Jury Awards $339,642 to Homeowner Against Ocwen for Wrongful Foreclosure

Jury Awards $339,642 to Homeowner Against Ocwen for Wrongful Foreclosure

A federal jury in Bakersfield, California awarded $158,568 in economic and statutory damages and $300,000 in emotional distress damages to a homeowner against Ocwen Loan Servicing, LLC (“OCWEN”).

The homeowners, Frank and Dora Cornejo had applied for a loan modification, but claimed Ocwen was “dual tracking” in violation of California’s Homeowner Bill of Rights, Civil Code Section 2923.6. Dual tracking is against the law and occurs when a mortgage servicer continues to foreclose on a homeowner’s home while simultaneously considering the homeowner’s application for a loan modification, short sale, or other form of loss mitigation. (more…)

5 Tips to Help You Get a Great Mortgage

5 Tips to Help You Get a Great Mortgage

Whether you are buying a home or refinancing, obtaining a good mortgage is one of the most difficult things that you will do. Not only can be hard, it is also probably going to be the largest financial investment that you will make in your lifetime.

This is something that you should not take lightly. You will need to do your best to gain the knowledge that you will need to make sure everything goes smoothly as possible, and that you get the absolute best home loan possible. (more…)

5 Ways to Improve Your Credit Score Before You Apply for a Mortgage

5 Ways to Improve Your Credit Score Before You Apply for a Mortgage

Anyone who is looking for a loan to buy a home or refinance their mortgage, should keep a very close eye on their credit. Your credit report and credit score are two very important factors used by mortgage lenders to ascertain whether you can qualify for a mortgage or not.

If you have a great credit profile, you will get a great mortgage with a good interest rate and terms that can save you thousands of dollars. On the flip side, OK or bad credit with a lower credit score will most likely result in a less favorable loan that may also cost you thousands of dollars in the long run, or you may even be turned down for a mortgage altogether. Hence, your credit should never be taken lightly.

Here are 5 things you should do with your credit before you apply for a mortgage; (more…)

Are mortgage interest rates going up?

Are mortgage interest rates going up?

Mortgage rates have been at historic lows for three years, but it looks things are starting to change in the mortgage market. Rates are now at the highest level in four months, and this week they have moved higher for the second week in a row.

The rising rates and low housing inventory caused mortgage applications to fall flat this week, according to the latest data from the Mortgage Bankers Association. Freddie Mac said that mortgage activity, which has benefited greatly from low mortgage rates post-Brexit, is starting to see a slowdown in refinance activity that will persist into next year as the mortgage market transitions to a purchase-dominated mix. (more…)

Consumers Cautious About Real Estate

Consumers Cautious About Real Estate

U.S. consumers are becoming a bit cautious when it comes to real estate. According to a new report by Fannie Mae, the Home Purchase Sentiment Index® declined 2.2 points to 82.8 in September.

Americans are beginning to think it is not that great of a time to buy a home. Fannie Mae reported that the net share of Americans who say it is a good time to buy a house fell by 5 percentage points to 29% to match a previous all-time low reached in May. (more…)

Illinois Real Estate Executive Arrested for Trying to Hire a Hit Man to Murder Attorney Who Filed Cases Against Him

Illinois Real Estate Executive Arrested for Trying to Hire a Hit Man to Murder Attorney Who Filed Cases Against Him

A real estate executive from Oak Lawn, Illinois was arrested yesterday with trying to hire a hit man to murder a lawyer who was involved in litigation against him.

Lyle Anastos was charged by the FBI with using interstate commerce in the commission of murder for hire, according to a criminal complaint and affidavit filed in U.S. District Court in Chicago. (more…)

Utah-Based Lenders Agree to Pay Nearly $10 Million to Resolve Alleged False Claims Act Liability Arising from FHA-Insured Mortgage Lending

Utah-Based Lenders Agree to Pay Nearly $10 Million to Resolve Alleged False Claims Act Liability Arising from FHA-Insured Mortgage Lending

(Source: USDOJ) – Primary Residential Mortgage Inc. (PRMI) and SecurityNational Mortgage Company (SecurityNational) have agreed to pay the United States $5 million and $4.25 million, respectively, to resolve separate allegations that they violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements, the Justice Department announced today.  Both lenders are headquartered in Salt Lake City, Utah. (more…)