Foreclosure occurs when you fall behind on your mortgage payments. Basically, it means that your lender has the right to take your home. Sometimes, certain circumstances occur that can make it difficult – or impossible – to make mortgage payments. There are alternatives to this so that you can keep your home and avoid foreclosure.
You have been renting up until now and you are finally making the decision to purchase a home. Congratulations – this will be one of the smartest moves you have ever made. It may seem a little scary, because it is a bold decision, and with every bold, big decision, risks are involved. The best things in life come with risks, so stop being scared and nervous, and get ready to be excited!
Perhaps you an interest, or are already involved in flipping real estate. Regardless of your experience level, consulting with a Real Estate Lawyer will save you from potential setbacks.
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An FHA loan is a home loan that was established by the government in 1934. It is a great option for first time home buyers or those who do not have much to put down on a home, as an FHA loan can allow you to purchase the home with as little as 3% down, or even no money down in some cases.
RESPA Law, what is that? RESPA is the acronym for “ Real Estate Settlement Procedures Act”. You are probably thinking , I have heard that before, but how does it affect me?
The purpose of RESPA Law is to ensure enforcement of state and federal lending guidelines and curtail predatory lending practices.
“We are facing, by all accounts, a tsunami of defaults and foreclosures” – Carolyn Maloney, New York Democratic Representative.
Do you feel that you have been taken advantage of by a mortgage lender involved in a predatory lending practice? Have you been pressured into accepting mortgage terms, or for that matter, have you been cornered into applying for a mortgage against your best interest or wishes?
Are you concerned that you may have been a victim of mortgage fraud lending?
Mortgage fraud is defined as a “knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment.”
The FBI investigates mortgage fraud in two distinct areas: Fraud for Profit and Fraud for Housing. Fraud for Profit is sometimes referred to as “Industry Insider Fraud” and the motive is to revolve equity, falsely inflate the value of the of the property, or issue loans based on fictitious properties. Fraud for Housing represents illegal actions perpetrated solely by the borrower. The defrauding of mortgage lenders should not be compared to predatory lending practices which primarily affect borrowers.
