Saturday, February 14, 2009
I love reading Elizabeth Weintraub's About.com Home Buying / Selling blog. She's an awesome Realtor and will give you excellent advice regarding a wide variety of home buying and selling issues.
In "What Is Wrong With Buy and Bail?" Elizabeth walks us through a hypothetical example of the lengths some homeowners will go to in order to purchase a new home just before going into default on the home they already own. She explains what happens when a borrower falsifies his or her loan documentation and/or deliberately fabricates misstatements on a mortgage loan application. That is mortgage fraud. Mortgage fraud may happen: (1) when a borrower withholds information (EW's example: such as a deliberate intent to stop making payments to another creditor) or (2) falsifies information, "either of which would cause the new lender to reject the loan if the lender knew about it." It is a fascinating read and highly recommended.
In "How To Do A Short Sale" Elizabeth explains the various ways home-owners may actually lose a home and reveals the fact that there is a mechanism a percentage of sellers can use to divest of their properties in a manner that does not completely destroy his or her credit. If you are, or know of an owner, who can no longer afford to maintain his or her mortgage payments or keep them current, one option to avoid bankruptcy or foreclosure is called a "short sale." BTW, she has a new book on this subject that I predict will make the NY Times Bestselling List. It's that good... I am looking forward to writing a OBMR review...
Elizabeth and I are in complete agreement regarding not hiring an agent that does not have your best interest at heart. In "Are You Ready To Make A Purchase Order?" "Making a purchase offer and actually buying a home are generally two different actions, but home buyers sometimes confuse the two..." Wanna know more? Click on the link. I think you'll enjoy reading her post on the subject.
My favorite ClubChaosAgents.com Team Blog posts:
If you are not subscribed to Elizabeth you may want to reconsider your position. You will never be disappointed. She is an excellent read.