Falling interest rates have unleashed a flood of homeowners rushing to refinance their loans to more favorable terms. There's been a 92 percent increase in refinances since the beginning of November. Unfortunately, with banks feeling the sting of the subprime lending...
You know a situation is bad if it has got the code name "Project Lifeline." The Treasury Department and Department of Housing and Development revealed a plan last week which would allow overdue homeowners to suspend foreclosure for 30 days while they renegotiate their...
With the subprime crisis in full bloom, the Federal Reserve is making moves to end shady mortgage lending practices once and for all. The proposal on the table will apply to all new and future loans made by lenders and should be finalized sometime next year. Among the...
You may have seen the signs "Avoid Foreclosure! Call Now" and "Save Your Home" in some neighborhoods hard-hit by foreclosures. Some of these offers are legit. But some companies promising rescue from foreclosure charge borrowers to renegotiate their loan with lenders...
What's the hottest type of mortgage these days? The 30-year fixed rate. It's a return to vanilla after years of creative financing such as subprime, adjustable rate and interest-only loans. The surge in these exotic mortgages in recent years is huge. In 2003, about 9...
We've all heard of the term "green building" but here's a new one for you: the "green mortgage." With a green mortgage, buyers of energy-efficient homes are rewarded with a qualification for a larger loan. Basically, the increased savings that come from solar panels,...
There are lots of ways to borrow money for your remodel. Think before you sign, though, as interest rates vary depending on whether you have collateral to back up the loan. If you own your own home, it can serve as your collateral. Here are some of the basic ways you...
Foreclosure is every homeowners' worst nightmare. If the thought of losing your home is keeping you up at night, heed this advice from the U.S. Department of Housing: Don't ignore the problem The further behind you become, the harder it will be to reinstate your loan...
