Late Mortgage Payments Down Significantly
Equifax’s June edition of its National Consumer Credit Trends Report shows a sharp decline in the number of delinquent mortgage balances.
Equifax’s June edition of its National Consumer Credit Trends Report shows a sharp decline in the number of delinquent mortgage balances.
If you have an existing FHA loan on your primary residence and a fairly good credit score, you may be able to take advantage of the FHA Streamlined Refinancing Program, which eliminates many of the complex steps involved in a typical FHA refinance. No appraisal is required as long as the borrower reduces their payment by 5 percent, which has caused many to liken this program to the HARP 2.0 program.
A big part of the American dream is slipping away as owning a home becomes more elusive for people across the country. According to a Bloomberg article, home ownership has fallen to its lowest level since 1997.
The Consumer Financial Protection Bureau’s proposed rules would require mortgage servicers to give all borrowers standardized monthly statements, warn borrowers about interest rate or insurance changes, improve record-keeping, and give borrowers options to avoid losing their homes
The agency said it will formally propose the rules this summer and finalize them by January 2013. Read more…