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Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
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Question: My Chapter 13 has been discharged for six months and I have a 704 credit score (avg.) with a debt to income ratio of 28%. As such, can I qualify for a Mortgage to buy a home in Kansas City? If so, where should I look for a mortgage? Thanks.Charlene, Kansas City
Answer: Unfortunately, Charlene, I'm going to be the bearer of bad news. In the past, a home buyer could apply for a mortgage 6 months out of bankruptcy. Today, a home buyer needs to wait 2 years out of bankruptcy to start the application process to purchase a home.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today! Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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USDA Rural Development Loan Limits for 2012 have increased. This means that home buyers looking in USDA elegible areas and using a USDA RD loan can purchase a slightly more expensive home.
Eligible cities in Kansas City on the Kansas side of the state line are: Spring Hill, Gardner, Edgerton, Baldwin City, Wellsville, Paola, Lousiburg, De Soto (City), Eudora, Basehor, Tonganoxie, Basehor, and Western Bonner Springs.
For more information on the USDA mortgage loan, contact Dennis Moser of Prime Lending.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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If Mortgage Debt Relief is not Extended - Short Sales May Decline, Real Estate Foreclosures and Bankruptcies will INCREASE in Kansas City Short sales are becoming more and more common. Ten years ago few real estate agents knew what a short sale was compared to today where 99% of the real estate agents know and experienced a sale that involved a short sale. The increase of short sales in order to prevent a foreclosure may change if tax break that currently does not force homeowners who do short sales to claim the forgiven debt on their tax returns is not extended. At the end of this year, the Mortgage Debt Relief Act, also called the Mortgage Forgiveness Debt Relief Act, is set to expire. If it does expire, the amount a short sale falls short of the amount owed on the mortgage on a property will, once again, be viewed as taxable income to the homeowner. Making the short fall taxable income will likely make short sales far less attractive to nearly every current or potential distressed property owner. Due to the length of time to negotiate and close a short sale, the short sale market could come to a stand still by mid year. If short sales decrease, look for strategic defaults to increase. If the homeowner is already loosing money they can't handle the extra income tax burden so they may choose the strategic default. A strategic default is a form of foreclosure that leaves open the possibility of the mortgage lender to pursue the deficiency amount from the homeowner.The homeowner will be hoping that the mortgage lender will recoup most of the debt and will pursue the homeowner for a small amount. The problem is many mortgage lenders will revert to their old ways and wait months to collect an inflated amount or sell the debt to a collection company who will then start the pursuing game. For the most part, most real estate agents are hoping that the Mortgage Debt Relief Act will be extended before it expires on December 31 of this year. In addition if the legislation is not extended, more defaulting homeowners may opt to declare bankruptcy in order to avoid paying income taxes on their “forgiven” debts.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Fannie Mae Issued New Forbearance Guidelines for Unemployed Borrowers who are Behind on Their Mortgage Payments
Fannie Mae issued new guidelines to its servicers this week that allow lenders offer a temporary forbearance program of suspending or reducing the monthly payments for borrowers who are unemployed. Servicers can approve six months of unemployment forbearance without obtaining GSE approval and an additional six months after obtaining GSE approval. The program is designed to help homeowners in danger of default and can be implemented in cases where homeowners have already missed payments. However, not more than 12 payments total may be missed, and homeowners must pay back lower or skipped payments over a longer loan period. Fannie Mae issued these guidelines after Freddie Mac recently issued similar guidelines.
Both Fannie Mae and Freddie Mac have said that it is up to mortgage loan servicers lenders to implement these new guidelines but they are requiring lenders to begin including consideration of a forbearance plan among other foreclosure prevention options.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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4 men plead guilty to conspiracy to defrauding approximately 4,000 underwater homeowners.
According to court documents, the men opened up loan modification business in 2008. They used high-pressure sales tactics and outright lies to induce customers to purchase $1,995 to $4,495 loan modification services. They used false claims that they had a team of attorneys who pre-screened clients and had a 98% success rate in obtaining loan modifications.
The loan modification business pretended that they had a special relationship with a particular client’s bank, or that the company had helped thousands of happy homeowners with loan modifications. The telemarketers even persuaded homeowners to pay the company’s fees instead of using their limited funds to stay current on their mortgage payments.
Through the use of false representations and promises, the fraudulent loan modification business obtained more than $11 million in client payments between 2008 and 2010 from more than 4,000 homeowners across the country. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Here is an ad from the fraudulent loan modification business:
It is our mission and highest priority to provide Americans in every city with an ethical, affordable, and effective program in obtaining multiple solutions to financial freedom. Our vision is to create the largest and most reputable law firm in the country by providing education, customized client resolutions, and 100% customer service/satisfaction. It is evident, through the financial crisis that is taking place in all aspects of lending, that consumers need a personal advocate to help intervene. 1st American Law Center and Gary Bobel are committed to protecting all Americans from predatory lending and financial distress. It is our confident belief that success ultimately depends on establishing a customer service and relationship oriented environment, that instills the integrity in each team member in the crusade of “Protecting The American Dream.”
Please be aware of loan modification schemes.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Choosing the wrong mortgage company can hurt you when buying a home in Kansas City
Loan officers and mortgage companies are all the same. The have the same products and all of their real work is done on a computer. So why not choose a loan officer or mortgage bank by what their interest rate it is, right?
I wish more Kansas City home buyers used more skill in choosing their loan officer or mortgage company.
At the beginning of the year, I had a buyer back out of one of my sellers properties. The buyer was pre-approved, had done their inspections and had their belongings on the moving truck. Matter a fact, it had traveled over 1500 miles before the buyer found out that the loan officer had left the mortgage business. Not only had the mortgage company left the business, he had over 45 incomplete mortgage files on his desk. That is right! 45 home buyers were getting ready to close on their homes and the loan officer left and quit the business with totally incomplete files.
When the story came out the loan officer was actually losing money on the mortgage loans and felt that just leaving was a better way of handling business. An ethical loan officer would not have dragged a buyer along for 3 months then abandoned his buyers.
During the mid year, I had a buyer get denied on a mortgage the day of closing. I had no relationship with the loan officer because the buyer chose the loan officer and mortgage company.
I was rather confused because the buyer was putting over 20% down on the home and had great credit scores. Matter a fact they were in the 790's.
After a little investigating, the loan officer figured the ratios wrong. The new ratios did not fit into the program guidelines. This was something the loan officer should have know at the beginning.
A couple months ago I found out that a loan officer was having problems pulling a buyers credit report on their remote site. He must have pulled their credit over 20 times from what the manager told the buyers. The extra inquiries dropped the buyers credit and kept them from getting their dream home.
This month, I found out that a loan officer sent the wrong file to an underwriter for a manual review. Although the file was not denied, the mistake delayed closing. Buyers were upset because it created chaos. Their whole moving plans changed.
The interest rate is important when choosing a loan officer, but service, knowledge and experience need to be high up on the equation when choosing a loan officer.
Here is my Top 8 List when choosing a loan officer in Kansas City:
1. Begin with referrals from friends, family and real estate agents. Referrals are a good starting point but must only be one factor in your decision making process.
2. Understand the loan products being offered. This may be the most critical and most complicated tip of all. Mortgage products vary widely and the so-called "exotic" mortgages are some of the most complicated of all.
3. Take the emotion out of the process. This is harder that it sounds. Buying a house is emotional. Know what you can afford. Your mortgage loan officer will only receive a commission by closing your loan. Their motivation is to get you into a product which you will qualify for not which you can afford. Ideally, this product is one which will lead you refinancing a short time later thereby ensuring more fees and commissions in their pocket.
4. Avoid the lenders that run commercials ALWAYS indicating interest rates are at all time lows and you should refinance now. They have ways to drive up back end points. They are also notorious for pulling bad news the last minute.
5. Beware of the mortgage industry version of the bait and switch. This involves a low initial rate or low costs but as closing draws closers these mysteriously increase because your lock has expired or credit score has decreased or some other excuse. I have seen it happen to borrowers with 800 credit scores. These mortgage companies figure you will close then refinance after closing.
6. Prepayment penalties - know what these are, how they work and what they mean to your ability to reduce your loan or sell your home. Hard prepayment versus soft prepayment. Most mortgage loans do not have a pre-payment penalty.
7. Know your own financial situation. Do you have credit blemishes? If so, lenders promising those blemishes will not impact your deal should be able to explain exactly why. Don't be embarrassed to ask about the details. Failing to understand the details enables the bait and switch tactics to succeed.
8. Be prepared. Compile income, asset and employment documentation prior to beginning the loan process. Do you have two years employment to verify? Are you self employed? Go to the first appointment with all supporting docs. This will keep surprises from cropping up.
The good ones are out there, take your time and find them.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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6 Fannie Mae and Freddie Mac Top Executives Charged with Securities Fraud
The U.S. Securities and Exchange Commission on Friday charged 6 six Fannie Mae and Freddie Mac former top executives, including their former chief executives, with securities fraud. The U.S Securities and Exchange Commission allege that the 6 former executives misled investors about the extent of the their exposure to higher-risk subprime loans. Fannie Mae, known officially as the Federal National Mortgage Association, and Freddie Mac, officially the Federal Home Loan Mortgage Corp., both entered into non-prosecution agreements with the commission. Each agreed to accept responsibility for their conduct without admitting or denying liability. Both government-sponsored enterprises also agreed to cooperate with the commission's actions against the former executives.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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How do you finance a distressed home in Kansas City that needs lots of repairs?
If you are looking to buy a home in Kansas City that needs repairs, then you may have already found that finding the distressed home is the easy part. There are plenty of opportunities in the Kansas City real estate market. There is a record number of distressed homes for sale in Kansas City.
The problem is that if you are not a cash buyer, you will have some difficulty financing your distressed home purchase.
The days of easy loan programs that could solve these problems is over, and you have to know exactly what to do when you structure a real estate contract to buy a home that needs repairs. Unless you plan on paying cash for the repairs, you must think-through the structure of your offer and communicate clearly with your chosen Kansas City mortgage lender. Not all mortgage loan providers have products to fit your needs, so make sure you address this with your Kansas City real estate agent before you begin the home selection process.
There is is a good reason to ensure that you are working with a full-time professional well-trained Kansas City real estate agent, because if your agent is not up-to-date with the most recent mortgage lending programs, you will end up either spending more cash out of pocket, or losing the home to a buyer who has the better real estate agent who can structure a deal that can be financed properly. Common Issues When You Buy A Home That Needs RepairsThere are so many short sales, foreclosures, and REO properties on the market, that having to make necessary repairs are not uncommon when you select a Kansas City distressed home. Often times, these repairs can cost a significant amount of money, so you have to know how they will be addressed in the sales contract, who will pay for them, and which ones your Kansas City mortgage lender will allow to be repaired after closing.
Likely Acceptable Items When You Buy A Home That Needs Repairs Most lenders who allow for repair escrows maintain a list of things that they will allowed to be escrowed at closing. Every mortgage lender and loan program is different an it is important to get a list of allowable items prior to writing and offer. Typical allowable escrow items: - Roof repair or replacement
- HVAC repair or replacement
- Replace missing appliances
- Peeling Paint
- Non-structural wood rot damage
- Installation of new flooring
- Repair or replace pool equipment or liners
Non-Allowable Repairs For Inclusion In A Repair EscrowHere are some common repairs that need to be addressed prior to closing, as most Kansas City mortgage lenders will not allow a closing to occur without these first being fixed: - Full remodels of kitchens or bathrooms
- Structural damage
- Repairs taking longer than 2 weeks
- Landscaping or yard equipment replacement or repair
- Furniture
- Damages exceeding $10,000 (with the likely exception of roofs and HVAC)
- Major peeling paint and exterior paint needed
If you would like to close on your Kansas City home and make the necessary repairs after closing there are a few mortgage loans that you maybe elgible for: 1) HUD's FHA 203K Rehab Mortgage Loan- Mortgage loans for home buyers who need more than $35,000 in home repairs. 2) FHA Streamline 203K Rehab Mortgage Loan - Mortgage loans for home buyers who need less than $35,000 in home repairs. 3) Zinc Financial Rehab Loans - Private investment company who offers home buyers finanancing on distressed homes. 4) Fannie Mae Homestyle Renovation Loan - Fannie Mae mortgage loan offered to home buyers on distressed homes. 5) Homepath Renovation Mortgage - Mortgage loan offered on Fannie Mae REO properties.
Need help buying a distressed home, contact the Dowell Taggart Team.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Are you somebody who has decent credit but very little cash, and you want to buy a home in Kansas City?
In the old days of the housing boom, there were many ways to solve this problem. But today, no money down programs are few and far between, so cash-strapped home buyers need to explore all of their options.
The USDA Rural Development Guarantee Mortgage Loan Around Kansas City As you might suspect from its title, the rural development loan is not available in all areas. The purpose of the loan is to provide home purchasing assistance in rural areas, and you can read all about it on the USDA website. Instead of going through hundreds of pages on its website, we have provided a summary of what you need to know and a map of areas included in the USDA Rural Development Guarantee Mortgage Loan program for Kansas City. Eligibility For The USDA Rural Development Loan (Kansas City MSA)There are two areas of qualification review that must be done to find out if a homebuyer in the Kansas City area can get a USDA Rural Development Loan. First of all, the buyer must have the financial qualifications for the loan, and secondly, the property must also qualify for the buyer to take advantage of this government sponsored no-money-down loan program. Borrower Eligibility – The USDA Rural Development Guaranteed Mortgage Loan program is for home buyers with household incomes below $83,150 ($109,750 for households with 5 or more people). If a homebuyer has a credit score below 640, the lender might be able to push the loan through providing the borrower has strong compensating factors. If the borrower’s credit score exceeds 640, then credit scoring will not be an issue. The buyer must also qualify with debt ratios that are similar to other loan programs and he or she does not have to be a first time homebuyer. The home needs to be purchased for occupancy (cannot use the USDA Rural Development Loan for purchasing investment property). Property Eligibility – The buyer must choose to purchase a single family detached home or an approved condominium, as mobile homes, duplexes and farms are excluded from the USDA Rural Development Loan. To verify whether or not the property is in an approved area, just use the map below to ensure that it falls within an eligible area.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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If you haven't heard, the attorney general of Massachusetts, is taking to court 5 mortgage companies for possible foreclosure fraud. In an effort to stop the harassing phone calls and properly foreclose on homeowners, Bank of America has organized a good-intentioned event:
Bank of America plans to meet in mortgage holders in Boston, face to face, in person, to go over how the mortgage-payment pressures can be eased.
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“The purpose of this event is to eliminate the faxes, the FedEx mailings and the phone calls to 800 numbers and allow for face-to-face interaction with a home-loan specialist,” a Bank of America spokesman says.
Walk-in mortgage holder participants are welcomed, but Bank of America would appreciate it if mortgage holders could make advance appointments by phone or the Internet in an effort to guarantee a face to face appointment. Seriously, like mortgage holders will get a hold of a Bank of America representative the first try to setup an appointment. I bet it will take repeated tries.
So to avoid infuriating phone calls and other forms of non-human interaction, mortgage holders have to make repeated infuriating phone calls to Bank of America or some other form of communication.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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If you haven't heard, the attorney general of Massachusetts, is taking to court 5 mortgage companies for possible foreclosure fraud. In an effort to stop the harassing phone calls and properly foreclose on homeowners, Bank of America has organized a good-intentioned event:
Bank of America plans to meet in mortgage holders in Boston, face to face, in person, to go over how the mortgage-payment pressures can be eased.
| | Bank of America |
“The purpose of this event is to eliminate the faxes, the FedEx mailings and the phone calls to 800 numbers and allow for face-to-face interaction with a home-loan specialist,” a Bank of America spokesman says.
Walk-in mortgage holder participants are welcomed, but Bank of America would appreciate it if mortgage holders could make advance appointments by phone or the Internet in an effort to guarantee a face to face appointment. Seriously, like mortgage holders will get a hold of a Bank of America representative the first try to setup an appointment. I bet it will take repeated tries.
So to avoid infuriating phone calls and other forms of non-human interaction, mortgage holders have to make repeated infuriating phone calls to Bank of America or some other form of communication.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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For the second consecutive week, the FDIC and state regulators did not close any U.S. banks. 2011's total still stands at 90 banks closed. Here is a week-by-week comparison of bank closures over the past four years:
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Senate Democrats and House Republicans proposed a plan to pay for the proposed payroll tax-cut extension. Their plan will increase the "guarantee" fees that Fannie Mae and Freddie Mac will charge mortgage lenders.
The government-sponsored enterprises, Fannie Mae and Freddie Mac, use the guarantee fees to cover defaulted mortgage loans they buy from mortgage lenders.
How will increasing the guarantee fee affect real estate in Kansas City?
It is believed that mortgage lenders will pass the increased fees to mortgage borrowers, thus increasing the expense to buy a home in Kansas City.
Last year, the fees averaged about 0.25% of the loan amount. The Senate proposal raises the fees by at least 0.125% over the next two years. The House proposal calls for an increase of 0.1% over the same period. The proposal would send the fees to the Treasury Department, when right now the GSEs receive the fees.
The Mortgage Bankers Association, the National Association of Realtors, and the National Association of Homebuilders told lawmakers that redirecting revenue from Fannie and Freddie for purposes unrelated to the health of the housing finance system is counterproductive.
Reacting to the proposal, MBA CEO David Stevens Saturday tweeted, "payroll tax should not be paid for with GSE fees. That is a slippery slope."
Do you think that increasing guarantee fees is a good thing? Should fees to buy a home be raised right now in this economy?
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Rumors of bad news sparked real-life bad news for Swedbank and SEB, a Nordic global investing firm, this past weekend. A “groundless twitter rumor”,according to the banks, that Swedish banks were preparing to withdraw business from the Baltic republic sparked a run on Swedish banks. As many as 10,000 customers withdrew $29 million dollars from ATM machines across the region this past weekend mainly because of the tweet. The rush on cash left nearly 15% of the ATM's without cash which further fueled the rumors. Swedish banks continued to restock the ATM machines and insist that the run was spurred by “totally irrelevant rumors coming out of social media”.Spreading false rumors about the banking system is a criminal offense in the Baltic republic. Swedbank and SEB are both monitoring the run and are promising that customers will be able to withdraw money if they wish to do so.Could a rumor on Facebook or Twitter spark a run on banks in the United States?
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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You Would Be Surprised Who Owns One of the Largest Mortgage Companies Who is Committing Fraud Did you know that the attorney general is going after one of the largest mortgage companies for using fraudulent documents in foreclosure proceedings. The large mortgage company actually foreclosed in homeowners without holding the actual mortgage and also failed to provide loan modifications as promised. The mortgage lender has acknowledged that it has a problem following lending laws. Now here is where you might be surprised. Because if the government bailouts, the federal government owns 74% of this large mortgage company. Why doesn't the government do something about this? Your guess is as good as mine. The attorney general of Massachusetts has decided not to wait. She has been preparing a case against this large mortgage lender. Who is the lender, you ask? It is GMAC Mortgage. RE/MAX sells more homes than any other real estate company. For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
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