being Announced for FHA Mortgages
The Federal Housing Administration, which insured one-third of 2009 mortgages, is getting ready to announce the stricter guidelines for securing an FHA-backed mortgage loan. Since the mortgage crisis, the popularity of FHA loans rose dramatically. The loans back lenders if a borrower failed to pay. Because of the mortgage crisis, the agency is having difficulties [...]
New Homes: A Better Deal than Foreclosures?
This is a guest post by Lee Fink. Lee is currently studying at the College of Southern Nevada with a major in Journalism. She hopes to pursue a career in editing. During the housing bubble, many people bought up houses at ridiculously low prices. They would then turn around and sell these homes for much [...]
Qualified for a Interest Rate Buy-Down? Take Advantage and Save
Could you imagine getting a home loan at an interest rate of below 4% on a brand new home? Well, imagine no more. If you are well qualified, you can have access to such an outstanding loan rate right now. The Buy Down Incentive For many years, private home builders and sellers have been willing [...]
Mortgage Banker or Bank for Your Home Loan?
Many people do not pay attention to this distinction, but it is worth talking about. When you take steps in obtaining a mortgage on a house, you have basically two sources from which you can choose to consummate the process. First is a traditional bank or other similar financial institution. The next is through a [...]
Tips for Getting a Mortgage in 2009
As the nation ended the year with endless news about foreclosures and mortgage crisis galore, the new year is the perfect time to take stock of your financial situation and prepare for buying that house you want. It won’t happen overnight, but the new year will bring some changes to the real estate industry and [...]
5 Quick Money Lessons to Learn Now
Many times when it comes to money, there are a few sayings that stick with you throughout your lifetime. Famous clichés such as a penny saved is a penny earned and similar saying that Grandma taught you certainly weren’t far off the mark. As more and more people struggle with debt, there are some more [...]
Lenders Still Making the Same Mistakes Which Caused the Sub-Prime Mortgage Mess
If you were a lender of mortgages, would you give out a loan to someone who doesn’t have any documentation to prove how much money they make? Would you provide a loan where the person isn’t even required to pay off the interest each year? How about a loan that would take 50 years to [...]
Looking to Buy a Home? 5 Tips to Improve Your Credit Score to Get a Better Mortgage
When most people go to purchase a home, they take whatever deal the mortgage lender will give them. Many get “house fever” and want to pursue the American dream so badly that they’ll sign whatever’s put in front of them so they can own their very own home. Many consumers have gotten themselves in real [...]
Major Banks At it Again, Fighting Against “Truth in Mortgage Lending” Legislation Which Would Decrease Foreclosures!
We recently reported that some of the major US banks including Bank of America, Capital One, Chase and Discover were actively flaunting US Bankruptcy law, and now they’re trying to put the screws to consumers again by opposing “Truth in Mortgage Lending” legislation which is currently working its way through congress. The US House recently [...]
E*Trade and Bank of America Get What’s Coming to Them for Offering Exotic Mortgages
For the last five years or so, many of the nation’s major banks and financial institutions have been originating all sorts of non-traditional mortgages such as interest only loans, adjustable rate mortgages, mortgages with balloons, fifty year mortgages, and a whole slew of other financial products that no consumer should ever buy. Unsurprisingly, many consumers [...]
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We are retired and live on a grocery budget of $200 a month for 2 people in the Midwest. That ...