Team Thayer Property Servicing

Since a borrower's credit score influences a lender's decision on whether or not to give that borrower a single family mortgage loan, the importance of having a good credit score when buying a home cannot be underestimated,  according to Freddie Mac's  blog on Monday. According to  Freddie Mac , the best way to earn a high credit score is to pay debts on time that include credit cards, car payments, or student loan payments. Since a  recent survey by TransUnion found that three out four consumers know their credit score is important but are unaware of the critical role the score plays when they are seeking a mortgage loan, on Monday Freddie Mac published a list of helpful hints (as reported by financial-education company Financial Finesse) to consider for consumers who are trying to build a solid credit score or consumers who may not know of its importance. A credit score between 661 and 780 is generally considered good, with 700 being the "sweet spo...

T he number of delinquent mortgages continues to fall, but the foreclosure crisis is still taking its toll on hundreds of thousands of borrowers. Of the approximately 952,000 borrowers who are 90 or more days past due on their monthly payments, but not yet in foreclosure, 62 percent have already been through some form of home retention program, according to Black Knight Financial Services (BKFS). They are, it seems, beyond help. Home retention programs were established by lenders and the government to work with borrowers to enable them to keep their homes. Loan Modifications Fail at a high Rate "The percentages do look significant," said Ben Graboske, senior vice president of Black Knight's data and analytics unit. He pointed to trends in the government's modification program, which has given borrowers less relief of late. In 2010, homeowners on average could have received a $530 monthly payment reduction. That has dropped to the $450 range today....