Banks Simply Cannot Resist Acting Like….Banks – Realtor Gets on U-Tube To Warn Consumers about Bank of America

Bank of America representative isn’t surprised that Bank of America took foreclosure type actions on a home on which it had already accepted the proceeds from a short sale. BofA Representative believes it is a good idea for buyers of short sale homes where BofA is the lender to hire guards to protect the property from B of A foreclosure related actions.

Wall Street Journal: Million-dollar homes face more audits

Some tax advisers were telling clients it was acceptable to deduct all interest on a single mortgage of up to $1.1 million. Others contended that the limit for mortgages was $1 million, but they could also deduct interest on another $100,000 in a home equity loan, according to Melissa Labant, tax technical manager at the American Institute of Certified Public Accountants…..Tax rules generally allow deductions on a first and second home, but not a third or more.

IRS guidance last June helped set the rules straight. The agency said acquisition loans over $1 million may also qualify as home equity indebtedness. Now, says Labant, it is clear the taxpayer can deduct interest on the full $1.1 million, even if he has only one loan. The development, she adds, is “good news for taxpayers.”

Realtors® Oppose High Down Payment Requirement for Qualified Residential Mortgage Exemption

NAR is concerned that a narrowly defined QRM will also require severe tightening of FHA eligibility requirements and higher FHA premiums to prevent huge increases in its already robust share of the market, adding additional roadblocks to sustainable home ownership.

“Saving the necessary down payment has always been the principal obstacle to buyers seeking to purchase their first home. Proposals requiring high down payments will only drive more borrowers to FHA, increase costs for borrowers by raising interest rates and fees, and effectively price many eligible borrowers out of the housing market,” said Phipps

C.A.R., Fannie Mae launch short sale assistance desk

“This initiative complements our overall efforts to encourage troubled borrowers to pursue alternatives to foreclosure,” said Fannie Mae vice president, Marcel Bryar. “We expect real estate professionals to first make a reasonable effort to resolve issues by working through the servicer, but the Assistance Desk staff will help in the event the servicer has not provided an initial response within 20 days, a final property valuation within 30 days, or a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date,”

Wall Street Journal: Buying A First Home

But the current market also presents some challenges for younger buyers. Many lenders are requiring higher credit scores and larger down payments

NY Times: Problems With New Good Faith Estimate Forms

[The new good faith estimate forms] still falls short of telling borrowers exactly what they will be paying. Some in the mortgage industry complain that it can even distort or obscure the true cost.