The Federal Housing Finance Agency (FHFA) issued a release yesterday stating that while that agency acts as conservator for Fannie Mae and Freddie Mac, no “property of the Agency shall be subject to levy, attachment, garnishment, foreclosure, or sale without the consent of the Agency.” The release went on to say that Title 12 United States Code Section 4617(j)(3) “precludes involuntary extinguishment of Fannie Mae or Freddie Mac liens while they are operating in conservatorships and preempts any state law that purports to allow holders of homeownership association (HOA) liens to extinguish a Fannie Mae or Freddie Mac lien, Continue Reading →
Section 347.057 of the revised statutes of Missouri state “A person who is a member, manager, or both, of a limited liability company is not liable, solely by reason of being a member or manager, or both, under a judgment, decree or order of a court, or in any other manner, for a debt, obligation or liability of the limited liability company, whether arising in contract, tort or otherwise or for the acts or omissions of any other member, manager, agent or employee of the limited liability company.” So, like a corporation, LLC’s provide protection to the individuals, (or other LLC’s, or corporations) that own the LLC from personal liability for business conducted by the LLC. This is not by accident as, without the ability to protect one’s personal assets from liability from business operations, many businesses wouldn’t exist nor would the products and services they provide. For example, perhaps you own stock in a company such as Ford. Would you be willing to buy that stock, and invest in that company, if you were going to be personally named in all the lawsuits brought against Ford? I doubt it. Continue Reading →
So you may be asking, why am I writing about crime here, after all isn’t this site about real estate? Correct but there are few things that can affect property values more than crime rates and school districts. Not to mention, from an economic development standpoint, crime also plays a role in the success we have as a region attracting businesses to St Louis to create jobs which also has a major impact on home prices. Continue Reading →
Today, as we celebrate the life of Dr. Martin Luther King, Jr., it is hard for me to believe that, during my lifetime, there was a time when it was legal to refuse to rent or sell a house to someone because of their race or skin color, but it was. However, the Civil Rights Act of 1968, also referred to as the “Fair Housing Act of 1968”, which was signed into law by President Lyndon Johnson, just one week after Dr. King’s assassination, corrected this atrocity and made it illegal to refuse to rent or lease a home to someone based upon their race. Continue Reading →
Yesterday, the Missouri Supreme Court handed down it’s decision in the case “Missouri Bankers Association, Inc., and Jonesburg State Bank v. St. Louis County, Missouri, and Charlie A. Dooley” ruling in favor of the Appellants (Missouri Bankers Association and Jonesburg State Bank) and against the Respondents (St Louis County and Charlie A. Dooley) by reversing an lower courts decision that ruled the Banker’s suit was moot. The original suit was filed after St Louis county enacted its “Mortgage Foreclosure Intervention Code” which, among other things, required mediation prior to a bank or other lender proceeding with a foreclosure on a Continue Reading →
The U.S. Department of Housing and Urban Development (HUD) just announced that Wells Fargo Home Mortgage has agreed to a $5 Million settlement to resolve allegations that Wells Fargo discriminated against women who were pregnant, or had recently given birth, and were on maternity leave. (Click HERE for settlement agreement)
There have been a total of 190 maternity leave discrimination complaints filed with HUD against lenders in the past 4 years and those complaints have resulted in 40 settlements for a total of $1.5 million, prior to today’s settlement with Wells Fargo.
(We work hard on this and sure Continue Reading →
Albert Einstein once said, “Nothing happens until something moves.” Well if you are looking to buy a home, lease a car, apply for credit cards or even look for a job…nothing happens until your credit score moves and moves up!
If you are have had credit issues in the past….simply ignoring what happened does not help. Ignoring a tooth-ache will not improve over time without treatment neither will your credit score!
If you have had credit issues in the past, it’s time you start establishing new (good) credit and start working on deleting old derogatory credit history like late payments, Continue Reading →
Today, the owners and operators of the Alger Meadows Apartments in Grand Rapids, Michigan, agreed to pay $550,000 in damages as well as terminate their property manager to settle a sexual harassment lawsuit that was filed against them by the U.S. Department of Justice.
With the increasing popularity of rental property as an investment, there are many new investors and landlords getting into the business and they need to realize the importance of being familiar with the laws and regulations that may affect them and their business in order to avoid problems. Even though, according to the press release Continue Reading →
Tyler Frank,Paramount MortgageNMLS ID 942420
We hear lots of advice these days about how to improve a credit score. However, not all advice is good advice. Here are nine credit score myths that could actually do more harm than good:
Myth #1 – Closing out old, inactive accounts will help your score. Thirty percent of your credit score is based on your utilization rate – your total balances versus the total amount of credit available to you. Canceling old accounts reduces the total amount of your available credit, changing that ratio. Any balance will Continue Reading →
Do you think the assessor’s property value on your house, or other real property, too high thereby making your property taxes higher than they should be? If so, then now is your chance to do something about it by filing an appeal the valuation. Many homeowners I talk with think that because property value reassessment is only done by the assessors office every two years on the “odd” numbered years, that you are stuck with your value until the next reassessment but that is not the case.
Missouri state law requires all assessors in the state to “determine the fair Continue Reading →
Today, as we celebrate the life of Dr. Martin Luther King, Jr., it is hard for me to believe that, during my lifetime, there was a time when it was legal to refuse to rent or sell a house to someone because of their race or skin color, but it was. However, the Civil Rights Act of 1968, also referred to as the “Fair Housing Act of 1968”, which was signed into law by President Lyndon Johnson, just one week after Dr. King’s assassination, corrected this and made it illegal to refuse to rent or lease a home to someone based upon their race. Continue Reading →
Tyler Frank,Paramount MortgageNMLS ID 942420
The Federal Housing Authority (FHA) has made some changes for 2014, which took effect January 1 and affect FHA home loans. First and foremost, you will see a drop in the maximum allowable loan. In the St. Louis metro area, for example, the new max loan amount for a single-family home has been lowered to $271,050 from $281,250.
Other items of note regarding FHA have not changed; so as a refresher let’s look at FHA qualifications and rules:
Borrower must put 3.5% down based on sales price. 100% of the buyer’s contribution Continue Reading →
Tyler Frank,Paramount MortgageNMLS ID 942420
On January 10, 2014 the mortgage world is going to go through some changes. These changes will affect consumers and their ability to qualify for a home loan. Is it doom and gloom? Not really.
A “Qualified Mortgage” or QM, is something we at Paramount Mortgage have been doing for a while. It is all about the consumer having the ability to repay the loan and verifying, to the best of our ability, through paperwork, all the facets of a loan approval. It is very possible additional paperwork may be requested Continue Reading →
Agency relationships between a buyer or seller of a home and the real estate agent are probably one of the most confusing aspects of the real estate transaction for consumers and for many real estate agents as well for that matter. Dual agency takes the confusion to a whole new level though for the parties involved as the issue gets quite complex. At the very basic level, dual agency exists when the same real estate agent represents both the buyer and seller in the same real estate transaction (a bad idea in my humble opinion). At a more complicated Continue Reading →
Daniela Spiridon, a 42 year-old woman from St. Charles, pled guilty yesterday to six felony counts of wire fraud related to a scheme she operated out of an office in Chesterfield, according to a report from the FBI. According to the indictment Spiridon was charged under, she operated her business out of an office at 18118a Chesterfield Airport Road, in Chesterfield, MO under several business names, including A&AD Investments, LLC; CDRS ESC Investments, a.k.a. CDRS ESC and CDRS LLC.
The Missouri Supreme Court just handed down an opinion affirming a jury’s award of $1,950,000 to a an owner of property 1653 Creve Coeur Mill Road which was taken by eminent domain by St. Louis County for the Page/Olive connector as part of the Highway 141 extension.
The events leading up to this case began in December 2009 when St Louis County filed a condemnation suit against property owners to make way for part of the extension of highway 141 which included 1653 Creve Coeur Mill, at the time owned by descendants of Arthur and Stella Novel. According to Continue Reading →
City of St Peters MO agrees to pay fine and change discriminatory ordinance
The Justice Department announced today that the city of St. Peters, Mo. will pay $80,000 and make changes to its zoning laws to settle a lawsuit alleging that the city violated the federal Fair Housing Act (FHA) and Title II of the Americans with Disabilities Act (ADA) when it denied a zoning request to operate a group home for four women with intellectual disabilities. The lawsuit is part of the Justice Department’s continuing effort to enforce civil rights laws that require states and municipalities to end Continue Reading →
Over the years I have seen many “St Louis For Sale By Owners” (FSBO’s), you know those people that decide they can sell their house themselves without the help of a professional, make a variety of mistakes in the way they handle the sale of their property. The mistakes range from minor ones that will probably just cost them some heartburn to major mistakes that could lead to serious legal troubles.
What are the most common mistakes made by FSBO’s?
The Missouri Supreme Court just handed down it’s decision today which upheld the priority of Missouri Condo Lien over a refinanced first mortgage. This case, which involves a condominium in Parkway Towers in the Country Club Plaza area of Kansas City, Missouri, was a huge win for condominium associations in Missouri.
Here is a recap of the facts of the case, from the Supreme Court opinion:
Trish Carcopa purchased the condo in 2004 and then in 2006 did a quit claim from herself to herself and and Nicole Carcopa. In June 2006, the Carcopa’s refinanced their existing loan with a Continue Reading →
Tyler Frank,Paramount MortgageNMLS ID 942420
Since the real estate market crash, millions of homeowners have lost their homes in a foreclosure, been forced to do a short sale to get out from a home they were underwater on or file bankruptcy as a result of financial hardship as a result of the the market crash and general economic downturn. Many of these homeowners have resorted to renting or living with relatives but, as time passes and the financial wounds heal, are now wanting to buy a home again prompting the question, “how long do I have to wait Continue Reading →
One-third of Homebuyers Surveyed Are Ill-prepared to Get a Mortgage
Tyler Frank,Paramount MortgageNMLS ID 942420
According to a survey recently conducted by Zillow, many homebuyers are really not armed with the information they should have before attempting to obtain a mortgage. For example, over one-third (34 percent) of the prospective homebuyers surveyed did not know that a qualified borrower can obtain a home loan today with less than a five percent downpayment.
In addition, many homebuyers have misinformation that can prevent them from obtaining the best possible mortgage interest rate. For example, 26 percent of the homebuyers said Continue Reading →
Tyler Frank,Paramount MortgageNMLS ID 942420
“The (real estate) recovery has been much more like the tortoise than the hare,” said Stephen Blank, a senior resident fellow of the Washington-based Urban Land Institute. “We’ve become used to slow relief. But we have finally turned the corner.”
Real estate markets on both coasts in places like; New York, San Francisco, Los Angeles and Boston were the first to emerge from recession and will pick up their pace of recovery through 2013, said Blank, a principal researcher for Emerging Trends. He was the main speaker at the annual outlook presented by Continue Reading →
Tyler Frank,Paramount MortgageNMLS ID 942420
Housing Boom Era Type Home Buying Tactics Reappearing in St Louis Real Estate Market
During the home buying frenzy of the housing boom, which peaked in 2006, it was common to see home buyers, in an effort to beat out other buyers fighting for the same home, include price escalation clauses in their offers and make “naked” (contingency-free) offers. It was also common for a seller to purposely price their home low in an effort to rein in multiple buyers and pit them against each other in a bidding war. We are Continue Reading →
Tyler Frank,Paramount MortgageNMLS ID 942420
Home Prices Nationwide Shooting Up Faster Than Anyone Thought Possible Not Long Ago
The US housing market has broken out of a deep slump, and prices are shooting up faster than anyone thought possible a year ago.
Prices of existing homes rose 10% in February nationally from a year ago. What is causing this increase?
Tyler Frank,Paramount MortgageNMLS ID 942420
Free Credit Scores are Not Part of the Free Annual Credit Report Consumers Currently Receive
Consumers currently have the right to request their free credit report once a year, but a credit report does not include free credit scores. These two items are often confused to be the same, which they are not.
You generally must pay to see your credit score. It’s a three-digit grade that predicts how risky you are to a lender.
Earlier this month, bills were introduced in the House and Senate to allow all consumers Continue Reading →
Making Sense of Confusing Real Estate Terms
If you are buying, selling or refinancing a home you will come across real estate terms and industry lingo that may sound foreign to you. To help address this issue, below you will find definitions for the most common real estate terms that you are likely to come across when buying, selling or refinancing a home. If you have other questions about title insurance, or the role of the title company in these transactions, please contact me and I’ll be happy to help.
//
Attorney General Chris Koster today filed a lawsuit against two related businesses that purported to provide loan modification and mortgage relief to desperate homeowners. Koster’s suit is against Legal Helpers Debt Resolution, LLC and Mortgage Law Group, LLC, as well as the companies’ managing partner, Jason Edward Searns; senior partner, Thomas Macey; and senior partner, Jeffery Aleman. Continue Reading →
Nationwide 30-year fixed mortgage rates have climbed to their highest level of the last five weeks according to last week’s rate survey conducted by Bankrate.com. Continue Reading →
As part of the fiscal cliff deal, Congress extended the cancellation of mortgage debt relief provision for 1 year, through the end of 2013. It seems there is little focus on the importance of this law, it is crucial to foreclosure mitigation efforts such as principal forgiveness and short sales. Continue Reading →
One of the most important accomplishments of Dr King and the Civil Rights movement was the passage of the Civil Rights Act of 1964 which was signed into law on July 2, 1964 and prohibited discrimination in public places, provided for integration of schools and made employment discrimination illegal. It did not, however, make discrimination in housing illegal which Dr. King and the Civil Rights Movement continued to work toward. Continue Reading →