Real estate blog entries tagged with law by GULF ATLANTIC FUNDING GROUP

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Home : Blogs : Earl Johnson : Helping Others To Home Ownership : Tag "law"

law: Troubled Homeowners - 08/14/08 10:28 PM

HOPE for Homeowners Act of 2008 was pasted with HR 3221 (Foreclosure Prevention Act of 2008) establishing a "temporary" and "voluntary" program within FHA for distressed borrowers. This program is set to begin October 1, 2008.
Provisions:
Borrowers certify they have not intentionally defaulted on their mortgage Owner occupied borrowers ONLY Enter into a new 30 year Fixed mortgage in accordance to FHA Guidelines Current Lender willing to negotiate payoff amount with limits on new loan amount Borrower restricted for 5 years to not enter into a second mortgage Borrower not allowed to refinance within a 5 year period Borrower shares all … (0 comments)

law: H.R. 3221 Section 2113 (Amendment Prohibiting Seller Paid Down Payment Assistance) - 08/04/08 07:15 AM

SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT ASSISTANCE.
(9) CASH INVESTMENT REQUIREMENT
(A) IN GENERAL- A mortgage insured under this section shall be executed by a mortgagor who shall have paid, in cash or its equivalent, on account of the property an amount equal to not less than 3.5 percent of the appraised value of the property or such larger amount as the Secretary may determine. (B) FAMILY MEMBERS- For purposes of this paragraph, the Secretary shall consider as cash or its equivalent any amounts borrowed from a family member (as such term is defined in … (5 comments)

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Earl Johnson

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