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mortgages: Can Anyone Really Explain the New RESPA Guidelines? - 01/20/10 07:50 AM
I just came away from the second workshop in as many months about the new RESPA guidelines for the "new and improved" Good Faith Estimate and HUD-1. I understand it was devised to make the costs involved in the home buying process clearer, more understandable and more transparent.   Puh...leeze!
I tend to lean left when it comes to Government assistance with social programs but this thing is absolutely ridiculous.  It is anything but clear, transparent and understandable.  Worse, it will, more likely than not, create so much confusion in the marketplace that buyers will be even more frustrated about the costs … (5 comments)

mortgages: Trapped in Your Own Home - 05/23/09 08:35 AM
I mentioned here before that I try to pay attention to my little micro-niche -- Sellers with Equity.  These are the folks who are current on their mortgage payment and may have even put a little money down on their home when they bought it.  Alternately, they bought their home way before 2000 and, even after recent price declines, they have enough equity in their home to be able to sell it.
I've run across a few clients, recently, that aren't so lucky.
They bought their home sometime during the 2000-2006 frenzy and now, because of the short sales and REOs … (8 comments)

mortgages: Am I The Only One....? - 05/22/09 06:29 AM
I keep hearing that the market is picking up. 
my fellow Realtors are crowing about the multiple offers their listings are getting within days of putting the home on the market.  my fellow Realtors are complaining that they are coming up against multiple offers on properties their buyer clients want to purchase.  can't get mortgage underwriters to move fast enought to get to settlement, homes inspectors can't get out to inspect properties fast enough, appraisers taking forever to come out to the home and then send in the appraisal report to the mortgage company. All I can say is:, "Huh?"
I … (11 comments)

mortgages: When Buyers Aren't Ready to Buy - 02/28/09 09:45 AM
Recently, one wonderful past client of mine referred my to a good, long time firend of his and another past client re-surfaced to inquire about buying a home.
Let me tell you, I was pretty excited.  It's a buyer's market and I was going to be able to help two couple's buy a house.
I asked them to connect with a lender I knew would be a straight shooter and tell both them and me what could happen.  One couple did that failrly quickly, the other has yet to provide any information at all.
Buyer 1 had an interesting scenario going … (9 comments)

mortgages: Is There A New Wave of Foreclosures About to Hit the Market? - 02/04/09 11:47 AM
In an interesting interview on CNBC yesterday between David Faber and Mark (Mr. Mortgage) Hanson of the Field Check Group an observation was made that the current inventory of houses is really not the total picture.  Mark calls this the "Shadow Market."
It seems that a lot of the foreclosures from 2008 have not really be released from the bank's inventory yet (the"back end").  More is yet to come.  The interview claims that the banks are busy getting these home priced, etc. before letting them into the open market drib by drab in order to maximize their return. 
Can you believe … (17 comments)

mortgages: Good Credit? Current on mortgage? No Equity? - 01/07/09 08:34 PM
Recently, I've been running into folks who are not "in trouble" or "underwater" with their home.  The payments are current.  Income is good enough to keep the payments current.  Yet, they can't sell their home!  Or, at least, they can't sell it and make enough money to buy something else.
Why not?
Well, it seems that some folks saw the huge run up in home prices and decided to refinance and/or take some home equity lines out  so they could have some cash.  Lots of reasons for cash:
vacations remodeling toys (of the adult and child variety) tuition for the kids … (6 comments)

mortgages: A Thanksgiving Present from the Fed - 11/25/08 04:03 PM
The Fed and US Treasury have finally come to grips with the fact that, oh yeah, maybe the housing industry could use a little help. While they've been busy handing out money by the truckload to banks so they can buy other banks and keep those corporate jets in the air, the ordinary person who wants to buy a house or re-finance is left out in the cold.
Today, that finally changed.  Blog buddy Alan Gorss of National City Mortgage wrote a nice blog post about today's developments at Treasury and the Fed.
The lower interest rates (predicted to hit about … (0 comments)

mortgages: Is it Time for Seller Financing? - 10/18/08 12:23 PM
We all know that the market in inundated with short sales and foreclosures.  That makes it hard on everyone, most importantly, Sellers who have equity in their home and have maintained it in good condition over the years.  Prices of homes in short sale or foreclosure situations are pushing prices down all over the place.
Add to this the fact that it is now harder to get a mortgage than anytime in recent memory.  Sure, that's probably a good thing because a lot of people got into homes they couldn't afford.  But what about those Buyers out in the world that … (6 comments)

mortgages: Anyone Have Any Motion Sickness Pills? - 10/13/08 04:14 PM
Today the DJIA - that's the "DOW" to the rest of us - went up 936.42.  This was the biggest point gain in the history of the index and the largest percentage gain - 11.08% - in the history of the index, according to this CNBC web page.
Isn't it amazing.  The end of the world was at hand on Friday and today everybody is drinking happy juice and uncorking the champagne.  Friday everyone was worried about not being able to retire and today it's "Happy Days are Here Again!"  Roller Coaster CIty.
Hey, it ain't over yet.  That's why the … (3 comments)

mortgages: Don't You Love it! Everyone's an Expert. - 10/01/08 08:05 PM
I don't usually meet buyer's cold at a house but this particular house intrigued me since the "remarks" section was so strident.  "Absolutely no contingencies"  "Cash Buyer Only"  I knew this Buyer wasn't cash but I wanted to see the house and it wasn't that far from where I live/work.
I get there and there is no lock box (even thought the MLS said there would be) and a big orange sticker on the front door that said UNSAFE in no uncertain terms.
I spoke with the would be buyer about this house and said it was just as well we … (16 comments)

mortgages: "The Common Sense Fix" to the Financial Meltdown Mess - 09/30/08 08:33 PM
I'm kind of a big fan of Dave Ramsey because he's about getting out of debt and staying out of debt.  It's amazing what kind of freedom and stress relief not having the wolf at the door provides.  Anyway, he has this "Common Sense Fix" which you can read (it's a quick one pager!) you can read here -- The Common Sense Fix
If you're on Facebook you can see Dave Ramsey's Three Steps to Change the Nation's Future
If you're just surfing the web, you can read it ...Here
Maybe someone can tell me what's wrong (or right) with this … (4 comments)

mortgages: Has Anyone Noticed? The Economy HAS NOT Collaposed. - 09/27/08 05:52 PM
Here it is, Saturday evening and the economy is still going.  Maybe not as strong as it used to but things are still happening.  Of course, it's not Monday, yet, so maybe the economy is getting ready to collapse as soon as the markets open on Monday.
Here's something I've been thinking about, though.
Remember the Administration (Treasury Secretary,Fed Chair, President) were all saying this bailout thing ($700,000,000,000) has to happen now!  Not later!  Now! It didn't happen overnight and, wow, nothing bad happened.  In fact, the Dow Jones Industrial Average and the S & P Index went up and down … (0 comments)

mortgages: OK, Everybody, Stop Doing Anything!!! - 09/25/08 03:54 PM
Is it just me or has the world gone crazy?  I haven't seen this type of paralysis in the market since 9/11/01 and that was when some wackos flew a few planes into some buildings scaring the bejeezus out of everyone.  Now it seems that the "all bad news, all the time" cable and regular network shows have everyone standing around like deer in the headlights.
Here is an article n today's business section in The Washington Post about potential home buyers and why, all of a sudden, they aren't doing jack.
Here's a big alert, everybody, there are Sellers out … (4 comments)

mortgages: Are we in for a "Greater" Depression - 09/18/08 06:00 AM
It's hard to think of one Depression being "greater" than another but if you think of "greater" in terms of "more than" the last "Great"Depression we may be in for a hell of a ride.  In this morning's edition of The Washington Post there is this article entitled: Markets in Dissarry as Lending Locks Up.
I don't know about you but when I see words like "...Lending Locks Up" I get worried about all those people out there who are trying to get a mortgage.  I understand that FHA and VA are backed by the government through insurance or outright guarantee.  … (1 comments)

mortgages: Will Exppectations of Lower Rates Stall the Market? - 09/09/08 08:47 PM
It's not like the market is moving in high gear but I was wondering.....with the recent takeover of Fannie Mae and Freddie Mac and the subsequent expectations that interest rates will move lower as a result, will those expectations put current buyers into a holding pattern?
Here's what I'm thinking.  Let's say there are some qualified buyers out there in the marketplace looking for a home.  They've been riding around with their Realtors and checking out homes and they may even be close to making a decision to buy one.  Then, all of a sudden, the word goes out: "Rates are … (7 comments)

mortgages: Will Rumors of Interest Rate Declines Really Help the Market? - 09/09/08 05:02 AM
I'm not an economist and I don't play one on TV.  I don't pretend to know all the ins and outs or the pro and cons of the recent take over of Fannie Mae and Freddie Mac by the Federal Government.  However, I am reading and hearing from people who should have a finger on the pulse of real estate that the takeover will result in lower interest rates. This, in turn, will increase buyer activity.
I'm not exactly sure why this would be so.  After all, interest rates - even in the 6 to 7 per cent range - are … (5 comments)

mortgages: Fannie and Freddie about to be taken over - 09/06/08 07:43 AM
Listening to my morning fix of NPR  and reading through the Washington Post, I see that the Federal Government is about to propose a way to take over complete control and management of Fannie Mae and Freddie Mac., according to this article in the Wall Street Journal.
I guess this is a good thing.  Although, it really means that the taxpayers are going to end up with a huge bill in order to bail out the two mortgage giants from the huge losses they incurred as a result of the mortgage meltdown. It also means that shareholders will be holding valueless … (9 comments)

mortgages: Can Down Payment Assistance be Revived? Should it be? - 08/15/08 09:02 PM
Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008.
The Green-Miller-Waters-Shays plan would re-authorize and reform … (2 comments)

mortgages: One Door Closes...Will Another Open - 07/24/08 02:01 PM
Well, it's almost a done deal.  All that's needed is for "W" to sign the thing and it's LAW.  No more Ameridream or Nehemiah help for the moderate and income buyer.  On top of that, the FHA downpayment is moving UP from 3% to 3.5%
Borrowers can still get gifts from family members and the like.  One of my loan officer contacts tells me, "Think 1990 again and you have the financing down pat : )
Of course, the NAR stats for exisitng housing came out today, too, and sales are down 2.5%.but if you've been selling real estate this … (4 comments)

mortgages: Down Payment Assistance about to Go Bye-Bye - 07/22/08 07:52 AM
In today's Washington Post Business section there is this article about the pending demise of Down Payment Assistance for home buyres from the likes of the Nehemiah Program and Ameridream. It seems that HUD has finally convinced Congress that Down Payment Assistance, as it may come from one of these organizations or one similar to them, is bad, bad, bad.
The rationale is that when borrowers/home buyers have absolutely no money invested in the purchase of their home they are more likely to "walk away" when times get tough and they need to make tough financial decisions about their spending habits … (23 comments)