Monthly Archives: September 2011

John Asks … I have a contract to buy a foreclosure and the agent is telling me that I should use HomePath financing. Is that a good idea?

Hi John, first of all let me just say that HomePath financing through Fannie Mae can make buying a foreclosed home much easier on you. In fact, more and more foreclosed homebuyers are learning that HomePath financing allows you to … Continue reading

Ruth Asks… I am buying a house and have 10% down. I’ve been told I have to pay Mortgage Insurance – what is that exactly?

Mortgage insurance is a financial guarantee to your lender.  It helps to eliminate losses, in the case that you default on your loan. In other words, mortgage insurance takes the risk of providing an individual a mortgage loan, and spreads … Continue reading

Justin Asks… I recently lost my job and I’m wondering what the difference is between going through a foreclosure and simply walking away from my home and mailing the keys to the bank?

Justin this is actually a question that I hear more often than I would like to. Please understand that if you choose to simply mail your keys into the bank you are still the owner of that house. Therefore you … Continue reading

Anthony Asks… I had to file a Chapter 7 bankruptcy 2 years ago due to a loss of a job and the inability to pay my mortgage. I got a discharge of my debts in the bankruptcy and the lender foreclosed on my home. What do I need to do to rehabilitate my credit and when can I expect to be able to apply for a new loan?”

Anthony this is a common situation right now. Im sorry you had to go through the experience. The FHA and VA guidelines state that you have to be discharged from a Chapter 7 bankruptcy for 2 years in order to … Continue reading

Wendy Asks… I am buying a house and I am stressed about Moving Day. Any tips or advice?

Wendy, believe it or not moving has been proven to be one of the most stressful events in an individuals’ life!  It ranks up there with public speaking, death and divorce. The craziness of finding a place to live, packing … Continue reading

Amy Asks… Im confused with some of the loan terminology. What exactly is a “Conventional” Loan?

A conventional loan is a lender agreement that is not guaranteed or insured by the federal government under the Veterans Administration (VA), the Federal Housing Administration (FHA), or the Rural Housing Service (RHS) of the U.S. Department of Agriculture. A … Continue reading