Category Archives: Home Buying Tips

Cash Home Buying

Cash Home Buying Trumps All Cash home buying does not refer to buying a home with a suitcase full of Benjamins spread out on a conference table in some hush hush location after dark.  Most  home buying offers are made with a contingency clause requiring successful approval of mortgage financing.  Typically there is a 10

Zombie Foreclosures Haunt Defaulted Homeowners

Zombie Foreclosures are Bank Walkaways The Consumer Financial Protection Bureau has a lot on its plate.  High on its list of priorities are Zombie Foreclosures.  Zombie Foreclosures is a term used for banks that start the foreclosure process on a real estate parcel and then don’t complete it.  This practice is a particularly prevalent occurrence

Mortgage Lenders Detect Undisclosed Debt

Mortgage Lenders Detect Undisclosed Debt Incurred during the “Quiet Period” How do mortgage lenders detect undisclosed debt assumed during what is called the “Quiet Period?”  For those new to the mortgage lending game the phrase “quiet period” refers to the time frame elapsing between the original pulling of the credit reports and the actual closing. 

Reverse Mortgage Basics Review

Reverse Mortgage Basics Review There is a general consensus among analysts that Reverse mortgages are safer than ever.  This is attributed to tougher lending standards than those that once prevailed combined with new limits and stricter federal requirements. Surviving Spouse protected.  A surviving spouse not listed as a borrower on a reverse mortgage can no

Mortgage Strategic Defaulters Banking Dilemma

Mortgage Strategic Defaulters Mortgage strategic defaulters are a phenomenon born of the housing crisis.  Bankers define mortgage strategic defaulters as homeowners who have made a conscious choice to let their mortgage go into arrears in favor of paying other bills.  These people are not necessarily people who have given up on the financial system or