Will BofA’s foreclosure rental program hit Calif?

Bank of America is testing a new idea that turns underwater borrowers facing foreclosure into renters in select states: Arizona, Nevada and New York. The program, called “Mortgage to Lease,” is not available in California — among the states hardest hit by the housing crisis — at least not yet. Read more here.

Tags: bank of america, california, loans, mortgage

Mortgage denied because of low ball appraisal.

You find the home of your dreams. You’re pre-approved for a mortgage. You’ve scheduled the closing. Then … the appraisal comes in too low and the deal blows up. Read more here.

Tags: appraisal, home sale, interest rates, loans, mortgage

California calls $25-billion mortgage settlement ‘inadequate’.

Calif. Atty. Gen. Kamala D. Harris’ office has called a proposed $25-billion settlement with the nation’s mortgage industry “inadequate.” Read more here.

Tags: 25 million, money, mortgage, settlement

Mortgage rate drop sparks refinancing wave

Historically low interest rates coupled with a strengthening economy are getting the new year off to a fast start, stirring hopes that the Bay Area’s dormant housing and mortgage markets may finally come to life in 2012. Read more here.

Tags: interest rates, lender, loans, mortgage

Fallout from a poor credit score

If you want to see how quickly you can ruin a great credit score, just skip a mortgage payment. Lenders use credit scores to measure how you handle debt. The number you’ll see most often is your FICO score. Read the rest of the article here.

Tags: credit, credit scores, fico, fico score, lenders, loans, mortgage

Wells Fargo to modify 15,000 loans

Looks like Wells Fargo is stepping up their service and has decided to modify 15,000 loans. If any of you have a loan through Wells, you might want to read the rest of this article here.

Tags: loan mod, loans, mortgage, short sale, wells fargo