As the housing bubble was growing, many Americans with low credit scores were able to benefit from a variety of housing loans. However, the boom led to the bust that followed, and financing a new home purchase through a bank with subpar credit has become far more difficult.
If both the borrower and mortgage lender are mistaken (mutual mistake) concerning the acreage being purchased and financed, there may be a basis for rescinding (unmaking) the mortgage according to a recent decision of the U.S. Court of Appeals for the Eighth Circuit.
With this year's home buying season off to a strong start, due in large part to tight inventories and low interest rates, many prospective homebuyers may find securing financing an obstacle. Here are some tips on how to secure financing to help make the mortgage process easier.
For the past year there have been worries that the FHA might require taxpayer money to pay off lender claims for loans gone bad. But now it may be that the economy has turned around and the FHA may well do better than anyone thinks.
For months the real estate industry has been complaining about a shortage of homes to sell, an inventory which is too small. Raise down payment requirements and the inventory problem will vanish while home prices will fall. Why? Because there will be fewer buyers in the market looking for homes.
While prices may change in either direction, the risks to the borrower are not symmetrical. Borrowers waiting to lock will always pay more if the price has risen but they won't necessarily pay less if the price has declined.
Struggling homeowners can breathe a sigh of relief knowing that Congress has included an extension of Mortgage Forgiveness Debt Relief Act in an eleventh hour bill to avoid a possible fiscal cliff crisis.
My Pretending System has helped over seven million people find happiness and by that I mean a number that was actually 106. But that didn't seem very impressive so I'm pretending it was more. See? Pretending works for everyone!
For qualifying seniors, now really is a great time to consider a government-insured reverse mortgage, and here's why: Seniors can get more money out of their homes now then they will when interest rates, now at historic lows, begin to rise again.