All Posts Tagged With: "fees"
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 [...]
17Feb2010 | Peter G. Miller | 0 comments | Continued
Tales Of A Big Bank Refugee
In the eyes of big banking I am a sinner of the first magnitude. My offense is not over-drafts or bounced checks, but rather the undeniable fact that I am self-employed.
I last held a job in 1971, and since then have managed to cobble together a reasonable existence as an author and consultant. Clients and [...]
Appraisal Worries Really About The Future
Tim writes and points to a number of problems he sees with the Home Valuation Code of Conduct (HVCC). Fair enough. Let’s look at what he offers:
>>>Instead of a majority of valuation assignments going to appraisal managment companies we now have virtually ALL assignments being controlled by these joint venture arrangments. Notice how the market [...]
Appraisers Seek Sensible Reform
There’s been considerable debate regarding the Home Valuation Code of Conduct (HVCC), the agreement to curb appraisal abuses worked out between New York Attorney General Andrew Cuomo, Fannie Mae, Freddie Mac and their then regulator, the Office of Federal Housing Enterprise Oversight (OFHEO).
A number of leading real estate and lending trade associations are seeking an [...]
How To Get A Successful Loan Modification (With Obama Update)
Is it possible to get a mortgage modification without being foreclosed or behind on your payments? For an increasing number of borrowers the answer is “yes” because recent changes in the mortgage industry now make loan modifications more likely than at any point since the financial meltdown began.
For much of human history mortgage lenders have [...]
Are Reverse Mortgage Premiums Justified?
While most of the mortgage marketplace is in a funk, reverse mortgages are a significant bright spot. HUD says it originated more than 107,000 reverse mortgages in fiscal 2007 — a figure up more than 40 percent from a year earlier.
The HUD numbers are important because the FHA is generally said to insure about 90 [...]
19Sep2008 | Peter G. Miller | 0 comments | Continued
Real Estate Settlements: Public Cheated Out Of $10 Billion — Per Year!
It was in 2002 when HUD Secretary Mel Martinez told the world that consumers could save as much as $10 billion a year by making the settlement process more competitive. Martinez — now a Republican senator from Florida — offered a simple proposal: Instead of buyers and sellers purchasing settlement services one transaction at a [...]
19Sep2008 | Peter G. Miller | 1 comment | Continued
$30,000 For A Reverse Mortgage?
HUD presents itself as the borrower’s friend, your buddy when it comes time to get a mortgage. There’s considerable truth to this claim, just look at FHA mortgages in general. While much of the mortgage marketplace is melting down, the latest numbers from HUD show that the FHA program is likely to double in size [...]
18Sep2008 | Peter G. Miller | 0 comments | Continued
Right Math, Debatable Conclusions
“You cannot completely trust the advice your broker gives you,” said Christopher J. Mayer, a professor of real estate at Columbia Business School. “You have to become more educated as a buyer.” (See: Why a Real Estate Agent May Skip the Extra Mile, The New York Times, February 20, 2005)
I’m not sure that buyers [...]
Mortgage Relief for Hurricane Gustav Victims
It’s become a kind of ritual, the word from major mortgage lenders and loan owners providing relief in the face of hurricanes, tornados, fires, earthquakes and other natural disasters.
What can impacted mortgage borrowers expect with hurricane Gustav? Looking at past practices from 2005 with Katrina, Rita and Wilma, Fannie Mae, Freddie Mac and most other [...]
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