Countrywide cancels my A+ loan. Did they/will they cancel yours? - 01/30/08 03:12 PM
Amazing what is happening in the mortgage industry when yesterday I received a notice from Countrywide freezing/cancelling my Home Equity Line of Credit due to "declining market".  I though it was funny and laughed.  But after a good night's rest, it concerns me.  If they cancel my line which is at about 60% cumulative loan-to-value including my first mortgage, and I have three credit scores in the 800's, and my neighborhood is not in a declining market, what affect would this have on people that received this letter and need their HELOC? 
It didn't bother me since I can readily apply … (17 comments)

Neighbors sue lender over house left vacant - 01/24/08 06:15 PM
The lawsuit article in Star Tribune today http://www.startribune.com/local/14167031.html alleges CitiMortgage used "negligent and improvident lendig practices" to finance the purchase last March.  The neighborhood wants to buy the house for a redevelopment project but said it can't get a response. 
This house at 415 31st Ave. N. is the subject of a potentially groundbreaking lawsuit that seeks to hold lenders responsible for careless loans. Windows on the second floor are broken. It appears this neighborhood was chosen for a city-supported housing redevelopment project.  The city offered $137,500 but were told a deed listed a new owner backed by a $235,000 mortgage from CitiMortgage, … (0 comments)

Remodel or buy give your input for my client - be their Dear Abby! - 01/22/08 10:16 PM
My client has 4,000 SF ranch style, 4 bedroom, 2 1/4 bath, 4 car garage, pool, woods to back yard.  No master bath.  To buy what they want would be more money, double the real estate tax and $350/month in association dues.  Problem: current house is already top value in neighborhood.
Remodel option:
1)  Convert 2 of 3 bedrooms on main level into master suite.  Convert pool changing room, and store room into 2nd bedroom in lower level.  Remains a 4 bedroom home, but master on main level with bath.  About $40,000.  Should they do it?
2)  Convert tile, carpet, wood floors in entry, living, hall, … (15 comments)

 

Joyce Windschitl Hercules - MN, FL, WI & CO Mortgage Consultant

Chanhassen, MN

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Prime Mortgage

Address: 2025 Coulter Boulevard, Chanhassen, MN, 55317

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