Monthly Archives: March 2012

Reverse Mortgages

4-15-2016: More than 60% of borrowers used their reverse mortgage proceeds to pay off a mortgage…About 12% of federally insured Home Equity Conversion Mortgage (HECM) program were in default of paying property taxes or homeowner’s insurance…Also, income from a reverse … Continue reading

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What happens when the bank forecloses on a renter?

Protecting Tenants at Foreclosure Act of 2009 (signed by President Obama May 20, 2009.) This legislation provided that leases would survive a foreclosure — meaning the tenant could stay at least until the end of the lease, and that month-to-month … Continue reading

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HUD to release $73 million for housing needs

Nearly $73 million ($13 million, or 22 percent increase over last year’s funding level) in housing counseling grants will go  to more than 500 national, regional and local organizations. Housing counseling grants will assist families in becoming first-time homeowners and … Continue reading

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2010 repost – Zillow reports $9 Trillion loss in real estate values since 2006…and it ain’t over yet

I haven’t seen the value that has returned since 2011, but many markets are making up some ground, but it take alot more rise in prices than it fell – for instance, if your home values fell 25%, it will … Continue reading

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Your FICO score may drop without you doing a thing!

Even if you’re on time with your payments on everything, your FICO credit score may suffer. If the bank arbitrarily drops your available line of credit on your bank credit card, your credit score may take a hit for sudden … Continue reading

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What’s the fate of Mortgage Interest as an Itemized Deduction?

There is discussion in US Congress that the tax deduction for mortgage interest may be eliminated. I think I’ve read different sources stating from 35-50% of those who can take the deduction elect not to do so. That might be … Continue reading

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Billion$$$ for the Neighborhood Stabilization Program

Here we go again…Another Federal program designed to redevelop foreclosed & abandoned properties in blighted areas. Is it successful? Even though some communities have bought, renovated them and sold foreclosed homes to low income buyers, or have demolished some blighted … Continue reading

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Homeowners Associations (HOAs)

This is a general post about HOAs – I will get more detailed with later posts. In a nutshell:  The HOA manages/insures the of the common areas of a subdivision (subdivision entrance(s), pool, tennis courts, club house) and sets/enforces rules … Continue reading

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Short Sales

3-9-2014: So why are short sales taking so long? According to the Zillow Blog, banks, bureaucracy, lost paperwork, and more than one lender can’t agree are some reasons. 8-23-2013: It really helps if credit bureaus have a special code for … Continue reading

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Fannie Mae plans to sell large pools of foreclosed properties to investors

5-21-2012: Almost 500 of 2,500 homes slated for sale to investors in the Atlanta metro area. California congressman is trying to stop it in California. Source: http://www.inman.com/news/2012/05/18/bill-would-stop-bulk-reo-sales-in-california I recently watched the movie “Animal House” and caught the scene where Dean … Continue reading

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