Foreclosure Articles
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Demanding More Down
Posted On: 07/23/2008Q: We were all set to close on a home when the lender demanded that we increase the down payment from 5 percent to 10 percent. Since our credit was unchanged, why did they demand a steeper down payment? A: In the first half of the year many lenders and loan buyers determined that certain...
Demanding More Down
Posted On: 07/23/2008Q: We were all set to close on a home when the lender demanded that we increase the down payment from 5 percent to 10 percent. Since our credit was unchanged, why did they demand a steeper down payment? A: In the first half of the year many lenders and loan buyers determined that certain...
Who pays taxes on a short sale?
Posted On: 07/16/2008Q: We owe $216,000 on our house; the current market value is $190,000. There is a purchaser interested in buying the property under a short sale for $152,000. If the bank accepts this amount would the homeowner be required to pay taxes on the $64,000 difference? A: For many years unpaid...
Too Late to Modify?
Posted On: 07/09/2008Q: I’m four months behind in my house payment. Can I still go to the lender and ask for a loan modification? A: You certainly have the right to ask, but the odds are overwhelming that you will be foreclosed. Like many borrowers you likely have an impossible situation. If you were...
Title Insurance: Required with a Modification?
Posted On: 07/02/2008Q:When someone modifies their loan, are they required to get title insurance? A: The short answer is generally no, but the real answer goes like this: When a loan is originated, it’s added to the local property records. This is very important because it tells the world that the...
Faux-Market Value
Posted On: 06/25/2008Q: As a broker, I wrote an offer for a client on an FHA foreclosure house, and after a counter offer my clients were able to get the property for $374,500. Then I get a call from my client's lender today saying that the appraisal came in at $347,000 - $27,500 below the accepted price. I was...
Ask Our Broker
Posted On: 06/18/2008Q:A friend currently owns a small house and is qualified to purchase a bigger house with prices being so low. He is planning to rent the small house but wants to know what will happen if renting conditions worsen and he is forced to give the small house back to the lender or the lender...
Entitlement to Choose
Posted On: 06/11/2008Q: Please help. I may close in 30 days on a 15-year fixed-rate mortgage for $143,000. Do I have a right to choose my own title-insurance provider, regardless of what my broker says? A: You have the right to choose a settlement provider. You may find settlement providers who charge different...
Do seller-paid inspections make sense?
Posted On: 06/04/2008Q: Does it make sense for a seller – not a buyer – to get a professional home inspection, something that can be used as a sales tool to market the home? A: An inspection by a professional, independent home inspector can help establish the condition of the property, which surely is...
More on Mortgages
Posted On: 05/28/2008Q: I’ve usually heard that if you do not fully repay your mortgage, any amount owed to the lender but not paid can be regarded as taxable income. Is this true? A: The ìMortgage Forgiveness Debt Relief Act of 2007 applies to indebtedness on a principal residence that is discharged...
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