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What is a Jumbo Mortgage?

Basically, when you talk about a jumbo mortgage, this is essentially a mortgage with a larger amount than the normal limits set by industry standards. These standards are defined by our mortgage giants Freddie Mac and Fannie Mae.

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Mortgage Refinancing Tips

If you are looking for a mortgage, the following is a list of five simple tips to help you on how to refinance an existing loan. Continue reading Mortgage Refinancing Tips

Mortgage Brokers – Who Regulates Them?

At some point in time, you tend to ask yourself, who is in charge of protecting me from possibly bad mortgage business practices?

The Federal Trade Commission is the main government body that regulates the business of mortgage brokering. The FTC is tasked to enforce the basic consumer protection statute (found in Section 5(a) of the FTC act) that states that “unfair or deceptive acts or practices in or affecting commerce … are … declared unlawful.” So in this case, your rights as a consumer are protected by the FTC and in turn, they watch over the business of mortgages.

States are also regulators for mortgage brokers. They issue licenses to brokers to allow them to run their businesses in their locality. In this sense, a lot of people who work on loans that pertain to mortgages and call themselves mortgage brokers really are not legally allowed to do so.

Further information about the regulators of the mortgage industry can be found on these websites:

www.CSBS.org
www.AARMR.org
www.namb.org
www.nabmb.org

Mortgage – Definition

We can define a  mortgage as the transfer of ownership or interest in property to a lender serving to as collateral or security for a loan which is usually for money. The mortgage in itself is not a debt, it is actually the security for the debt promised by the lender. It’s a transfer of an interest in land (or the equivalent) from the ownership of someone to the lender of the mortgage with the promise that this interest will revert back to the original owner when the terms of the mortgage has been fulfilled.

Executing a deed in leu of foreclosure

Question/Situation:
We started a new construction, but contractor used all money without finishing. We don’t have funds to finish project. While we have been trying to sell the project, but as of now there are no takers. And on top of that we are deliquent over 1 year.
Continue reading Executing a deed in leu of foreclosure

Interesting bits

Latest from the News

Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.