Avoiding Mortgage Fraud

Although Courtesy of the Realty Times, this makes two fine articles in a row from Broderick Perkins, founder and editor of the The DeadlineNews Group.


Caveat Emptor is Latin for "Let the buyer beware".

Some surprising numbers from the FBI regarding mortgage fraud and Brodericks cautions on how to avoid it. Do your homework, folks.

NAR THANKS BUSH FOR SIGNING DEBT BILL

The NAR statement on Realtor.org includes the following:
"Today's bill will ensure that any debt forgiven on a mortgage secured for a principal resisence will not be taxed."

The full statement follows:

Bush Signs Mortgage Forgiveness Bill
Again, I encourage anyone having difficulty with their mortgage contact their lender first in the interest of working out a solution. Many unscroupulous people are pretending to assist those in difficulty while creating an even worse problem for their own benefit. Trust your lender first!

And check the December 7 entry in this blog for further info on assistance.

WOW - A TOUGH VIEW OF MORTGAGE HELP!

From Realty Times, one man's view of the Bush "Plan" for helping homeowners facing serious mortgage problems.

The Bush Foreclosure Plan: Who Really Benefits?

Let's hope the view of the writer is a bit overstated. Time will tell.

The bottom line, irrespective of the article, contact your lender early to try to work out a solution. Lenders will have a hard time getting money for new loans if they carry too much "bad" paper, so there is some motivation on them to convert your loan to a "good" loan.

MORTGAGE BAILOUT - DO YOU QUALIFY?

An excellent article from Business Week. The big question, does the plan go far enough?

New mortgage bailout plan: Do you qualify?

There are several subarticles on the bailout, including investor reaction.

If you are in an "ARM" mortgage, this is must reading!