Archive for September, 2009
If My Lender Goes Bankrupt, Do I Still Have To Make My Payment?
One of the most common questions that I hear as the number of banks begin to fail increases is “If my bank goes out of business, do I have to keep making my mortgage payment?”
Hmmm. Before we answer that question, let’s review a few things that you agreed to when you took out your loan.
When [...]
HUD Issues FHA Loan Modification Guidelines
If you currently have an FHA loan and have been working with your lender on a loan modification – good news! HUD has just issued a “new set of rules” that your lender should be very interested in following.
Recently HUD issued the official mortgagee letter that outlines what servicers should be doing to help people [...]
FHA Streamline Program Changes
For many years, the FHA streamline program has been popular with people who have an FHA loan because it allows them to refinance their FHA loan without having to completely re-qualify for a new loan. For example, it used to not require income verification, asset verification or credit scores.
But times have changed. Recently, [...]
FHA Down Payment Gift Funds: Gift Letter Information
Many first time home buyers choose the FHA loan program to finance their first home. The main reason for this is that a FHA mortgage makes it easy for them to get into a home with a low (3.5%) down payment and competitive interest rates. They also offer options for home buyers to “buy [...]
Reverse Mortgage Lending Limits May Drop
With so many lending institutions facing bankruptcy during the current economic downturn there is reason to believe there may be decreases in the amount of funds a homeowner can borrow against the equity of his home. The recent bankruptcy of Lehman Brothers and the purchase of Merrill Lynch by Bank of America place some concerns [...]
Mortgage Modification Event to Begin in Los Angeles
If you’re in Los Angeles this weekend and need help modifying your mortgage, you may want to head over to the Los Angeles Convention Center. The Save the Dream Tour will be rolling into the city Sept. 24-28 to help struggling homeowners restructure mortgage loans.
The tour is run by the Boston-based Neighborhood Assistance Corporation of America (NACA). [...]
Yes, You Can Sell Your House in This Economy
It’s been tough for many homeowners to sell their properties as the housing market has struggled. But there are plenty of homes being sold in communities all across the country. If you’re scratching your head trying to figure out why your neighbor just sold her house at current market value but you can’t get anyone to even [...]
Property Tax Reduction Review: Warning
One of the latest warnings to come out of multiple State Attorney Generals is regarding a notice about a Property Tax Reduction Review. This notice targets property owners and promises to lower their property tax bill.
In Arizona, the Arizona Attorney General filed suit against the company sending the notice on August 13th asking the company [...]
US Banking System: Changes Coming?
In the last year and a half, the US Banking system has been in crisis – and at least some people claim that the entire system is worse off now than it was before the crisis.
The main culprit?
If you thought that some banks were too big to fail before the crisis, now we really have [...]
Certified Reverse Mortgage Professional
When you are ready to either talk to an agent about getting a reverse mortgage, or are actually ready to get one, there is a best and safe way to go about it. A new level of certification is now in the process of being made, and you want to be sure that you use [...]