This week, Fannie Mae announced the launch of HomeReady, an expanded mortgage program that will offer credit access to an audience of borrowers previously excluded from its MyCommunityMortgage program. Under HomeReady, both first-time and repeat borrowers with lower incomes and limited funds for a down payment will be able to qualify for a mortgage with reasonable monthly payments and a down payment as low as 3 percent. Fannie Mae says the new program, which will replace MyCommunityMortgage, is … [Read more...]
IRS Data Breach Prompts Taxpayers to File Suit
August 24, 2015 by
Taxpayers affected by the recent IRS data breach have filed suit against the tax authority alleging that access to their private information “would have been prevented, had the IRS fixed the known security deficits in its data storage system.” According to the suit, the IRS ignored documented recommendations from the Treasury Inspector General for Tax Administration (TIGTA) to improve deficiencies in their security program. Acknowledging that the IRS has faced significant budget cuts in recent … [Read more...]
July Foreclosure Rate Increases By 7 Percent
August 20, 2015 by
Fueled by an increase in bank repossessions, U.S. home foreclosure rate increased by 7 percent in July, according to the latest U.S. Foreclosure Market Report from RealtyTrac. Foreclosure filings were entered for a total of 124,910 properties nationwide—representing the highest number of filings in a single month since January 2013. Daren Blomquist, vice president of RealtyTrac, says the increase in foreclosures is not for newly distressed properties. He told RIS Media, “This clearing of old … [Read more...]
10 Clever Shortcuts to Simplify Your Move
August 18, 2015 by
When you move an entire household to a new location, it can be a major undertaking, even for the most organized among us. With so many things to do―from hiring a moving company to disconnecting old utilities and connecting new ones―it’s easy to get overwhelmed by the entire move process. If you find yourself up against this challenge in the coming months ahead, a new article from RISMedia’s Housecall offers 10 smart shortcuts that can help reduce stress when you move. One great timesaver is to … [Read more...]
Columbia House Files for Bankruptcy
August 14, 2015 by
Unable to keep pace with modern media subscription services like iTunes and Netflix, Columbia House filed for bankruptcy this week. The former media powerhouse thrived in the ‘90s with its popular mail-based sales promotion offering 12 CDs for a penny. Once digital music started to dominate CD sales, the company switched its strategy to selling DVDs and movie streaming services. With steep competition from Netflix and Amazon subscription services, the company was struggling to survive. At its … [Read more...]
4 Common Down Payment Misconceptions When Homebuying
August 12, 2015 by
Saving up a down payment of 20% before buying a home may be unnecessarily prolonging your time as a renter. According to Housing Wire, this idea is one of four common misconceptions potential homebuyers have about down payments. While that type of sizeable down payment used to be the standard for most conventional loans, there are a variety of other mortgage programs available today. Qualified homebuyers can even put down as little as 3% when buying a home. That’s good news for the average … [Read more...]
8 Signs That Your Home is Not Ready to Sell
August 10, 2015 by
Selling a home requires more than just finding a motivated real estate agent. In many cases, home sellers have to do considerable prep work to ensure the home is in tip-top shape to be viewed by potential buyers. If you rush to list before you’re ready, your house could linger on the market for months without an offer. To help home sellers avoid that frustration, Trulia recently compiled a list of 8 warning signs that reveal you may not be ready to post a “For Sale” sign just yet. One of the … [Read more...]
Top 9 Reasons Homes Could Sell for Less
August 6, 2015 by
In most markets, sellers are still calling the shots. However, according to the latest Case-Shiller index, home sales are beginning to slow. This is forcing sellers to be more realistic about the time it will take to sell their home as well as the price they can expect buyers to pay. If you’re looking to sell in this shifting market, a recent article from U.S. News & World Report may be able to help. The article identifies nine critical factors that could keep you from getting the price you … [Read more...]
Non-Mortgage Debt for Homeowners Reaches 10-Year High
August 4, 2015 by
Non-mortgage debt for homeowners has reached its highest level in more than 10 years according to a new report released by Black Knight Financial Services. The average borrower now carries $25,000 in debt, which is $1,400 more than last year and almost $2,600 more than in 2011. An increase in auto debt is largely responsible for the spike over the last four years. Student loan debt is also on the rise for homeowners. Fifteen percent of homeowners now have student loan debt with an average … [Read more...]
Hollywood Studio Files Chapter 11 Bankruptcy
July 31, 2015 by
Struggling under the weight of approximately $681 million in secured debt, Relativity Media filed for Chapter 11 bankruptcy protection this week. The Hollywood studio rose to prominence by co-financing blockbuster movies like Fast & Furious 6 and 21 Jump Street alongside major studios like Universal Pictures. However, it has struggled in recent years to strike out on its own and produce and distribute solo movie projects. The company’s 2013 thriller Paranoia tanked at the box office as did … [Read more...]
