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Archive for October, 2012

How Can I Establish First Mortgage Credit?

How Can I Establish First Mortgage Credit?

Question: I’ve recently graduated from college, pay cash for everything, have no credit cards and live at home. How do I establish credit since I ultimately want to buy a house? Answer: In the usual case mortgage lenders might measure your credit standing by looking at utility bills, car payments, savings and rental information. However, […]

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Mortgage Help For Hurricane Sandy Victims

Mortgage Help For Hurricane Sandy Victims

Weather experts now predict that the East Coast will be widely impacted with the arrival of Hurricane Sandy, an event which will also change mortgage payment requirements in some cases. If tradition holds, lenders will have in place a series of protections for borrowers, including delayed payments, reduced bills and suspended credit reporting. High waves, […]

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Foreclosures Drop in 62% of Metro Areas, Says RealtyTrac

Foreclosures Drop in 62% of Metro Areas, Says RealtyTrac

While the real estate market has not recovered from the peak prices seen in 2007 it made huge progress during the past year. RealtyTrac reports that foreclosure activity decreased from a year ago in 131 out of the nation’s 212 metropolitan areas with a population of 200,000 or more —  that’s a 62 percent decline. […]

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Can I Sell My House For A Premium Price?

Can I Sell My House For A Premium Price?

Question: A year ago we needed to quickly sell our home. We had spent many, many weekends creating a beautiful yard with new trees and flower islands. Inside we painted every room and made coordinating window treatments. We also had a double lot. In the end, the house sold in one day — but it […]

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Will Romney’s Tax Plan End Your Mortgage Deduction?

Will Romney’s Tax Plan End Your Mortgage Deduction?

In the second presidential debate between President Obama and Gov. Romney the term “mortgage” came up only twice: once in a question from an audience member and once again in a response by Gov. Romney. For Gov. Romney it was a good chance to get to the specifics of his tax revision proposals. Here was […]

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Will Your Mortgage Modification Be A Rip-Off?

Will Your Mortgage Modification Be A Rip-Off?

If someone asks you to pay in advance to avoid foreclosure or get a mortgage modification then red flags should go up. That’s the color of the Martian soil, a thought which brings us to the MARS rule. The MARS rule – or the Mortgage Assistance Relief Services rule – is the regulation used by the […]

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RealtyTrac: Foreclosures Plummet To Five-Year Low

RealtyTrac: Foreclosures Plummet To Five-Year Low

Foreclosure filings in the US sunk to levels not seen since 2007 according to RealtyTrac, the leading foreclosure tracking service. In September foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,427 U.S. properties, down 16 percent from September 2011. and the lowest U.S. total since July 2007. In terms of quarterly […]

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Government Proposes Flawed Mortgage Appraisal Rule

Government Proposes Flawed Mortgage Appraisal Rule

Buried in a new Consumer Financial Protection Bureau proposal is a new effort to control illegal flipping. On its face any effort to limit illegal flipping should be seen as a good thing because the practice of illegal flipping hurts not only buyers and lenders, it also knocks down community values once such properties inevitably […]

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Business 101: What is Wealth?

Business 101: What is Wealth?

We often think of “wealth” in terms of big buildings and fancy houses. But in the world of economics wealth is something very different. Economists believe that wealth has four major components: land, labor, capital, and entrepreneurial ability. One or more of these factors is behind every great fortune. Land Land we recognize in the […]

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Big Bank Derivative Bets Nearly Double In Six Years

Big Bank Derivative Bets Nearly Double In Six Years

America’s major banks now hold derivatives with a notational worth of $225 trillion — about a third of the world total. No kidding. Trillion. And that’s up from a mere $120 trillion six years ago. Rather than being weened off derivatives, America’s big banks are more deeply entrenched then ever. Hopefully Wall Street has it figured […]

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