People sometimes ask how they can improve their credit if they have old collections on their credit record. Well, the answer is NOT to simply pay them. Paying off a five year old collection can cause your credit score to...
At any given time, I will usually have at least one set of clients who really need to consider a condo or townhome who nonetheless have their hearts set on a single family residence. I agree to include single...
When and Why does a Mortgage Company Sell your Current Loan to another Mortgage Company? Lenders sell their loans because the lender can make an immediate premium of anywhere from 1.5 percent to four percent by selling your loan...
We live in (A California city). In a 2 bedroom 1 bath home on approximately a 20,000 Sq. ft. lot. It is easily worth 500K to 600K with a current mortgage of $116,000. The mortgage/Title is in the name...
One of the most true sayings in the mortgage business is, "If you can't lock it right now, it's not real." But many mortgage providers will play a game of wait and hope. They tell you they have a certain...
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...
I've seen a fair number of questions on impound accounts in the last several months. An impound account, also known by the confusing term escrow account because the lender is holding it in escrow, is money that you give the...
Many people are unaware how profoundly lending policies influence the market for residential property and the various kinds of housing and methods of construction. So I am going to go over the various gradations in available loans for various types...
It has become a trend for real estate agents who think they're being "smart" to require an automated underwriting approval. These are automated underwriting programs from Fannie Mae and Freddie Mac saying that Fannie or Freddie will buy the...
What happens if a home you signed to purchase goes into foreclosure before the closing date? We were supposed to close on a home four months ago. On the day of closing we get a call from the seller's...
"What do I do when the loan falls through" That depends upon when it falls through and what situation you're in. If you're in a refinance situation, you generally keep making payments on your old loan until and unless...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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