Archive for the ‘Mortgage Related’ Category
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Foreclosure Solution: The Assumable Mortgage
So, what IS an “assumable mortgage”? An “assumable mortgage” is exactly what it sounds like; it is when a buyer agrees to take over the payments from the seller on the seller’s existing mortgage. Sounds simple enough, right? And, it is. Many people don’t know this, but, mortgage assumptions were quite common during the 40± [...]
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UPDATE: FHA Waives 90-Day Seasoning Rule
On January 10, 2010, I posted, FHA Should Rescind the 90-Day Seasoning Rule. Perhaps those in charge at FHA were reading my blog, because on January 15, 2010 (just 5 days after posting my original article), FHA issued a statement, Waiver of Requirements of 24 CFR 203.37a(b)(2). In short, FHA has apparently come to realize [...]
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FHA Should Rescind the 90-Day Seasoning Rule
To bring everyone up to speed, the Federal Housing Administration (FHA) was created as an independent federal agency in 1934 to promote mortgage lending by providing insurance to banks for a portion of the loan. FHA was created to reduce the risk of loss by banks during the Great Depression. You should understand, that the [...]
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Reverse Mortgages: What are they? How do they work? Are they good or bad?
There seems to be a lot of confusion about reverse mortgages; this is something I’ve experienced first-hand from members of my family, as well as my interaction with clients. The first question that virtually everyone asks is, “What is a reverse mortgage?” And, the answer is: It’s nothing more than a loan against the equity [...]
