Comments for Mortgage Loans, Rates, Home Buying, Selling, Foreclosures

Comment on Why Obama Should Favor Mortgage Appraisals by Caterina Platt

Caterina Platt — Tue, 07 Feb 2012 14:05:36 +0000

Thank you, Mr. Miller!! If mark to market wasn’t good enough for the investors that were to accept the risky MBS labeled as ‘toxic’, then why in heaven’s name would it be good enough for the very assets inside these MBS for the taxpayers to guarantee?

Second, I have a concern about the way the proposal states the appraisal is a barrier, and the AVM would alleviate this problem. Huh? Out of one side of their mouths, they will try and tell you that one is just as good as the other, thus they should be similar value results, right? Why then would an appraisal be a ‘barrier’? Is it because the AVM can be manipulated by the input, but the appraiser can’t?

Comment on Why Obama Should Favor Mortgage Appraisals by Tom Horn

Tom Horn — Mon, 06 Feb 2012 15:24:24 +0000

Great article. I think the desire to do away with the appraisal is absurd. Do people not want to know the value of their investments? Even if you go into it knowing it is undewater, you still know where you stand. Thanks for shedding light on Obama’s plans.

Comment on Should Mortgage Robo-Signers Go To Jail? by Earl

Earl — Tue, 24 Jan 2012 21:56:37 +0000

It is not just the robo-signers. The state and federal courts, judges, attorneys including other governmental agencies are involved. They all do it of course for the money and don’t give a damn about the lives they ruin.

Comment on What’s a “short” sale? by Senka

Senka — Thu, 19 Jan 2012 04:33:33 +0000

Register of Deeds John O’Brien: “As I have been saying all along, they may think they are too big to fail, but as far as I am concerned, they are not to big to go to jail. The top officials at MERS, its member-banks, servicers and foreclosure-mill attorneys must be prosecuted and held accountable for their fraudulent schemes that brought profits to their institutions by cutting corners, circumventing land recordation systems through fraud, uttering and forgery.” -http://tinyurl.com/3dgpsox Also see: http://www.salemdeeds.com/pdf/PressRelease1-18-12.pdf

Comment on FHA Mortgage Insurance Premium To Rise In 2012 by Toby Lane

Toby Lane — Wed, 11 Jan 2012 19:50:46 +0000

It’s hard to believe they are increasing monthly MI again. It has already started affecting business in a negative way. The biggest thing I have seen lately is on streamline refi’s. People that had .5 or .55 MI factors now facing 1.15 or to be 1.25%, find out that it’s not worth refinancing because the savings they would of had is wiped out by the increased MI. This will mean people will have less money to put into the economy and this will ultimately be another drag on the housing market. Not a good move when we are limping along as it is.

Comment on Why Rand Paul Is Wrong On Public Housing by biffula

biffula — Tue, 10 Jan 2012 20:08:49 +0000

Hey Miller, it will only temporarily send people out into the streets. Then they’ll be motivated to get themselves educated so they can get better jobs and be able to support themselves. You’d be amazed at what people can do when they have to.

Comment on American Chopper’s Paul Sr. To Join Trump’s Celebrity Apprentice by biffula

biffula — Tue, 10 Jan 2012 20:06:21 +0000

Hey Miller, there is no more American Chopper. The last one was the build-off between Sr., Jr. and Jesse James. There are rumors that Jr. may be getting his own show, but American Chopper is done for. Just like OCC will be within 2 years now that Sr. doesn’t have it to prop up his business.

Comment on Judge To Lenders: Show Me The Note by DANI

DANI — Mon, 26 Dec 2011 15:39:43 +0000

god bless the ohio judge that stand up to trustees fraud in trying to steal people homes
we need more educated judges like judge boyko
all over america to stop the banksters from stealing people homes

Comment on Public to Politicians: End Foreclosure Mess by Chris - HomeForSure

Chris - HomeForSure — Sun, 18 Dec 2011 13:23:20 +0000

We look to our elected officials for guidance and leadership, yet what can they do from there? Assuming things aren’t working as-is, what should be done? Should the government enact sweeping, unprecedented laws and spend a massive amount of money to get things in order? Or, should they pull out entirely, and let the chips fall where they may? Check out this article that discusses both sides: http://www.homeforsure.com/government-intervention-in-real-estate

Comment on Can “Equity Sharing” Prevent Foreclosures? by Dave Salcido

Dave Salcido — Tue, 13 Dec 2011 23:54:19 +0000

“There’s a catch here, however, which now dooms both Cuban’s idea as well as any similar approach to bail-out distressed borrowers. Equity-sharing has traditionally been designed as a way to acquire property, not as a way to refinance. Selling an equity interest in a home with an existing owner, changing the title, sets off the “acceleration” clause found in virtually all mortgages.”

Here’s the fix. Don’t sell an interest in the property. Sell an interest in a land trust (personalty, not realty).

1. Create a land trust (the homeowner must remain a beneficiary of the trust to avoid due on sale). This is for asset management, tax purposes, avoidance of probate, etc. Because of Garn/St. Germaine Act, putting your property into a trust does not trigger due on sale.
2. Deed title to a 3rd party corporate trustee. The trust is still beneficiary directed.
3. Assign a beneficiary interest (in the trust) to the lender.
4. sell the property for a profit and split the proceeds according to % of interest.

Done deal. Everyone wins.