Archive for December, 2009
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 [...]
30Dec2009 | Peter G. Miller | 0 comments | Continued
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, [...]
28Dec2009 | Peter G. Miller | 0 comments | Continued
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 [...]
22Dec2009 | Peter G. Miller | 0 comments | Continued
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 [...]
21Dec2009 | Peter G. Miller | 0 comments | Continued
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 [...]
18Dec2009 | Peter G. Miller | 1 comment | Continued
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 [...]
15Dec2009 | Peter G. Miller | 0 comments | Continued
FHA Mortgage Basics
It all started in the 1930s when the government began insuring home mortgages. This was a big deal because it meant that homes could be purchased with little down and with loans that lasted more than five years — the norm at the time. Since the program began in 1934 the government has insured more [...]
9Dec2009 | Peter G. Miller | 1 comment | Continued
Conventional Mortgage Basics
Finding out how much you can borrow with a conventional mortgage to buy or refinance a home is both science and art. The answer will vary according to the lender you chose, underwriting standards, your financial history, the type of loan you seek, the business climate at the time you apply, and the exceptions that [...]
7Dec2009 | Peter G. Miller | 0 comments | Continued
VA Mortgage Basics
Since the end of World War II the US has had an extensive benefits program in place for those with military service. The benefits include healthcare, help with college tuition and home loans. The VA mortgage program is the single best form of real estate financing available because qualified individuals can purchase with nothing down [...]
3Dec2009 | Peter G. Miller | 0 comments | Continued
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 [...]
1Dec2009 | Peter G. Miller | 0 comments | Continued
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