Friday, January 10, 2014

Latest Foreclosure News 1-10-2014

What the new mortgage rules mean for you 1-10-2014
New mortgage lending rules are going into effect Friday that aim to put an end to the worst mortgage lending abuses of the past... The new rules are designed to take a "back to basics" approach to mortgage lending and lower the risk of defaults and foreclosures among borrowers, according to the Consumer Financial Protection Bureau, which issued the new rules. Mortgage lenders are being asked to comply with two new requirements: The Ability to Repay rule and Qualified Mortgages. Read More at CNN

How the CFPB plans to empower homeowners 1-8-2014
The Consumer Financial Protection Bureau is living up to its name — putting consumers first as the bureau rolls out tools to help borrowers hold financial firms accountable... The CFPB intends to make homeowners more empowered to fight back. Just this week, the bureau announced a series of materials – from sample letters to new mortgage rule guides. All of those materials aim to educate borrowers on when a bank has violated a key mortgage provision and how to resolve those errors. Read More at the HousingWire

Florida housing market may get a boost from ‘boomerang buyers’ 12-28-2013
Founders of the San Diego-based company said last week that millions of banned borrowers nationwide will be eligible for a mortgage next year, while Jupiter mortgage broker Skip McDonough said his firm is already doing deals with home buyers who were forced into default during the housing bust... Under the FHA's "Back to Work" program, it will approve certain borrowers for a home loan just one year after a foreclosure, short sale, deed in lieu of foreclosure or bankruptcy. The FHA's previous timeline was three years for a short sale and foreclosure and two years for a bankruptcy. Read More at The Globe and Mail