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Fannie Tightens Interest-Only Requirements

by John TayebMay 4, 2010 Foreclosures

Fannie Mae announced Friday that it plans to require borrowers using interest-only mortgages to put down 30 percent of the sale price.
Fannie Mae also said it will only buy adjustable-rate mortgages underwritten to require that borrowers could afford the loans even if interest rates reset to the higher of either:

The loan’s initial interest [...]

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Lenders Unload Mortgages to Collection Agencies

by John TayebApril 19, 2010 Foreclosures

Lenders are selling second mortgages and home-equity lines in default to collection agencies that have the right to collect this money potentially for decades.
“It’s a big business, and investors are coming out of the woodwork,” says Sylvia Alayon, a vice president for Consumer Mortgage Audit Center, which analyzes mortgage documents for lenders, advocacy groups, and [...]

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Investors Urge Broad Solutions for Foreclosures

by Raja TayebApril 17, 2010 Foreclosures

The Association of Mortgage Investors (AMI) reacted to Thursday’s news that foreclosures hit record highs by commenting that this was an indication that the causes of homeowner defaults aren’t being addressed.
In a statement, the organization said: “Any solution will be incomplete if it does not give homeowners a way to reduce debt payments on all [...]

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Avoid Foreclosure: Properly Handling An Underwater Mortgage

by John TayebDecember 17, 2009 Foreclosures

The unstable environment of a bad economy can leave homeowners dreading how low their home value will go. Over the summer, Zillow, an online real estate marketplace, revealed that people who purchased a home just two years prior, when most markets peaked, had the highest rates of negative equity.
This occurs when the home value is [...]

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