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Dennis Norman The Federal Housing Administration (FHA) announced this week that it intends to make modifications to its Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners seeking to tap their home equity. A HECM [...] According to a press release from the U.S. Department of Housing and Urban Development, borrowers with FHA loans that are experiencing problems associated with drywall (ie; chinese drywall) may be eligible for assistance to help them rehabilitate their properties. FHA is reminding its approved lenders that they are to offer special forbearance for borrowers confronted with [...] In an unprecedented move, leaders from the nonprofit sector, philanthropic community, financial industry and government have joined forces in creating a highly innovative and effective approach to reclaim neighborhoods devastated by high concentrations of foreclosed and abandoned property. The National Community Stabilization Trust, a new nonprofit organization, will help re-knit the fabric of neighborhoods torn apart [...] Dennis Norman By: Dennis Norman Back in April I first did a post on avoiding foreclosure and loan modifcation scams but record numbers of homeowners facing foreclosures and foreclosure scams on the rise I thought it was worth talking about again. The Federal Reserve , in a public service announcement, published “5 Tips for Avoiding Foreclosure Scams”: Work only [...] Dennis Norman By: Dennis Norman Yesterday Beazer Homes USA reached a $50 million settlement with the United States over charges of mortgage and accounting fraud. The Federal Bureau of Investigation in Charlotte issued a press release giving the details of the settlement as follows: Beazer and its subsidiary, Beazer Mortgage Corporation, admitted to engaging in several fraudulent mortgage origination [...] First off, my usual disclaimer…I am not an attorney and this is not intended to be legal advice or a legal opinion. Dennis Norman Now that we have that out of the way lets talk about options that may be available to you if you are one of the 20% of homeowners that a recent study [...] By: Dennis Norman Dennis Norman Effective April 1, 2009, FHA will lower the amount you can borrow when refinancing your home loan if it is a “cash-out” refi. The term “cash-out” simply means you are borrowing more than your existing debt…thereby resulting in you getting “cash-out” of your home’s equity. In the past FHA has allowed you to [...] By: Dennis Norman Today the US Census Buruea and US Department of Housing and Urban Development (HUD) issued a report on December new home starts, permits and completions. Once again the numbers in all three categories dropped. Building permits for privately-owned housing units at an annual rate of 548,000 for December fell 10.7% from November and was [...] By: Dennis Norman Today many people that never thought they would find themselves in this plight are now facing the potential of losing their homes to foreclosure. Aggressive lenders, creative loans and a super charged real estate market for about 5 years until sometime in 2006 all helped put many people in a difficult position with [...] By: Dennis Norman What is a HUD Home?
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