Blog
February 14th, 2010

New Feature Articles on HSH.com

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Each week HSH.com adds fresh content to the Articles and Information section of our homepage. Here’s what was new this week:

Mortgage Credit Certificates (MCCs) Help First-Time Homebuyers:

Most people know that mortgage interest is tax deductible. That’s great if you’re one of the 35% of taxpayers who itemize their tax deductions on Schedule A. If you’re one of the 65% of taxpayers who take the standard deduction, though, paying mortgage interest instead of rent doesn’t cut your debt to Uncle Sam.

Click here to continue reading ‘MCCs.’

Refinancing Manufactured Housing: Get a Better Interest Rate:

Mobile Homes: Real Property or Personal Property?

Many manufactured homes are sold as personal property. They have wheels and trailer hitches on them and can be moved to wherever you want to live. Financing them is generally expensive — personal mobile home loans, often called chattel mortgages, carry interest rates that are twice as high as mortgage interest rates. Manufactured homes designated as “real” property, in contrast, are not moveable. They are fixed to permanent foundations, and can be financed and refinanced like traditional homes.

Click here to continue reading ‘Manufactured Housing.’

HELOCs Held Hostage: When Your Line of Credit Is Cut or Frozen:

Rising delinquencies and weakening home prices have caused many lenders to freeze, cut, or completely close home equity lines of credit (HELOCs), in some cases depriving homeowners of their only financial backstop. Even worse, by closing lines of credit, lenders can do major damage to homeowners’ credit scores.

By targeting areas where housing prices have declined the most, mortgage lenders often shut down homeowners’ emergency credit in the areas hardest hit by the economy — that is, to the people who may need those lines of credit most.

Click here to continue reading ‘HELOCs.’

What Mortgage Lenders Can and Can’t Ask Under Federal Law:

When going through the application process for a home loan, your mortgage lender needs to learn about you so they can properly assess risk. But some of the questions they ask may take you aback, while others are downright illegal. Understanding the motives behind three legal lines of questioning, and spotting two types of questions lenders can’t legally ask — according to the Fair Housing Act and other federal law – will help to better prepare you for the mortgage loan process.

Click here to continue reading ‘Can and Can’t.’

Unemployed and Trying to Avoid Foreclosure? Assistance is Sparse:

In a recently-released report, the Conference of State Bank Supervisors (CSBS) concluded that the Home Affordable Modification Plan (HAMP) is less effective than it should be because it does little to address the biggest reason for mortgage foreclosure: unemployment.

The State Foreclosure Prevention Working Group, an organization of attorneys generals from 11 states, asserts that “both servicers and Treasury should provide better options to keep unemployed homeowners in their homes. Unemployment and loss of income are key catalysts to a mortgage default.”

Click here to continue reading ‘Unemployed and Trying.’

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One Response to “New Feature Articles on HSH.com”

  1. Business Credit Card Applications Says: April 2nd, 2010 at 4:19 am

    I consider myself a responsible credit card user, but wanted to try out the “cash- only experiment” anyway. I haven’t turned to my credit card for almost a month now. I take out two- weeks worth of cash at a time to cover my budget, and aim to have as much of it left over at the end of the two- week period as possible. Being able to literally SEE your savings is a lot more motivating and less abstract than simply curbing credit card spending. So far I’ve spent about 100 less than I would have with credit.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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