As you may know Assembly Bill 284 took affect on 10/1/2011 and requires that lenders have proof of ownership prior to filing a Notice of Default on delinquent mortgages in Nevada. This legislation intended to put an end to the nasty “robo-signing” issue. Well it certainly has done that and then some. We’re nearly three [...]
Wednesday, February 23, 2011
A very common misconception in the short sale world is that you must be behind on your payments to be considered for a short sale. This isn’t necessarily the case as I have assisted homeowners with short sales that were current on their payments. The key factor is are you facing a financial difficulty. If [...]
Wednesday, February 2, 2011
Good news for home buyers – particularly those without a lot of down payment cash on hand. Wells Fargo and Quicken, two of the largest FHA-approved lenders, have backed off their “overlay” requirements on FICO scores of potential home buyers. Lender overlays are qualifications that have been more stringent than FHA’s own requirements – something [...]
Monday, November 2, 2009
A good article for the Wall Street Journal. Digging yourself out of a mortgage mess.
Friday, October 16, 2009
An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction (also known as a Trustee’s Sale). Trustee Sales (often an auctions held on the courthouse steps) begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney’s fees and any costs [...]
Wednesday, May 13, 2009
Word on the street is that home mortgages are hard to get and that banks aren’t lending. Certainly lending criteria has gotten more strict, but banks are lending. In Sparks/Spanish Springs since January 1, 2009 here is how buyers purchased their homes: Cash 17.04% Conventional Loans 34.92% FHA 41.99% VA 5.19% Miscellaneous .41% Owner Financing .41 [...]
Tuesday, April 7, 2009
Beginning April 1, 2009 FHA (Federal Housing Administration) has added to its appraisal guidelines. With 67% of homes purchased in the Reno-Sparks area in the first quarter of 2009 utilizing FHA financing, there are some key things buyers should know about these changes. FHA appraisers are required to include a Market Conditions Addendum stating whether [...]
Thursday, March 12, 2009
The Making Home Affordable Plan is part of President Obama’s plan and is projected to help up to 9 million families restructure or refinance their mortgages to avoid foreclosure. 2 of the Key Components: Refinancing for up to 5 million families unable to refi because of falling home values. $75 billion in incentives to loan [...]
Monday, December 15, 2008
What a great time to be in the mortgage business! Are you surprised? There has been a great deal of moaning and groaning by the media about mortgage companies closing, the liquidity crisis, credit standards tightening and property values falling. What does it all mean? How do you, as a seller or as a buyer, [...]
Saturday, May 31, 2008
If you’ve served in the United States Armed Forces, you may qualify for a Veterans Administration Loan, commonly called a VA loan. It’s a fabulous way to finance a home, especially your first home, because you can still get 100% financing – no down payment is required! Although the VA does charge a funding fee, [...]
Thursday, December 22, 2011
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