Struggling homeowners have something big to worry about in the days ahead. The Mortgage Debt Forgiveness Act passed by Congress in 2007 is set to expire soon. Its expiration would spell the end of a tax break that has been keeping troubled homeowners from paying thousands of dollars to the IRS because of forgiven mortgage …
Lowest Levels in Mortgage Debt Tallied Amidst Increase in Originations
Continuing an almost four-year trend, aggregate consumer debt levels have recently been reported to record their lowest since 2006. Mortgage debt, the largest component of aggregate consumer debt, decreased by 1.5% from the previous quarter, and the lowest tally since 2006. This drop comes amidst a cumulative increase in mortgage originations, where hundreds of …
Things You MUST Know About First-Time Home Buyer Loans
For the first-time home buyer, it can get confusing to wade through the variety of loan options out there. To ease the selection process, lenders have come out with the first-time home buyer loan. But before you decide to sign up for this loan, there are a few things you need to inform yourself about. …
3 Types of Listings for HUD REO Properties
It is important to be familiar with three terms which the US Department of Housing and Urban Development uses in sales If you plan to buy HUD Real Estate Owned (REO) properties, it is important to be familiar with three terms which the US Department of Housing and Urban Development uses in sales: Insurable (203b), Insurable with …
What is a Buyer or Seller Funded Repair Escrow?
A repair escrow may either be funded by the buyer or the seller, and is typically determined by the contract. If the seller is required to pay for the repairs, the escrow funds will be collected from the seller at closing. Refusal to comply with this requirement may jeopardize the approval of the mortgage plan …
