Real Estate and Mortgages

The recession officially started December 2007 and ended June of 2009; however, many homeowners struggled to stay current on their mortgage before that time, and some still do now. Those in the financial industry have been learning how to help people either avoid or survive foreclosure of their homes, while at the same time the whole process […]

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Property owners whose mortgage outstanding balances is more than their property’s value are already aware that refinance is a distant dream for them. This is because in order to refinance an underwater mortgage or in that case any mortgage, lenders look for at least 20% home equity in the borrower’s property. However, home mortgage borrowers shouldn’t lose […]

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CX96NFM64FWV Private Mortgage Insurance (PMI) is expensive insurance that protects the lender, not you, if you foreclose, but you have to pay for it. It is required if you put less than 20% down when you purchase a new home unless you can prove that your total equity is equal to or exceeds 20% (22% […]

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Interesting articles worth checking out: Homeowners qualifying for new mortgage after short sale. Auto purchasing and the various fine print costly add-ons. Estate planning: Naming a trustee for your trust, and living wills. Roth IRA escape hatch, for those that already converted, but now regret it. Buyers are Back After Foreclosure. They didn’t have to […]

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I’ve talked to several people who have been having difficulty staying current on their mortgage, some just over the past year, and others that have been struggling for several years that have qualified for help recently, and they are able to stay in their homes.  Some have even been turned down for loan modifications and short-sales […]

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If you’re one of the millions of people who’ve faced losing your home through a wrongful foreclosure, you might get help, but you must act quickly. Homes that were foreclosed on in 2009 and 2010 should find out about the free Independent Foreclosure Review (IFR) process. The IFR process is by the Office of the Comptroller of the Currency […]

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I just spoke to a good friend and veteran in Columbus Ohio that has a mortgage with JP Morgan Chase for 30 years at just over 6%. Chase lowered their interest rate to 1% for 3 years, which made their monthly payment drop by about $400. They were told that this was a special program […]

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There is quite a bit of miss-information when it comes to whether someone should pay-off their mortgage. On one hand it is wise to have as a goal to someday have a mortgage free home, especially as one enters the retirement years, and minimizing of cash flow and simplification are goals. Many people wonder if […]

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A few days ago the Wall Street Journal had a very interesting and thought provoking article “Renting Prosperity.” This fascinating article may interest you if you: Are renting and considering buying Used to own a home, but are renting now Wonder about the effect of the housing crisis on people’s buying and renting trends

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Monday the Census Bureau announced that the percentage of people owning homes fell to the lowest level in 15 years to 65.4%, after peaking at almost 70% in 2004.

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Source: Kenneth Harvey LA Times A real estate short-sale occurs when someone sells their home for less than they owe the bank. People considering them are trying to get out of a mortgage payment they can’t afford, usually caused by unemployment, health care bills, divorce, or over use of debt related to these circumstances or not.  […]

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The Wall Street Journal reported that BofA is initially offering in New York, Arizona and Nevada homeowners who are having difficulty making mortgage payments, to lease their home back to them, at market rates, in exchange for transferring the deed to the bank using a ‘deed-in-lieu of foreclosure.’ This could be a win for the banks, who […]

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Fox reported today that Bank Of America To Pay $335 Million Settlement In Fair Lending Case | Fox News to resolve allegations that its Countrywide unit engaged in discrimination of African-American and Hispanic borrowers.

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Housing and Urban Development and some state officials are negotiating a settlement in the ballpark of $25 billion, with the 5 largest mortgage providers: J.P. Morgan Chase, Bank of America, Citigroup, Ally Financial, and Wells Fargo that could benefit some homeowners with troubled mortgages, the Wall Street Journal reported yesterday. Some homeowners could benefit by […]

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Step 1: Get Your Financial House in Order Before you even think about the purchase of a home, look at your entire financial plan. The purchase of a house affects not only the amount of money you currently have in savings and investments (if you use some of it as a down-payment), but the payments, […]

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An article in The Wall Street Journal today 11/15/11 about the Federal Housing Administration or FHA “Loan Backer’s Cash Runs Low” states that an audit being released today that FHA has close to a 50% chance of running out of money and require a tax-payer bailout. This follows the 10/23/11 news that PMI group the third largest mortgage insurer was […]

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Should I refinance our mortgage to get a lower interest rate? The old rule of thumb was if you are going to stay in your home for a few years, and interest rates drop more than your current rate by 1%, then it will be worth your while to refinance. Meaning since there are closing […]

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