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Posted On: 11/18/2009
Q: It used to be that the mortgage crisis was described as a "subprime" problem, but now people with prime loans are beginning to see a lot of foreclosures. Was there something wrong with the prime mortgages made several years ago? A: If by "prime" loans you mean fixed-rate mortgage and...

What's the Score?

Posted On: 11/11/2009
Q: I want to finance a home with an FHA loan. I understand that the FHA does not require a particular credit score, but my lender says I need a score of at least 620. How can a lender require that if the FHA does not? A: The FHA is not actually a lender; it's an insurance program. The actual...

Should This Land Be My Land?

Posted On: 11/04/2009
Q: Real estate values in my town have fallen around 15 percent in the past couple of years, although in the past few months the market is starting to pick up a little. In the same period the value of vacant land in a new subdivision has gone down by as much as 50 percent. Builders are...

FHA S.O.S?

Posted On: 10/28/2009
Q: I've heard stories that the Federal Housing Authority program is in trouble. Is this true? A: There are very few success stories in real estate of late, but one that comes pretty close concerns the FHA. The FHA is a government-sponsored mortgage insurance program. Started in 1934, it...

Frustrated By Foreclosures

Posted On: 10/21/2009
Q: There were three foreclosures that recently sold in my area. All were HUD homes. The owed mortgage on each ran from $89,000 to $125,000. Two sold for $10,000 and one for $19,000. How is this helping the economy? Who is paying the remainder of the mortgages? I can't believe that these houses...

Is Loan Assumption Viable?

Posted On: 10/14/2009
Q: Can we sell our home by allowing the buyers to assume our loan? A: Not likely. Mortgages can be "freely" assumable, meaning you don't need the lender's permission for an assumption, or they can be non-assumable. However, few loans have been freely assumable in recent years. For instance,...

Taxes on the Transfer?

Posted On: 10/08/2009
Q: Do you have to pay property transfer tax when you buy a condo? A: We usually think of "real estate" as that single-family home surrounded by a white picket fence. Technically, if you own real property you typically own a piece of ground and all "improvements" permanently attached to...

Private Lender Problems

Posted On: 09/30/2009
Q: I have looked into getting a loan modification. I qualify, but since I have a private lender, I’ve been told by several companies that private mortgage owners do not have to modify my loan. Is this true, and if so, why are private lenders not covered by the new laws? A: A mortgage is...

Looking for an ‘Advance’

Posted On: 09/23/2009
Q: Because of financial problems we’re having trouble paying our mortgage. Someone said we might be able to get help with a “claim advance” from our lender. What’s a claim advance and how does it work? A: A claim advance does not come from a lender, instead it comes...

Are Programs Progressing?

Posted On: 09/16/2009
Q: You hear a lot about government programs, state plans and private efforts to stop foreclosures. Do any of these programs actually work? A: The evidence to date is that such efforts either don’t work, don’t work very well or merely delay the inevitable for most borrowers....

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