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Tougher rules give rise to new tactics for mortgage shoppers
Though the baseline standard for a new qualified mortgage is that a borrower's total debt-to-income ratio should not be greater than 43 percent, lenders say there is wiggle room if you search for it. For example, conventional loans being sold to giant

Foreclosures up locally, bucking national trend
In New Jersey, the State Supreme Court imposed a formal moratorium on foreclosures that did not thaw until the March 2012 sweeping settlement between major mortgage lenders and various states. But Blomquist said neither Pennsylvania nor New Jersey 

3 Things to Know Before Shopping for Your First Home
However, when looking at some of the mortgage calculators and home affordability calculators available online, some of the numbers can be deceiving. There is much more of a cost In New Jersey, the figure jumps to $6,400. In terms of a monthly

Low delinquency rates prove mortgage lending's too tight
Low delinquency rates prove mortgage lending's too tight The newest poster children are New York and New Jersey, with delinquency rates of 12.4 percent and 14.6 percent, joining Florida still at 14.6 percent, all three boosted by self-inflicted local legal mire and flinching from foreclosure. California and

Morganville New Jersey Mortgage Lenders Brokers - Emergency Report - Don't obtain a mortgage in Morganville, NJ until you watch this special video by mortgage lender and ...

Five New Jersey residents accused of using fake bank documents to pay off mortgages

Making matters worse, the unnamed financial institution’s mortgage business erroneously accepted the fraudulent payment and credited it as a payoff for her mortgage. The financial institution even mailed Reynolds an overpayment refund of $9,789.

Eventually, the financial institution realized what had happened, and filed a lawsuit seeking to reinstate the fraudulently discharged mortgage. But Reynolds and King continued to allege in court that the mortgage had been paid and even submitted a fake receipt for the fake money order.

According to the U.S. Attorney’s Office, Reynolds and others tried to use the same scheme to discharge other mortgages, including Reynolds’ second residence in Newark, the residence of an individual in Bowie, Maryland, James’ residence in Hillside, New Jersey, and Martin’s residence in West Orange, New Jersey, but were unsuccessful.

Reynolds also allegedly tried to fraudulently discharge more than $52,000 in student loans with fraudulent money orders and cashier’s checks.

Why reverse mortgages are a harder sell now -

The millions of Americans who haven't saved enough money for retirement still have a potential safety net: their home equity. But recent changes to reverse mortgages mean seniors and their families may have tougher decisions to make.

Reverse mortgages allow people 62 and older to tap their home equity without having to pay the money back until they move out, sell the house or die. Borrowers can take payouts as lump sums, monthly checks or through a line of credit that can be tapped at will. The reverse mortgage debt grows over time, typically at variable interest rates, and may deplete all the equity in the home, leaving nothing for heirs. If the home is worth less than the reverse mortgage balance, though, borrowers and their heirs can't be held responsible for that loss.

The loans earned a bad reputation as commission-hungry salespeople preyed on seniors who didn't understand the loans' complexities or who had financial problems so severe that they quickly burned through the money. Another problem was unscrupulous advisers who urged people to use their equity to buy questionable investments, including expensive annuities.