All Posts Tagged With: "fees"
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 [...]
22Jan2009 | Peter G. Miller | 8 comments | Continued
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 [...]
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.” Why a Real Estate Agent May Skip the Extra Mile, The New York Times, February 20, 2005 I’m not sure that buyers or [...]
17Sep2008 | Peter G. Miller | 0 comments | Continued
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 [...]
11Sep2008 | Peter G. Miller | 0 comments | Continued
Mortgage Help for Hurricane Ike 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 [...]
10Sep2008 | Peter G. Miller | 0 comments | Continued
Factoring Real Estate Commissions — How It Really Works
Most of us like to get paid for our work, the sooner the better. But in real estate this is a major problem because brokers are routinely paid weeks and months after their work is completed. In the usual case, brokers are hired to find a buyer or locate a property consistent with client requirements. [...]
6Sep2008 | Peter G. Miller | 0 comments | Continued
How Do Condo And Co-op Fees Differ?
A “co-op fee” typically includes an underlying mortgage and property taxes. Mortgage interest and property taxes are typically deductible, thus much of a co-op fee is usually deductible. The precise percentage you can deduct will vary according to your particular co-op. See the co-op treasurer and your tax professional for details. A “condo fee” typically [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
What happens if a foreclosed home sells for more than the mortgage balance?
If there is a surplus from the sale it will go back to the owner — but don’t forget that the lender will want not only the remaining loan balance but also the fees and costs associated with the foreclosure. Please see an attorney immediately to determine your rights and leverage if you face foreclosure. [...]
28Aug2008 | Peter G. Miller | 1 comment | Continued
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