Even though the Great Recession has been with us for more than 4 years, and Short Sales have been around for years, nobody has really been able to find a way to deal with them very efficiently. Fannie Mae is attempting to change that with the launch of the new tool they call The HomePath for Short Sales tool. The tools is divided into three categories:
After a few weeks of the multiple times per day barrage of phone calls from Bank of America I attempted to resolve this by calling them myself. The colossal comedy of incompetence a person has to suffer in order to get a straight answer from Bank of America is deplorable! As a Mortgage Loan Officer with nearly 15 years of experience speaking the language of mortgage lenders I can only imagine how impossible this experience is to someone without similar experience.
By now you know some of the basic reasons you should get a survey and when purchasing real property in North Carolina you should insist on title insurance. Tip: Title insurance routinely excludes covergae of title defects that would have …
Tips for Home Buyers : Survey’s & Title Insurance Read more »
What should you do then if you have a high lease payment and you are like so many debt averse Americans (that just sounds strange to be coming off my keyboard) and are de-leveraging (paying off debt and not incurring new debt) and dare I suggest, PAYING CASH for your next car (Dave Ramsey will be so proud of us both)?
By now you know you should review your credit reports for inaccuracies every 90 days. But do you know what to do when you encounter a mistake in your credit report? 7 Steps to correct credit report errors: The first thing to do is …
After the time and money spent adorning the home, there is still the very real possibility of a cancelled sales contract because of a deficiency listed in the buyer’s home inspection. In fact, now more than ever potential home buyers are willing to walk away from a contract that isn’t “just right”.
Predatory Lending Considerations Subprime lending is not synonymous with predatory lending, and loans with the features described as Subprime are not necessarily predatory in nature. However, institutions should ensure that they do not engage in the types of predatory lending …
The Escrow Department will likely be the same department that will cash and hold your insurance claims check. Don’t be surprised if your bank/lender actually place a hold on the check for up to five business days due to the protential for fraud given the number of mass losses that have occurred recently.
If I were to tell you that you will be required by your lender {mortgagee} to give a Death Pledge to buy or refinance your next home would you might think twice and would you want to know more about to whom you were entering into a mortgage agreement with?
What Private Mortgage Insurance and why do I have it? Years ago when your grand parents bought a home they saved each extra penny they could until they had enough for a down payment that was equal to at least 20% of the …