FHA Commissioner on RESPA Reform and Safe Mortgage Licensing Act (SAFE)

FHA COMMISSIONER DAVID H. STEVENS (LoanSafe.org) – The Office of Housing’s latest efforts have a common thread: the continued need to strengthen protections for consumers in the home buying process. We are working to make the housing market stronger, sustainable, and safer. Two examples of our efforts to accomplish this goal are the recent reform of HUD’s Real Estate Settlement Procedures Act (RESPA) regulations which make mortgages more transparent and understandable, and the development of Safe Mortgage Licensing Act (SAFE) regulations which better protects consumers. (more…)

How long can I stay in my house when I file for bankruptcy and stop paying my mortgage?

Q.  I have been trying to get a loan modification on our primary residence through Chase for over a year now. They keep claiming that they do not receive my information, lost it or that I need to update it. This process is ridiculous and I’ve had enough. My wife and I have decided that we just want to walk away. 

Our goal is to stay in this house as long as humanly possible in order to save as much money as we can to move to a new property. They have been playing games with us, so we will play games with them. I plan to pull every mortgage trick in the book.

My question is, ” How long can I stay in my house when I file for bankruptcy and stop paying my mortgage?” (more…)

How to calculate monthly mortgage payments?

How to calculate monthly mortgage payments?

Q. Dear LoanSafe.org, My husband and I have just recently sold our home and are looking for another place to live. However, we are having difficulties figuring out exactly how much we can afford and have yet to consult with a local real estate agent about the matter. We are looking to do some research on our own so we can have a good idea of what exactly we are looking for.

Our question to you is, “How do I calculate monthly mortgage payments?” (more…)

Government Grants to Stop Foreclosure

Government Grants to Stop Foreclosure

(LoanSafe.org) – Many struggling homeowners are searching for ways to stop foreclosure on their homes. It is very common for borrowers to look to the government for help and some people are wondering if there are any government grants that assist borrowers with their mortgages or to help them avoid foreclosure. But is there any legitimate help out there? (more…)

Remove a name from a mortgage

Remove a name from a mortgage

Here in our forum on LoanSafe.org one question we seemed to be asked quite often is “How do I remove my name off a mortgage?”

Especially during this economic crisis more people than ever are searching for ways to make sure they are no longer responsible for their home. Even though this may sound irresponsible to some, there are various reasons why an individual would be pursuing this. (more…)

RESPA: Home Warranty Companies’ Payments to Real Estate Brokers and Agents

From the dek of HUD – New RESPA Interpretive Rule
 
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
24 CFR Part 3500 [Docket No. FR–5425–IA–01]
TITLE: Real Estate Settlement Procedures Act (RESPA): Home Warranty Companies’ Payments to Real Estate Brokers and Agents
AGENCY: Office of General Counsel, HUD.
ACTION: Interpretive rule.
DATES: Effective date: June 25, 2010. Comment Due Date: July 26, 2010.
 
SUMMARY: Under section 8 of RESPA and HUD’s implementing RESPA regulations, services performed by real estate brokers and agents as additional settlement services in a real estate transaction are compensable if the services are actual, necessary and distinct from the primary services provided by the real estate broker or agent, the services are not nominal, and the payment is not a duplicative charge. A referral is not a compensable service for which a broker or agent may receive compensation…
 
To read this Interpretive rule in its entirety, and provide comments please visit: 

http://edocket.access.gpo.gov/2010/pdf/2010-15355.pdf

How is a FHA VOR verified?

When you go to get a FHA loan for a home, condo or rental home, you might need a VOR. VOR stands for “Verification of Rent.” Many underwriters will require this when you are attempting to obtain financing, but not every borrower will be required to furnish one.

Please keep in mind that your most recent  two years of credit history will get the most scrutiny by an underwriter. (more…)

How to stop a house foreclosure in Ohio

When a house is scheduled to go into foreclosure, there is usually a notice of default filed by the lender. In most cases, there is usually some reason to believe that there will be no more payments being made by the borrower. That or the borrower is delinquent in making payments because of certain circumstances dictating their financial situation. These scenarios almost always prompt the notice of default to be initiated. (more…)

Mortgage Foreclosure Process

Mortgage Foreclosure Process

A foreclosure takes place when a homeonwers fails to repay their debt in full and defaults on their mortgage. To make up for the loss, the lending institution will sell the property to repay the debt. Sometimes the cause of this event happening is determined by unwise financial decisions on the borrowers behalf. However, in today’s financial crisis, some of the main causes of foreclosure is job loss, income reduction, high credit card bills, subprime loans, or other events of that nature. (more…)

What is the assessed value of a home?

Many times people get confused and will usually misinterpret the difference between the appraised value and the assessed value of a home. While the appraised value may be used for determining a fair selling price, current market value or listing price for a property, the assessed vale is used for a completely different matter. (more…)

Can I sell my home without a real estate agent?

Q.Dear LoanSafe.org, I have come to a conclusion that I would like to sell my home instead or continuing trying for a loan modification. It has been hard over the past few months to pay the mortgage payment, but somehow I am able to manage it. I’m not at all worried about having to short sale my home because I only owe 150,000 and my home has recently been appraised at $210,000.

My question to you, “Is it possible to sell my home without a real estate agent? The only reason I ask is because I would like to come up on as much profit as possible for a down payment on my next home.” (more…)

Mortgage Lawsuit Armageddon

Mortgage Lawsuit Armageddon

(LoanSafe.org) – Booms and busts can pretty much be considered opposites if you stop and think about it for a moment. During a boom such as the one we have experienced a few years ago, almost everyone is happy and nobody seems to have a care in the world. However, during the bust most everyone is pointing fingers and looking for someone to hang. (more…)

Fannie Mae Targets Borrowers Who Walk Away

Fannie Mae Targets Borrowers Who Walk Away

(LoanSafe.org) – Fannie Mae has announced that new mortgages will not be backed for 7 years if the borrower has walked away from a mortgage in the past even though he or she would have been able to afford the monthly payments or even though he or she would have been able to find a good faith alternative by communicating with the lender. (more…)