I know it’s not a sexy topic, mortgages. But everyday, I see mortgages with almost impossible terms. Fifty years -?, “bad credit okay,” “adjustable rate, “negative am,” “low initial rate,” and WE all know what that means… But do the borrowers on these sub-prime mortgages, aka loser loans, (and I mean loser in more [...]
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Jeanne: Sometimes under residental financing only the husband (or wife) will sign the note (per bank instructions) although both are in title. However, the standard residential mortgage usually assumes that the “mortgagors” are one and the same as the “borrowers, who signed a note of even date” and since under this scenario that [...] Jeanne – Do you recommend that we still have the sellers/buyers give a ten year history of their residences on their affidavits? We are still requiring our closers to do this. I, however, do not see the need to ask for this information. Just curious on what you are instructing your students to do on [...] The NAR said in April that it no longer expects the median price of an existing home to rise this year, predicting instead a 0.7% decline. The slower recovery, it said, is a result of “tighter lending criteria and fallout from the subprime loan debacle.” read story For decades, both government and industry have been calling for updated and simplified rules governing the home-loan process. But they have been unable to agree on anything that would modernize two key consumer-protection laws. Read Details I was recently asked to give my opinion on regulatory or market challenges I expect to face in 2007 . It really set my mind to thinking… The first thought, of course, was the Crackdown by HUD and so many States on unearned fees, sham title operations, and violations of RESPA. How could [...] |
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