FHA's Home Rehab Program Spikes in 2009

Housing Wire

The 203(k) loan condenses the rehabilitation financing process by allowing a borrower to take out one loan to cover costs rather than the three separate ...

OCC Reports On FHA Home Rehab Financing Program Mortgageorb



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CIT and its borrowers in limbo

CNNMoney.com

The lender appears headed for bankruptcy, but it's unclear how that will affect borrowers such as Eddie Bauer and other small businesses. ...

S&P cuts CIT ratings, says bankruptcy possible MarketWatch

Short-term government support then acquisition may be best option ... MarketWatch



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Convergys Announces Contract with Sterling Home Retention

TMCnet

Many borrowers today are defaulting on their loans and are facing the possibility of foreclosure as the current ...

Convergys reports Sterling Home Retention deal Finextra



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What is the difference between Borrower and Co-borrower?
Q. My bro-law helped my buy a house he was my co-signer but in all the paper work he shows up the borrower and me the co-signer is he more owner than me or can I do a quick claim and get him of the title even though I am a co-signer? The loan officer there is no problem as longest I send the mortgage payments with my checking account .is that true? Thanks for the answers!
Asked by adri012980 - Wed Jan 21 13:23:31 2009 - - 2 Answers - 0 Comments

A. Your loan officer is correct. You may take your brother-in-law of the title to the house by simply calling a local title company setting up an appointment for both you and your brother in law to sign the proper documents. Once signed the title company will make sure the title and deed are properly recorded at the local county recorders office. You may quit claim the property but going through a title company could possible save legal problems down the road. The title company will charge for their services, make sure when you call you find out what this charge would be. By taking your bro-in-law off the title to the property does not relieve him of responsibility to making monthly mortgage payments to the mortgage company in the event… [cont.]
Answered by loanmasterone - Wed Jan 21 13:36:42 2009

Can a mortgage rate vary according to my borrower's score?
Q. Is it legal to adjust the rate according to a borrower's credit score? I understand that a lender can refuse to lend if the borrower's score isn't high enough, but can a lender raise the rate in that case? During the credit meltdown, I though I heard that that was considered a predatory practice.
Asked by Vindaloo99 - Wed Jan 7 09:05:35 2009 - - 4 Answers - 0 Comments

A. Yes, it's legal. Different lenders handle scores differently. I recently got a loan. One lender actually read my report and gave me a great rate. One had three "tiers" of terms depending on my score. One tried to get me to sign up for a hardship program. That's why you compare lenders. It may be considered a "predatory practice" but that doesn't mean it's illegal. It isn't necessarily a bad thing. Think about a person with a high income and a low score. He would rather pay a high rate than be turned down and not be able to buy the house.
Answered by Ted - Wed Jan 7 10:10:35 2009

How to remove a co-borrower from title and mortgage of home?
Q. I purchased a house with a friend almost 4 years ago. She is now getting married, and we need to remove her name from the title and the mortgage. I know we will need to complete a quit claim to remove it from the title - do we need an attorney to do this, or can we just fill out the form and have it notarized and file it with the county? Other than that, I'm assuming I just have to refinance and qualify for the mortgage on my own. Has anyone done this? Have any tips?
Asked by celery1399 - Tue Jan 29 15:33:25 2008 - - 4 Answers - 0 Comments

A. You have to refinance to remove her from the mortgage. Talk to a title company in your area for the best way to convey title. Quit claim deeds offer no warranty, and are not an advisable means to do this. A title company will charge you much less than any attorney.
Answered by godged - Tue Jan 29 15:51:05 2008