A new bill introduced earlier this week aims to change long lender delays with short sales.

The Federal Housing Administration (FHA) today announced a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage insured by the federal government. It allows older home owners to tap into their equity to cover living expenses and health care costs while continuing to live in their home without having to make the mortgage payments that are required with a traditional mortgage or equity loan.
FHA designed HECM Saver as a second reverse mortgage option for the purpose of lowering upfront loan closing …

By Winnie Uluocha
With foreclosures on the rise around the country and many of those homes needing repairs, the FHA 203(k) Streamline Limited Repair Program has become a popular program in today’s market. The 203(k) streamline program allows the buyer to finance both the purchase and the cost of minor repairs and/or upgrades through a single mortgage. If a property needs less than $35,000 in work and does not need structural repairs, it is a great candidate for the 203(k) streamline loan.
Understanding the way this product works and aligning yourself with …

By Tammy Hajjar
Lehman Brothers files for bankruptcy, AIG receives monetary infusion from the Fed, Bank of America acquires Merrill Lynch, the White House signs a $700 billion financial market bailout, JP Morgan Chase swoops in to save Washington Mutual — the list is long. These are tumultuous times in the financial markets, but don’t let the woes of Wall Street shade the opportunity we have before us.
As I’m sure you’d agree, right now it’s all about buying right — the right property, in the right location, at the right time …

FRAUDULENT CREDIT REPAIR COMPANIES CAN MAKE MATTERS WORSE FOR YOUR CLIENTS
By Douglas Muir
The current credit crisis is hitting close to home. Foreclosures are on the rise and people face tough times when their adjustable-rate mortgages keep climbing. Real estate professionals feel the crunch and know that it’s a buyer’s paradise. However, Americans looking for financing are running into a very restricted loan market.

REVERSE MORTGAGES CAN HELP CLIENTS STAY AT HOME
By Bernie Ockrim
In the recent past, when older people had difficulty living on their own it was a signal that it was time to move in with family members or consider entering a nursing home. But today, for many people, this is no longer the case. Now, your more mature clients can continue to live on their own for years to come, even as they grow older and begin to need help with everyday tasks. This is often referred to as “aging in …

By David Fialk
Is there a difference between a mortgage pre-qualification letter and a mortgage pre-approval letter? The reality is that most buyers need to obtain a mortgage loan to purchase a home. Since mortgage approval is such an integral aspect of a home purchase, wouldn’t it make sense that Realtors have a better understanding of the mortgage pre-approval process, since so few buyers are able to buy a home and pay cash.

BY JOSE H. CARABALLO
Bankruptcy is an uncomfortable subject for a variety of reasons. The most obvious is the potential havoc it can wreak on your client’s finances. Running a close second is the negative stigma which is often attached to the process. This negativity is important to mention because strong emotions can sometimes lead your clients to unsound financial decisions with devastating results.

YOUR CLIENTS CAN REFINANCE THEIR MORTGAGE FOR RATE AND PAYMENT REDUCTIONS
By Jose H. Caraballo
One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower their monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one with better or more appropriate terms.

Survive the real estate lull by doing what you do best while applying common sense
By Steven D. Hayworth
I moved to Miami in 1980, just as the real estate crisis of the early-1980s was about to reach a tipping point. For those of you who want to remember those days, you will agree it was a challenging environment, to say the least. My own first-home mortgage carried an interest rate of 14.5 percent, and I had to buy fast because developers were raising prices weekly. I had high expectations for my …