More on Mortgage Loan Modification and Mortgage Rescue Scams
Posted at 8:50 PM, Apr. 7, 2009
Harris Real Estate University Published the following on their Blog:
Mortgage And Loan Modification Scams On The Rise….Homeowner Beware!
Mortgage Loan Modification Scams: Typically what is happening is that troubled homeowners are paying $1000…$2000…$3000 UP FRONT and receiving no services. Whats worse, many of these LOAN MOD scammers are collecting the fees and never doing anything to try to help the homeowner. If you are doing loan mods the ethical and honest way you know that you NEVER charge upfront fees. If you are in one of the hand full of states that requires any sort of ‘license’ or ’state approved process’ you must comply.
Mortgage Rescue Scams. This type of thing has gone of for years. Here is the typical scenario: Homeowner is late 90 days+ on their mortgage. They have equity. A mortgage rescue scammer offers to ’save their mortgage. The scammer makes it so the homeowner signs the deed over. Next, the scammer has the seller pay THEM their mortgage payment. Additionally, the homeowner agrees to sign a lease on their former home (remember they signed over their deed). The homeowners is led to believe that the scammer will bring the mortgage current and then make the payments for the homeowners over an agreed period of time. Homeowner is told that they can ‘buy’ the house back from the scammer. What really happens is that the scammer never makes a payment. Keeps the lease payments…and then (when there is equity) throws the now renter out of the house. The house is sold and the scammer keeps the former owners equity. There are many forms of this scam but, thats the basic format.
A News paper report stated:
The U.S. Treasury has announced a new effort to crack down on criminals who prey on people seeking help with their mortgage problems.
On Monday, Treasury Secretary Timothy Geithner reported that government agencies had recently identified dozens of suspicious companies that were running suspicious ads about mortgage foreclosure rescue services.
According to Geithner, the Treasury’s Financial Crimes Enforcement Network has already produced a number of recent leads that are helping law enforcement agencies stop foreclosure scams or further investigate suspicious companies.
Geithner also noted that the Obama administration’s Making Home Affordable program is an important part of its economic stimulus effort, which makes foreclosure fraud an even higher law enforcement priority.
“American homeowners desperately need the relief this program offers, but the very last thing they need is to be taken advantage of as they try to hold on to their homes,” said Geithner.
A report by ABC News said that the FBI is currently investigating about 2,100 mortgage fraud cases, a 400-percent increase from 2004.
The scams typically target homeowners with damaged credit scores who are willing to pay upfront fees to people who claim they can resolve their mortgage problems. Unfortunately, many of these people end up with worse consumer credit in the long run.
Mortgage rates at 52-year low
Posted at 4:15 AM, Mar. 27, 2009
NEW YORK (CNNMoney.com) -- Home mortgage rates dropped to a 52-year low this week, according to a report released Thursday (3/26/2009), in the wake of the government's announcement that it will buy more than $1 trillion in debt.
Follow this link for the complete article: http://bit.ly/IXCQG
Mortgage Rates 1-26-2009
Posted at 10:33 AM, Jan. 29, 2009
RedWood Mortgage Company
Susan Lange
(800) 354-9554
"We are what we repeatedly do. Excellence then, is not an act, but a habit." -Aristotle
FHA
30 Year Fixed
New FHA Loan Limts by county for 2009
Camden, Burlington and Gloucester Counties $ 379,500; Atlantic $316,250;
Cumberland $271,050; Cape May $414,000; Ocean $625,500; Salem $379,500
Minimum down payment is now 3.5%
Seller assist up to 6% still permitted
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5.5 % +.5 pts 5.00% + 1.5 pts 4.50%. + 3 pts
Conventional
30 Year 20 year 15 Year
100% Financing Programs
Financing for qualified properties and borrowers; Seller assist for all closing costs and repairs!
USDA RD Loans
VA
Smart Start Programs
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4.5 + 2 pts 4.375% + 2 pts 4.25%+ 2 pts.
Investor Loans
20% down 5.75% + 3 pts
25% down 5.75 + 2pts
Jumbo Financing
30 Yr fixed 5/1 ARM 7/1 ARM
6.75 + 1 pts 5.25 + 0 pts 5.50 + 0 pts
Financial services provided by dedicated mortgage professionals
Committed to exceeding all expectations
Susan Lange
(856) 296-7911
Current Mortgage Rates
Posted at 6:48 AM, Dec. 31, 2008
From time to time we will publish current Mortgage rates and information for the South Jersey area. Here are the current mortgage rates from Redwood Mortgage. Visit HouseJeanie.com for current listings in this area.
The HouseJeanie Team
FHA
30 Year Fixed
5.25 % + 0 pts 5.00% + 1 pts 4.75 + 2 pts 4.50%. + 3 pts
New FHA Loan Limts by county for 2009
Camden, Burlington and Gloucester Counties $ 379,500; Atlantic $316,250;
Cumberland $271,050; Cape May $414,000; Ocean $625,500; Salem $379,500
Minimum down payment is now 3.5%
|
Conventional
30 Year 20 year 15 Year
100% Financing Programs
Financing for qualified properties and borrowers; Seller assist for all closing costs and repairs!
USDA RD Loans
VA
Smart Start Programs
|
5.25 %+ 0 pts 5.125% - 0 pts 4.875%+ 0 pts.
Investor Loans
20% down 5.25% + 2.5 pts
25% down 5.5 pts
Jumbo Financing
30 Yr fixed 5/1 ARM
6.75 + 1 pts 5.75 + 0 pts
Financial services provided by dedicated mortgage professionals
Committed to exceeding all expectations
redwood Mortgage Company
Susan Lange / Lauralee Dobbins
(856)296-7911 / (856)979-8929
12-27-08
Study: State Laws Against Predatory Mortgage Lending Work Without Cutting Off Credit
Posted at 10:41 AM, Feb. 28, 2006
RISMEDIA
Author: Beth Bresnahan
Publishing date: 02/27/06
RISMEDIA, Feb. 28 A study by the Center for Responsible Lending proves that laws against predatory lending thwart abusive lenders while in many cases increasing availability of credit for people who need it most.
"The Best Value in the Subprime Market: State Predatory Lending Reforms" is the most comprehensive study of its kind. Researchers examined more than 6 million subprime mortgages from 1998 through 2004, or three-quarters of all the loans in the subprime market during those years.
States with the strongest laws -- Massachusetts, New Jersey, New Mexico, New York, North Carolina, and West Virginia -- showed the largest declines in loans with predatory terms.
For the complete article go to:
http://tinyurl.com/po3k8
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FHA LOAN LIMITS INCREASED...
Posted at 7:23 AM, Jan. 4, 2006
FHA LOAN LIMITS INCREASED...
In case you haven't heard, new FHA loan limits have been announced effective January 1, 2006. These new loan limits are now available at: https://entp.hud.gov/idapp/html/hicostlook.cfm. If you are looking for a good local Mortgage Company send us an email at Info@HouseJeanie.com.
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