Mortgage lenders are being ripped off in droves by investors committing short sale fraud, according to a new CNN Money article. However, as noted in the article, lenders arent the only ones suffering. Homeowners and the market as a whole are taking a big hit from the new scam.
What is Short Sale Fraud?
Short sale fraud has become a major issue in the U.S. housing market. It occurs when scam artists, usually real estate agents, secure a legitimate bid on a home that is considered a short saleone where the borrower owes more on the mortgage loan than the home is currently worth.
The agent arranges the bid on the home on behalf of an investor at a low price. Because the bid is coming from an agent, the lender assumes this is the highest bid theyll receive. The lender doesnt know that the investor bidding (which is sometimes owned by a separate real estate company) plans to resell.
After purchasing the home at the lower price and asking the lender to forgive the remaining balance, the first agent makes his commission. Now the in
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President Barack Obama warned Americans on Tuesday that if Congress fails to avoid default, he cannot ensure government benefits, including Social Security checks, will be issued next month. He explained in an interview that if America defaults on its debts, benefit checks could be halted as soon as Aug. 3.
Government to Start Prioritizing Payments
Obama has warned that if lawmakers cannot come to an agreement on how to manage the debt issue in the next weekor prior to Aug. 2the government will default on its debts and payments will have to be prioritized.
Payments on the chopping block will be Social Security benefits, along with military salaries and unemployment benefits.
Aug. 3 is the day the government would have to start prioritizing payments. It also happens to be the day a big set of Social Security checks are scheduled to be mailed out. If t
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Hanscom Federal Credit Union invites its members to take advantage of their high yield savings account with the best interest rate of 1.10% APY. You are required to have an initial deposit of $25,000 to open an account. You also need to maintain this balance in order to earn their best interest rate for this savings account.
The credit union allows you to make unlimited deposits by telephone, over the counter, or online. Although you can only withdraw funds on your account once per statement cycle. In case you exceed, you will have to pay for fees per withdrawal. Please remember that the current savings account rate is subject to change anytime without prior notice.
You can be a member of Hanscom Federal Credit Union if you are an employee, retiree, and volunteers of the credit union, Federal Government in the state of Massachusetts, organizations or business that is a member or partner of the credit union.
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CD rates at the nation’s banks were little changed for the week ending July 8, 2011. The average rate on the top CD rates available nationally inched just negligibly on the week. The Selectcdrates.com index of the highest CD rates for the three month, six month, one year, two year and five year CD terms rose by 2/1000ths of a percent to 1.356 percent.
It may be significant, that even with such a small rate increase in bank CDs this increase followed a week of rather measurable increases in bond rates and lending rates. The rate increases took place during the week that ended July 1st. During that week, the ten year U.S. Treasu
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If youre on the prowl for a new car and want a competitive rate on your loan, consider ADM Credit Union. The financial institution is offering very competitive car loan rates, including its new car rate as low as 2.25% APR.
ADM Credit Union offers a number of great car financing deals for those interested in buying new and used cars. The advertised new car rate is the lowest offered by the credit union and is available for 2010-2012 model new cars with a loan term of up to 24-months. The loan rate is fixed and payments are set at $42.65 per $1,000 borrowed. In order to apply for a loan, you must become a member, which is currently open only to ADM employees and family members and requires a $25 deposit into a savings account.
Employees of Archer Daniels Midland (ADM) Co. organized ADM Credit Union in 1941 as a way to meet the financial needs of employees of the company.
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