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Why Foreclosure Prevention Is Not Enough
Fannie Mae has opened a new consumer education site which it says “outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.”
The site, Know Your Options.com, has the usual bells and whistles for a [...]
Did Condominiums Really Start In Rome?
Did Caesar and Nero really rule in a city filled with condominiums?
Search through the Internet and the unavoidable answer is largely yes, but in fact there were no condos along the Tiber or near the Coliseum at the height of the empire.
Don’t believe it?
Get out your copy of the Oklahoma City University Law Review, [...]
American Homes Keep Getting Bigger
HUD has come out with a new housing survey and not surprisingly it finds that “U.S. homes today are bigger with more bedrooms and bathrooms than 1973.”
HUD’s 2009 American Housing Survey (AHS) also tells us that most families with young children live within a mile of a public elementary school. The most common home heating [...]
The Real Meaning of July 4th
Each year on Independence Day the U.S. is filled with parades, fireworks and hot dogs. July 4th is a great day to celebrate.
The founding of the United States was a tremendous change from the governments and institutions of the time. Based in part on the writings of such philosophers as John Locke and Thomas Hobbes, [...]
Should We Tax Our Vets?
The IRS has created an excellent Web page — Tax Information for Members of the U.S. Armed Forces — which explains tax issues for those now on active duty. There are a huge number of rules, most of which greatly benefit those now fighting overseas.
But when you look at the forms, deductions, exceptions, alternatives, [...]
Memorial Day
On this Memorial Day let’s take a moment to remember those who served in the Armed Forces in past years and those who serve today.
For most Americans the history of a lifetime is marked by its wars and battles. Since the Second World War, US military personnel have been involved in major conflicts in [...]
The Mortgage Modification That Hurts Borrowers
Our lender has modified our mortgage. That sounds pretty good because mortgage modifications are in the news and some people very much need new rates and terms.
But in this case, what’s happened is this: Out of the blue and without any other notice our lender has cut off our home equity line of credit (HELOC). [...]
Bankruptcies Rise 32% in 2009, 1.5 Million Went To Court
Almost 1.5 million bankruptcies were recorded in 2009, a number up 32 percent from 2008 — and a number that was not supposed to happen.
Huh? How come there were not supposed to be so many bankruptcies.
Well, to put this as nicely as possible, the so-called Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was [...]
FHA To Borrowers: Gimme More!
The FHA has announced higher mortgage insurance premiums,stiffer downpayment standards for those with weak credit and more oversight for FHA-approved lenders.
What’s going on here? A few things:
First, FHA reserves are falling. The insurance program needs more money. What happens when insurance programs need cash? They raise premiums. In the case of the FHA they want [...]
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 association. [...]
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