On Monday, March 12th, the proposed Settlement documents were filed in Federal Court revealing what each of the Lenders is required to do. You can read the details at http://nationalmortgagesettlement.com/. How they’ll meet those obligations is critical to upside down homeowners. Those details are slowly emerging through analysis, press-releases, and side deals. Here’s what you [...]
TREASURY ANNOUNCES REVISED HAMP PROGRAM
As reported in DSNews.com, government officials have announced changes to the administration’s Home Affordable Modification Program (HAMP) which are expected to extend relief to a larger share of struggling homeowners as well as renters, according to federal officials. One of the key adjustments to the program centers around principal reductions. HAMP currently includes an option for servicers [...]
The Terms Of Your Mortgage Loan
When you apply for a loan one of the things you need to consider is the term of a loan. Most lenders will offer you a 30 year or 15 year term. The insider tip here is that you have other choices that most lenders will not mention to you and you might want to [...]
Underwater Mortgages Drop Slightly
Homeowners with underwater mortgages or those who owe more on their homes than their properties are currently worth dropped in the third quarter in the U.S., according to real estate data firm CoreLogic. The decline, however, was marginal falling to 10.7-million residential homeowners, which is 200,000 less than the second quarter of 2011. Another 2.4-million [...]
Recourse and Non-Recourse Loans
Posted in: Lending, Mortgage, Non-Recourse Loans, Real Estate, Recourse Loans- Nov 28, 2011
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Recently I have been asked about recourse and non-recourse loans. I am not an attorney and any information concerning your situation should be reviewed with an attorney. That being said, here is what I understand concerning Mortgages. In California, purchase money loans made on your home are non-recourse. (Roseleaf Corp. v. Chierighino, 59 Cal. 2d [...]
Mortgage Rates Drop to All Time Record Lows
Mortgage Rates Drop to All Time Record Lows. By Mike Colpitts For the second week in a row mortgage rates dropped to all-time record lows as the U.S. government attempts to energize the housing market and Treasury bonds fall to record lows. The fixed rate on a 30-year mortgage averaged 3.94%, falling [...]
Resist the temptation to lower your homeowner’s insurance
Picked this tip up from Clark Howard. Reducing your homeowners insurance because the value of your home has declined seems like a no-brainer, right? But there’s a very compelling reason why this is one way you don’t want to save money. The idea of cutting your homeowners insurance is a refrain I’ve heard again and [...]
Reverse 1031 Exchange: Another Tool in the Real Estate Investors Toolbox
In a typical 1031 Exchange, property is sold and then replacement property is acquired. On occasion however, it may be advantageous to do the opposite; acquire property first and then sell. This can be accomplished with a Reverse 1031 Exchange. Although not as common as a “forward” 1031 Exchange, investors have been using the Reverse [...]
WHAT YOU NEED TO KNOW ABOUT FHA LOANS
Today’s topic includes: Who is the FHA? What is an FHA mortgage? What are the current loan limits? What is the Federal Housing Administration? The Federal Housing Administration, generally known as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and [...]
