CFPB outlines issues with illegal âjunk feesâ by mortgage servicers
The findings point to excessive late fee amounts and unnecessary property inspections, among others, according to the CFPB.
The findings point to excessive late fee amounts and unnecessary property inspections, among others, according to the CFPB.
Some of Americaâs biggest banks have said theyâll start resuming foreclosures on delinquent mortgages this summer when COVID-19 forbearance programs expire. The Mortgage Bankers Association says over 2.1 million American homeowners are still in forbearance plans that suspend their mortgage payments and protect them from eviction. Meanwhile, around 1.8 million more are not in forbearance […]
The post Foreclosure activity to resume in July, some banks say appeared first on RealtyBizNews: Real Estate Marketing & Beyond.
When your budget is tight due to a financial setback, figuring out how to handle expenses is overwhelming. Thankfully, there are options like mortgage forbearance to ease the financial burden resulting from crises like the COVID-19 pandemic. Mortgage forbearance is when your mortgage servicer or lender allows you to pause or reduce your payments for
The post Mortgage Forbearance: Understanding the Basics appeared first on MintLife Blog.
This tax season, the sting of federal income taxes might be unexpectedly worse than in the recent past.
In December, the forbearance rate for home loans remained at 0.7% for the third month in row, suggesting that it has hit a floor, according to the Mortgage Bankers Association. “New forbearance requests and re-entries continue to trickle in at about the same pace as forbearance exits,” said Marina Walsh, MBA’s vice president of industry … [Read more…]
While estimates have ranged from two million to 12.5 million, weâre now getting our first clues as to just how many homeowners will request mortgage forbearance from their loan servicer due to COVID-19. And so far, it doesnât look too good, which might be a result of the many mortgage relief programs being offered, along… Read More »Number of Mortgages in Forbearance Jumps Nearly 1000%
The post Number of Mortgages in Forbearance Jumps Nearly 1000% appeared first on The Truth About Mortgage.
With each week that goes by, the mortgage forbearance rate climbs to new highs thanks to the coronavirus (COVID-19). The more or less complete shutdown of the world economy has led to skyrocketing unemployment and the inability for many to make ends meet, including the monthly rent or mortgage payment. While itâs unclear how bad… Read More »Nearly 6% of Mortgages in Forbearance as FHFA Provides Relief to Loan Servicers
The post Nearly 6% of Mortgages in Forbearance as FHFA Provides Relief to Loan Servicers appeared first on The Truth About Mortgage.
With mortgage rates so low, just about everyone and their mother has at least inquired about refinancing their mortgage lately, whether it’s to obtain a lower interest rate and/or tap into their newfound equity. There are actually many reasons to refinance a mortgage, some you may have never considered, so it’s important to ensure you’re… Read More »10 Reasons Why You Can’t Refinance Your Mortgage
The post 10 Reasons Why You Can’t Refinance Your Mortgage appeared first on The Truth About Mortgage.
Whether you want to rack up points on a rewards credit card or give yourself some breathing room during financial hardship, you can pay your mortgage with a credit card. Youâll have to find a workaround to do so though, because mortgage companies wonât let you make payments directly with them using a credit card. […]
The post Can You Make Mortgage Payments With a Credit Card? appeared first on SoFi.
If youâre a homeowner, or just became one during the pandemic, youâve likely heard of mortgage forbearance. Not to be confused with mortgage forgiveness, it allows borrowers to suspend mortgage payments for a period of time if experiencing a hardship related to COVID-19. Eventually those missed payments need to be repaid, likely via a payment [&hellip
The post 5 Things to Know If Considering Mortgage Forbearance first appeared on The Truth About Mortgage.