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Archive for December, 2009

Can A Condo or Co-op Go Bankrupt?

Can A Condo or Co-op Go Bankrupt?

Can a condo or co-op go bankrupt or be foreclosed? The answer is you bet — but the good news is that such financial disasters are rare. In general terms a condominium is a property where there are units with individual title and financing as well as common areas which are owned by the condo […]

Posted in: Library
HUD Offers Free FHA Lender Locator Tool

HUD Offers Free FHA Lender Locator Tool

It probably surprises people everyday, but nope — not all lenders originate FHA mortgages. Given that FHA loans make up a big percentage of the marketplace this omission may seem odd, but in fact it makes much sense: To be an FHA-approved lender you need to meet certain capital requirements and other standards. As well, […]

Posted in: Mortgages
Holiday Eviction Bans Versus Foreclosure Moratoriums

Holiday Eviction Bans Versus Foreclosure Moratoriums

In the past few days there have been a flurry of lender announcements promising that this holiday season there will be an eviction ban for 2009. Nobody says so, but the eviction suspension differs greatly from the foreclosure moratorium offered in 2008. Let’s see: Fannie Mae has announced that it will suspend all foreclosure evictions […]

Posted in: Library
How To Write A Successful Loan Modification Letter

How To Write A Successful Loan Modification Letter

More than 2.8 million homeowners faced foreclosure during the past year according to RealtyTrac.com. Honest, honorable people with every intent of paying their debts have found themselves with impossible financial situations because of the Nation’s massive economic downturn as well as the use of toxic mortgages. In many cases owners are both unable to sell […]

Posted in: Foreclosures
How America Got Its First Christmas Tree

How America Got Its First Christmas Tree

Christmas trees now sparkle in millions of homes, but did you ever wonder how the tradition began? No doubt there are several stories regarding the start of this custom, and here’s one I’d like to pass along. “It’s now been more than 150 years since Professor Charles Minnigerode decorated Williamsburg’s first Christmas tree,” says Robert […]

Posted in: Library
How Many Mortgages Can I Have?

How Many Mortgages Can I Have?

It’s long been a tradition in real estate that borrowers were limited to four financed properties in addition to their prime residence, a tradition which has now changed. It used to be that you could have a prime residence, a financed second home as well as three financed investment property loans and still be within […]

Posted in: Mortgages
Who Owns My Mortgage?

Who Owns My Mortgage?

If you’re looking for a loan modification or short sale it greatly helps to know who owns your loan. There are 50 million mortgages in the U.S. and the good news is that about 60 percent — more than 30 million loans — are owned by Fannie Mae and Freddie Mac. Who owns your mortgage […]

Posted in: Mortgages