The other day, a client came into my office and asked me about a using a reverse mortgage to purchase a property. They said they had heard some negative things from relatives but had recently seen articles that painted a very different picture. They asked for my opinion. I told them that it is critically […]
Waiting Periods Waived
September 30, 2013 by Leave a Comment
The Great Recession that started in late 2007 forced many responsible Colorado homeowners into mortgage loan default and/or bankruptcy. Because of this, the Federal Housing Authority (FHA) realized that credit histories don’t always reflect a person’s true ability or willingness to pay on a mortgage, and on August 15, 2013, announced its shortening of the […]
Mortgage Forgiveness Debt Relief Act
January 10, 2013 by Leave a Comment
Under normal circumstances, debt forgiven as a result of a short sale or mortgage modification would count as income for tax purposes. Lenders send out 1099s to account for the amount of the debt they have forgiven. However, the Mortgage Forgiveness Debt Relief Act (Act) that was passed in 2007 states that mortgage debt that […]
Mortgage Standards Stop Tightening; Lending Soon To Loosen?
August 20, 2012 by Leave a Comment
As another signal of an improving U.S. economy, the nation’s biggest banks have started to loosen mortgage lending standards.
Loans For Underwater Homeowners : HARP 2.0 Now Available
April 17, 2012 by Leave a Comment
The new, revamped HARP program is now available. It was officially released Saturday, March 17, 2012 by Fannie Mae and Freddie Mac.
FHA To Raise Mortgage Insurance Premiums April 1, 2012
March 10, 2012 by Leave a Comment
Beginning April 1, 2012, the FHA is once again raising its mortgage insurance premiums.
Revamped HARP : Unlimited Loan-to-Value And Same Great Rates
February 10, 2012 by Leave a Comment
The government’s new, revamped HARP program is 6 weeks from release. Homeowners are gearing up to refinance.