As the third round of foreclosure review checks went out Friday, my office is inundated with calls as to what these checks represent, and more importantly, will depositing them waive the borrowers rights to pursue banking and lending violations by the lender? As of April 25, 2013, 1,150,328 recipients have cashed or deposited $1.1 billion […]
Frequently in my practice I am asked by borrowers seeking foreclosure defense and mortgage modifications, what the Statute of Limitations is with regard to mortgages and notes entered into by borrowers who have now stopped making mortgage payments. The new word on the street that is quickly penetrating neighborhoods and water coolers alike is Statute of Limitations, […]
In a push to simplify mortgage modifications and assist homeowners that could not previously qualify under the traditional modification and Making Home Affordable Program, the FHFA (Federal Housing Finance Agency) announced on March 27, 2013, a new simplified modification program. Called the Streamlined Modification Initiative, the program was created for all Fannie Mae/Freddie Mac backed loans, to […]
Recall the days back in 2005, 2006 and 2007 when financing was given away, no questions asked? Verification of Employment and Verification of Income unheard of. And banks were offering 97 percent to home buyers? Well, as much as we all lamented the bubble bursting and values plunging, the shortage of inventory in South Florida […]
CoreLogic reports that in the 4th Quarter of 2012, over 200,000 properties came up from being “underwater” and a total of 1.7 Million homes in all of 2012. Source: DS News.com To read the full article go to www.dsnews.com/articles/corelogic-17m-homes-moved-into-positive-territoy-in-2012. What does this mean for those selling… that it is once again a sellers market. That […]
Many things need to be considered when buying a property, regardless of whether your plans are to live in it or whether it is an investment. 2013 marked a year of many changes in the tax code by the Internal Revenue Service, including changes as to how mortgage interest income can be deducted and reported […]
THE TRADITIONAL SHORT SALE HAS BEEN REPLACED WITH THE SIMPLIFIED HAFA SHORT SALE, WHICH IS MAKING SELLERS AND BORROWERS’ CHANCE OF APPROVAL MUCH EASIER THESE DAYS. The main differences under the HAFA short sale that affect borrowers is the following: No Occupancy Requirements – The borrower need not prove that the residence is their “primary residence” as […]
NEW MORTGAGE RULES IN 2013 WILL IMPACT BORROWERS Last week, the Consumer Financial Protection Bureau announced new rules, known as the Qualified Mortgage (or QM for short), for mortgage financing. This new regulation, while creating a safer harbor for the lenders, reducing their risks, drastically impacts homebuyers and their ability to obtain loans. At the […]
MORTGAGE FORGIVENESS RELIEF ACT OF 2012 RELIEVES DISTRESSED HOMEOWNERS IN SHORT SALES AND LOAN MODIFICATIONS FOR ONE MORE YEAR Finally, Congress came to its senses, and extended the debt forgiveness benefits for qualified homeowners. Through the passage of the American Taxpayer Relief Act of 2012, qualified distressed homeowners who have any debt forgiven as a […]
HIRING AN ATTORNEY TO HANDLE YOUR REAL ESTATE PURCHASE IS THE WISEST THING YOU CAN DO TO PROTECT YOUR INVESTMENT. As an attorney and title agent, I find this to be the most asked question in my practice. Often times, clients do not even know that an attorney can be a title agent, or vice […]