Also known as HUD, the Department of Housing and Urban Development is the federal department responsible for the nation’s housing programs. It also regulates RESPA, the Real Estate Settlement Procedures Act, which governs how lenders must deal with their customers. Look here for more information about HUD and what it can do for you.
Foreclosure: What To Do If You’re On The Edge Financially
If you're one of the dozens of folks who have written to me over the past few weeks talking about how you've either missed a mortgage payment or are i...
Americans With Disabilities And Home Repair
Morgan called in to ask if there were special loans available for people with disabilities. She wants to upgrade her kitchen and has a visual disabili...
Closing Cost Hell
One of the biggest complaints consumers have about the loan process is that the good faith estimate (GFE) is so often wrong -- and wrong in a big way....
Today’s Show On Newstalk 750 WSB
On today's show, we'll take a look at some of the new scams that popped up this week, and follow up on some issues relating to Identity Theft. I'm con...
Concealing Information Leads To Illegal Lending
A real estate investor wants to know if an unusual deal where he is willing to pay more than the asking price is considered illegal lending activity. The buyer is wondering if paying the seller outside of the stated deal with the mortgage company and not informing the lender is illegal. A buyer and a seller can agree to one price in a contract and agree that the seller will credit or pay the buyer money back at settlement. However, some people might suggest this transaction is illegal because you have a lender involved.
Mortgage Lender Misrepresents Mortgage Loan
When you get an FHA mortgage loan you get an FHA number. But is an FHA number enough to prove that you have an FHA mortgage? What if your mortgage lender has you pay FHA mortgage fees but you later discover you don't have an FHA mortgage loan?
Mortgage Lender May Modify Mortgage Loan
Many homeowners mistakenly believe that if their mortgage lender knows they're in trouble, their loan will immediately be put into foreclosure. In reality, the Department of Housing and Urban Development requires lenders to develop a strategy that can help you keep your home. Your lender may be willing to discuss modifying your home loan with you.
Balloon Payment Looming Due To HUD Regulations
A homeowner owns a home that was seller financed and is having difficulty finding a new lender because of HUD regulations. A local community bank, savings and loan or credit union might be able to lend the homeowner money to refinance their home. The real issue is whether the agent and seller should have disclosed the HUD regulations when selling the home.
How To Purchase Fixer-Uppers For Renovation And Resale
Flipping real estate can be lucrative if you get the right financing and like to make home improvements. How can you finance the purchase of a fixer-upper? Try finding a partner, using a 203(K) rehab loan from FHA or finding a HUD home.
Reverse Mortgage Information
Reverse mortgages are often a good option for seniors who live on a fixed income. There are two kinds of reverse mortgages - one from HUD and the other from Fannie Mae. You should only use a reverse mortgage lender who is legitimate and watch out for scams. There are several websites and books that offer a wealth of information on how to pick the right reverse mortgage lender.