A Good Question Re: Loan Modifications:
Repost from an earlier question from another blog Q...so let me get this right: to qualify for a modification, a "financial hardship" can simply be a reduction of income or job loss (meaning you don't have to be sick, etc.) I was downsized and my only income is unemployment ($900 month). And you're saying the guidelines for the banks say they should reduce my interest rate, extend the term, etc., to get my monthly payment down to around 1/3 of my income (dropping it, in my case, from $2500 to $300/month). This seems too good to be true...how would my situation ...
I have both a first and a second mortgage. Do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
Borrowers with more than one mortgage may be eligible to refinance under the Homeowner Affordability and Stability Plan as long as the amount due on the first mortgage is less than 105% of the value of the property (105% LTV). Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position (and on your ability to meet the new payment terms on the new first mortgage). The government is incentivizing servicers, lenders, investors and junior lien holders to extinguish subordinate liens.
New RESPA Rules: Developers and Lenders Beware
Image via Wikipedia The Real Estate Settlement Procedures Act (RESPA) of 1974 was intended to shield home buyers from lenders, realtors, and title insurers' "predatory" practices. Given their vulnerable position at loan closing, home buyers were thought easy prey ripe for these companies and agents, many of whom used bait-and-switch tactics and kickback schemes to line their pockets on the dl. Today, with the residential real estate market in full meltdown-- and with an ongoing crisis in the mortgage and credit industries — the concern is with the skyrocketing number of foreclosures as well as the increasing volume of ...
Home Buyer Tax Incentive (Update)
Senators Want Homebuyer Tax Credit to Rise to $15,000 Lawmakers are pushing to revive legislation in the Senate that would almost double an $8,000 tax credit for first-time homebuyers and expand the program to all borrowers. Senator Johnny Isakson, a Georgia Republican, introduced a bill today that would increase the tax credit to $15,000 and remove income and other restrictions on who can qualify. The legislation would extend the homebuyer credit to multifamily properties used as the borrower’s primary residence. It would also eliminate the aforementioned (in prior post) income caps of $75,000 and $150,000 on individuals and couples seeking to claim ...
Real Estate Investing For Real | A BiggerPockets Investment Property Blog- Those Greedy SOBs! February 8, 2010When you’re driving on the highway, have you ever noticed that anyone who drives slower than you is a moron and those who drive faster are maniacs? It’s human nature to think that there is something wrong with those who don’t act the way we think they should. It’s certainly true in real estate. Today I [...]This Article is Copyright © 2004-2009 BiggerPockets […]
- How to Handle a Landlord with Multiple Properties for Sale February 7, 2010I love landlords. I get the majority of my deals from landlords who are sick of dealing with tenant hassles. The biggest payoff comes when you get a call from a landlord who wants to sell you multiple properties, such as 3, 10, 20 and maybe even 50 houses at once. So what do you when [...]This Article is Copyright © 2004-2009 BiggerPockets, Inc. All Rights R […]
- Superbowl Commercials 2010 | Why You Should Take Notes February 7, 2010Superbowl Commercials are the probably the most watched commercials year round. Superbowl Sunday is the day people can’t help be excited about: from the fans, to the players, to the coaches, and yes, even the Sponsors… And that’s exactly who I want to talk about this year… The Sponsors! After doing a little bit of research, I found out [...]This Article is […]
- The Ten Best in RE.net This Week: Feb. 6, 2010 Edition February 6, 20101) On the ethics of “strategic default”… – I understand where Scott is coming from on this post, but some parts of the country are in such a bad position you have to start questioning it. Imagine being in a home you owe $600,000 and today it is only worth $350,000. At some point a common [...]This Article is Copyright © 2004-2009 BiggerPockets, Inc. All Righ […]
- Property Fraud Alert Service – Watch Your Back! February 6, 2010There is a service offered in a select number of counties called, Property Fraud Alert, which, after you sign-up, runs a query against any new documents recorded within the county of your choice. The primary purpose for this service is to help stop mortgage and property fraud. If any document recorded within your county lists [...]This Article is Copyright […]
- Where Have All The Houses Gone? Can we Fix the Growing Shadow Inventory Problem? February 5, 2010If you know who Pete Seeger is, you’ll recognize that I’m about to pirate the song he sang about the cyclical nature of war. Hang in there. I promise I’ll tie this into real estate investing. Where have all the houses gone? Gone off balance sheet, every one. When will they ever learn? When will they e…ver learn? You gotta [...]This Article is Copyright © 2 […]
- Recent Important Snippets You May Not Have Seen February 5, 2010After reading a story titled, “Local homeowners get the runaround on loan modifications” in my local paper this week, I decided to do a bit of snooping about the HAMP program. Fortunately the title company I use for my real estate deals has a very proactive website. It not only gives me the latest NOD [...]This Article is Copyright © 2004-2009 BiggerPockets, […]
- Those Greedy SOBs! February 8, 2010
- Daily Real Estate News
- California Million-Dollar-Home Sales Fall February 5, 2010Properties in the Golden State that once sold for more than a million dollars fell for the fourth consecutive year in 2009. […]
- Madoff's Florida Home Still on the Market February 5, 2010One of the residences of the notorious Ponzi scheme perpetrator has just had its listing price lowered. […]
- Cheapest Places to Rent an Apartment February 5, 2010These five cities are the most financially friendly for renters, according to Reis Inc. […]
- Housing Inventories Up Slightly in January February 5, 2010Although they usually spike this time of year, inventories did not rise that much between December 2009 and January 2010. […]
- Chinese Farmers Seek Big Housing Bucks February 5, 2010Farmers in China are looking to profit from the country's real estate boom. Unfortunately, many of them are using illegal means to do it. […]
- Mortgage Rates Top 5% February 5, 2010Although average rates passed the 5 percent mark, they're still relatively low. […]
- California Million-Dollar-Home Sales Fall February 5, 2010
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- Fannie Mae Offers Subsidy for REO Purchases
- U.S. Foreclosure Activity Spreads Beyond Hard-hit Metro Areas
- U.S. Foreclosure Activity by Month 2006-2009
- Fraud Talk
- Former New Jersey Restaurant Executive Pleads Guilty In $1 Million Kickback Scheme
- California Man Arrested For Running $12 Million Ponzi Scheme
- California Man Free On Bail After Arrest For Allegedly Embezzling $1.8 Million
- Update: California State Bar Worker Sentenced For $615K Embezzlement Scheme
- Arts Patron Sentenced For Bilking Investors Out Of $22 Million
