Recent research shows that 1 in 7 American with home loans of more than $1,000,000 have missed 3 consecutive mortgage payments. According to marketplace.org only 1 in 12 of home owners with loans less than $1,000,000 are in seriously deliquent. Large mortgages, called Jumbo loans, often carry a … [Read more...]
Energy Efficiency, Tax Credits, and Mortgages
Par of purchasing a home is understanding its energy use. As a practice I research the utility bills of all the homes I list and sell. However the utility bills tells you about the energy and water being used, but to understand how efficient a home is you need an energy audit. Duke Energy provides a … [Read more...]
Corporate Foreclosures and Individual Foreclosures
In recent weeks major real estate developers have been walking away from properties because like many home owners, they are underwater on their mortgages. Tishman Speyer Properties gave up the 56-building, 11,232-unit Peter Cooper Village and Stuyvesant Town apartment complex in Manhattan, turning … [Read more...]
Home Loan Modifications Impact Credit Scores in the Cincinnati Real Estate Market
The Making Homes Affordable program is designed to help individuals restructure their mortgages with their lenders. In lowering the monthly payments through renegotiating the terms of the loan, more people are able to avoid short sale and foreclosure situations. One unforeseen consequence is that … [Read more...]
Federal Government Exerts Pressure on Lenders to Modify Mortgages
The Federal Government is looking to increase pressure on many mortgage lenders and banks to follow through with the loan modification that began under the 'Making Homes Affordable Program'. In the program borrowers renegotiate their monthly payments to a lower level for a trial period. If they can … [Read more...]
If a Bank Lost Your Mortgage, You May Keep Your House
Dateline White Plains, NY - Bank Lost a Mortgage! When banks decided to pool mortgages, slice them and dice them, and sell them off in pieces (mortgage backed securities) they generate a substantial chain of ownership that became more complex with each security sale. The process was so complex … [Read more...]
Cincinnati Real Estate: Homeowners Swap Houses in Home Swapping
House swapping, the practice of exchanging properties is making a resurgence with help from a number of home swapping websites and services. Home owners who are interested in searching for others willing to exchange properties now have a number of resources to use to make their searches more … [Read more...]
Cincinnati Real Estate: Rising Interest Rates
I received some useful information from one of the loan officers I work with, Mike Zipfel from Midwest Mortgage. Home loan interest rates have been on a downward trend for the last few months, however as the economy begins to stabilize, and the stimulus money enters the economy, interest rates are … [Read more...]
Unlocking the Mystery of the Credit Score
Credit is an important factor in having the ability to obtain a mortgage or other loan for a big ticket item. To most people how a "credit score" is determined is a mystery. Most people do not know what their score is unless they apply for a loan or run a report through one of the credit unions. … [Read more...]
The Mortgage Forgiveness Debt Relief Act of 2007 H.R. 3648,
Everyone agrees that people loosing their homes to Foreclosure is bad for individuals, banks, and neighborhoods. In fact so many people are aware of it even Congress is stepping in to help people in better proceed with Debt Forgiveness. In normal circumstances when you have a debt forgiven, or … [Read more...]
