Monthly Archives: August 2012

This loan program basically allows the home buyer to use FHA financing to buy and repair/rehab residential real property through pre-approved repair contractors.  Many stipulations exist but the program has worked well for many people get a home at a … Continue reading →

President Obama’s commitment to have 1-4 million loan modifications prevent foreclosure raises a related issue of intangible tax avoidance. Currently in the state of Georgia, as well as other states, there is a charge to those individuals who refinance one loan … Continue reading →

According to a 2010 WSJ article (4-3/4-2010, Page B1) some lenders who foreclosed on homes thought they owned the mortgage – but they didn’t! Lender Processing Services (LPS) Inc. is a company who uses a computer software program that most … Continue reading →

I am currently looking to update this post, but let me know if you have any information that updates these findings… Update 10-9-2012: www.Bettermarkets.com calculates the total cost to date over $12.8 Trillion. Source: http://www.bettermarkets.com/reform-news/viewpoint-128-trillion-and-counting-cost-financial-crisis According to the Atlanta Business … Continue reading →

Some of the key findings of the 2010 report are… (1)  2009-10, and probably beyond – mortgage fraud was growing. (2)  many professionals are involved – not necessarily one faction or another…”licensed/registered and non-licensed/registered mortgage brokers, lenders, appraisers, underwriters, accountants, real … Continue reading →

Definition:  A fee charged (normally 1% of sales price) for a period of years (usually 99) each time ownership of a real property is transferred.  Sometimes it’s paid to homeowner’s association for maintenance or capital improvements (roads, entrance, pools, tennis courts, … Continue reading →

Hey home buyer! If you purchased a home in the past year or so, your property taxes for the home were probably prorated between you and the home seller.  The amount collected with be recorded on the HUD-1 Settlement Statement … Continue reading →

Hey, this may be a mute point since (a) Senator Bob Corker’s proposed Senate bill winds down Fannie and Freddie in 5 years is gaining steam and (b) Fannie & Freddie are winding down toward $250B in loans…Source: http://www.mortgagenewsdaily.com/08172012_gse_conservatorship.asp About … Continue reading →

Well, maybe not without taking a little antacid and two Advil first… Who is it? In 1968, Congress established the Government National Mortgage Association (Ginnie Mae)- A government-owned corporation within the Department of Housing and Urban Development (HUD). At this … Continue reading →

Fannie Mae has recently started its Option Finder initiative to try and keep homeowners in their homes and to address other options in case they can’t. http://www.knowyouroptions.com/options-finder Let me know if this helps you understand your options. References to products and services … Continue reading →