lending: HOPE FOR HOMEOWNERS within the U.S. FORECLOSURE PREVENTION ACT OF 2008 - 07/31/08 01:37 PM
People ask whether there is HOPE for them from possible home foreclosure in the new law signed by President Bush on July 30, 2008 (U.S. Housing & Foreclosure Prevention Act of 2008).Everyone should be careful about this and get the advice from qualified Realtors and mortgage professionals.We set forth below a copy … (5 comments)
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lending: It's Good For Real Estate that FHA Suspended its 90-day Rule Against Flipping - 06/19/08 10:03 AM
Foreclosed and abandoned homes harm neighborhoods and delay a community's recovery.WE'RE LOOKING FOR SOMETHING GOOD TO HAPPEN IN REAL ESTATE.
In order to help facilities sale of bank-owned properties, the Federal Housing Administration (FHA) has temporarily suspended its 90-day rule against flipping of properties. Under that anti-flipping rule, the FHA does not … (1 comments)
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lending: How To Manage Your HELOC Loan With Rising Rates? - 05/22/08 12:58 AM
Most HELOC loans (home equity line of credit) are indexed to the bank prime loan rate. When the prime rate changes, the rate on your HELOC will change also.When prime increases 100 basis points (one full percent) the home equity line of credit borrower pays more in interest costs.If you make … (1 comments)
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lending: Banks & Lenders Are Taking Less Than What's Owed At Trustee Sales After Foreclosure - 05/14/08 08:23 PM
It's interesting that in Orange County, California, during April, 2008, buyers took foreclosure homes off the bank and lender hands at trustee sales for 21.5% less than the amount owed. One year ago during April, 2007, the banks and lenders weren't so interested in discounting at trustee sales. Perhaps the banks … (0 comments)
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lending: What To Do If You Are Upside Down and Unable to Make Payment on Notes Secured by First and Second Deeds of Trust on Your Home - 05/08/08 01:04 AM
You might owe more on your notes secured by a first deed of trust and on the note secured by the second on your home.
What do you do?
Here in California we have the ONE ACTION RULE, the law preventing lenders from both foreclosing and suing you on the note. If the lender chooses the … (1 comments)
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lending: Is A Home Buyer Equity Sharing Arrangement a Good Thing in This Market? -- Part One - 05/03/08 04:02 PM
A man contacted us a week ago about his predicament. He and his wife had entered into an EQUITY SHARING AGREEMENT with a mortgage broker during 2006 to buy a home in South OC, California. This family made payments to the mortgage company as rent on the agreement. The mortgage company … (8 comments)
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lending: Reinstatement of Your Home Loan or Mortgage After Default? - 05/03/08 01:31 AM
You don't have to be a bum or a deadbeat to get into a foreclosure position with your home loan. It can be as simple as missing some days of work or having a mortgage payment late. You are in over your head with your lender, which is now threatening you with … (1 comments)
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lending: Do Lower FED Rates Signal That Mortgage Rates Will Fall? - 04/28/08 12:44 AM
Do Lower FED Rates Signal That Mortgage Rates Will Fall? That depends.
The 30-year fixed rate mortgage is not tied to short-term treasuries. Fixed mortgage rates are tied to long-term bond yields that move based on anticipation of the economy and inflation. Fixed rates usually come down when there is outlook for … (2 comments)
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lending: At The Center of Our Housing Crisis Is That Many People Have No Equity Or Are Upside Down on Loans - 04/26/08 12:50 PM
At the center of our housing crisis is that many people here in California and the United States have no remaining home equity or that they are upside down on their loans. Too many people purchased homes during the past five years with no or little down payment, based upon no … (2 comments)
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lending: Is Cancellation of Debt Always Income Taxable? - 04/20/08 12:36 AM
Is Cancellation of Debt Always Income Taxable? What does IRS say? Not always. There are exceptions. Some situations when cancellation of debt income is not taxable involve:A. Bankruptcy: Debts discharged through bankruptcy are not considered taxable income. B. Insolvency: If you are insolvent when the debt is cancelled, some or all of the … (0 comments)
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lending: Bush Administration & Lending Industry Correctly Oppose Giving Bankruptcy Judges More Power - 04/11/08 12:32 AM
The U.S. Senate passed legislation April 10, 2008, that would provide billions in tax cuts for home builders, banks and other businesses. However, the U.S. House of Representatives is considering other legislation that would provide more help for individuals, but no breaks for businesses. The Senate's bill is compromise that didn't … (0 comments)
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lending: Proposed Expansion of FHA Loan Guarantee Program Got Help Today - 04/02/08 05:06 PM
It's good that proposed expansion of FHA loan guarantee programs got help when U.S. Senate Republicans agreed to include the idea in a compromise bill. Some Democrats agreed on April 2, 2008, to drop their controversial proposal to allow bankruptcy courts to "cram down" the mortgage debt of troubled borrowers. We could now have … (0 comments)
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lending: What Homebuyers Should Know About Basics for Mortgage - 03/31/08 10:54 AM
Loan Qualification (or "prequalification") is an opinion that your income, assets and current debts qualify you for a loan of a specified amount. This may come from a lender or Realtor. This opinion usually does not take your credit into account, and no one is committed by it. Preapproval is a conditional commitment … (0 comments)
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lending: Are Hillary or Obama Right About Prevention of Home Foreclosures? - 03/29/08 01:41 PM
Hillary Clinton and Obama have endorsed the idea to prevent foreclosure and amending the US bankruptcy law so that troubled borrowers can have their mortgages modified in court. Does that make sense? Does she suggest that principal debt be lowered? Should government tell lenders that they must lower principal balances owed on loans? We don't think so. … (2 comments)
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lending: Is Treasury Secretary Paulson Correct That We Need FED Regulations Over Wall Street Banks? - 03/29/08 11:10 AM
US Treasury Secretary Henry Paulson has suggested need for new regulations for banks on Wall Street. He said that if big Wall Street investment houses are allowed to run to the FED for emergency lending, they must face stepped-up regulation. The Bush administration has hinted that it will put forth an oversight blueprint to promote smoother functioning … (1 comments)
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lending: Are Twenty Percent Down Payments Required by Lenders These Days? - 03/28/08 10:36 AM
Are twenty percent or ten percent down payments required by lenders these days? FHA loans were originally intended to help first-time home buyers, so the down payment requirements are flexible. The buyer can put as little as 3% down. In this situation it is OK if you get that money from a … (0 comments)
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lending: What About U.S. Senate & House Negotiations on GSE Loan Limits? - 03/26/08 06:35 PM
On February 13, 2008, President Bush signed the U.S. Economic Stimulus Act of 2008 (H.R. 5140) into law. I strongly supported the provision of this bill which temporarily increases the FHA loan limit and GSE conforming loan limit to 125 percent of an area's median home price, up to a maximum … (2 comments)
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lending: FHA Loan Reform Needs to Pass Both U.S. House & Senate and Move to President Bush for Signature - 03/20/08 06:41 PM
FHA Reform has passed both the U.S. House and Senate and is currently in a conference committee to work out the final details of the legislation. The pivotal concern of FHA Reform is the increase in loan limits. The Senate version only calls for an increase to $417,000 while the House … (0 comments)
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lending: What will the FED do to get the Economy going? - 03/18/08 12:19 AM
Will cheaper money by the FED or flooding the market with cash get people to take risks? Would that help the stock market? Would that help get people loans? Mortgages? Will the FED cut rates again this week? What will result from the U.S. new Economy Stimulas Package of $200 billion be? [see www.ExploreRealEstate.net]
… (0 comments)
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