Refinance Free Credit

I thought HW readers might want to know that our Web site is set to undergo a pretty awesome face-lift in the weeks ahead. We figured a facelift was due, given our substantial industry reach (we now reach almost 90,000 unique visitors each month, a number that continues to astound me — thanks for making [...]

For those industry professionals that have worked in default management for any meaningful period of time, you learn pretty quick that borrowers facing the loss of their home will do some strange things — after all, it is a pretty personal event. Taking all appliances out is a pretty common sight; I personally can’t recall [...]

Anshu Jain, head of global markets at Deutsche Bank AG (DB: 86.72, +1.26%), said in remarks Thursday that most financial institutions are now facing a solvency issue around housing — a surprising assessment, to say the least, and that underscores just how damaging the continued freefall in U.S. housing is likely to be for financial [...]

In April, many of the nation’s hardest-hit housing markets during the downturn saw prices depreciate at an ever-faster pace, according to the LoanPerformance Home Price Index released by First American CoreLogic on Wednesday. Over the past 12 months, two southern California metro areas — Riverside/San Bernardino/Ontario and Los Angeles/Long Beach/Glendale — posted the worst annual price [...]

As the number of foreclosures continue to outpace loan workout activity, consumer groups are growing restless — suggesting that servicers aren’t doing enough to help. The latest to make the case on Wednesday afternoon was the California Reinvestment Coalition, which released a report that argued home loan servicers and lenders are not working with borrowers [...]

The California Assembly appears to have passed its first major piece of legislation surrounding the nation’s housing mess, passing a bill designed to give homeowners both more and earlier warnings that their mortgages were moving into default. The measure, SB1137, passed by a wide 32-8 vote Wednesday and is headed to Calif. governor Arnold Schwarzenegger; [...]

The California Assembly appears to have passed its first major piece of legislation surrounding the nation’s housing mess, passing a bill designed to give homeowners both more and earlier warnings that their mortgages were moving into default. The measure, SB1137, passed by a wide 32-8 vote Wednesday and is headed to Calif. governor Arnold Schwarzenegger; [...]

As we head into the July 4th holiday, it’s clear that federal banking regualtors have one thing in common with beleaguered Indymac Bancorp Inc. (IMB: 0.74, 0.00%) — both wish that Sen. Charles Schumer (D-NY) would keep his trap shut. The leaked letter he sent to regulators last week questioning the financial footing of the [...]

The mortgage industry is undergoing the worst crisis lenders have ever faced; if you’re considering refinancing your mortgage it’s more important than ever do your homework and choose an honest lender. Here five common mortgage refinancing mistakes you need to avoid in order avoiding paying too much for your ...

If you have not yet seen the news and you are the holder of a negative amortization mortgage that has multiple payment options and you are stuck because of a Pre Payment penalty you may be in luck. These loans have many names such as Option ARMs, Pick-A-Payment and Cash Flow mortgages to name a few. Wachovia Bank just announced that they will no longer require a Pre Payment penalty for new mortgages and if you have an existing mortgage with a Pre Payment penalty they will not enforce it so you can look to refinance into a better loan for your needs. Wachovia has issued their own mortgages with these limitations as well as acquired them when they took over World Savings and other financial institutions.

My advice is that if you have one of these loans and you would like to get out of it to call the customer service number on your statement and ask if it applies to you. If it does then contact a local mortgage planner and look to get into a better loan for your circumstances. Once you do you may find this mortgage check-up form and the right questions to ask useful forms to ensure you know what you will be signing.

While other lenders have not yet hopped on the band wagon in releasing these penalties with the right pressure from their clients as well as action groups they just might. Make Life Happen and don’t sit back and wait for it to happen to you. Make a call and Take Control of your financial future.