Entries from Searchlight Crusade tagged with 'law'

Do Not Sign Loan Disclosures That Don't Apply To Your Loan

from an email: First let me say that I really learned a lot from your postings/articles/website; its awesome that a resource like yourself exists. Now to the problem. I recently refinanced and the mortgage broker lied to me about many,...

Listing Agents Who Want Both Halves of The Commission

I went out previewing properties a couple days ago. That particular client's situation being what it is, I was concentrating on vacant properties. But over half the vacant properties in that area had restricted showing instructions. "Call agent first," or...

What Happens When You Can't Make Your Real Estate Loan Payment

I've written a lot here about how to manage your mortgage so that you control it instead of it controlling you. Let's consider what happens when that project fails. If you don't pay your mortgage, on time, no big deal...

Joint Loans for Unmarried People

We aren't married. How do we buy a house together? Basically, the same way that married people do. The qualifications are exactly the same, provided that you both will be living in the property. If not all of the...

Steering: The Most Violated Law In Real Estate

I just picked a random ZIP code in my local MLS, and out of the first twenty listings I came to, ten had explicit violations of one or more of the sections of RESPA regarding steering right there in the...

Changes In The Mortgage Market And Transparency Since 2005

The overview is simple: The government has made it take slightly more effort to lie to consumers, while adding layers of delays that add an absolute minimum of a week - an average of three weeks - to the...

Real Estate Liquidation Auctions

Liquidation auctions were a big thing for a while there. They were just advertising one on all the stations around here. The other agents in my office asked if I was going, and I told them, "There will be...

Getting Out of Paying Pre-Payment Penalties

I got a search result for how to get out of mortgage pre-payment penalties, although I've never really dealt with the issue. Prepayment penalties on real estate loans are something some people, often with less than stellar credit, accept, either...

Can You Get A Mortgage On a Condemned House?

The answer is a modified no. The same answer applies to property that is only structurally damaged, but not condemned. That condemnation is a matter of public record. I've seen any number of them while perusing title records. It shows...

Lenders Adding A Prepayment Penalty After Funding

I recently closed a mortgage loan. The loan officer told me there would be no prepayment penalty. When the documents came there was none and the loan funded and closed. Two weeks later I got an e-mail stating some...

Buyer's Agency, Due Diligence, and the Illusion of Comity

Somebody sent me this story via e-mail: Feeling Misled on Home Price, Buyers Sue Agent Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing...

Buying and Selling Properties with Unpermitted Additions

Unpermitted additions are popular in California because of property tax implications. You see, due to Proposition 13 back in 1978, taxable assessments are based upon purchase price plus no more than 2% per year since acquisition (although if you...

Why the Current State of New Developer Housing

I've seen many new home developments with vaulted ceilings, mini-vineyards, huge houses on little tiny lots...Why can't some developer built some homes for us regular people? A normal sized home with plenty of closet space and a decent (not...

Fear and Greed, or How Did The Housing Bubble Get So Big?

(This was originally written February 16, 2006, but it's relevant still) One of the occasional questions I get from people has to do with why the housing bubble got so big (or if you're one of those still in denial...

What Do You Mean Back To Basics?

For a period of several months when the market started imploding, I got mass messages from basically every lender I do business with, saying it's time to "get back to basics". My favorite A paper lender became the last to...

Getting Another Mortgage Loan After A Short Sale

Our home isn't worth what we owe. So say you were just an average person selling and buying a house, meaning you put your house up for sale, get a contract to purchase on it then go put in offer...

Quitclaiming Property with a Mortgage

I am currently living with my parents and they wish to deed of gift their house to me but they still have a remaining mortgage on it. Is it possible to do this or do they have to pay off...

Title Insurance, Unpaid Liens After The Sale, and Subrogation

I sold my house in (state) in august 2001 I hired a title attorney whose (local company X) acted as a agent for (national company Y). The facts are that there were errors and omissions which led to negligence...

Straw Buyers and Straw Purchases are Always Fraud

I've gotten several emails to articles recently having to do with straw buyers, and more search hits. Straw buyer fraud is popular because people want a better loan and many don't see anything wrong with it since "we intend to...

Dual Agency: Using the Seller's Agent as Your Buyer's Agent

Is it unwise to use the listing realtor as your purchase realtor? A house I'm interested in purchasing is being sold by the realtor selling my house. Although she's done a decent job selling my house, I fear she...