Entries from Searchlight Crusade tagged with 'lender requirements'
Lenders and Insurance Proceeds
The question that inspired this was can a mortgage company use the flood insurance claim money towards homeowners mortgage loans? This is equally applicable to every other form of insurance on your home - earthquake, regular homeowner's insurance, and any...
Deficiency Judgments: Recourse Loans vs. Non-Recourse Loans
do mortgage companies usually seek a deficiency judgment on home foreclosures Depends upon whether it is a recourse loan or not. A recourse loan is one where the lender can come after you for any excess amount of money you...
Short Sale Negotiators and the Interests of Potential Buyers
I am seeing a very disturbing trend these past few months. Rather than do the work they should be doing, listing agents are treating the entire short sale process as a kind of "Black Box", delegating the negotiations with the...
They Told Me Not To Make My Loan Payment
I've heard this story, in all of its variations, at least hundreds of times. Someone will send me an email and say "They told me not to make my loan payment because I was going to skip one. So...
There Is No Fairy Godmother for Loans
Really. I know that most people who read that title are replying "no kidding" but you would be amazed at how many people act like there is such a fairy godmother. I got an email yesterday that said, basically, "Help...
Cash Back From The Seller to the Buyer in Real Estate Sales
A while ago I dealt with a very disturbing phone call from a would be client. He was very happy with the way I found bargain properties, and wanted me to find him such a property. All very well and...
Buying Investment Property - An Example of the Issues
My aunt is going to move to a new condo and wants to sell her old one. I would like to buy her old condo as an investment and rent it out (as I am already a home-owner). This...
The Measurement Unit For Desirability Is Dollars
I have been asked by more than one person how to measure desirability of real estate objectively. Fortunately, the Phoenicians did all the hard work for me three thousand years ago when they invented money. Precisely what that measurement unit...
Can Someone Be Added to an Existing Mortgage?
Got a search for that, and it occurred to me that it is a valid question. The answer is yes. The degree varies. You can simply contact the bank to make yourself responsible for payment. They are usually happy to...
Restricted Sale Property: Very Difficult to Find A Loan (Even harder to find a good one)
This is a warning to those who purchase restricted sale property. I've gotten a couple of calls for refinancing these in the past couple months, and I've never covered this subject. A restricted sale property is one where the...
Shopping For The Best Loan In The Changed Lending Environment
It shouldn't be any surprise to anyone with the headlines of the last few years that shopping for a mortgage loan has radically changed. Indeed, a lot of the regulatory changes seem directly aimed at what were the best...
Who Has An Interest That Should Be Protected In A Real Estate Transaction?
I've been answering this question for a long time. Whose interests do we need to be concerned about, in a "If they are harmed, we've got a problem" sort of way? Who has a primary stake in a real...
How Agents Should Respond To An Appraisal Below Purchase Price
It really helps my perspective in a lot of ways to be both a Realtor and a loan officer. Just the other day, I had a loan only client where they were already under contract to buy a property...
The Home Valuation Code of Conduct (Appraisal Standards)
Since May 1, 2009, we've been having problems with appraisals like never before. It's an interesting case study how the attorney general of one state used threats to blackmail a nationwide industry, installed personal controls and opportunities for graft into...
What Are The Note And Trust Deed?
It's very simple really, and this is something I have never covered in the perhaps mistaken belief that it was too simple and everybody knew this. The Note is the loan contract that sets the terms of the loan, repayment,...
Loan Fall-Out And The Effects Upon Consumers
This is going to be a long article and somewhat technical in places, but it needs to be covered and it's important to everyone who is thinking about getting a real estate loan. "Fall-Out" is very simple: The number...
The Difference Between a Reliable and Unreliable Prequalification or Preapproval Letter
If you don't know, chances are your agent doesn't either. Even if you know, chances are that your agent is as clueless as a newborn about loans. I and my clients get asked for all kinds of nonsense (to put...
Investment Property and Loan Qualification
One of the things that has constricted the most with the current paranoid lending environment is the ability to use rental income to qualify for a mortgage. It seems that lenders are seizing upon any excuse to deny income...
Getting A Loan In A Paranoid Lending Environment
A few years ago, underwriting standards were way too loose. Lenders were competing for loans, and the presumption was that with real estate having continued to gain in value, it was difficult to actually lose money on real estate....
When The Appraisal Is Below The Purchase Price for Real Estate
what happens when house doesn't appraise? I presume this question meant "for the necessary value according to the lender's guidelines". Lenders base their evaluation of a property upon the standard accountant's "Lower of Cost or Market." This is intentionally...
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