Mortgage and real estate slideshows

House Refinance Center

Mortgage And Real Estate Slideshows

Mortgage Modification
Getting a mortgage loan modified by a
lender is like winning the lottery. You have a
shot, but it is a long shot. There are two
hurdles that always seem to trip up
homeowners.

The first is the mountain of paperwork that a
lender asks for. Just when you think that you
have submitted everything, he wants
something else.

The second hurdle is the lender losing your
documents. So be prepared to fax
information two or three or four time.
Sending the documents by courier doesn't
help. It costs money which you don't have
and it just proves that the document was
delivered.
Watch the slideshow.

Home Credit Foreclosure Refinance Hard money Interest only mortgage Loan modification Shortsale Reverse mortgage Strategic default

Squatters Move In
The housing crisis has created more
problems for law enforcement. Squatters
are moving into vacant homes. Some
squatters were homeless and living under
bridges, in doorways or in shelters. Now
they have found temporary housing.

A more serious problem is the criminal
that rents a vacant house to an
unsuspecting family. When the police
show up to evict the family, the family
produces a lease agreement. As tenants
the family has rights. The police has to do
a thorough investigation before anyone
can be evicted.
By this time the crook is long gone.
Watch the slideshow.

Closing Costs
When purchasing a house we tend to
focus on the price we want to pay and on
the downpayment. Many times we forget
about the closing costs. These are all the
miscellaneous fees that go with buying a
house. These fees could run 2% to 4% of
the price of the house. So be prepared.
Shop around for the best deals and
bargain for every penny.
Watch the slideshow.

ARMs Are Worth A Look
Adjustable Rate Mortgage have taken a bad
rap. Many of the subprime mortgage had
ARMs and when the rates were reset the
homeowners couldn't keep up with the new
mortgage payments.

The problem lies in the person selling the
product: the loan originator. The product was
not explained in detail. If used correctly an
ARM can help a homeowner build equity
quickly. However, switching to a fixed rate
mortgage should be part of the plan and
should be at no cost to the homeowner.
Watch the slideshow.

Defaulting On A Mortgage
Mortgage defaults are in vogue today.
Especially the strategic default variety. We
have a moral obligation to repay what we
borrow. But we also have an obligation to
our families. We have to make financial
decisions based on their well-being.

Bottom line, put your family first. There are
other bills to pay. Healthcare is expensive.
College tuition for your children continues
to rise, and a simple thing like running a
car can drive your budget through the roof.
So if you have to give up the house, do not
feel guilty. These are the signs of the times.
Watch the slideshow:

Foreclosures: Get Help
If you are already in foreclosure, or if you
are having difficulties paying your
mortgage, get help.

You can start with your lender. There are
also several church groups and non-profits
that will guide you in the right direction.

Foreclosure is a national crisis. Many
families are one paycheck away from
defaulting on their mortgage. You are not
alone. There is no shame in asking
someone for help.
Watch the slideshow.

Fraud In Mortgage Industry
Unless you have been living under a rock for
the last 10 years, you haven't heard about
fraud in the mortgage industry. There is
enough fraud to go around for all the players.

There is robosigning among the biggest
banks in the nation. There is document fraud
by borrowers, with a little help from a loan
originator. This type goes beyond inflating
you title at work, or boosting you pay a couple
thousand a year. Tax returns, paystubs and
bank statements are reworked.

In my opinion the biggest fraud is renting
vacant properties to unsuspecting families.
The criminal sees a house that was
foreclosed and sitting empty for about a year.
He then advertises the property. A family
applies and is approved, and they move in.
Meanwhile, the crook collects rent every
month. The scam skids to a stop when the
sheriff knocks on the door with the eviction
notice. The poor family shows a contract, but
they have no case and are out on the streets.
The crook vanishes in thin air.
Watch the slideshow.

My Mortgage Servicer?
For sure we know who gave us the
mortgage and we know our lender. But do
we know who services our mortgage?

We assume it is the bank the services our
mortgage. But in many case we would be
wrong. The lenders farm out this work to
companies. These companies basically
keep track of mortgages. They know when
you pay. They know when you miss a
payment. They know if there are liens. If it
is true that knowledge is power, then these
are some very powerful companies.

The problems with servicing companies
arise when a bank transfer a portfolio of
mortgages. The recent financial difficulties
in the mortgage market resulted in several
banks and lenders closing their door.
When this happened the mortgages were
transferred to another bank. Or in a few
occasions the bank simply had to sell off
some assets, such as mortgages, to stay
afloat.

Transfers are mundane, everyday issues.
There is nothing personal. You are only an
account number. You will get a letter
saying that your mortgage was
transferred. CHECK IT OUT. We do not
want you to pay the wrong guys.
Watch the slideshow.

Short Sale: Best Of 3 Evils
Many homeowners owe the bank more than
the house is worth. They are in a sense,
between the devil and the deep blue sea.
The choices are bankruptcy, foreclosure or
short sale. And the winner is short sale.

A short sale lets you sell the house with the
help of a competent real estate agent. This
is all done with the blessings of your friendly
banker. Yes, the bank has to okay the deal.
They give you permission to sell. They also
has the final say on the price being
accepted.

There are two very important issues after the
short sale is completed that bankers do not
like to talk about.

The first is reporting the transaction on the
homeowner's credit file. Bankers can cut the
homeowner a little slack and report the sale
so that it favors the homeowners. The
borrower might be back a couple years later
for a loan.

The second is income taxes. What about the
shortfall? This could be thousands of dollars.
The IRS looks at this as income to the
homeowners and would like some money.
Watch the slideshow.

Houses For Sale By Banks
We expect a bargain when we buy a
house from a bank. What are they going
to do with so many houses? The have to
pay maintenance companies to upkeep
the property. They have to pay security to
make sure the house isn't vandalized. So
one would think the bank would be happy
if a buyer takes this problem off their
hands and at the same time give them
some money.

Banks like to play hardball with buyers.
They act like "if you don't buy it at my
price, someone else will". They delay as
much as possible and try to get the
market price for the house.

How did they end up with so many house
in the first place. Well, the homeowners
couldn't pay the mortgage. The bank
foreclosed. Then the bank try to sell the
house at a foreclosure auction. There
were no bids on the house. So the bank
tries to sell the old fashion way, through
the MLS system.
Watch the slideshow.

Buying A House? Get A
Down Payment
In many cases homeownership is only a
down payment away. There are qualified
buyers without a down payment. They sit on
the sidelines and wait until next year. But
next year never comes.

There are ways to get a down payment to
buy that house you always wanted. However,
when you do get the money, make sure you
put it in your bank account. Let it stay there
for at least 90 days before you purchase the
property. Bankers get a bit spooky when
they see a lot of deposit activity leading up to
the purchase. They imagine all sorts of
"illegal stuff". Did the money come from a
loan shark? Did you borrow the money?
Watch the slideshow.