Loan Modification

Homebuyer Tax Credit Can Now Be Used as Down Payment
The first-time homebuyer tax credit can now be used as a down payment, according to a mortgagee letter released by HUD today. It can be used either as secondary financing (second mortgage) or as a short-term loan, otherwise known as a bridge loan, enabling homeowners to come in with little or nothing down (it can also [...

CRS: An Economic Analysis of the Homebuyer Tax Credit
Open CRS has posted An Economic Analysis of the Homebuyer Tax Credit (R40955) (Dec. 1, 2009). Here is the summary: There have been three different versions of the homebuyer tax credit enacted since the summer of 2008...

Ten Tax Facts About Mortgage Forgiveness
Home foreclosure numbers are growing despite (inadequate) government efforts to stem the tide.   Due to falling prices and a floundering economy more homes are likely to be lost in the future...

Abuses of the First Time Homebuyer Tax Credit
What was a much lauded move by the government to stimulate the economy has become a farce because of tax cheats. In 2008, the government gave a tax incentive to boost home sales which was significantly expanded this year...

Is the FHA Scrapping Homebuyer Tax Credit for Down Payment
Earlier this week, HUD Secretary Shaun Donovan mentioned that the first-time homebuyer tax credit could be used as a down payment, but that may no longer be the case. The mortgagee letter with the program details has since been removed from the HUD website; a call to the FHA confirmed this had occurred...

Rental Housing Leaders Slam Homebuyer Tax Credits
As the National Association of Home Builders pushes to expand a first-time homebuyer tax credit from $7,000 to $22,000 in the name of stimulating home buying activity, two groups representing the multifamily rental housing industry slammed the idea — along with other taxpayer-funded efforts to prop up housing demand — as industry favoritism, and called [...

Homebuyer Tax Credit Modified to Require Down Payment
The much anticipated and hotly contested homebuyer tax credit is officially back on, though with some big changes. Borrowers applying for an FHA loan will now be required to come up with a minimum 3...

IRS Issues Guidance on First-Time Homebuyer Tax Credit
The IRS today issued detailed guidance (IR-2008-106) on the application of the new § 36 first-time home buyer's credit: First-time home buyers Home purchased after April 8, 2008 and before July 1, 2009 Credit of 10% of cost of home,...

Mortgage Servicing Industry Reform Needed In Effort To Address Foreclosure Crisis
Ms. Margot Saunders, Counsel, for the National Consumer Law Center testified Wednesday before the House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit calling for reform in the mortgage finance industry...

Whats a Home Loan Modification?
How to Qualify for a Home Loan Modification

Truth In Lending Act
Consumer Loans and Consumer Credit Protection Act

Home Mortgages
What to look for

Bankruptcy Law
A complete prime (pre-2005)

Collection Agencies and Creditors
How to deal and stop the harassment

Federal Adoption Tax Credit
Financial Incentive for Adoptive Parents

TransUnion
Class action credit practices suit offers free credit monitoring services for millions.

National City Mortgage
$4.6 million payout resolves mortgage suit.

Katrina Victims See Justice, Ruling Paves the Way for Class Actions
Katrina Victims See Justice Ruling Paves the Way for Class Actions

SunTrust Mortgage Faces Class Action over Alleged HAMP Breach of Contract
SunTrust Mortgage Faces Class Action over Mortgage Restructuring

Oil and Gas
industry workers allegedly subject to serious accident injury from hazardous conditions.

Water Contamination
Industry giants to pay $500,000 settlement in environmental lawsuit.