Archive for March, 2010
Mortgage Qualifying Improved With Credit Card Change
It’s being widely reported that the Bank of America has decided to eliminate overdraft fees for debit cards. This is a mortgage issue, a consumer issue and a common sense issue that should concern anyone who wishes to finance or refinance a home. New rules from the Federal Reserve will make it more difficult for [...]
10Mar2010 | Peter G. Miller | 0 comments | Continued
Mortgage Paid? How Do I Know?
It would be nice to report that every mortgage payment is promptly received and correctly processed. However, it follows that in a country with some 45 million first mortgages that there are millions of opportunities to screw up and that sometimes loan payments made in good faith are not properly handled. What can you do? [...]
9Mar2010 | Peter G. Miller | 0 comments | Continued
No More Pre-approval Letters, Say Lenders
As a result of the new mortgage borrower protections that took effect January 1st, some lenders are now saying they can no longer provide pre-approval letters. “Before writing the letters, lenders like to see proof of income, such as a pay stub or tax return. But under the Real Estate Settlement Procedures Act rule that [...]
8Mar2010 | Peter G. Miller | 1 comment | Continued
Foreclosure Taxes
We usually think of foreclosures as the end product of not paying a mortgage. But in a somewhat weird way it’s also possible to be foreclosed for other reasons. For instance, in many communities the water company is actually a governmental agency. Don’t pay your water bill and there can be a lien against the [...]
5Mar2010 | Peter G. Miller | 0 comments | Continued
What Are Private Mortgages?
We usually think of real estate financing in terms of loans from banks, mortgage brokers, mortgage banks, credit unions and insurance companies. In fact there’s another source of real estate financing, private mortgages. Private mortgages can be alluring and in some cases financially dangerous. In the best case a private mortgage will provide a low [...]
4Mar2010 | Peter G. Miller | 0 comments | Continued
What Kind of Foreclosure Title Can I Expect?
With huge numbers of foreclosed properties now available for sale you have to wonder what type of title you might expect if you purchase one of these distressed homes. The lender selling REOs (real estate owned by a bank or other lender) does actually care how you own title, What it does care about is [...]
3Mar2010 | Peter G. Miller | 0 comments | Continued
What are foreclosure brokers?
It used to be that foreclosures were rare events. About .5 percent of all home loans were foreclosed in a year, a figure which reached 4.58 percent in the fourth quarter of 2009 according to the Mortgage Bankers Association. The huge foreclosure surge has not happened everywhere — some areas have seen vastly more foreclosures [...]
2Mar2010 | Peter G. Miller | 0 comments | Continued
Are Fewer New Homes Good For America?
Last week the Commerce Department reported that new home sales fell 11.2 percent in January to a seasonally adjusted annual rate of 309,000 units, the slowest pace on record. “This disappointing report highlights just how fragile the economic and housing recovery is right now, and the uncertainties that continue to weigh on consumers, particularly with [...]
1Mar2010 | Peter G. Miller | 0 comments | Continued
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