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Project Lifeline - 02/13/08 09:06 PM
I know that lenders have just agreed for a 30 day freeze on foreclosures. Sounds nice.
The real issue is the responsive of the lenders and their servicers to what is happening on the ground. If it helps one family out and enables them to work out with their lender an opportunity to stay in their home, then I am all for it.
The bigger issue is that many lenders are either so overwhelmed, or because the servicers are so removed, they are unaware to real values and issues pertaining to the properties they are involved in. Case in point, one 2 … (2 comments)

Economic Stimulas Package - 02/07/08 10:00 PM
The economic stimulas package has passed through the house and is heading to the President's desk. More important than rebate checks, we can be seeing a raise in FHA limits. Over the past 7 years, FHA has lost market share because the limits in our market of NYC would be easily surpassed. This raise is long overdue, and while I don't see it causing a rise in home prices, it should help stabilize some housing prices. Couple this with lower rates, and guess what, now is an incredible time to buy, acquire, and invest in real estate - especially in markets like … (2 comments)

How Many Times Have You Heard.... - 02/07/08 05:31 PM
Just wondering how many times have you heard...
 "I want a house in a good neighborhood, at a good price..."
"I'm looking for a deal..."
"Yeah, but last year my neighbor got..."
"I know, but if they really want to sell they'll sell it to me (XXXX dollars below market)..."
"I'm only qualified for ____ but I really want ____. Maybe you can find it for me...."
"Just email me everything you got...."
"I know my property is worth more..." (Even though the facts say it isn't)
 "My cousin bought a house just like that for 100K less.... (in 1999)"
Do you have anything you'd like to add??
 
… (7 comments)

Recent Foreclosure Ruling Sets Precedent - 02/05/08 08:46 AM
Yesterday, there was an article in the Staten Island Advance www.silive.com, that discussed a recent ruling which homeowners prevailed in staving off the foreclosure. The article went on to mention that the homeowners could not make it the first year before falling behind. While they would of qualified for a traditional home loan (presumably FHA) they instead were "improperly pushed" in to a high interest subprime loan.
The judge ruled that the homeowner could be entitled to reimbursement for fees, payments and the mortgage my be unenforceable. Unenforceable?
This is not to say that there were not some mortgage brokers who were … (2 comments)

 

Frank Rizzo

Staten Island, NY

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Cornerstone Realty Partners

Address: Staten Island, NY

Office Phone: (718) 447-8100

Cell Phone: (347) 497-1482

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