Home Inventory Software for Loss Claims
October 21, 2008
Homeowners may now be able to provide actual proof of loss in the event of damage to their homes, thanks to a free home inventory software from the Insurance Information Institute (I.I.I.). The institute is a recognized primary source of information, analysis and referral on insurance and seeks to improve public understanding of the subject, such as what it does and how it works. Read more
Avoiding Foreclosure Fraud
July 14, 2008
10 Tips to Avoiding Foreclosure on Your Home
July 10, 2008
Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? If you are having difficulties making your mortgage payments, do not fall into the trap of going into denial and wishing that the problem may just go away. The sooner you take the initiative and reach out to your lender and other legitimate sources for help, the sooner you may be able to get back on track and save your home from foreclosure.
Here are 10 tips to consider if you are facing financial difficulties and are unable to make your monthly mortgage payments: Read more
FHASecure – Program to Refinance Conventional Mortgages into FHA Programs
June 22, 2008
If you have an adjustable rate mortgage coming due or your interest rate is already too high, you owe it to yourself to look at the safe and affordable financing options provided by government-insured mortgages through the Federal Housing Administration (FHA), which provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily, manufactured homes and health care facilities. It is the largest government backed mortgage insurer.
WHAT IS FHASecure
FHASecure is a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe. Read more
Deceptive Mortgage Ads: What They Say; What They Leave Out
June 13, 2008
If you’re looking for a mortgage to buy a home or refinance an existing loan, you may see or hear ads with offers of low rates or payments. Whether you see them on the Internet, on television or in the paper, or whether they come by fax or mail, some of these ads look like they’re from your mortgage company or a government agency. Regardless of where you see the ads, remember that while the offers are tempting, some are terribly flawed: they don’t disclose the true terms of the deal as the law requires. Read more
Foreclosure Rescue Scams: Another Potential Stress for Homeowners in Distress
June 13, 2008
The possibility of losing your home to foreclosure can be terrifying. The reality that scam artists are preying on the vulnerability of desperate homeowners is equally frightening. Many so-called foreclosure rescue companies or foreclosure assistance firms claim they can help you save your home. Some are brazen enough to offer a money-back guarantee. Unfortunately, once most of these foreclosure fraudsters take your money, they leave you much the worse for wear. Read more
Mortgage Payments Sending You Reeling? Here’s What to Do
June 13, 2008
The possibility of losing your home because you can’t make the mortgage payments can be terrifying. Perhaps you are one of the many consumers who took out a mortgage that had a fixed rate for the first two or three years and then had an adjustable rate. Or maybe you’re anticipating an adjustment, and want to know what your payments will be and whether you’ll be able to make them. Or maybe you’re having trouble making ends meet because of an unrelated financial crisis. Read more
HUD PROPOSES MORTGAGE REFORM TO HELP CONSUMERS BETTER UNDERSTAND THEIR LOAN, SHOP FOR LOWER COSTS
May 29, 2008
WASHINGTON – In an effort to significantly improve the complicated, unclear and costly homebuying process, U.S. Housing and Urban Development Secretary Alphonso Jackson today proposed mortgage reform designed to help consumers better understand their loan terms so that they can shop more effectively for the largest purchase of their lives. Read more
BUSH ADMINISTRATION TO EXPAND MORTGAGE HELP FOR STRUGGLING FAMILIES
May 29, 2008
WASHINGTON – The Bush Administration today announced additional mortgage assistance for subprime borrowers who are at risk of foreclosure. The plan, which is designed to help address the adverse economic conditions affecting many communities across America, will help break the cycle of house price depreciation that is being caused by an increasing number of foreclosures and the overall contraction in the credit market. Under the new plan, HUD’s Federal Housing Administration (FHA) would have the added flexibility to insure more mortgages, including those for borrowers who were late on a few payments and/or received a voluntary mortgage principal write-down from their lender. Read more
Special Web Section Unveiled for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many
May 29, 2008
IR-2007-159, Sept. 17, 2007
WASHINGTON — The Internal Revenue Service unveiled a special new section today on IRS.gov for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes.The new section of IRS.gov includes a variety of information, including a worksheet designed to help borrowers determine whether any of the foreclosure-related relief provisions apply to them. For those taxpayers who find they owe additional tax, it also includes a form they can use to request a payment agreement with the IRS. . In some cases, eligible taxpayers may qualify to settle their tax debt for less than the full amount due using an offer-in-compromise. Read more
