The Mortgage Maven

HUD Homes 50% Off in Designated Revitalization Areas - South Carolina

Melissa Breeland (Residential Mortgage of SC) — Thu, 05 Nov 2009 10:32:22 -0600

Check This Out. At last check these zip codes 29150 (Sumter), 29201,(Columbia), 29203(Columbia), 29405 (Charleston), 29601 (Greenville), 29603(Greenville), 29624 (Anderson) are all in HUDs revitalization areas which means that Teachers, Police Officers and Firefighters/Emergency Medical Technicians can utilize the Good Neighbor Next Door Program to buy HUD homes for 50% off. They may use FHA, VA or Conventional (keep in mind that all property requirements per loan type stand firm and HUD will not do any repairs)

http://www.disasterhousing.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm

How can I buy a HUD Home?

To view listings of HUD Homes or to find HUD-approved real estate agents, please visit the following web site: http://www.hud.gov/homes/homesforsale.cfm .

You may also wish to contact a HUD approved housing counseling agency in your area for unbiased and free counseling on your particular situation. You can find a list of these agencies at http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm

http://www.hud.gov/homes/homesforsale.cfm

Wordless Wednesday -"Wrought Iron Window"

Melissa Breeland (Residential Mortgage of SC) — Wed, 04 Nov 2009 11:32:04 -0600

Photo taken by me down town Charleston, South Carolina. I then manipulated the photo slightly on www.picnik.com .

Happy Halloween -"A Picture is Worth a Thousand Calories"

Melissa Breeland (Residential Mortgage of SC) — Fri, 30 Oct 2009 10:53:41 -0500

Boeing to Place Second 787 Assembly Line in North Charleston, SC

Melissa Breeland (Residential Mortgage of SC) — Thu, 29 Oct 2009 09:31:02 -0500

Just a quick blog to personally thank and welcome Boeing to North Charleston! The 3,000 new jobs will go a long way to helping our local economy...to say the least.

http://boeing.mediaroom.com/index.php?s=43&item=906 Read article here.

We are ready!

"Bad Credit! No Credit! Zero Down!"

Melissa Breeland (Residential Mortgage of SC) — Wed, 28 Oct 2009 13:41:59 -0500

If this is something you are interested in...please don't call me.

You could, however, visit AnnualCreditReport.com, pull a free report and start the process of rebuilding your good credit.

Across the country there are many state agencies that can walk you through the process of rebuilding your credit, help you to develop and live by a budget and prepare you to eventually buy your own home.

Always make sure that you are working with a HUD Approved Housing Councelor before you hand over ANY money or sign ANY contract for services. Here in South Carolina a great place to start is Family Services, Inc.

Kiplinger has a simple free budget tool to help get you started if you are new to budgeting. I also recommend checking out their "How Much Can You Spend For Housing" program.

Do you suspect your bad credit scores are the result of identity theft? If so, the FTC has wonderful resources about how to proceed if you suspect identity theft.

If you feel you have been the victim of discrimination or unfair business practices you can contact...

SOUTH CAROLINA DEPARTMENT OF
CONSUMER AFFAIRS (they are even on YouTube!)

How Not to Sell a Haunted House

Melissa Breeland (Residential Mortgage of SC) — Wed, 28 Oct 2009 09:01:32 -0500

Legal precedent regarding selling haunted houses by fellow ActiveRainer. Very good stuff!

Via Claudette Millette - Metrowest Mass Exclusive Buyer Broker (The Buyers' Counsel):

Whether chains are rattling, the floor is shaking or there is simply the knowledge that an evil deed was committed on the premises, you could possibly be dealing with a haunted house, or a "stigmatized property" sale.

Since liability issues on these types of transactions vary from state to state - what is the guiding principal for selling a haunted house?

In 1991, a case in New York provided some legal precedent on the matter.

Stambovsky v. Ackley

The owner of a house, Helen Ackley had reported the existence of numerous poltergeists in her home and had, in fact, publicized these occurrences in Reader's Digest and a local newspaper on three occasions. As a result, the home was placed in a five-home walking tour in the city and received an enormous amount of publicity. She even referred to the home in a article as a "Riverfront Victorian with ghosts."

Some of the interactions Ms. Ackley described to reporters included ghosts waking her each morning by shaking her bed. When spring break arrived she loudly proclaimed to the spirits that she did not have to wake up early anymore. On this, she insisted that they listened to her requests and the bed immediately ceased all shaking.

Despite the local notoriety, an unknowing buyer, Jeffrey Stambovsky signed a contract to purchase the home. On an agreed upon price of $650,000 he made a $32,500 down payment. Since Mr. Stambovsky was not from the area he claimed to have ignorance of the widely known haunting tales.

When the buyer subsequently learned of the haunting stories, he filed for a request of the rescission of his contract for the sale and also sued for damages citing fraudulent misrepresentation on the part of Ackley as well as the Realtor®.

In ruling on this case, the court stated that since the existence of ghosts in the home had been widely reported, as a matter of law, the house was haunted.

However, the court dismissed the fraudulent misrepresentation action and stated that the Realtor® had been under no obligation to disclose the haunting to any potential buyers. The court affirmed that the law of caveat emptor (let the buyer beware) applied in this case so the buyer did not prevail.

Mr. Stambovsky subsequently appealed the case and won a reversal.

On appeal, the court stated that a "haunting" was not a condition that a buyer could fairly be able to ascertain  through even the most thorough of home inspections. In this case, "the most meticulous inspection would not reveal the presence of poltergeists at the premises or unearth the property's ghoulish reputation in the community."

It further stated that the seller had taken unfair advantage of the buyer's ignorance. Since she had taken it upon herself to inform the community at large of numerous spirits roaming rampantly throughout the home, she owed no less to her perspective buyer.

The judge then rendered a somewhat entertaining opinion using the following phrases:

"In his pursuit of a legal remedy for fraudulent misrepresentation against the seller, plaintiff hasn't a ghost of a chance," I am moved by the spirit of equity," "In this instance - who you gonna call?" and "The notion that a haunting is a condition which can and should be ascertained upon inspection of the premises is a hobgoblin which should be exorcised from the body of legal precedent and quietly laid to rest."

I have no knowledge of whether or not the parties in question had any appreciation of the judge's sense of humor.

However, Mr. Stambovsky was finally let out of the deal and had his deposit fully refunded.

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail

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Wordless Wednesday - "Fort Sumter" South Carolina

Melissa Breeland (Residential Mortgage of SC) — Wed, 28 Oct 2009 08:45:58 -0500

I finally took a tour of Fort Sumter a few weekends ago. I highly recommend it not only for its historical and aesthetic value but for the possibility of encountering ghostly soldiers. It could happen! Happy almost Halloween!

To learn more about Fort Sumter click here. http://www.nps.gov/fosu/index.htm

Sex, Lies and the $8,000 Tax Credit

Melissa Breeland (Residential Mortgage of SC) — Mon, 26 Oct 2009 09:10:47 -0500

The good thing about having your own blog is you can voice your own opinion. The bad thing about having your own blog..you can voice your own opinion.

This is my view of the $8,000 tax credit...just one Loan Officer's opinion and I speak for no one but myself.

I think it is an insulting, stupid, ineffective answer to a complex issue. For want of a more profane example...it's as if the Federal Government is a nervous meddling wife sitting at home wringing her hands and planning new ways to "enable" us to continue our bad behaviors. She is making excuses for us, calling in sick for us and covering up for our lazy-selfish-greedy ways.

Perhaps the federal government should let us grow through the pains and natural consequences of our own actions, our over-spending, refusal to learn how to budget and then live by it, lack of drive, lack of follow-through and refusing to ween ourselves from the government teet.

Today, some statistics came out stating that over 100,000 people committed tax fraud to steal the $8,000 tax credit. 500 applicants were children or teens who had never filed and never purchased a home with no ability or intention of purchasing a home. I suspect it wasn't the 4 year old who filled out the tax forms...I suspect it was mom or dad. Of course, I could be wrong.

Ya, we should extend this ridiculouse free-money-greed-inducing-banaza!

First-Time Homebuyer Credit

The First-Time Homebuyer Credit, originally passed in 2008 and modified in 2009, provides up to $8,000 for first-time homebuyers. The purchaser, however, must qualify as a first-time homebuyer, which for purposes of this credit means someone who has not owned a primary residence in the past three years. If the taxpayer is married, this requirement also applies to the taxpayer's spouse. The home purchase must close before Dec. 1, 2009, to qualify, and the credit may not be claimed on the purchaser's tax return until after the taxpayer closes and has purchased the home.

SC State Housing Training (10/15/2009) A Brief Recap By One Loan Officer

Melissa Breeland (Residential Mortgage of SC) — Thu, 15 Oct 2009 15:01:35 -0500

I attended the SC State Housing training today and was amazed at all the changes taking place. So, I thought I would share a few of the high points here with you. I do not represent SC State Housing...I am, however, an approved participating lending partner.

All the big mortgage insurance companies were represented and gave their pitch but only one wowed the crowd...Genworth Financial (1) No declining markets! If the appraiser says it is in a declining market they will still take it! (2) Involuntary Job Loss Protection FREE from Genworth (3) 97% LTV and 103% CLTV for State Housing Loans with a 680 credit score and up to 45% DTI! (4) FREE online home buyer classes for Category 2 and 3 (5) 2 months reserves required! WE ARE ONLY TALKING ABOUT CONVENTIONAL LOANS HERE FOLKS. FHA has it's own mortgage insurance. State Housing does not do VA loans.

HOT TID BITS:

$4,000 in DPA for Category 1 and $5,000 for Category 2 and 3
The main big news is that US Bank is now the master servicer for SC State Housing loans. Lender manual available on AllRegs if you have access.
Maximum deductable for hazard and flood not to exceed the greater of $1,000 or 1% of the face amount of the policy
No work visas...must have green card if not a US citizen
Zero tolerance for non disclosure of APR changes over 1/8 either up or down!
Must provide initial and Final TILA for 2nd DPA loan on Category 1 or any that is repayable.
Owner of record must be in title for 90 days at least...contract may not be written until the 91st day in title. No funding for Flippers!
Lenders - PLEASE use the most recent forms on extranet...old forms no longer acceptable.
Palmetto Hero Program may be back in March!
New better lower rates coming in 2-3 weeks...
What does SC State Housing consider to be a compensating factor? For ratios higher than 45%...700 credit score or better, at least 2 months reserves int he bank, 95% LTV.
Street, Drive or Avenue on property address all need to match from 1003, to appraisal, to final HUD...everything must have exact correct address.
NO mobile homes
State Housing Certified Realtor Program coming January 2010 www.schousing.com
Complete loans must be submitted to State Housing no later than Nov 13th if buyer is hoping to meet the Nov 30th deadline for the tax credit.

Have questions? Need help? I'm just a phone call or e-mail away.

Melissa "The Mortgage Maven"Breeland

Wordless Wednesday - Charleston, South Carolina

Melissa Breeland (Residential Mortgage of SC) — Wed, 14 Oct 2009 06:25:04 -0500

This past weekend our family had great fun playing tourist in Charleston. My husband's brother came for a visit from North Dakota so we spent some time exploring The Market, The Battery and even took a tour out to Fort Sumter. I, of course, pounced on the opportunity to take pictures (199 to be exact).

Below is a conglomarte view of our adventures around Charleston. Enjoy.

Wordless Wednesday - South Carolina Sea Shells

Melissa Breeland (Residential Mortgage of SC) — Thu, 08 Oct 2009 06:00:39 -0500

Fabulous Promotion from The Mortgage Maven

Melissa Breeland (Residential Mortgage of SC) — Mon, 05 Oct 2009 10:29:47 -0500

Rates - APR - Points - Fees - GFE's: How the Playing Field is Still "Crooked"

Melissa Breeland (Residential Mortgage of SC) — Sat, 03 Oct 2009 07:48:34 -0500

Very good mortgage info...

Via Steve Kappre, Gloucester County, NJ Loan Officer/Mortgage Planner - 856.419.3561 (Treasury Mortgage):

Rates - APR - Points - Fees: How the Playing Field is Still "Crooked"

I talked to a client today who was shopping me against some other lenders. I don't blame people, and frankly if I think someone else has a better offer and they are legit, I advise "my client" so and have no hard feelings.

In the scenario today, said client was offered 4.5% with no points. I told him it wasn't possible, but lest I be ignorant, I dropped by this other lender's website. Indeed, the lenders website quoted 4.5% with no points and an APR of 4.878%. The website gave the assumed loan amount and purchase price. So I went and did the math. What did I find out? To make the rate and APR accurate, I had to add 2.25% in points ON TOP OF all of the regular fees (title, appraisal, etc.).

In other words, even though the quote was 4.5% with zero points, the TRUE cost was 4.5%, plus typical closing costs, PLUS 2.25% in additional fees/costs.

Please send me your Goofy Good Fake Faith Estimate!

There are several issues with this scenario

APR is supposed to HELP consumers, not confuse them. Clearly this bank (a large bank at that) is charging hefty fees instead of points. This brings us to our next point ...

Points are tax deductible costs - most other fees are not. Charging high fees in lieu of points is an injustice to the consumer. We see rates quoted with NO POINTS to make them look better to consumers. However the total cost is ultimately higher than a lender that is straight forward, charging the same dollar amount but in the form of points. A loan with the same cost in points (versus fees) is a far better deal, saving a consumer hundreds or thousands in tax deductible costs.

APR is "pliable" - Certain fees are calculated into the APR calculation, others are not. Do not assume lenders don't play with the "names" of fees to artificially lower their APR's. That doesn't seem to be the case in the above example, nonetheless keep this in mind.

Lastly, said bank WOULD NOT give the buyer a good faith estimate without having him apply for a mortgage. OK, not so crazy, but the good faith estimate would not be given for 3 days. And if the bank charged an application fee? That would just be another deceptive way to lure a consumer in and tie them to the bank.

Any lender should be able to offer you a good faith estimate (GFE) in a fairly short amount of time, 24 hours or less, allowing some time for when a lender is very busy. Assuming the lender is honest and accurate with their fees, you should be able to see the true cost of their offered rate. You should be able to see, as in the above scenario, that their rate of 4.5% with no points really has a lender fee of $4,119 (Actual additional cost based on their APR). This same week I had another rate shopper send me a goof good faith estimate with 1% in points and $2,100 in application fees. THIS IS NOT NORMAL or fair to you as a consumer, especially on a purchase loan.

I am not angry for losing business, because I didn't lose business. I am however angry because of the lenders and loan officers that mislead and decieve consumers who are just looking out for themselves by rate shopping. What we often see, is that many consumers that search the world over for the lowest rate, actually end up paying much higher costs via deceptive lenders. Consumers can be blinded by a low rate, not allowing them to see the true cost.

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

Reason Number 4,982 to Move to South Carolina

Melissa Breeland (Residential Mortgage of SC) — Mon, 28 Sep 2009 08:35:54 -0500

"A Walk on the Beach"

No pre-qualification necessary to walk on the beach. No credit score requirement and no assets needed. No one to not return your phone calls and no one trying to sell you homes or loan products you're not interested in.

I took this photo while exploring Myrtle Beach. Enjoy!

Buying a 2nd Home In Charleston, SC? Some Good News For You!

Melissa Breeland (Residential Mortgage of SC) — Mon, 21 Sep 2009 10:25:52 -0500

Well, well..well...perhaps our collective housing and economic fears are beginning to ease a bit. We just learned today that PMI (and possibly other MI companies) will once again offer MI for 2nd homes at 10% down as long as the buyer has a minimum credit score of 720. Still sounds a bit harsh but for the last 6 months it was 20% down or nothing.

They also withdrew several states from their "Declining Markets" list. (Only 5 states remain, AZ, CA, FL, MI, NV).

This may be just a small move in the right direction but I feel good about it. I for one don't ever want to see the crazy free-for-all lending practices that got us into this mess return, but I would like to see a little more common sense. 10% down with a 720 credit score is almost a sure thing.

Melissa "The Mortgage Maven" Breeland

Speachless Sunday ~ "Housing Bubble"

Melissa Breeland (Residential Mortgage of SC) — Sun, 20 Sep 2009 18:26:31 -0500

I took several photos of old abandoned homes near Edisto, SC today and have been playing around all night with them. This is my favorite. Hope you enjoy it!

Melissa's (56 Second) Mortgage MINUTE Update for 09/17/2009

Melissa Breeland (Residential Mortgage of SC) — Thu, 17 Sep 2009 10:46:17 -0500

South Carolina Real Estate Expo 2009 in Columbia

Melissa Breeland (Residential Mortgage of SC) — Thu, 17 Sep 2009 09:38:27 -0500

Would you like to see the coolest web site ever (that is not a FaceBook virus)? Here it is... http://www.screaltors.com/focus/

I'm excited to hear all the blogging and tweeting from the Expo events in Columbia. Come on Realtors..let's hear from you.

"Memories at Activerain" ~ It Pays to Pre-Qualify As Soon As Possible 03/08

Melissa Breeland (Residential Mortgage of SC) — Wed, 16 Sep 2009 11:39:51 -0500

Memories at ActiveRain Contest....oh, so many! This blog is still very pertinent. Amazingly I am still getting ratified contracts for folks who have not talked to a lender. WHAT!!!!???

It Pays to Pre-Qualify As Soon As Possible (originaly posted 03/2008)

Ok...enough with my sad attempts at humor. I have a real question for the Realtors out there. Is it common to let your client (buyer) wait until the very last days of the purchase contract to get them in front of a Loan Officer for Pre-Qualification? I am seeing this quite often...it's as if everyone assumes that because the buyer tells you they are well qualified that it does in fact mean that the buyer is well qualified. Hmmmm....since when do we take their word for it? Especially now that we have desperate sellers who are hanging on by a threat hoping against hope that their home will FINALLY sell with out a hitch.

I have had 3 such scenarios come to pass in the last month and guess what....programs have changed and credit criteria for those loan programs have tightened up like never before. Will that relax soon....maybe..maybe not.

The long and the short of it is that these folks are 5 -6 days away from sitting down at the closing table and they don't qualify for any type of loan. I'm a lender but I also have the ability to broker unusual or tricky loans. (not any more!) My products are becoming more and more limited and I am finding this to be a troubling phenomenon.

I am also seeing Realtors who are afraid to take the bull by the horns and give their clients direction that will ultimately benefit everyone in the transaction. If the buyer calls the shots we all loose...including the buyer most of all! That would be like me walking into the dentist and telling him when and how we are going to be extracting my compacted wisdom teeth. I really need a knowledgeable dentist who is willing to tell me the truth, the whole truth, and nothing but the truth. And I need a dentist who isn't afraid to hurt my feelings if it will save my overall long term health. A mortgage can last a very long time. Please get your buyers in front of a qualified respectable Loan Officer ASAP to head off issues, explore ever changing loan options and to build that beautiful Realtor/Loan Officer relationship.

I for-see many more changes to the industry before the dust settles. Hang on and stay tuned for more from the Mortgage Maven.

Your Competitor: Friend or Foe?

Melissa Breeland (Residential Mortgage of SC) — Wed, 16 Sep 2009 10:56:30 -0500

When is your competitor your friend? This is an age old topic that many have pondered, and discovered the value of, from "Michael Corleone" in The Godfather Part II (1974), "My father taught me many things here - he taught me in this room. He taught me - keep your friends close but your enemies closer.", to the BMW and Mercedes-Benz Alliance of 2009.

As a Loan Officer I understood early on that my job is to close profitable loans and to take business from my competitors. Those who were naturally aggressive and greedy took this to extremes...perhaps it added to the "sub-prime mortgage melt down".Close loans at any cost any way possible! That was the cry in the wind. We've all seen the YouTube videos and heard the horror stories. Many of the ring leaders are serving time...many more should be.

To day we live in a new world...most of us (Loan officers) that are still standing are doing what professional lenders have always done. We show up to work in the morning and then we work all day. We return calls and muddle through the problems that come up (problems always come up) until we get it fixed. We care about our clients and try to do the best we can to offer fair terms, fees and rates based on risk and qualifications. Not very glamorous and we probably won't become filthy rich.

That being said...we rarely collaborate with our competition - especially our local competitors. We don't socialize or chat-up each other on social networking sites....much. We mark our territories and growl when approached by those that might take money out of our pockets. Survival of the fittest!

This thought process may be coming to an end for more and more of us. I think our chosen profession is feeling the call to bond together more now than ever before. We need each other. There are some great groups that work to foster alliances, provide continuing education and work to improve our public persona. Here are just a few.

•· The National Association of Professional Mortgage Women(NAPMW) is a community of professionals who engage in the mortgage/banking industry.

•· The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country.

•· The Real Estate Services Providers Council, Inc. (RESPRO^®) is a national non-profit trade association that unites providers from across the home buying and financing industry towards one common goal: A business and regulatory environment that better enables all of our members to efficiently offer affiliated services through subsidiaries, joint ventures, and strategic partnerships.

So, to sum this up...yes, I think our competitors can be our friends and most of all I think clients (the home buyer) will benefit. I'm actually having lunch with another Loan Officer on Friday who works at a near by bank (Which shall remain nameless..lest I accidental give them some extra publicity). We are going to chat about how we might be able to help each other by sharing program information, passing on referrals for folks who might need a loan program unique to our respective companies, and will be giving each other a "heads up" about local schemes (those participating in short sale fraud) and other unsavory characters in our market. Perhaps being a part of the lending community will help us all. I'll let you know how it goes.

At your service,

Melissa "The Mortgage Maven" Breeland

This Old House, That Old House and Another Old House

Melissa Breeland (Residential Mortgage of SC) — Sat, 12 Sep 2009 12:46:06 -0500

This is my "old House" phase. I'm sure we all go through it ..right? Why I remember that one time I was on an Arby's French Dip & Swiss sandwich phase and I ate a French Dip sandwich everyday for 3 straight weeks...I was 26 then.

Aaaaa...The French Dip & Swiss Toasted sub has piles of delectable roast beef and creamy dreamy Swiss cheese. It also comes with a cup of au jus for dipping.

I am now 41 and have not had another French Dip sandwich since that peculiar food phase. So, don't be surprised if someday I find something new to obsessively photograph and you never see another old house on my blog ever again. You have been warned. Cary on.

This Just In: "FHA Case Number Held Hostage - No Word On Casualties Yet!"

Melissa Breeland (Residential Mortgage of SC) — Fri, 11 Sep 2009 13:14:37 -0500

I am doing an FHA Streamline Refinance for a lovely couple and once all is said and done they will be saving over $300 a month on their monthly house payment. Needless to say they are very happy and ready to proceed.

Everything is moving along swimmingly UNTIL I try to order the FHA Case Number. Guess what!? The FHA case number is being held by another bank, who shall remain nameless to protect the innocent.

OK, this in and of itself is really not that shocking..quite common actually. Mr. FHA Refinancer had tried to get his mortgage refinanced earlier this year through XYZ Bank. XYZ Bank never called him back after he left repeated messages so he decided to explore other options. This is were I come in to the picture.

We called XYZ Bank to request the FHA case number to be transferred to us so that we could finalize our processing. The Loan Officer came on the phone and demanded that we explain how we were able to do the refinance and they were not. Rude and surprising to say the least! After some unnecessary posturing on both our parts she agreed to release it sometime next week.

To top off this great story of unprofessionalism...the Loan Officer from XYZ Bank then proceeded to call my client to reprimand him for trying to refinance with another lender. She told him that no one could do it...and if they did it would cost him over $8,000! Crazy Lady Alert!

I looked into what can be done when banks hold FHA Case Numbers hostage just because they are sore losers. As of yet no one seems to know what to do. If you have suggestions please share here in my comments section.

Banks should be forced to respond and comply to this very simple request (this takes less than 5 minutes) within a 48 hour time frame so that locks and deadlines are not jeopardized.

An FHA Streamline refinance is an awesome and inexpensive way for FHA home owners to take advantage of lower rates. It's simple and not much is needed; no appraisal, no verification of employment, assets or income.

How do I get a case number?

Streamline Your FHA Mortgage

Melissa "The Mortgage Maven" Breeland

HO-6 Policy Now Required By Lenders ~ Guest Blogger, Terry Murphy

Melissa Breeland (Residential Mortgage of SC) — Thu, 10 Sep 2009 13:25:34 -0500

Buying a condo? Things just got a little more interesting. Lenders are now requiring an HO-6 Policy. I have asked my friend Terry Murphy at Allstate to be a guest blogger and here is what she provided.

Condo Insurance is very different from Renters Insurance. There's more you need to protect than just your possessions.

Most condominium associations insure the building's structure and common areas, but each unit's interior construction is the responsibility of the homeowner. If your condo is destroyed, it may be up to you to replace drywall, flooring, cabinets, lighting fixtures and so on. Prior to Fanniemae's updated policy that requires the borrower obtain "walls-in" coverage (commonly known as an HO-6 policy), the buyer only needed to show proof of a Master or Association policy. What this means to condo purchaser's--if you are obtaining lender financing, you will be required to obtain an HO-6 policy. (The only exception would be if the borrower is able to prove the Association Master Policy had coverage for the interiors of the units.) The HO-6 policy must provide coverage in an amount that is no less than 20% of the condominium unit's appraised value.

Some questions to ask before selecting your condo insurance:

How much coverage does my condo association carry?
What part of my condominium does my association not cover?
What are my insurance responsibilities?
How much would it cost to repair the inside of my condo if it were damaged?
What kind of protection do I have against liability claims?

Coverage To Consider:

Property Protection - You are responsible for covering everything inside your unit, including cabinetry and appliances.
Guest Medical Protection - If someone inside your condo is accidentally injured, this coverage can provide payments for reasonable medical expenses.
Liability Protection - This coverage helps protect you against the legal responsibility for an injury or property damage that you or anyone else insured under your policy may have caused to other people on or away from your property.
Additional Living Expenses - If a covered loss (like a fire) makes your condo uninhabitable, this policy will cover the reasonable increase in expenses needed to maintain your normal standard of living for a certain amount of time.
Loss Assessments Coverage - If your condominium association levies special assessments against you resulting from certain losses to your condominium complex, your policy will pay your share of such assessments up to the $1,000 coverage limit.

Terry MurphyWally Burbage & Associates, LLC Allstate Insurance Company 1655 Savannah Hwy., Suite B Charleston, SC 29407-2231 Bus: 843.766.1221 Fax: 843.556.4929 terrymurphy@allstate.com I LOVE REFERRALS

The Geographical Concentration Of Foreclosures

Melissa Breeland (Residential Mortgage of SC) — Thu, 10 Sep 2009 09:09:43 -0500

Once again, the country's foreclosures are concentrated in just a few states.

As reported by foreclosure-tracking company RealtyTrac.com, more than 50 percent of the country's foreclosure-related actions in August occurred in just four states:

California : 25.76 percent
Florida : 17.4 percent
Michigan : 5.4 percent
Nevada : 5.0 percent

The rest of the "Top 10" foreclosure states included Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.

Versus July's numbers, the U.S. foreclosure rate improved last month. However, the August data is awful in comparison to last year -- foreclosures are up nearly 18 percent.

The silver lining? High foreclosure rates are yielding tremendous opportunities for today's home buyers. Buyers of distressed properties now account for about one-third of all home sales and low mortgage rates and a federal tax credit are spurring sales.

Search the complete August 2009 foreclosure report for yourself, including foreclosure heatmaps and other trends on the RealtyTrac website.

www.TheMortgageMaven.com

Posted by Bring the Blog on September 10, 2009

Simple Real Estate Definitions : Quitclaim Deed

Melissa Breeland (Residential Mortgage of SC) — Wed, 09 Sep 2009 11:28:59 -0500

By its most common definition, a quitclaim deed is a document by which one person passes legal and financial ownership of a home to another person.

It's also a way for an owner of a home to remove himself from the title to the property.

Often misspelled as "quick claim deed" or "quit claim deed", quitclaim deeds have a multitude of applications, including:

Assigning a home to a trust or entity
Adding a partner to title after marriage
Removing a partner from title after divorce

In order to quitclaim a property, the grantor must have the legal right to assign the property to a grantee, or else the quitclaim deed is worthless. For example, you can't quitclaim your interest in City Hall to your neighbor because you don't actually own City Hall.

This is where quitclaim deeds vary from warranty deeds (or grant deeds) -- the types of transfers that occur when real estate is sold. In instances of the former, the title to a home is guaranteed to be clear.

Before using a quitclaim deed on your own home, consult an estate planning attorney. Transferring real property can trigger ruin a will, or trigger taxes -- it's important to consult a professional for help.

www.TheMortgageMaven.com

Posted by Bring the Blog on September 09, 2009

The Mortgage Maven

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In other words, even though the quote was 4.5% with zero points, the TRUE cost was 4.5%, plus typical closing costs, PLUS 2.25% in additional fees/costs.

Please send me your Goofy Good Fake Faith Estimate!

There are several issues with this scenario

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

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