Detroit Foreclosure Auction Attracts $3M Bid for 6,000 Crumbling Homes



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Detroit is on a mission to unload its blight, with plans to foreclose on one of every five properties in default in the city. Last week, in a mega-auction, one bidder offered up $3.2 million for a bundle of more than 6,000 foreclosures, which equates to about $500 per property.

Post-Foreclosure Hell: Banks Still Chasing Ex-Homeowners Years Later



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More banks are getting aggressive in pursuing deficiency judgments, finding that the proceeds of foreclosure sales may not have been enough to cover the amount of the loans, plus penalties, legal bills, and other fees.

New 15-Year ‘Wealth-Building’ Mortgage for Low-Income Buyers?



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Two mortgage executives are hoping to overhaul the 15-year mortgage, making it more readily available to low and moderate-income people. They say the changes will help borrowers build equity at a much faster pace than they would with a standard loan.

Not Even Ben Bernanke Can Refinance His Mortgage



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Ben Bernanke, speaking at a conference in Chicago on Oct. 2, recently admitted that he “recently tried to refinance [his] mortgage,” but was “unsuccessful in doing so.”

Is The End Of The Foreclosure Crisis In Sight?



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Could the foreclosure crisis finally be fading away? REO and short sales comprised about 11 percent of total home sales in July, the lowest share since December 2007, CoreLogic reports.

Mortgages for the Self Employed



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There are benefits to being self-employed. Not having to answer to a boss is a big one, as is being able to set your own work hours. However, when it comes to qualifying for a mortgage, being self-employed has drawbacks. The “stated income” loan application was originally intended to help the self-employed qualify for a […]

Down Payments Have Doubled for Low-Priced Homes



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Buyers looking at lower-priced homes are not only facing major inventory hurdles, they’re also finding that they have to bring more money to the closing table.

Carol Galante Quits FHA Commissioner Role



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Federal Housing Administration Commissioner Carol Galante announced that she would resign by the end of the year.

Banks blame new QM rules for fewer home loans



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New mortgage rules enacted this year are prompting banks to issue fewer home loans, according to a Federal Reserve Board report released this week.

Can’t get a Mortgage? Try a Bigger Lender



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Demand for mortgages rose during the second quarter, but a strong divergence between larger and smaller lenders in underwriting credit standards is appearing.