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May 2011 Monthly Archive

May 21, 2011 | Comments: 1

Mortgage Standards Reform

Simon Volkov

A mortgage standards reform proposal was recently released by the Federal Reserve as the government attempts to curb abuses that have contributed to the mortgage crisis. The rule would further tighten lending criteria to ensure borrowers are capable of repaying their housing debt. It would also require buyers to provide a minimum 20-percent down payment when buying real estate.

The mortgage standards reform redefines a qualified mortgage and includes an 8-point checklist which holds mortgage providers accountable for investment decisions. The new rule takes effect later this year and will be governed by the Consumer Financial Protection Bureau.

Real Estate Investing article on "Mortgage Standards Reform "

May 11, 2011 | Comments: 1

HUD Housing Counseling

Simon Volkov

Anyone requiring HUD housing counseling should jump in now before budget cuts obliterate the program later this year. Remember the looming government shutdown in early April? Well, the Republicans and Democrats decided one way to balance the budget was to slash HUD funding for counseling services that have helped thousands of homeowners avoid foreclosure.

I've referred many people to HUD housing counseling. Especially, those participating in Obama's Making Home Affordable program. MHA originated in 2009 as a way to help "millions" of homeowners stay in their home via loan modification. The program hasn't been very successful and is likely to be scraped as well.

Real Estate Investing article on "HUD Housing Counseling"

May 02, 2011

Improper Foreclosure

Simon Volkov

Improper foreclosure is something you'll be hearing about a lot. The media is abuzz over bank regulators launching a plan to provide monetary compensation to homeowners whose homes were illegally seized.

Improper foreclosure occurs when banks do not have proper mortgage assignment documents. In recent weeks, much has been publicized about mortgage lenders hiring robo-signers to forge signatures on loan documents; allowing banks to foreclose via fraudulent means.

Real Estate Investing article on "Improper Foreclosure"