Beware the Fix-up: Your Dream Home May be a Money Pit

By: FOXmls.com

Published: February 28, 2014

Even though TV shows frequently feature "fixer-uppers" that are magically transformed into dream homes, many people don't realize just what's involved in the transformation. Not, that is, until they're the proud owner of what has turned out to be a money pit.

Law May Stymie Your Carry-Back Mortgage Plans

By: FOXmls.com

Published: February 15, 2014

It's not good news for a seller when your buyer can't qualify for a mortgage from a bank. In this situation, the seller has two alternatives: He or she can start looking for another buyer, or act as the bank for the buyer and carry the mortgage him or herself. To both the seller and the buyer, this may sound like an ideal plan, but thanks to a rule implemented in 2010, this option may not be the best choice for either of you.

The difference between FOXmls.com and all others!

The difference between FOXmls.com and all others!

It’s not if interest rates will rise but when

COLLEGE STATION, Texas – Feb. 1, 2010 – According to Dr. Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University, mortgage interest rates are low right now but don’t expect that to last. When the government quits buying mortgage-backed securities, rates will head up and away.

Some Fed officials conflicted on mortgage program

WASHINGTON – Jan. 7, 2010 – Some Federal Reserve policymakers last month were conflicted over whether to expand or cut back a program intended to drive down mortgage rates and bolster the housing market, according to a document released Wednesday.

Modified loan on home can hurt

DETROIT – Jan. 5, 2010 – The last thing many troubled homeowners want to hear is that they could be denied a car loan after they get a chance to modify their home loan. 

Short sales: Playing by the new rules

WASHINGTON – Dec. 8, 2009 – The U.S. Treasury hopes to speed transactions under its new short sale rules, but details count, and Realtors should understand the process if they hope to avoid delays. While the new rules become effective no later than April 5, 2010, lenders have been encouraged to make them official as soon as possible.

Government increases pressure on mortgage industry

WASHINGTON – Dec. 2, 2009 – Faced with sluggish progress in its foreclosure-prevention effort, the Obama administration will spend the coming weeks cracking down on mortgage companies that aren’t doing enough to help borrowers at risk of losing their homes.

30-year mortgage rates sink, match record low

McLEAN, Va. – Nov. 30, 2009 – Average rates for 30-year fixed mortgages fell last week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.

Tax-credit extension renews buyer interest in buying a home

TAMPA, Fla. – Nov. 17, 2009 – Real estate agent Ken Brownlee’s phone stopped ringing last month once clients figured they would be unable to close before an $8,000 federal tax credit expired.

Rates on 30-year loans remain below 5%

WASHINGTON – Nov. 13, 2009 – Rates this week for 30-year home loans stayed below 5 percent for the second week in a row.

FHA rule change could benefit condo market

MIAMI – Nov. 11, 2009 – The Federal Housing Administration is giving the condo market something it hasn’t had for a while – a little breathing room.

Obama signs bill: Homebuyer tax credit extended

WASHINGTON – Nov. 6, 2009 – President Obama signed H.R. 3548 this morning, enacting into law an extension, and adjustment, of the $8,000 tax credit for first-time buyers. Among other things, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home’s cost to $800,000.

Rates on 30-year loans fall below 5 percent

WASHINGTON – Nov. 6, 2009 – Rates for 30-year home loans dipped below 5 percent this week after rising for three straight weeks.

Treasury Secretary Confident in Recovery

U.S. Treasury Secretary Timothy Geithner reassured an audience of businesspeople last week that the troubled commercial real estate sector wouldn’t severely damage the rest of the economy.

NAR Commends Congressional Action to Extend Higher Mortgage Loan Limits

Washington, October 30, 2009 The National Association of Realtors® thanked Congress for speedy action in passing a congressional resolution yesterday that would extend the current higher Fannie Mae,

Senate panel OKs extension for home buyers’ credit

WASHINGTON – Oct. 29, 2009 – Senators reached a compromise to extend the $8,000 tax credit for first-time home buyers, a boost the housing industry expects will help it pull out of its two-year-old downturn.

Government unveils new mortgage help for states

WASHINGTON – Oct. 20, 2009 – The Obama administration on Monday unveiled a new program to support state and local housing finance agencies. The plan will help the agencies finance mortgages for first-time homebuyers and develop rental housing.