Loan Modification and Short Sale Tips

About 2 months age my son was involved in an automobile accident.  Thankfully he was not hurt.  That incident though opened my eyes about the best marketing technique. The driver of the other car was at fault because he went through a stop sign.  The accident happened right in front of my house. ...

Starting January 1, FHA will have new rules regarding appraisals.  Although they will not be as bad as HVCC, it will still change things. 1.  FHA wants all appraisers to maintain their independence.  I believe that is a good thing. 2.  There are now limits on who can select an appraiser.  Anyone ...

As the winter season is almost upon us in most areas of the country, one of the bigger concerns is the condition of the roof.  Fortunately FHA does not require a roof report or clearance.  However, there are two situations that may come where a roof report or clearance is needed.  The first is wh...

1. Good Faith Estimate (GFE) and HUD Settlement Statements (HUD-1) Forms Starting on January 1, 2010 the familiar GFE and HUD 1 forms will be redesigned and there will be substantial changes as to what is to be disclosed for all Long Island Mortgage closings or any mortgage in the country.  Click...

Well, the Federal Government is at it again.  There is a proposal to spend $60 million so HUD can set up counseling centers so they can analyze the loan a borrower is obtaining to purchase a house.  We all know how well the government is at managing money.  Now they want to lend their "expertise"...

The NAR continues to do good work for both realtors and Long Island mortgage and mortgage brokers throughout the country.  The NAR testified in Congress about issues that would help everyone.  The first is HR 2483.  This bill will make the new FHA loan limits permanent.  As you recall, the FHA li...

The House of Representatives unanimously passed a bill yesterday extending the $8,000 first time home buyer tax credit for members of the armed forces serving overseas.  This is a 90 day extension. Clearly this is something that will also pass the Senate.  It is too politically popular not to go ...

Joseph Canfore of the NAR testified in front of Congress yesterday.  His testimony was very helpful to both realtors and mortgage brokers.  First of all he advocated the extension of the $8,000 first time home buyer tax credit.  He explained that since the inception of the tax credit, the housing...

It seems that our beloved Federal government is operating full time to prove Groucho was right.  In my previous blog, I quoted Groucho Marx as saying  "Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies."  There is one prog...

It is not enough to see the buyer's pay stubs and W-2's to determine if they have enough income to qualify for a Long Island mortgage or a mortgage anywhere in the country.  The borrowers' last two years tax returns must be examined as well.  First of all, the lender will require that the borrowe...