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In the last 3 or 4 years, a large number of homeowners have been trying to complete a “loan workout” with their current mortgage lender to lower the interest rate and improve the terms of their loan. Many lenders have chosen not to accept any new terms, rather, let the property go into foreclosure. Because lenders have an overwhelming number of properties in foreclosure, they are starting to accept loan modifications via their loss mitigation departments. The time is ripe for consumers (who own homes) to take action and request that their loans be modified towards better terms and a lower interest rate they can afford, if they have high interest rate sub-prime loans or are at risk for foreclosure.

With all the foreclosure activity we have seen since the housing market started slipping, mortgage insurance companies have really suffered. Mortgage insurance is essentially “foreclosure insurance” for banks.

There are some different types of specialized loans you might be able to get depending upon your financial situation. Home improvements are often expensive projects that almost always require some kind of financing. A lot of people need to pay for home improvements but they might not be aware of all their choices. Here are a few of the loans you might qualify for:

In its last act as a semi-independent company, Fannie Mae altered mortgage guidelines for real estate investors last Friday. It was Fannie’s 22nd update this year.

Many people think FHA loans are for first time home buyers. Maybe they think it stands for “First Home”, but it does not. It stands for Federal Housing Administration. Anyone can apply for a FHA loan, even if you have multiple properties!