This story broke on USA Today and has been re-printed on every major financial news network this week – so why not here! by Nin-Hai Tseng, reporter August 16, 2010: 05:17 AM EDT Mortgage rates have hit new lows nearly every week, but many borrowers are still unable to take advantage of them. Last week, [...]

Fannie Mae has launched KnowYourOptions.com, a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions. The online resource, which offers reliable and easy-to-understand information in both English and [...]

What took them so long! Seven-Year Lockout Policy for Strategic Defaulters Fannie Mae just announced policy changes designed to encourage borrowers to work with their lenders and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for [...]

Freddie Mac reports that the average interest for 30-year fixed mortgages was 5 percent this week, down from last week’s 5.06 percent. Meanwhile, 15-year fixed loans averaged 4.36 percent versus 4.39 percent over that same time span. Rates on five-year, adjustable-rate mortgages and on one-year ARMs also were down, averaging 3.97 percent and 4.07 percent, [...]

Well, I have been calling for this for over a year. Maybe, just maybe, help is on the way. NEW YORK (CNNMoney.com) — Bank of America announced Wednesday that it will first look at reducing the loan balances of certain distressed homeowners with subprime or adjustable rate mortgages to make their payments more affordable. The [...]

There has been some talk about a new FHA guideline that allows short sellers to re-purchase a home providing they were never late on the payments from the loan they sold short. Lets take a look at the actual text from the FHA guidelines: 1. Borrowers are NOT eligible for new FHA financing if they [...]

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The Wall Street Journal recently reported that the number of people underwater on their mortgages (those who owe more than the property is currently worth), has increased to 23% nationally. Arizona is second only to Nevada with 47.9% of all home owners with a mortgage having negative equity in the third quarter of 2009. Another [...]

I just read an article from The Associated Press by Dawn Wotapka on the subject of home buyers, credit reports and mortgage loans. There were two points of interest that I want to share, along with my opinion of course… * Home buyers who are under contract and hoping to close before Nov. 30 (when [...]

On July 5th, I wrote an entry to this blog titled: “Washington, We Still Have A Problem…”. Now, 2-1/2 months later, we still have the same problem. Call it S.S.D.D. (same stuff… different day) After going through what was called “The Sub-Prime Mortgage Crisis”, we are now heading (with force) toward a “Prime Mortgage Crisis”. [...]