Archive for June, 2010

Realtors, Brokers Target Home-Appraisal Rule

From WSJ-

http://online.wsj.com/article/SB10001424052748704289504575312671921408674.html?mod=WSJ_RealEstate_LeftTopNews

The mortgage-broker and real-estate industries are pushing to have a measure that would kill new home-appraisal rules inserted into pending legislation to overhaul financial-sector regulation.

The Home Valuation Code of Conduct, adopted in May 2009 to ensure appraiser independence, bars mortgage brokers and bank loan officers from selecting appraisers.

Mortgage lenders, on the other hand, are trying to fend off the measure. Several big lenders own or have a stake in companies that have seen a surge in business as a result of the new rules. (aka- AMC’s or Appraisal Management companies, this includes BPO Management Companies)

The Code of Conduct was adopted last spring by Fannie Mae and Freddie Mac, the government controlled mortgage giants, in settling a New York state attorney general’s probe of their appraisal standards.

(The entire investigation was brought about specifically by Andrew Cuomo, former HUD Secretary, who by the way made a series of BAD and politically motivated decisions between 1997 and 2001 that gave birth to the country’s current economic crisis.

He took actions that—in combination with other factors—helped plunge Fannie and Freddie into the subprime meltdown. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no DOC, no money down loans.

Basically he legalized what a federal judge has branded “kickbacks” to mortgage brokers that fueled the sale of overpriced and unsupportable loans. Four to five million families are now facing foreclosure, and Cuomo is one of the reasons why. Now Fannie and Freddie are going to CONSUME ONE TRILLION DOLLARS of TAX PAYER money.

This criminal, cuomo, was also responsible for the collaps of Lehman Brothers. Basically, Lehman CEO didn’t kiss Cuomo’s behind during his campaign bid and didn’t kick in millions to his political run. So, out of spite, Cuomo opened up an investigation of Lehman.

The rest…is well history. Cuomo is nothing more than a mafia hoodlum. This guy has single handedly corrupted HUD, Fannie, and Freddie. Destroyed the Appraisal industry and brought about the demise of Lehman.

June 18, 2010 at 6:37 pm Leave a comment

Home Mortgage Loans Are A Burden In N.Y./N.J. Region

Look like it may be tough sledding ahead for the NY/NJ region Real Estate market. It seems that this area now leads the nation in Mortgage Loan delinquencies.

From WSJ-

The New York/NJ Suburban region has the largest backlog in the country of delinquent mortgages that have yet to move through the foreclosure pipeline.

At the current rate, it would take 103 months to clear the so-called shadow inventory of mortgages in the New York/NJ area that are more than 90 days delinquent or in foreclosure. That is nearly 3.5 times the national average.

http://online.wsj.com/article/SB20001424052748704009804575308893472619792.html

June 17, 2010 at 4:56 pm Leave a comment

Updated Colonial in Mountainside Borough

A 3 bedroom, 2 bath Colonial on quiet cul-de-sac in Mountainside Borough.

Listed at $549,000

http://www.exite-listings.com/52153

June 14, 2010 at 2:28 pm Leave a comment

Colonial Home in Union Twp – Just Reduced!

Available and listed at $310,000, is this spacious and well maintained colonial home, located in the reputable Washington School district.

http://www.exite-listings.com/52036

http://www.exite-listings.com/etour.html/TOURID/52036

June 8, 2010 at 8:23 pm Leave a comment

EXIT Realty Educates the Public in Free Webinar!

 On Tueday June 8th, Exit Realty will be hosting and broadcasting a FREE webinar, Entitled “Real Estate After April 30th (when the $8,000/$6,500 home buyer tax credits expired) – What Now?”

http://www.realestateindustryleaders.com/public/item/255142

There will be Two Free Sessions, one at 4 PM and the second at 7 PM. All you need to do is click on https://www2.gotomeeting.com/register/914090834 for the 4 PM session,

or https://www2.gotomeeting.com/register/543685610 for the 7 PM session. Register with go2meeting today!

 

June 4, 2010 at 2:21 pm Leave a comment

Somerset County Glimpse Of History

Take a look back at the John Franklin Fort in East Millstone.

For more nostalgic photos click here: http://photos.nj.com/star-ledger/2010/05/sm0530historylns.html

June 2, 2010 at 12:57 pm Leave a comment

FHA 203k Purchase Rehabilitation Loan Info

The FHA 203(k) Rehab loan is an option for home buyers seeking to purchase a home that needs repairs. Sometimes dubbed a “fixer-upper” or Handyman’s Special” – buying a home that is in need of repairs can usually be bought at a discount and often yield a huge financial return.

The 203k Rehabilitation loan not only gives you the money to buy the house itself, but this loan also offers you the money you need to complete the required repairs to the home, all in one 30 year fixed mortgage at a low rate.

FHA 203k loans are in many cases cheaper than taking a construction loan to complete the necessary repairs. With a construction mortgage, you will most likely have to pay closing costs when you receive the initial construction loan, and additional closing costs once the construction is complete and you refinance.

With a 203k rehab loan, there is only one closing, one mortgage loan and 1/2 the fees! Read More about buying a house with a FHA 203k home mortgage loan…

Qualify for a FHA 203k loan now
Read more about FHA 203k loans

Watch a 54 second video on 203k loans:

http://video.yahoo.com/watch/5712637/14967510

FOR MORE INFORMATION ON 203K LOANS AND REHAB PROPERTIES, PLEASE CALL OR EMAIL EXIT 24/7 REALTY TODAY!

908-334-1475 or carl@exit24-7.com

June 1, 2010 at 5:49 pm Leave a comment


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