Foreclosure Articles
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Where’s My 20?
Posted On: 10/19/2011QUESTION: I have an 80/20 mortgage. The 80 first loan is being foreclosed, but the 20-percent second loan still is outstanding, and payment is being demanded. This is different than the situation you recently described where the second lender foreclosed but the first did not. What happens...
Is It Right to Reverse?
Posted On: 10/12/2011QUESTION: I’m 65, my wife is 62, and we owe $130,000 on our home that’s worth somewhere between $375,000 and $400,000. Our retirement money will be about $2,500 take home a month when she retires in three years. Would a reverse mortgage make sense or should we just sell the home...
A Little Breathing Room?
Posted On: 10/05/2011QUESTION: Our daughter is ineligible for any assistance with her deeply underwater mortgage because our name is on it as co-signers. What are the pitfalls to the following idea? 1. We pay off the mortgage and replace her name with ours on the deed. 2. We sell it back to her for its...
WHAT REFORM MEANS FOR BORROWERS
Posted On: 09/28/2011QUESTION: Is there a hidden part of Wall Street reform that will hurt mortgage borrowers? ANSWER: There has been a lot of debate regarding the 20-percent down standard for risky mortgages, but that requirement simply does not apply to the overwhelming majority of home loans. A more...
Is Alimony Income?
Posted On: 09/21/2011QUESTION: If one is going to begin receiving alimony payments to continue for three years, can it be used as qualifying income for a mortgage loan? If so, is a two-year past history of the income required? ANSWER: Generally, three years of alimony can be used to qualify for a mortgage...
80/20 Hindsight
Posted On: 09/14/2011QUESTION: A good friend got one of those “low doc” or “no-doc” mortgages in Nevada in 2006 – one of those 80/20 “deals.” The 20-percent part was foreclosed, and the house was sold. However the 80-percent portion is still outstanding. What can they do...
Are Penalties Allowed?
Posted On: 09/07/2011QUESTION: What’s the story with prepayment penalties? Are they allowed or not? ANSWER: Most mortgages come through federally regulated lenders, and federal rules have long allowed prepayment penalties except for FHA and VA loans. Now the situation has changed with passage of...
Trouble with 2 Homes
Posted On: 08/31/2011QUESTION: We have two houses, both in foreclosure. We moved from our first home to build a smaller retirement property near our children, but cannot sell the first property to pay down the debt on the retirement house. The first house is now rented, but we have been unable to make our...
Any Way to Avoid a Sale?
Posted On: 08/24/2011QUESTION: My father-in-law left the country bankrupt. He stopped making property tax and mortgage payments on his home several months prior to his departure. He notified the bank to contact my wife and I for future correspondence. We have secured a tenant who has been paying rent; the bank...
FHA’s ‘High 5’
Posted On: 08/17/2011QUESTION: There is now talk of raising the required Federal Housing Administration down payment to 5 percent. How would such an increase impact the real estate market? ANSWER: As this is written in early summer, there’s a serious proposal on Capitol Hill to increase the FHA...
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