BHG Articles

Over a period of five years or more, primarily during the real estate boom years of 2002-2007 over 2 million mortgage loans were funded. During that period, when real estate prices were going up at an unparalleled pace, there was so much competition among lenders to make high profit loans, that underwriting guidelines became practically non-existent. Lenders in their exuberance, greedily made loans to just about any borrower who could sign their name. Not wanting to be saddled with too much debt, the lender bundled and sold off the riskier mortgages before the ink dried.

Many of the mortgages funded between 2002-2007 contained irregularities and many were unlawful. During that period, underwriting guidelines took a back seat as lenders in their greed made loans that under normal circumstances should never have been approved.

In 1989 the Department of Housing and Urban Development (HUD) introduced the reverse home mortgage, also known as the home equity conversion mortgage. The initiative was to assist seniors in their retirement and liquefy over 4 trillion dollars of equity that this age group had created through paying off their first mortgages.

Millions of American’s stood by as President Obama laid out his plan for what he calls Americas economic come back. From where I am standing it is a roller coaster ride with multiple twist and turns. One of the many twist is the claim of solving the countries foreclosure crisis.

Your retirement is closing in but, with the kind of economy that we have now, you are not yet so sure if you should still pay off your mortgage in the next five years.

You planned on paying off your mortgage in the next five years, that is before you retire, but the markets current state is holding you back.

If you’ve been reading the news, surfing the internet or watching TV lately, you probably know that the general feeling about the real estate market is pretty depressing. And while most of the data that you hear about lowering housing prices, foreclosures, and people losing their homes is bad, it could actually be very good for you.

SSCRA or the Soldier and Sailor Civil Relief Act were signed by President Bush on December 2003. The main point for this act was to set new legislation to simplify or ease both legal and economic burdens to military personnel whether active or retired.

Nearly everyone who has come to a point in their life where they are looking to acquire a bond for the purpose of making a large purchase runs into the same problem. Most people simply don?t understand how the repayment is calculated. The truth is that it may seem fairly complex and somewhat confusing but it is actually quite simple. The monthly payback is figured using a fairly simple formula which is based on a few factors.

Many mortgage homeowners are more than halfway through with their home loan. They have been working off a home mortgage for more than several years, and now are in panic mode because they need a large sum of money to close out the loan. This is known as a balloon payment because the amount that will be collected by the lender is a considerable amount. Could a refinance save them from foreclosure?