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Archive for February, 2010

Is Walking Away Right With A Commercial Mortgage?

Is Walking Away Right With A Commercial Mortgage?

What happens if you borrow billions of dollars to buy real estate and then get foreclosed? It’s just a guess, but I bet you don’t get harassing phone calls or threats that your stuff will be on the street by Tuesday. Instead, you get a foreclosure notice such as the one below. How did this […]

Posted in: Foreclosures
10 Ways Mortgage Loans Are Changing

10 Ways Mortgage Loans Are Changing

With all the fall-out from the mortgage meltdown it’s not surprising that mortgage loans are changing. Many of the deals available during the past decade are not done and gone, not a loss for most borrowers. What happened from 2004 through 2007 is that new forms of nontraditional loan products were introduced, so-called affordability loans. […]

Posted in: Mortgages
Now Available: The Quick & Dirty Guide To Successful Mortgage Modifications

Now Available: The Quick & Dirty Guide To Successful Mortgage Modifications

A number of people have asked if some of the mortgage modification material on this site could be combined with new information and made available as an eBook in various formats. The answer is now yes. The guide below is available in various eBook formats and the price is less than $3.00. Oh, about the […]

Posted in: Foreclosures
How Can I Pay Less For Mortgage Insurance?

How Can I Pay Less For Mortgage Insurance?

Lenders require mortgage insurance when borrowers are unable to put at least 20 percent down when buying a home. The good news is that in some instances it may be possible to reduce mortgage insurance costs. Mortgage insurance comes in three basic flavors, FHA, VA and private mortgage insurance (MI). Let’s look at each. FHA […]

Posted in: Mortgages
What Is Mortgage Flipping?

What Is Mortgage Flipping?

If you have a mortgage you have a debt, but what about the lender? To lenders that very same mortgage note is an asset, a security which can be bought, held or sold. So — in the most innocent of circumstances — an investor might buy a mortgage note in the morning and selling it […]

Posted in: Mortgages
What’s A Typical Foreclosure Fee?

What’s A Typical Foreclosure Fee?

When a lender seeks to foreclose a number of fees can arise. There will be, for example, a foreclosure fee paid to an attorney. If the property is auctioned off then the local sheriff or court will want a fee. There are typically an assortment of fees to be paid just to get the matter […]

Posted in: Foreclosures
How Can I Buy A Bank Owned Property Foreclosure?

How Can I Buy A Bank Owned Property Foreclosure?

It should be a simple task to buy a bank-owned foreclosure, but innumerable purchasers report long waits, lots of paperwork and unsatisfactory dealings with lenders. Why this should be is unclear because buyers want to buy and lenders do not want to be in the real estate ownership business. The first issue is finding a […]

Posted in: Foreclosures
What Is A Mortgage Modification?

What Is A Mortgage Modification?

A mortgage is actually a contract between a borrower and a lender. The borrower gets cash up front and the lender gets back the loan amount plus interest over time under terms and conditions established in advance. There are times though when either the borrower or the lender will seek a mortgage modification, a change […]

Posted in: Mortgages
Why Not Transparency For The Federal Reserve?

Why Not Transparency For The Federal Reserve?

It was in July 2008 that IndyMac Bank, F.S.B., was taken over by the Federal Deposit Insurance Corporation (FDIC), the second-largest bank failure in U.S. history according to the Los Angeles Times. The goal of the FDIC was to find a buyer for the bank with as little cost as possible to the FDIC insurance […]

Posted in: News
What Makes A Foreclosure Settlement Different?

What Makes A Foreclosure Settlement Different?

When you purchase a foreclosed property from a lender the transfer process is largely the same as if the purchase involved property from a typical seller. Largely the same — but not the same. A closing, settlement or escrow is merely an accounting of who owes what to whom. Among the interests represented at the […]

Posted in: Foreclosures