mortgages: JP McClelland-Closing Attorney, Good News-House passes bill to slow down foreclosures - 09/18/07 03:00 PM
Democratic House just passes bill to increase federal government's involvement in the mortgage and housing industry.The bill would allow the FHA to refinance loans for homeowners that are behind on payments because of sharp rate chages. One Democratic house member is quoted as saying it could help 250,000 families.It would also raise the … (2 comments)

mortgages: Fed Cuts Key Interest-JP McClelland Closing Attorney - 09/18/07 01:25 PM
BIG NEWS!!! 2:24Feds cut rates .50% for fed funds and discount funds.  Many economists predicted only a .25% cut.This is great news for the real estate and mortgage industry. This means that many adjustable mortgages that were going to adjust up, will now go down.The prime rate is now at 7.7 %, and this … (3 comments)

mortgages: Short Pay, Mortgages - 09/02/07 09:29 PM
Question:
What does it mean when during a refinance I am told "we are doing a short pay"?
Answer:
This is about the prepaid interest that accumulates during the month.  If your refinance funds on the first, then there is no interim interest.  If it funds on the second, then usually you can pay … (0 comments)

 
Real Estate Attorney: Joseph McClelland (Law Firm of JP McClelland)
Joseph McClelland
Decatur, GA
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Law Firm of JP McClelland

Office Phone: (404) 835-8430
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