Advice

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Paying Off A Mortgage What Is Needed To Prove Rightful Ownership?

The client paid off his mortgage loan and the bank sent him two documents that said the loan was "paid and canceled".  He also got a "disbursement check voucher" that said that the morgage was paid in full.  The client thinks that this is all he needs to prove that he legally owns the property outright.  I say no!  He needs to have the deed of trust released from land records..through a lawyer or himself going to the Court House and asking for their assistance.  ??

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Deed of Trust-Mortgage, But What About a Loan for A Mobile Home?

A loan on a house you will give a deed of trust to your lender, who records it on the land records at the Court House.  But, when you get a loan for a mobile home, technically there is no mortgage document to be recorded?  Is it recorded with the Uniform Commercial Code?

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Understanding Your Home Loan

I tell my real estate clients to find out the answers regarding their mortgage. Is it a fixed-rate mortgage?  Is it an ARM?  Do you understand all of your loan options?  Do you have mortgage insurance?  Does your loan have a prepayment penalty?  Then I go about telling them the details of each question.

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Staggering Housing Market From Low Prices and Foreclosures

Some in the Congress are talking about erasing the federal role in the mortgage market.  It would seem that without the government guarantee of mortgage products that Fannie & Freddie enjuoy, the cost of mortgages would likely rise, making homes even less affordable.  A large majority of people believe that Fannie & Freddie should be eased aside to get private lenders back in the market, but the problem lies in that many want it NOW.  Under G. Bush, the government took them over in 2008 as they teetered near collapse along with the housing market.  Since then $154 Billion has attempted to keep them afloat.  Sweeping change may not be the answer right now.

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A Co-Signer of a Son's Lease

If I co-signed for my son's lease, he loses his job, owes back rent...the landlord is threatening to garnish my wages and attach my bank account.  Legal?  I know it was probably a stupid thing for me to do.

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Time Shares W/ Maintenance Fees Going Sky High

If you owned a time share and the maintenance fees went from $600 a year to over $1200.  What would happen if the time share maintenance fee was not paid by the occupant?  Can they put a lien against the time share occupant?  What about just walking away from the time share giving it back to the company?

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What Do Interest Rate Increases Do To A Buyer?

December 10, 2010 was the last time that 30 year fixed was at 4.50%.  In 1990, interest rates were 10.13%.  On a $200,000 home purchase a rise of .50% increases a payment by approximately $135.00 a month. For every 2 point increase will gives you $50,000 less buying power. 

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Five Important Items To Check On Your Proposed Home Loan

I think that every borrower should check for these the answers to these questions when initiating a mortgage.  1)  Do you have an Adjustqable Rate Morgage?  2)  If you do when does the rate adjust and how far up and down is allowed?  3)  Do you understand all of your loan options?  FHA,VA,USDA or conventional.  4) What about mortgage insurance?  5)  Do you have a fixed-rate mortgage?  6)  Does it inclue a pre-payment penalty?  Not understanding your mortgage because you think it is too complex is a reason for you to NOT purchase a loan and thereby avoid any mortgage meltdown in the future.

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