Blogs

In the recent times, the Obama government as well as the private lenders have started considering principal reduction programs for homeowners who are underwater. However, the Internal Revenue Service (IRS) has issued a new advisory to taxpayers who would get such assistance from the lenders.  Let's check out how the principal reduction on underwater mortgages will affect the taxpayers:

There is a lot of misconception and misunderstanding amongst people regarding the social security benefits. Most of us who want to get social security benefits hardly know how one can maximize the benefits. Let’s check out seven things that one should know about social security:

Forensic loan audits are the latest variation of loan modification scams. California Department of Real Estate and the State Bar of California have warned homeowners to avoid such scams because these loan audits offer no help towards saving their home from foreclosure.

In a recent development, the Mortgage Bankers Association (MBA), and members including Bank of America Corp (BAC.N) and Wells Fargo & Co (WFC.N), has proposed a new forbearance plan for the jobless homeowners. Some of the other companies which helped MBA in developing this proposal are Citigroup Inc's (C.N) CitiMortgage, American Home Mortgage, SunTrust, etc. The proposal has been placed in front of the top U.S. officials. The Treasury has also been contacted for credit to support the plan.

Of late, there has been a discussion in the MortgageFit forums, where a poster has asked queries regarding qualifying for a home loan. The poster is willing to buy a home for $667,000 with a down payment of 50%. She has a credit score of 620 and an income of $92k per year. Her husband is out of work, but he is about to have a job of $100k next month. His credit score is 700. The poster paid off all her credit cards as well as a delinquent account (medical collections).

Credit score is an important number while you apply for any kind of loan – secured or unsecured. Your creditor/lenders will decide whether or not you're creditworthy depending upon this score. If you hurt your credit score, then it would take years to repair it. Thus, it's a better option to protect you score rather than repairing it.

Take a look at 7 things which may affect your credit:

Before going into the details as to whether or not one should go for mortgage life insurance, let's check out what it is all about. Well, to define it in simple words, mortgage protection life insurance is a policy which will help your heirs to pay off the home loan after your death (if it's not fully paid off).

The tax season is knocking at the door. You should know the tax breaks so that you would be able to receive it's benefits.  You may get some extra tax breaks if you've bought a new home, purchased a car or if you've a college student in your family. Have a look at the available tax breaks in 2010:

There are more than 600,000 seniors have who obtained reverse mortgages in the recent times which has helped them to save their homes. However, there are certain myths which confuse the senior citizens and they do not know whether or not it would be beneficial for them to go for a reverse loan.

Take a look at some of the common reverse home loan myths and the facts regarding it:

Due to the increase in mortgage defaults, the Federal Housing Administration (FHA) is about to change its lending criteria. As we all know, FHA is not directly involved in lending but it insures the lenders in case the borrowers default their mortgage dues. FHA has proposed changes regarding the insurance premiums, mortgage down payments etc. Just take a look: