Real Estate Really

RESPA Violation Alert

 
I personally have never had a lender or service provider ask or even suggest that a buyer should provide funds outside of closing that is not disclosed on the HUD.  However, I am noticing second lien holders becoming increasingly aggressive in their payoff requests and I've seen a marked increase in approval turn around times. 

Check out this article http://www.cnbc.com/id/34877347 from CNBC.  Understand it is a legal violation for any money to exchange hands that is not on your final HUD1 statement.   If any bank asks for this to be done it should be reported to RESPA authorities.  http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

Is it time for you to buy real estate? You Betcha!

Thinking of buying real estate but still unsure?  Prices have already begun to rise slightly in our area, so take advantage of the home buyers tax credit while you can and get a home while the prices are still within your reach.

Visit msnbc.com for breaking news, world news, and news about the economy

Foreclosures and short sales are great deals right now.  Give me a call if you would like to discuss possibilities.

Schemes and Scammers

 
IRS impersonation schemes particularly flourish during filing season. These schemes may take place via phone, fax, Internet sites, social networking sites and particularly e-mail. The IRS does not send taxpayers unsolicited e-mails about their tax accounts. 

Many impersonations are identity theft scams that try to trick victims into revealing personal and financial information that can be used to access their financial accounts. 

Some impersonations may be commercial Internet sites that consumers unknowingly visit, thinking they're accessing the genuine IRS Web site, IRS.gov. However, such sites have no connection to the IRS.

For additional information  see http://www.irs.gov/newsroom/article/0,,id=217794,00.html

Protect Yourself!

New Good Faith Estimate

A Good Faith Estimate or GFE, is a document your lender will provide you when you are purchasing a home so you understand what fees and other financial obligations you'll be facing with your new purchase.  Starting January 1, there are new guidelines for the GFE and you need to understand what you are reading.  The new format is a little more difficult to understand than the old form, but it was designed to protect the consumer.  That said, be sure you understand everything on it.

Read more....Understanding the New Good Faith Estimate