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Mortgage Lenders: The Good, the Bad, and the Ugly
from: Deb St. George - HomelessInKingCounty.comIt’s quite true that today’s mortgage lenders come in all varieties. The mortgage fallout of the foreclosure scandals have some people doing a double take on their lenders, both when they are buying and since they have bought. Countrywide remains as one of the ugliest mortgage lenders of the housing bust, so much so that the FBI is now investigating their lending practices for evidence of fraud. There are still good lenders out there, but it pays to scrutinize any loan offer you are signing so that you don’t get caught in perilous lending practices that can put your home on the auction block.
How to Protect Yourself
If you have a loan that is currently under any mortgage lenders under investigation, it doesn’t mean you can’t refinance with someone else. You also want to steer clear of mortgage companies that may be going bankrupt as this can block the closing of the house sale at the last minute. You want to work with a reputable lender who isn’t in financial straits, to make sure you are not faced with a lender pulling out right before the papers are signed.
Get several offers from a variety of mortgage lenders, so that you know exactly what to expect. If your realtor or builder tries to get you to sign with one lender only, then this may be a tactic to keep you uniformed. The more offers you review, the more knowledgeable about what is a good offer for your particular financial situation.
Do your own homework. Don’t expect realtors or mortgage lenders to have your best interest at heart. You need to understand the terms of the loan as clearly as possible. If you don’t, you can always attend local homeownership courses at your local community college or through the Department of Housing and Urban Development (HUD). Never sign anything you don’t understand, especially if you are being pressured to do so within a short timeframe.
Never lie on your loan documents and avoid lenders that encourage you to fudge the numbers. This is an indication that you can’t afford a particular home and fudging the numbers is not likely to help you in the long run. It will, however, help the mortgage broker who makes a commission on preparing the loan documents. So, stick to the guidelines and try to stay within budget.
Avoid lenders that offer to fill in the blanks for you, just allowing you to sign on the bottom line. This can also be a practice of fraudulent “home ownership counseling” programs that make a commission on house sales in a particular area. Again, you should be the most informed consumer on how you will manage the debt of a home mortgage, not your lenders, your real estate agent, or even a counseling program.
Mortgage Missouri News
Missouri Among States Spending Mortgage Settlement On Other Priorities - KCUR
 News10.net | Missouri Among States Spending Mortgage Settlement On Other Priorities KCUR By Sylvia Maria Gross Missouri is one of more than a dozen states using funds from a $25 billion dollar mortgage settlement to plug unrelated budget gaps, according to the New York Times and a report from Enterprise Community Partners, an affordable ... More Details on Foreclosure Fraud Settlement Fund Raid STATES DIVERT MONEY AIMED FOR HOUSING AID |
Missouri Co. Buys Wolf River Blvd. Land - Memphis Daily News
Missouri Co. Buys Wolf River Blvd. Land Memphis Daily News Springfield, Mo.-based Collierville Assisted Living LLC has bought acreage in the 1500 block of Wolf River Boulevard in Collierville from Halle Acquisition Fund for $1.1 million, filing an $8.5 million construction mortgage at the time of purchase. |
Think of land price as bushels of corn, MU economist says - CattleNetwork.com
Think of land price as bushels of corn, MU economist says CattleNetwork.com Horner led those at the 2012 Breimyer Seminar through his way of thinking about how much mortgage payment a farm can absorb. The University of Missouri seminar on land prices reminded Horner of his days in a county extension office. |
Mortgage Money Misspent - Fox Business (blog)
 StateImpact Idaho | Mortgage Money Misspent Fox Business (blog) But then there are states like Missouri. The "show-me” state should change its name to the shameless state. Its $40 million payout is going to make up for cuts they previously made to higher education. Virginia using most of its $67 million to bail out ... Needy States Use Housing Aid Cash to Plug Budgets States Divert Mortgage Cash Away From Homeowners |
Real: Review homeowners insurance coverage regularly - The Republic
Real: Review homeowners insurance coverage regularly The Republic "If you think about the tornadoes in Missouri and Alabama, I'm sure there were surges in pricing that were higher than you would have thought possible." Replacement cost policies usually don't include the same level of coverage for contents -- instead, ... |
Bill giving KC authority to set up land bank awaits Nixon's signature - Kansas City Star
Bill giving KC authority to set up land bank awaits Nixon's signature Kansas City Star She's hopeful the Missouri General Assembly took a first step toward that solution Thursday with the passage of legislation giving Kansas City the authority to establish a land bank. And Beatty is not alone. Mayor Sly James called the land bank ... |
C&F Financial Corporation Announces Quarterly Dividend - Sacramento Bee
C&F Financial Corporation Announces Quarterly Dividend Sacramento Bee C&F Bank operates 18 retail bank branches located throughout the Hampton to Richmond corridor in Virginia and offers full investment services through its subsidiary C&F Investment Services, Inc. C&F Mortgage Corporation provides mortgage, ... |