Deeds and Leases

The impending reversion of the Fannie Mae, Freddie Mac and FHA loan limits back to the old $417,000 conforming loan limit at the end of the year has been postponed to December 2010! In January 2009 the loan limit had been increased in Westchester (considered a ‘high cost’ area) to $729,750. Above this level are [...]

It is so unfortunate that the following video has the appearance of a funny video, but is actually on the money. Buying REO’s can be a very tough endeavour, and most non-investor buyers (like YOU) will probably be shocked at the experience. So get out the popcorn and enjoy. Thanks to http://www.sandiegohomeblog.com/

This is an intriguing article that suggests a financially viable way to convert failed/foreclosed condominium projects into cooperatives. At its most conservative it allows the lenders to be made whole. At best, there is some profit, which is better than a warehoused white elephant! I am curious to see what kind of reaction lenders and [...]

The New York Times is reporting on a proposal by the FDIC that would ask banks to provide up to six months of loan repayment forbearance in certain circumstances (job loss etc.), if the homeowner had reasonable prospects for future employment. This sounds like a good idea, and since almost everyone knows of someone who [...]

The Appraisal Institute http://www.appraisalinstitute.org has come out swinging against the HVCC and the critical problem of ‘geographic competency.” Simply put, an appraiser, regardless if they are a member of the AI or not, is REQUIRED to be competent and knowledgeable about the market they are working in. USPAP (the Uniform Standards of Professional Appraisal Practice) require [...]

To view a video about the rise in home sales, please click HERE. Washington, August 04, 2009 Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®. The Pending Home Sales Index,1 a forward-looking indicator based on contracts [...]

I am glad to see that NAR is asking for a moratorium on HVCC. This knee-jerk regulation is poorly crafted and has held the market back by killing deals with incompetent appraisers, greedy AMC’s, and overdone regulations. Should all appraisals be performed by competent, ethical appraisers with proper guidelines? Of course. Appraisal ethics has always [...]

        1.     Work only with a nonprofit, HUD-approved counselor. If you are looking for help to prevent foreclosure, be sure the counseling agency is on the Department of Housing and Urban Development’s list of approved agencies. Visit HUD’s website for an easily searchable list of HUD-approved housing counseling agencies, or call 877-HUD-1515 [...]

It looks like Fannie & Freddie are starting to finally listen. The media has been full of reports about complaints from Realtors that the appraisers being sent by Appraisal Management Firms (AMC’s) are from outside the area and do knot know the market they are working in. Besides potentially violating the competency provision of USPAP [...]

This surprised me.. Short sales have become extremely popular because they afford a way for a homeowner who is “upside down” in their mortgage (ie owe more than the property is worth) to be able to sell their property at current market and get out of their difficult financial situation with far less hit to [...]