This tag is associated with 25 posts

Isn’t this a mess — Friday’s court ruling on foreclosures

What would you do if one day your life is interrupted by a notification that the bank you bought your home from may not have had the right to sell it to you because they never actually owned it themselves? The odds may be low, but it’s worth thinking about.
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More thoughts on the foreclosure freeze …

What is largely missing from the discussion is that the properties and property owners involved are on lenders’ foreclosure lists for a reason — mortgage default. Every real estate closing that involves mortgage financing includes paperwork that basically says “no pay, no stay.” Continue reading

Foreclosure caution? Of course. Halt? Please don’t!

Last week I heard a prominent Senate leader suggest that there should be an across-the-board moratorium on all foreclosures. My response: STOP before you help us any more!!!!! Continue reading

Mortgage lending — a continuing adventure

Again, thank goodness that mortgage lenders have decided they prefer working with borrowers who are likely to make their payments. This pendulum is swinging WAY too far in the other direction, though. Continue reading

Mortgage insurance rates going up

A bill authorizing much higher mortgage insurance rates for FHA loans has passed the House overwhelmingly. An increase in the monthly mortgage insurance premium will reduce the loan amount, and therefore the purchase price, a prospective buyer can qualify for.
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Good info about FHA loans

A few years ago there were so many “creative” ways to get zero or low down payment conventional loans, and private mortage insurance was so inexpensive, that FHA loans were used less frequently. That is no longer the case. Continue reading

Fannie Mae Loan Quality Initiative

For those of us who work with home buyers and mortgage lenders routinely, it has been clear for a long time that mortgage underwriters were getting more cautious — and rightfully so. This is Fannie Mae’s latest move to reduce mortgage loan defaults. Continue reading

Short Sales and Credit Ratings

If you’re struggling with a mortgage and considering your alternatives, the best advice is to begin communicating as early as possible with your lender and with financial and real estate professionals. Continue reading

Keeping your home

This website does a good job of outlining the steps in a Texas foreclosure, and in providing good general information about some alternatives. Continue reading

Homebuyer Assistance Programs

“Borrow responsibly.” Continue reading