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Mortgage and Lending - Mortgage Magic

ARCHIVED BLOG POSTS

2011 

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The year 2006. Imagine a small street with 5 houses.House One- Buyer just purchased through Bank "A" $700,000; no money down and no proof of income.House Two- Buyer just purchased though Bank "B"  $700,000; no money down and no proof of income.House Three-Buyer just purchased though Conservative ...
03/31/2011

2 Comments
In the movie The Fugitive, Harrison Ford was being chased and was standing trapped at the edge of a large spill way on a dam. He was being chased by the Marshall Tommie Lee Jones and he was trapped. Harrison yelled back at Jones, "I did not kill my wife." Jones' reply is one of my all time favori...
03/30/2011

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Yesterday we had a Short Sales and Bankruptcy Attorney on our TV show. We discussed the 1099-C that banks are sending to clients when the home sell short. Suppose that you owe $400,000 on a home and it short sales for $200,000. The bank will then send you a 1099-C for $200,000 which is counted as...
03/30/2011

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Below is a chat that shows home prices since 1988. Again we seem to be on a downward trend. They say a picture is worth a thousand words--so is a chart. On a year-over-year basis, house prices fell 3.1% vs. the 2.4% decline in January. Don't Miss: The 18 US Cities Where Home Prices Continue To Di...
03/29/2011

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With home prices down it may be a good investment to purchase a second home. There are Fannie Mae rules to determine if the property is in fact a second home.1. Normally the home must be 50 miles or more from the primary home unless the second home is in a vacation area. But, if your primary home...
03/25/2011

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That is not good English..."tracking the down payment is number one important" but I hope the message gets through. I just had a banker tell me that they turned down two loans this week after they were approved because the client or broker could not trace the down-payment. The Realtor should be a...
03/24/2011

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The California Association of Realtors released this bulletin today. A major problem remains a lack of cooperation by the banks. I am sure there are many competent Realtors who have fought battles and won and lost. I am sure there are may knowledgeable Realtors who have less hair than when they b...
03/23/2011

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Here are 10 video's I have recently posted which should answer a lot of mortgage questions. Doug JonesNMLS 286668 Can you write off interest if the loan is in someone else's name?   Referral Fees are illegal for loans   How Credit Score affects the cost of the loan   FHA Down Payment Requirements...
03/23/2011

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Since I am a lender I mostly write about lending and the cost of money. But I do have a banking background and everyone who is buying a home needs to save for the down payment. Here is a formula that will help in answering the question, "How long will it take to double my money?"The formula is th...
03/19/2011

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March 10, 2011 An important message from the CALIFORNIA ASSOCIATION OF REALTORS®: I write on behalf of the CALIFORNIA ASSOCIATION OF REALTORS®, whose 170,000 members continue to witness the devastating consequences the home foreclosure crisis is having on California's families, neighborhoods, and...
03/19/2011
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