There is a new FTC study being quoted by bloggers all over the web and reported in major newspapers like the LA Times and Washington Post by real estate columnist Kenneth R. Harney. The study (if true) makes some amazingly ominous claims: · Nearly nine out of 10 borrowers could not identify the upfront total [...]

The subprime mortgage meltdown is now filtering it’s way through the economy hitting the stock market on Friday June 22, 2007. The Dow dropped drastically (over 185 points) after Bear Stearns announced $3.2 Billion (yes that’s Billion…with a “B”) bailout of one of their hedge funds (High-Grade Structured Credit Strategies Enhanced Leveraged Fund) that suffered [...]

In addition to the credit issues, the bad credit refinance is facing barriers of dropping home values, loss of cash-out programs, and the loss of many bad credit lenders. A bad credit refinance home loan is a loan that replaces an existing loan with a borrower who typically has less than 600 credit score. Bad [...]

As the name implies the payments on a reverse mortgage flow in reverse…not from the borrower to the lender but from the lender to the borrower. A reverse mortgage affords older homeowners (62+) that are “house rich” and “cash poor” to receive their equity a little each month. Many older home owners in this situation [...]