Laurence Paruta's (carllaurence) Blog

Finding a Nugget of Gold Buried in the Sand When the current foreclosure crisis first began, many tried to explain it away by pointing out that the majority of distressed properties were limited to what was then termed the four ‘sand states’ (Arizona, California, Nevada and Florida). When the ch...

Don't Call Us . . . We'll Call You! Bank of America is telling some homeowners who want to refinance to wait 90 days, according to sources in a Bloomberg story. BofA began a reservation system last week, asking people who call during high-volume times if they want to be contacted again in 60 to 9...

Who’s the Quarterback in the Real Estate Transaction? Given that it’s Superbowl Week (Go Giants!), I thought we might go with a football theme today. I can’t tell you how many different people I hear proclaim that they are the quarterback of the real estate transaction – the agent, the loan offic...

Is It Time for Young Families to Buy a Home? It's been reported that almost six million adults between the ages of 25 to 34 are currently living with their parents. That number reflects an almost 50% increase since 2003. These young adults are now being advised to jump into homeownership. Who are...

Freddie Mac eliminated the minimum credit score requirement for borrowers seeking a mortgage refinance from their existing servicer, as long as they have at least 20% equity in their home, according to guidance released Thursday. The change goes into effect for any refinances with a settlement da...

Somerset County New Jersey House Prices to Fall Over Next Six Months In a normal real estate market, it may make sense to wait for the spring buyers’ to appear before placing your house up for sale. The current real estate market is anything but normal however. The increase in supply of distresse...

Effective October 1, 2011, the costs associated with getting a VA mortgage are going DOWN! An overview: VA mortgages are bundled, securitized and sold in the secondary market with the backing of the Federal Government. In order to insure these mortgages, the government charges a type of insurance...

Choosing Your Mortgage Lender . . . Somerset New Jersey In the whirl wind that surrounds the home buying and mortgage process, how can a consumer be sure that they are working with the right lender? I mean there are so many choices…here’s some things to consider: What type of company is it? There...

The window of opportunity for sellers in New Jersey is quickly coming to a close. I have suggested that sellers who need to sell within the next 18 months had a ‘window of opportunity’ to sell at higher prices. They needed to put their houses up for sale immediately before a flood of distressed p...

ShortSales . . . A Dignified Path to a Financial Challenge. I am truly excited that the banks are beginning to see that a short sale in many cases is a better alternative to foreclosing on a property. It makes more sense to sell the property at a higher price. At the same time, the banks are crea...