Condo Buyers and Issues With FHA Financing

(Source: NAR) — While the Federal Housing Administration has loosened its condominium approval requirements in recent years, many properties continue to struggle to meet overly stringent criteria and the majority of properties are being denied. That’s according to a panel of industry experts gathered today at the “How Do FHA Condominium Rules Impact Your Business?” forum at the 2013 REALTORS® Conference and Expo. (more…)

Remove Spouse from Mortgage After Divorce

The first step to remove a borrower from the property is through a “quit claim” deed, meaning that one borrower is giving up their claims and interest in the real property. However, a quit claim deed doesn’t remove the borrower from the account entirely. Borrowers who complete such form will later find that the mortgage is still being reported to the credit bureaus. If one borrower defaults, both parties will suffer the credit impact, regardless who remains solely on the deed. (more…)