Foreclosure Articles
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Multi-State Exchange
Posted On: 03/07/2012Question: We are hoping to do a 1031 exchange sale on an Idaho rental condo for a rental property in Virginia. We live in California. Can this be done? Answer: If you follow the rules, yes. Typically when an investment property is sold there’s a tax on the sale. With a 1031...
Prime Time
Posted On: 02/29/2012QUESTION: I always thought the prime rate was the lowest interest level for borrowers with the best credit. Is this still true? ANSWER: The “prime rate” traditionally has been seen as the best rate for the best borrowers. In the 1993 edition of the “Language of Real...
‘Strategic’ Plan Not Working
Posted On: 02/22/2012QUESTION: I have a strategic default. My house has a $320,000 mortgage, and the current value is about $190,000. It is foolish for me to make payments, and I have not made a payment since January 2011. I have told the lender the house is theirs and to notify me when to move out. However, if...
What’s the Holdup?
Posted On: 02/15/2012QUESTION: My son bid on a short sale over six months ago for a house with the right price, location and size. The lender has a lien on the property that was supposed to be addressed within the first two months of the bid. It hasn't happened. Is there anyplace we can get a positive answer and...
Premium Payback
Posted On: 02/08/2012QUESTION: What would happen to the initial FHA lump-sum mortgage insurance premium I paid at closing if I refinance my FHA mortgage to a conventional loan? Will I get back the money I paid up front? ANSWER: Long ago it might have been possible to get a partial refund because the FHA program...
House Rich, Cash Poor
Posted On: 02/01/2012QUESTION: We have a backward real estate problem. Instead of being upside down we have about $80,000 in equity. What we don’t have is money and will shortly default. What can we do? ANSWER: You should see if there’s anyway to keep the property. If foreclosed you’ll...
Window to a Sale
Posted On: 01/25/2012QUESTION: We are considering selling our home within the next two years. The existing double-hung windows need to be re-glazed and should really be replaced with energy-efficient windows. Knowing we will not be in this house long term, should we replace the windows now or let the next...
Re-Re-Refinance?
Posted On: 01/18/2012QUESTION: I’m self-employed and got a stated-income, no-documentation, 30-year loan in 2006. Times were good so I refinanced into a 15-year fixed-rate mortgage. Things were still going great and I refinanced into a 10-year fixed. Then came the recession, and I’ve been struggling...
Trimming the Escrow
Posted On: 01/11/2012QUESTION: Our lender has sent us a note – a good one, surprisingly! They say our escrow account is too big, so they’re reducing our monthly mortgage payment plus they sent us a check for $165. How is this possible? ANSWER: If you purchased with less than 20 percent down you...
How Did Our Loan Get There?
Posted On: 01/04/2012QUESTION: We are being foreclosed but wonder how this is possible. Our mortgage was with Lender A, then with Lender B and then onto Lenders C and D. We have no agreement with Lender D, so how they can they foreclose? Isn’t this an example of robo-signing, and if so what we can we do...
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