Beware of Real Estate Scams; Especially in Hard Times
It’s always unfortunate to hear when an already struggling family is duped by unscrupulous individuals; especially when it could have easily been avoided if they had done just a couple of things to make sure it was legitimate. This particular real estate scam is not new. In fact, it was a couple of years ago [...]
Why Co-signing a Loan Can Ruin Other People’s Credit; Along With Yours
Every loan officer has experienced the first time home owner come into the office excited about their first home. They may be buying because they are going to be married soon or are newly married or starting and growing a family. It’s not uncommon for them to think that they have done everything they should [...]
Protect Yourself with Insurance
We all know you need homeowners insurance to protect your home but what many people don’t think about is what could happen to your home if you pass away. I always warn new homeowners that they will receive a bunch of notices in regard to insuring their home in case of their death. I also [...]
What Do You Do When Home Modification Doesn’t Work?
When a home modification doesn’t work many people think that the next step is foreclosure but that is not the way to go is you can avoid it. There are more and more Realtors who are specializing in distressed properties and short sales these days than ever before. However, you need to be very careful [...]
BoA Makes Mistake & Forecloses on Wrong Home
Every once in a while I come across a story that makes me smile. Though I feel terrible for the lady that has had to go through this ordeal, I hope she sticks it to BoA for all the other people out here that have been treated so badly by this large and seemingly unrestricted [...]
The New GFE
As of January 1, 2010 all mortgage lenders will be required to use the new Good Faith Estimate (GFE) and abide by the new disclosure regulations that accompany the new GFE. While this is different from GFE’s of the past, it is not designed as a user friendly form for the lender but a form [...]
What is “Forced Insurance”
When you purchase your home you are required to keep home owners insurance on the property until the mortgage is paid in full. This is a part of the mortgage note you sign at closing. However, the mortgage company is not responsible for finding you insurance; that is your responsibility and a part of the [...]
Where Do You Turn When You Need Help?
I have to tell you that over the last year I have been disappointed by how many people I know that have been seemingly scammed by some who are offering help. It has not just been people who have been traditionally preyed upon or those who don’t have a bit of knowledge about mortgages and [...]
New Disclosure Rules You Need to Know
This past month has brought with it more changes to the process from approval to closing that are designed to protect the consumer. Most of it has to do with the timeliness of presenting as accurate a Good Faith Estimate as possible before closing to prevent the buyer from those last minute heart attack moments [...]
You Must Look at Loan Fees & Compare
Once again I had a potential customer who decided to go with another company who got them a rate that was .250% below what anyone else was quoting and it looked like a great deal from the original GFE that they were given. Then, about a week after they closed the refinance loan, the wife [...]