A Recipe for Forclosure….Short Sales and Private Mortgage Insurance…. Are you a real estate agent working on short sale approval for your seller? Under the best of circumstances it can be a challenge. But there could be the delays could be contributed to private mortgage insurance companies (PMI). Private Mortgage Insurance companies provide mortgage insurance to protect lenders from losses
Really? Halting Foreclosures Will Help the Economy In their zeal to get homes on the foreclosure auction block, questionable practices were implemented by banks including forging J. P. Morgan Chase and GMAC/Ally Bank have announced that they are freezing foreclosures in the 23 states that process through the court system, or judicial foreclosures. So far only Bank of American has announced they
Yesterday, I went to the Bank of Just Say No to apply for a loan. The soothsayers on the news report the institutions have more money to lend due to Quantum Easing 2 (QE2) and at a cheap interest rate. After all, my Chihuahua, Diego needs a new fall collar and my husband is tired of painting my toenails. It
Question: My client lives in North Dakota and will not be in Arizona to sign her final loan documents. The Lender will not allow her local Bank to take signatures. Why? Answer: Banks, out of state title companies, your client’s cousin LeeRoy that is a notary, probably do not carry the proper Errors and Omission (E & O) Insurance for mortgage documents. This week
PIGS and a Turkey walk into a bar expecting the Turkey to pay. Portugal, Ireland, and Spain (we already know what happened to Greece) are nearly broke. Just two months earlier the European Union, who must take their nightly pints seriously, announced Ireland’s banks were sound. Oops, that must have been another global entity with leprechauns and fairies. Spain’s over
Question: I am panicked! My client retired in July and now her lender, a major bank, declined her loan because she has no job. But she has nearly $500,000 in her retirement fund. Is there anything we can do to qualify her for a home loan? Answer: There are many types of earnings other than the A majority of individuals