Smart Borrower Blog

Archive for April, 2008

News From Congress, et al

I’ve collected a few stats for today’s post that I found quite interesting.   I had the opportunity to watch part of the proceedings that other morning where Ben Bernanke was before the Congressional committee that was questioning him on the bailout of Bear Stearns.   Members of the panel were asking him some pretty hard questions, and his answers were not sitting well with a lot of the members. I get my news from the LA Times, NY Times and Reuters, and as a great source of information, they can’t be beat.   I also get Google alerts daily... more »

Is Now the Time for a New Mortgage?

If you read our blog often, it is no surprise to you that the Federal Reserve has cut interest rates several times over the past months. Many consumers tell me that they hear and see advertisements everywhere that try to entice consumers into getting a mortgage now. Using the fact that the interest rates were cut, their claim is that “rates will never be lower.” In fact, the Fed does not control long-term fixed rates for mortgages. These are not the same as the federal funds rates that were cut; instead, fixed interest rates for mortgages are connected to mortgage... more »

Mortgage Fraud Ring Uncovered

When discussing the nationwide mortgage troubles, most people will tell you that the problem lies with subprime mortgage lenders, coupled with the many homeowners who do not bother to understand the terms of their agreement before signing for a loan. But on Monday, 19 people were reported to have been charged with targeting homeowners who were facing foreclosure and stealing over $12.6 million from them. The victims, 115 of them so far, were scammed by a major mortgage fraud ring that tricked them into turning over the title to their homes. The homeowners, who were all facing foreclosure at the... more »

Avoiding Foreclosure

Many homeowners are finding themselves facing mortgage problems these days. Whether the problem is the current market values or you have experienced a sudden job loss or illness, there are solutions out there. If you are concerned about keeping up with your mortgage problems, the best thing to do is contact a non-profit counseling agency. Be sure that you pick one that is approved by HUD, available here: http://www.hud.gov/offices/hsg/sfh/hcc/hcc_home.cfm A counselor will help you to review your financial situation; he or she may find options that you did not know were available. Counselors can also walk you through the various... more »