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Tight Credit Standards Halt Some Buyers

Lenders continue to reject borrowers with otherwise good credit when they diverge from the standard approval checklist. Would-be borrowers facing the most problems include the self-employed. One reason bankers are so nervous are the standards held out by Fannie Mae and Freddie Mac. Not only are Fannie and Freddie demanding credit scores above 720, they […]

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U.S. to Offer Incentives to Modify Seconds

The Obama administration is announcing incentives today for mortgages servicers to modify home equity loans and other second mortgages. Servicers must agree to modify second mortgages when the first mortgage has been modified. They must extend the term of the second mortgage and match the rate of the first mortgage. Then the government will share […]

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Banks: No Exceptions for Short Sales

 Increasingly, sellers seeking short sales are encountering a new twist. Lenders are agreeing to let some short sales go through, but they want the home owners to sign a note promising to pay some or all of the balance due – debts that could burden borrowers for the rest of their lives. Moody’s Economy.com estimates […]

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Squatters Get Comfy in Abandoned Houses

Squatters are moving into foreclosed homes and posing as tenants so they can live in comfort until the bank either goes through the eviction process or bribes them to leave. In a process known as “cash for key,” the squatters call the bank and boldly ask for money in order to move. “There are people […]

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