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Criminal investigations for sub prime lenders imminent
Today New Century Mortgage announced it is filing for chapter 11 bankruptcy which is no surprise given recent trends. Since January of this year they were cut off by major lenders and have now announced criminal probes into it’s practices.
Appraisals are being reviewed hard by lenders
"In a market where prices have been declining lenders begin to take hard looks at appraisals that appear to be pushing the envelope in values. This is especially true of homes valued at over 750K. There are 2 types of reviews that your appraisal could be subjected to." Good advice to protect against identity theft
With the increase in identity theft I thought it would be helpful to post some valuable tips for protecting yourself against it. Here are some steps you should take immediately to lower your chances of being a victim.Opportunities exist is current real estate market
As the summer draws near there are more buyers coming out to look for homes. The inventory levels are still at a very high level and this means there are plenty of opportunities to find the right home for you.Prepare your loan application for the underwriter
When applying for a home loan it is important to prepare your file for what an underwriter will look at. Many borrowers are not aware of what they look for and how they think.It is simple really. Contrary to what many borrowers think, an underwriter’s job is to find a...Using pledged assets as a down payment
As the lending industry tightens the belt on requirements there are options that borrowers may want to consider to help them qualify for a home loan. One option is using pledged assets in lieu of a down payment.Real estate strategies for 2007
As the winter draws to it’s end and people come out of their homes the real estate market begins to show life. It is a cyclical event. For those who are interested in buying a home to live in there are a few strategies that may help you during this buying season.10 fastest growing counties in America
"The U.S. Census Bureau released a report on the fastest growing counties in America. Some of these may surprise you."February better for housing but nothing to celebrate
The latest government reading on the housing market reported that February rebounded off the 9 year lows but the home builders are still pulling back on their plans for future building.Get out of your adjustable rate mortgage while you can
"The mortgage industry is expected to see $112 billion in losses over the next 6 years due mainly to mortgages that are adjustable. Many of these loans had attractive low fixed rates for a short period but once that period expires the adjustment can leave homeowners with a... Homeowners feeling pain from recent lender fallout
"Over the past few months many of the subprime lenders have gone out of business with many more on the bubble. This was due to the 100% financing provided to borrowers that really didn’t qualify for the loans they were approved for." HP Boss Walks Away Free From Spy Scandal
"A California criminal case against former Hewlett-Packard chairwoman Patricia Dunn and three others - a corporate spying scandal that led to congressional hearings and an enhanced state privacy law - has ended with a whimper. Dunn was cleared of all charges by Santa Clara... Stated income and retirees
Many are not aware that when you retire choosing stated income as a qualifying option may not be possible. This is because the credit report will report job status. Rates fall as subprime lenders take hits
"Mortgage rates fell again to near year lows as a result of the hits being taken by subprime lenders. The bond markets are very volatile right now and with any luck this could open a significant opportunity for those with cash reserves." Investor real estate strategies are changing
With the pullback in loan to value ratios for stated income investors last week there is a need for new strategies for real estate investors. Many of these investors have been taking advantage of purchase opportunities and leveraging as much as they can to make the deal happen. Top Members Today
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