As banks tighten lending standards, demand has increased tremendously in recent years for Veterans Affairs mortgages, known as VA loans.
When a married couple purchases a house with the help of a mortgage, they become subject to a wide range of legal rules and custom-based practices at every stage of the process. This column will summarize some of the major issues that arise.
QUESTION: I was renting an unfurnished bedroom to a tenant who put in her own furniture. Several years ago, she moved back in with her family and left her furniture with the intention of eventually returning. I have been charging her a small fee for this furniture storage. Recently, we agreed to allow a friend of hers to move into the room and pay rent. The first tenant has not paid the storage fee since then. Am I entitled to receive that?
QUESTION: I purchased a home from builder XYZ for $320,000, and have a $10,666 Realtor rebate coming back to me. The builder had me sign a paper that says the Realtor rebate can only be used to pay settlement costs. In addition, if I use XYZ's lender, the lender will pay $5,000 toward my settlement costs.
QUESTION: We are no longer able to pay our mortgage due to a hardship. After doing a lot of research, including reading your columns, we decided to try a short sale. We listed the property, found a strong buyer and submitted all the required paperwork to our lender. Now the lender wants us to auction off the house. What gives?
Just as Jane Fraser was named CEO of CitiMortgage nine months ago, the mortgage industry was undergoing a seismic shift as refinancing activity began its free fall.
Just 10 days before Christmas 2009, Ganel Appolon found an envelope taped to his front door. He and his family were being evicted from their Tamarac, Fla., home. Appolon had fallen behind on his mortgage payments, and the lender repossessed the property under terms of his bankruptcy filing.
Retired aerospace engineer Owen Klasen was rejected last year when he sought a second mortgage to paint and re-roof his house.
Sales of newly built homes rose unexpectedly last month, bucking a cooling trend in the housing recovery.
Home prices fell slightly across large U.S. cities in December from a month earlier, further evidence that the housing market cooled to close the year, according to a closely watched index.