Mortgage News

Building good credit is a slow process and recovering from bad credit takes time. However, there are certain situations where you can do things that will boost your credit score fairly quickly.

Don’t expect to be able to patch over a bankruptcy, foreclosure or a history of seriously late payments – if your FICO score is floundering in the 500 range, it’s just going to take time to rebuild your credit. However, it’s sometimes possible to fix small dings and dents in your credit history enough to boost your credit score into a higher bracket, making it easier to qualify for a mortgage loan or obtain a lower interest rate.

Here are five possible ways to quickly boost your credit score, depending on your situation.

Correct errors on your credit report

NEW YORK (CNNMoney) -- Buying a home has reached its most affordable level in more than two decades.

Nearly 78% of homes sold during the first quarter were affordable to those earning the national median income of $65,000, according to a report released Thursday by the National Association of Home Builders and Wells Fargo
The reason: Home prices nationwide are off about 36% from their peak. Median income has risen by about 10%. And mortgage rates are below 4%.

There is one catch for home buyers, however: Mortgage availability.

10 fastest growing U.S. cities

By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Mortgage Rate News & Analysis
During the month of August, according to data from mortgage finance company Freddie Mac, interest rates on long-term mortgage loans fell dramatically, even reaching a new all-time record low.

During the first week, the average rate on a 30-year fixed rate mortgage (FRM) sank to 4.39 percent, excluding points, from 4.55 percent during the last week of July. Rates on the 15-year FRM dropped to 3.54 percent from 3.66 percent and the one-year adjustable rate mortgage (ARM) carried an average rate of 3.02 percent, up from 2.95 percent the previous week.

First wanted to thank Dean for the fantastic website. Really enjoy meeting new people here on the website.

Wanted to share with people here on this website a new video that we have put onto our new website before we officially launch called "Mortgage Success Factors".

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The video is FREE and will really help you in getting the new loan or refinance that you are looking for.

NoMortgagePayment.net is dedicated to helping you to reduce or eliminate your mortgage.

Just go to http://nomortgagepayment.net/free-sign-up-for-video-access/

I recently got a request from someone who wanted assistance in working a loan modification on their own personal property that was in pre-foreclosure. They had already been scammed by one law firm, and wanted to know if there was a better way to make it happen.

I personally have negotiated several loan modifications and short sales, and though it has become more difficult as the bail out money has dried up, it is not impossible. I put the best two websites I could find online below, but google has several of them under "How to negotiate a loan modification.

www.ehow.com/how_2198656_negotiate-mortgage-loan-modification-lender.htm...

http://www.city-data.com/forum/mortgages/641845-apply-negotiate-loan-mod...

The best advice I can give you is:

Need to know if anyone had experience with Corne Stone Finance in the UK ? If yes, was it good or bad ? Or just Stay Away ??
Thanks
FG
NC

This article can be found at: http://www.rwbpress.com/2011/02/28/deed-in-lieu-of-foreclosure-plans-off...

Well, despite BofA receiving my reinstatement funds, and my dealing with the cumbersome (understatement) phone call merry-go-round, BofA conveyed my property and it is on its way to sale on the market.

Bank of America Stole my House!

Inside BofA, their response resulted in complete lack of accountability and action.

Just as a start, I have posted a complaint with the AZ AG which is suing BofA for other illegal practices, such as breaking in and locking up homes before the sale, not moving through the eviction process at all. I may have to take further legal action. From now on, I have had enough of this. I'm sure I'm not the only one.

So, anybody else having a bad time with any particular bank? Let's effect the change!
Attached below I've included a pretty good article..

I bought a great home with 4 bedrooms and 2 baths with 2 car garage. I new the house was worth $110,00 ARV. A private lender helped me get the house since the house was is such poor condition, nobody would loan any money on it.

I have fixed it up and it like new. I went to the mortgage company and tried to refinance so I could pull my money out. The mortage companies now want you to have cash reserves to cover all your mortgages for 6 months before they will loan you any money. I don't have the funds to cover 6 months since I own several properties.

I have tried for 4 months to sell it amd have had several people interested but they have not been able to get a loan so it looks like I will have to rent it.

Has anyone else had this problem with the mortgage companies?.