The Real Estate Settlement Procedures Act (RESPA) allows homebuyers/sellers to choose their own title company, yet the title and closing process is puzzling to the average consumer. Homebuyers devote 2-7% of the cost of their home on closing costs, most are not clear about what those costs include, who they are hiring, how much they are even spending, or why. Read the rest of this entry
As we come to the end of another year, you are probably like me. You start reviewing your statements for tax purposes. Ever year I examine my mortgage statement and review my escrow account. Doing this made me think about “Escrow Accounts” the pro’s and con’s of them. I found a great article I wanted to share in two parts. This week we’ll focus on the Pro’s of Escrow and next week we’ll focus on the con’s. Read the rest of this entry
Bogus letters result in $10 million in losses
Local homeowners and title insurance companies are being warned about possible mortgage fraud that involves bogus short sale approval letters from Bank of America.
Attorneys’ Title Fund Services, one of the largest title insurance underwriters in Florida, sent an alert last week, saying scammers are mimicking the lending giant’s approval letters, including similar language and the bank’s logo. Read the rest of this entry
It was 2009, you just bought your first home. You were on cloud 9! You got your cake and ate it too because you took advantage of the First Time Homebuyer Credit. Now, fast forward to 2012. Your house is worth half of what you paid for it, your spouse lost his or her job and you’re struggling to put food on the table. You’re unable to make your mortgage payment and in your best long term interest, you choose to Short Sale your home. In steps me. I list your home, find you a buyer and successfully negotiate an approved short sale. Then, the bomb is dropped… You took advantage of the First Time Homebuyer Credit and just now thought to tell me. Unfortunately, this CANNOT be mitigated. You need to know this whether you’re going through a foreclosure, short sale or traditional resale. Read the rest of this entry