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5 Tips for Foreclosures
Posted on March 9th, 2010 No comments5 tips for Foreclosures
It is important for you to use a good realtor; realtors with at least 5 yrs experience and preferably one that has a proven track record of working with foreclosure sales.
Foreclosure sales are sold as is and home inspections are a home necessity. The money you spend on inspections may save you ten of thousands of dollars later.
People assume that the same financing options are available for foreclosure properties as all other properties. The truth is property conditions are being evaluated by lenders more closely than ever. Certain properties may not be eligible for financing. Review the property condition with your lender up front.
As a general rule, sellers of foreclosed properties including banks, mortgage companies, Fannie Mae, Freddie Mac, HUD, etc….will not accept an offer that is not submitted with a pre approval letter. It is imperative that you are re pre approved up front.
Real Estate property taxes are may times under estimated in the preliminary research when buying a foreclosed home. You may have gotten a bargain price on the home but the sticker shock can arrive wit tax bills. Be sure to take the actual property taxes into account when budgeting for your new payment.
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Tuesday, March 8th
Posted on March 8th, 2010 No commentsFixed-rate mortgage? Homeowners should consider all alternatives - The Guardian
The Dark Side of Home Subsidies - NY Times
Pressure builds for US mortgage loan write-downs - Reuters
Decline In Late Mortgage Payments May Be A Positive Indicator For Foreclosures - NuWire
FDIC Chairman Questions Mortgage Interest Tax Deduction - FOX Business
After the Fire, Rebuilding U.S. Housing Policy - The Atlantic
Fed launches reverse repurchase agreement program - Forbes
Fannie Mae Mortgage-Bond Spreads Fall to Record: Credit Markets - Bloomberg
FDIC’s Bair eyes low interest rates, more lending - Reuters
How to cope with new fees, rule changes on credit cards - USA Today
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Monday, March 8th
Posted on March 8th, 2010 No commentsHome-Saving Loans Afoot - WSJ
Program Will Pay Homeowners to Sell at a Loss - NY Times
Business economists see Fed rate hike in 6 months - Reuters
AIG Settles U.S. Claims of Black Mortgage Fee Bias - Business Week
Help for First-Time Buyers - NY Times
HDB extends mortgage help - Today Online
Fed proposes rule to limit credit card fees - USA Today
U.S. consumer credit rises for first time in year - Market Watch
New rules or not, consumers pile up debt with credit cards - Brownwood Bulletin
Interest-Free Financing War Heats Up - Fox Business
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Friday, March 5th
Posted on March 5th, 2010 No comments30-year fixed mortgage rates dip below 5% again - LA Times
Is Mortgage Refinancing a Loser’s Game? - Time
Fannie Mae’s Mortgage Delinquencies Climbed in December - BloggingStocks
FDIC’s Bair says tackling underwater mortgage woes - Reuters
January’s mortgage delinquincy rate surpasses 21 percent - Las Vegas SUN
The Fed-backed mortgage market - Christian Science Monitor
New rules for your plastic - Credit- and debit-card issuers react to restrictions - Consumer Reports
Lower interest rates? Not in the (credit) cards - AP
Time To Rethink That Cash-Back Credit Card - Forbes
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Video
Posted on March 5th, 2010 No commentsNew Bill Could Help Consumer Credit, Economy (Video)
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