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Dennis Norman You may want to consider possible legal issues before deciding to “walk away” Homeowners who are considering “walking away” from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home. In addition, homeowners who sell their [...]
Dennis Norman Back in December I wrote a post about a $35 million economic development initiative that was approved by the Missouri Housing Development Commission which included $15 million to pay the first-year of property taxes for qualified homebuyers who purchase a new or existing home after January 1, 2010. Missouri Treasurer, Clint Zweifel, said he expected this would [...] Dennis Norman What do sex offenders and owners of vacant property have in common? UPDATE: March 8, 2010 – I found out today the bill that was actually perfected last Friday was a floor substitute…Unfortunately the changes made to the bill were minor- they changed the public data base so that you have to enter a [...]
Dennis Norman Last week a friend emailed me a link to a video titled “The Indymac Slap in Our Face” that was created by Think Big Work Small. I watched the video which gave a recap of the failure of Indymac bank back resulting in it’s seizure by the FDIC in July, 2008, and the [...]
Dennis Norman Appeals Court Strikes Down Bellefontaine’s Ordinance Affecting Real Estate For Sale Signs At the end of January the Missouri Court of Appeals-Eastern District handed down a decision on a case that I think is a significant victory for St. Louis property owners and strikes down part of an ordinance that violates our property rights as [...] Even in Tough Times, 77 Percent of Americans View Homeownership as a Part of Their Own Personal American Dream A national survey released yesterday by Trulia shows that many Americans feel that President Barack Obama has not lived up to the hope he created during his campaign and his first 30 days in office. In [...]
Dennis Norman If you are one of the million-plus homebuyers that was fortunate enough to qualify for the Home Buyer tax credit, read on for information on how to claim your credit. Today the Internal Revenue Service released a new form that eligible homebuyers must need to use to claim the first-time homebuyer credit this tax [...]
Dennis Norman Depending on which estimate you believe, somewhere between one-third and one-half of the homeowners with a mortgage in the U.S. owe more on their homes than their homes are currently worth. This has lead to an unprecedented amount of short-sales and in many cases, a lender “forgiving” you of the short-fall (the amount [...] Tweet This Post
Dennis Norman Just moments ago, the Missouri Housing Development Commission passed at $35 million economic development initiative. Part of this initiative (to the tune of $20 million worth) is aimed toward helping stimulate home sales in Missouri. The initiative includes: $15 million to pay the first year of property taxes for qualified homebuyers who purchase a new [...] Dennis Norman Last week I did a post about the Obama Administrations’ Home Affordable Modification Program (HAMP) and showed how it really has not been effective in helping keep families in their homes and avoid foreclosure as was the intention by the administration. When my kids tell me they don’t like the way I want them [...] Ted Gayer, co-director of Economic Studies, Brookings Institute According to this article, the Joint Committee on Taxation (JCT) has scored a Senate homebuyer tax credit at $16.7 billion. How does the JCT $16.7 billion cost estimate square with my previous back-of-the-envelope calculation of the cost of the tax credit of $73.9 billion? For my calculation, I [...] Department of Justice Press Release Scam Involved Lawyers, Mortgage Brokers, and More Than $14.6 Million in Loans PHILADELPHIA—A 15-count indictment was filed today against five defendants charged in a $14.6 million mortgage fraud scheme that resulted in at least 35 fraudulent mortgage loans, announced United States Attorney Michael L. Levy, Special Agent-in-Charge of the FBI Janice K. [...] Dennis Norman Last week the Treasury Department announced the Home Affordable Foreclosure Alternatives Program (HAFA), the latest program under the Home Affordable Modification Program (HAMP), designed to offer alternatives to homeowners facing foreclosure. THE HAFA PROGRAM: The Home Affordable Foreclosure Alternatives Program provides financial incentives to loan servicers as well as borrowers who do a short-sale [...] Dennis Norman I have done several posts on the homebuyer tax credit and received and answered hundreds of questions about the tax credits on the various blogs I write for. There appears to be a lot of demand for the credits by homebuyers but also appears to be many questions. If you have questions about [...] Dennis Norman Fannie Mae just announced their new “First Look” initiative which is aimed at supporting neighborhood stabilization and promoting home purchases by owner occupants by providing owner occupants an advantage in purchasing Fannie-Mae-owned foreclosed properties. Under the First Look program only offers from owner occupants and buyers using public funds are considered during the first 15 [...] First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying [...] New Site Aimed at Helping More Hispanics Buy Homes FannieMae announced the company launched a Spanish version of its HomePath.com website designed to help more potential homeowners who speak Spanish purchase Fannie Mae-owned properties. The new website in Spanish mirrors the English version of HomePath.com featuring an interactive search tool of Fannie Mae-owned properties nationwide, details [...] Dennis Norman TransUnion released the results of its analysis of trends in the mortgage industry for the third quarter of 2009 and the associated impact on the U.S. consumer. Part of this report focused on delinquencies on mortgages and the rate of mortgage delinquency. The report showed that mortgage loan delinquency (the ratio of borrowers 60 or [...] Dennis Norman I can remember a time, not that long ago, where about the last thing people were concerned about was the value of their home going down. After all, for decades, our homes proved to be safe investments….no, we weren’t going to see their values shoot up 50 percent in one month like some [...] The Justice Department announced it has filed a lawsuit today in federal court for the Eastern District of Missouri alleging a pattern or practice of violations of the Fair Housing Act by the owner and managers of Forum Manor Apartments, a federally-subsidized apartment complex, for refusing to rent to African-Americans and males, refusing to allow [...] Publishers note: If you have been reading our blog for a while you are probably aware we have been supporters and advocates of the home-buyer tax credit as well as the extension and expansion of the credit, which happened last week. We realize however, there are people that do not support the credits for a [...] Department of Justice Press Release TAMPA—United States Attorney A. Brian Albritton today announced the results of a nine-month-long Mortgage Fraud Surge investigation that has resulted in charges against more than 100 defendants and involves allegations concerning more than $400 million in loans procured by fraud and more than 700 properties. U.S. Attorney Albritton is [...] Dennis Norman UPDATE 11/05 2:00 pm – The House has passed the bill by a vote of 403 – 12 – It now goes to the President who is expected to sign today or tomorrow. UPDATE 11/05, 12:35 pm- To read the section of H.R. 3548 that contains the details concerning the first-time home-buyer tax credit [...] I posted yesterday on the Wall Street Journal article Report Sheds Light on Why Homeowners Walk Away. A couple of commenters on the WSJ article said why they were walking away from their mortgage, and I thought their comments were interesting enough to repeat. The first walker says that as a good borrower [...] Dennis Norman UPDATED: 6:15 pm Central Time- The Senate voted 85-2 this afternoon to end debate on the amendment..This is clears a procedural hurdle and will allow the bill and amendment to be voted on by the Senate, most likely on Tuesday or Wednesday….If passed by the Senate it would then need to go back [...] Gerry Loesch, PE In part one, part two, part three and part four of this series I gave you some background on Gerry Loesch as well as his informative E-View TM. Now we’ll finish with the final post of his E-View TM: Q-What should a consumer look for when choosing a building inspector? A-In my opinion, when selecting a building [...] Gerry Loesch, PE In part one, part two and part three of this series I gave you some background on Gerry Loesch as well as his informative E-View TM. Now we’ll pick up where we left off. Gerry’s closing remarks show his passion for his profession: “I still love what I do. It is the only job [...] Dennis Norman I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association of [...] Gerry Loesch, PE In part one and part two of this series I gave you some background on Gerry Loesch as well as his informative E-View TM. Now we’ll pick up where we left off. Gerry graduated from the University of Missouri at Rolla with a Bachelors and Master degree in Civil Engineering. He has been [...] |
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