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mortgage: New Bill Would Repeal Home Mortgage Exception During Bankruptcy - 09/24/07 04:41 PM
 
New Bill Would Repeal Home Mortgage Exception During Bankruptcy
http://www.housingwire.com/2007/09/21/new-bill-would-repeal-home-mortgage-exception-during-bankruptcy/
Great Article By Paul Jackson:  Check out www.housingwire.com for this and other housing industry information
A new bill introduced today by Reps. Brad Miller (D-NC) and Linda Sánchez (D-CA) seeks to repeal the home mortgage exception in the current U.S. Bankruptcy code:
... the Miller-Sánchez bill will treat home mortgages the same as mortgages on investment properties and family farms. The bill repeals a provision that prohibits a bankruptcy court from modifying a home mortgage, but allows a bankruptcy court to modify any other secured debt, including mortgages on other properties.
Called the Emergency Home Ownership … (2 comments)

mortgage: Legislation to Eliminate Stated Income loans - H.R. 3081 - 08/16/07 08:48 PM
Interested to hear your thoughts on this. 
http://www.govtrack.us/congress/billtext.xpd?bill=h110-3081
A few highlights from the link...---`(C) VERIFICATION OF CONSUMER INCOME AND FINANCIAL RESOURCES- In the case of any consumer credit transaction secured by a consumer's principal dwelling, the income and financial resources of the consumer shall be verified for purposes of this paragraph by tax returns, payroll receipts, bank records, or other similarly reliable documents.`(D) OTHER CRITERIA- No provision of this paragraph shall be construed as prohibiting reliance on criteria other than a consumer's income and financial resources to establish the reasonable ability of the consumer to repay any consumer credit transaction secured by the … (0 comments)

mortgage: 18.0% Price Increase in All Luxury Homes?... Even Declining Markets? - 08/14/07 07:44 PM
 
What would happen if luxury home prices increased 18.0% in less than 30 days?  Sounds like 2005 all over again right? You're probably wondering if you can buy one as a pre-sale, right?
What would you say if I told you that, in a way, prices have already increased that much even in declining markets? 
Well, something very similar has definitely happened, but it's not positive.
Unfortunately, the "prices" have not actually gone up for the people who own them, only for the people who are buying or refinancing them.
Think I'm crazy?
Read on and you'll see my reasoning for this statement.
In the past few weeks, 2 major changes … (3 comments)

mortgage: How much does cashing out your equity really cost you? - 08/13/07 04:01 PM
Be mindful when pulling cash out of your home that the cost of doing this is not excessive. Paying $7000 in refinancing fees may not be worth it when pulling out $15,000. You may want to try an alternative option to tide you over until your circumstances change.
When trying to cash out the equity in your property there are two choices. First is adding a second mortgage or home equity loan. The second option is to refinance your primary mortgage and extend the balance. Besides considering the cost of both these options you will also want to consider which option will … (4 comments)

mortgage: The Importance of Paying Your Rent by Check - 07/31/07 12:30 PM
Many potential homeowners make a huge mistake by paying their monthly rental payment to their landlord in cash. Why is this a mistake?
Many lenders will require 12 months cancelled checks to verify timely rent payments. If you only pay your rent with cash there will be no way to document a rent payment history. Some lenders will accept a VOR or Verification Of Rent that is filled out by your landlord. A VOR is basically a written rent history statement endorsed by the landlord.
Fannie Mae loans and FHA loans will accept a Verification of Rent(VOR) filled out by your landlord. Many … (0 comments)

mortgage: Real Estate Investment and Hard Money Loans - 07/17/07 02:23 AM
In the world of real estate investing, people are always on the look out for different ways to make an investment purchase. Typically the property would simply be bought & mortgaged in the traditional manner. But, as home values rise and the cost of living in Washington increases, buyers are seeking out other ways of making the down payment on properties. One way that this can be accomplished is through the use of hard money loans. Now, one must be careful in purchasing with a hard money loan as interest can stack up quickly as most interest rates range between 10 and 18%. … (0 comments)

mortgage: Interesting Analogy About Investing Time and Money in Your Business - 07/09/07 06:33 PM
A Valuable Mortgage Lesson Learned From Tiger Woods
By: Tom Domin Unless you've been living in a cave or under a rock the last few years, you've seen first hand how Tiger Woods has become one of the most dominate forces in men's golf.We watched as he won the CA Championship at Doral Golf Club a few weeks ago by two strokes. Woods won this event for the sixth time, more than any other tournament. Tiger is believed to be the first player to win a tournament six times on six courses - in Spain, Ireland, Atlanta, San Francisco, London and Miami, … (2 comments)

 
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David Mordue - Wells Fargo - Kennewick (509) 736-2618

Kennewick, WA

More about me…

Wells Fargo Home Mortgage - New Construction Specialist

Address: 3311 West Clearwater Avenue , B 100, Kennewick, WA, 99336

Office Phone: (509) 736-2618

Cell Phone: (509) 572-0169

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