mortgage: Attention Homeowners Who Want To Move Up
- 10/02/11 05:52 AM
There are probably millions of homeowners who are living in a home that does not fit them. They made a reasonable down payment when they bought their homes several years ago, and they have made all their payments on time. The result of the housing crash has left them with a home that is worth less than they now owe, and that makes it difficult to buy a new home. Payoff of the current mortgage plus a downpayment on a new home plus selling and moving expenses equals a hurdle just too high to make a switch. If this description fits … (7 comments)
mortgage: What will be the result of the latest forclosure irregularities?
- 10/08/10 08:44 AM
It appears that banks have gotten themselves into another fine mess. In an effort to either cut corners, or possibly as a result of inability to produce required documentation, there appears to have been a little fraud. The results are, at least temporarily, that foreclosure activity has come to a screeching halt among several of the nation's largest foreclosure artists. Now what happens? All I can do is a little poorly educated speculating. If the bulk of the pending foreclosures stop and then get the green light to continue sometime in the future, all at once, will there be a sudden … (2 comments)
mortgage: My first encounter with Bank of America
- 10/04/10 03:08 AM
B of A and I go back quite a few years, and I can't say that it has ever been a delightful experience. They have not just recently become inflexible, unresponsive, and unreasonable. It seems that it's in their blood. My first experience with B of A, maybe twenty years ago, was when my mortgage loan was sold to them by another bank. The two month cushion rule for escrow accounts was fairly new. The bank sent me a letter demanding that I increase my escrow levels to comply with the new requirements. The problem was that the new requirements applied … (3 comments)
mortgage: The housing industry -- What will it take to get back to normal?
- 09/17/10 04:59 AM
Well, it depends on many factors, the first being how you define normal. I'll define my connotation of normal in the housing market. First, prices are stable or better. Second, there is a moderate supply of willing buyers. Third, there is moderate supply of non-distressed sellers. The bankers believe that we are at least three years away from clearing the present log jam of foreclosures. Some of them blame the government foreclosure prevention programs for stretching out the crisis. At any rate, until distressed property stops dominating the listing inventory, prices will not stabilize. Until prices stabilize, more and more homeowners … (6 comments)
mortgage: Meet Joe and Mary Nonhomebuyer
- 09/01/10 03:19 AM
Joe and Mary Nonhomebuyer are living in a nice two bedroom town house that they bought in 2005. It fit their budget comfortably, and they were able to make a 10% down payment, which was more than most first time buyers in 2005. They have been comfortably making their payments and enjoying their home for almost six years. They have been blessed with two beautiful children who will be starting school in a year or two. They are happy, responsible, and doing OK financially. It is getting a little crowded in the town house. They feel that they are outgrowing their … (0 comments)
mortgage: No Down Payment Loans Available Soon in Rice County
- 07/29/10 04:30 AM
It will soon be possible for home buyers to again get zero down financing with the help of the USDA. H.R. 4899 will be signed into law by the President soon, and funding will again be available for rural development loans. This type of loan is available for real estate located in all areas of Rice County. There are some very reasonable and easy to comply with requirements that are explained on the USDA website. Contact me for additional assistance and information. Call 612-916-3033. … (3 comments)
mortgage: Buyers benefit from the expired tax credit
- 05/17/10 09:32 AM
In the weeks prior to the April 30 tax credit deadline, competition among buyers to find that perfect home was often intense. Sellers enjoyed a steady stream of motivated buyers, all anxious to find a home to buy before the clock ran out. Well, the race is over, and the winners may be the folks who didn't manage to find a home before April 30. Maybe they were outbid, maybe they missed getting an offer in before another was accepted. How terribly unfortunate for them, maybe. Now that the frenzy has subsided, there are still plenty of homes on the market … (2 comments)
mortgage: New Principal Reduction Plan Could Save The Industry and the Economy
- 04/15/10 10:02 AM
There are thousands, maybe millions of Americans who owe more on their homes than they are worth. Most of these homeowners have good jobs and good credit, and many are comfortably making monthly payments. They are "DROPOUTS" from the real estate and refinance markets because of their negative equity. On average, it will take ten to fourteen years of regular monthly payments to get them back to even. Now, there's a plan that will help homeowners eliminate their negative equity and give them the freedom to sell their homes and trade up, or to refinance. Here's how it works: The homeowner … (8 comments)
mortgage: Should Deductible Home Mortgage Interest Be Ended?
- 01/01/10 02:30 AM
Government needs revenue to operate, and most of that revenue comes from taxes. We are required to pay taxes to support our government so it can provide us with various support and security. That is the what of taxes. Then, there’s the why and the how. Right or wrong, good or bad, why we tax or don’t tax certain things is not as much about producing revenue as it is about controlling human behavior. Our government has decided that home ownership is desirable, so we allow homeowners to deduct home debt interest and property taxes from taxable income. Our government has … (8 comments)
There are probably millions of homeowners who are living in a home that does not fit them. They made a reasonable down payment when they bought their homes several years ago, and they have made all their payments on time. The result of the housing crash has left them with a home that is worth less than they now owe, and that makes it difficult to buy a new home. Payoff of the current mortgage plus a downpayment on a new home plus selling and moving expenses equals a hurdle just too high to make a switch. 
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