Joyce's Blog

These elected officials think they are going to fix the slumping housing market, foreclosures, bankruptcy's, job losses, the economy, etc.Someone, somewhere, please help me understand this!  The news today in the StarTribune was "The federal government is spending $42 million to notify 130 millio...

Will new appraisal rules help protect home buyers against fraudulent appraisals or will it make it tough to buy or sell a home? A new agreement emerged this week between Fannie Mae and Freddie Mac and New York Attorney General Andrew Cuomo who were investigating the appraisal practices of the two...

Fannie Mae and Freddie Mac, the government-sponsored mortgage finance companies, will be allowed to buy loans worth as much as $729,750 for loans made between July 31, 2008 and Dec. 31, 2008, an increase over the current $417,000 loan limit, a move that could help struggling homeowners to refinan...

Amazing what is happening in the mortgage industry when yesterday I received a notice from Countrywide freezing/cancelling my Home Equity Line of Credit due to "declining market".  I though it was funny and laughed.  But after a good night's rest, it concerns me.  If they cancel my line which is ...

The lawsuit article in Star Tribune today http://www.startribune.com/local/14167031.html alleges CitiMortgage used "negligent and improvident lendig practices" to finance the purchase last March.  The neighborhood wants to buy the house for a redevelopment project but said it can't get a response...

My client has 4,000 SF ranch style, 4 bedroom, 2 1/4 bath, 4 car garage, pool, woods to back yard.  No master bath.  To buy what they want would be more money, double the real estate tax and $350/month in association dues.  Problem: current house is already top value in neighborhood.Remodel optio...

President Bush addressed worries that the subprime mortgage meltdown could prompt a further wave of defaults and foreclosures.  The released a proposal that doesn't offer a bailout for real-estate speculators but to reform the tax code for homeowners and bring better transparency to the mortgage ...

Thank you to all our veterans and our government appreciates you too.  Ginnie Mae has announced that it is eliminating the cap on the size of VA loans that may be placed in Ginnie Mae pools effective September 1st.  On any VA loan, the available guaranty and veteran cash downpayment must equal 25...

Fellow professionals - please do what is right for your client in the short and long term.  Do not set them up for failure just to get a deal done.  Get the deal done if it is meant to be so that you have a client for life.Due to rising debt and falling home values, Minnesotans are filing for Cha...

The Swenson family of Minnetonka expanded after a wrenching intrusion of tragedy.  Now, thanks to "Extreme Makeover-Home Edition" their home also has grown.  This wonderful couple are teachers at Hopkins High School.  They are a family of 9, soon to be 10.  Four of the children were Vicki's siste...