TopConsumerReviews.com Best Mortgage Refinance Programs
      June 27, 2019

Home  >  Mortgage Refinance  >  Articles

Best Mortgage

Refinance Programs

  1. Quicken Loans
  2. The Easy Loan Site
  3. Rate Marketplace
  4. Mortgage Srch 123
  5. Lower My Bills

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Mortgages: The Complete Guide Newsletter

Latest Reviews

Cruise Vacations

Dental insurance

Government Grants

Learn to Read Programs

Menopause Relief

Online Fitness

Paid Surveys

Personal Trainers

Pet Meds

Wedding Planning Guides

 

Related Articles

The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

The Latest News in Home Mortgage Refinancing

 

Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

The Latest News in Home Mortgage Refinancing

With a sluggish economy, static home sales and record foreclosures, the federal government has begun forcing banks to help homeowners refinance their home mortgages and keep their homes to get the economy moving again.

Recently, the U.S. Justice Department, the Department of Housing and Urban Development (HUD) and 49 state attorneys general announced a $25 billion agreement with the nation's largest mortgage lenders. As the result of this multi-billion dollar settlement in the government's investigation of questionable foreclosures and abuses, the federal government is now requiring five of the nation's largest banks to refinance certain underwater borrowers. These five banks include: Bank of American, Ally Financial, Citigroup, J.P. Morgan Chase and Wells Fargo.

Under the agreement, $20 billion will be dedicated to providing financial relief to homeowners and help them avoid foreclosure. Most of that money will go toward reducing the principal on loans for about 1 million of the 11 million people who are delinquent on their mortgage or those who are under water, as well as providing transitional assistance and providing benefits for service members.

According to the agreement, the banks must complete 75 percent of these relief obligations to consumers with two years. Within three years, they must have completed 100 percent of their obligations.

The banks will also have to pay $5 billion to the federal and state governments. About $1.5 billion of these monies will be used to establish a Borrower Payment Fund. This fund will provide cash payments to borrowers whose homes were foreclosed or taken between January 1, 2008, and December 31, 2011.

In addition, as a result of the investigation and the court agreement, lenders or mortgage services will be required to implement new servicing standards that will prevent the foreclosure abuses that had previously taken place. The new standards provide for strict oversight of foreclosure processing; will prevent some practices that allowed the past foreclosure abuse such as robo signing, lost paperwork and improper documentation; will provide consumer protections and will make foreclosure a last resort. In addition, loan servicers will also be required to create a single point of contact for borrowers who want information about their loans. Banks will not be able to foreclose on a borrower who is being considered for a loan modification.

This agreement only applies to borrowers who obtained loans from private lenders. It does not apply to Freddie Mac and Fannie Mae loans.

Home sales help drive the nation's economy and home ownership provides communities with stability. Be sure to continually research information online to look for new and existing government programs which can benefit you and help you get help refinancing your mortgage and keep your home.

Refinance mortgage rate moves up for Monday

Refinance rates were mixed, but one key rate climbed higher. The national average for a 30-year fixed-rate refinance trended upward, but the average rate on a 15-year fixed was down. Meanwhile, the ...

Published:  Mon, 24 Jun 2019 04:32:56 GMT



If You Ever Want To Retire, Here's The Best Way To Refinance Your Mortgage

The usual reasons to refinance are to reduce the monthly payment or to raise cash. The third option, which is under-appreciated, is to shorten the period of indebtedness. The third option is seldom ...

Published:  Thu, 20 Jun 2019 05:30:00 GMT



Buying or refinancing? The mortgage rate frenzy is back

Mortgage rates are nearing historic lows again in the United States, making it an ideal time to buy a home - or refinance. "It's amazing how many times a once-in-a-lifetime opportunity comes around," ...

Published:  Sun, 23 Jun 2019 04:00:00 GMT



One-on-one with Quicken Loans CEO Jay Farner on the Rocket Mortgage Classic

Carolyn Clifford sat down one-on-one with Quicken Loans CEO Jay Farner to talk all about how they worked to bring the Rocket Mortgage Classic to Detroit over the course of five years. ...

Published:  Tue, 25 Jun 2019 16:55:00 GMT



Guild Mortgage launches refi option for Airbnb hosts

Guild Mortgage has partnered with Airbnb to launch a refinance option for property owners who host guests through the Airbnb platform. The option allows homeowners who rent their primary residences ...

Published:  Mon, 24 Jun 2019 11:01:00 GMT



U.S. mortgage rates continue three-week hold

A year ago, mortgage rates stood at 4.57 percent. Low mortgage rates help propel U.S. home sales and the refinance market. "While the continued drop in mortgage rates has paused, homebuyer demand has ...

Published:  Mon, 24 Jun 2019 03:30:00 GMT



170-plus local charities turn to Rocket Mortgage Classic to help raise money

The Rocket Mortgage Classic Birdies for Charity program was rolled ... Fowler, who is sponsored by Quicken Loans, said starting the tournament by showing off its charitable aspects speaks to the ...

Published:  Tue, 25 Jun 2019 17:07:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure