A Lot Face Soaring Housing Costs

July 25, 2010
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A new study reveals that housing has become more affordable for nurses, teachers, police and other workers; however, it suggests homeownership remains out of their reach in many major markets.

The Center for Housing Policy stated that incomes for many of the workers that communities rely on for vital services have not kept pace with the cost of housing. That only means many cannot afford to buy a median-priced home in the cities they work in, even with mortgage interest rates at near historic lows and lower home prices.

The study also found out that workers in many markets cannot afford rent payments for a two-bedroom apartment. The findings are based on…

Mortgage Rates Stuck at 4.75

July 25, 2010
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According to a rate research website, the conventional 30-year fixed mortgages are available at 4.75% for well-qualified consumers that pay a standard .07 to 1 point.

Today’s 15-yr fixed rate is 4.125%, and the 5/1 ARM rate 3.625.

The FHA mortgage rates continue to mirror those of conventional loans. Whereas FHA loans do offer similar rates, the closing cost associated with those rates is significantly higher. The 30-year fixed jumbo loans are available at 5.625% with little better rates (5.5) for borrowers with an extremely low LTV. Mortgage-backed securities prices that drive mortgage rates in the opposite direction have been flat in the month of March.

In just a week until the much…

Jeffrey Jacobs Puts His Duplex Penthouse Co-op on the Market for $5.75 Million

July 9, 2010
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Attorney Jeffrey Jacobs put his duplex penthouse co-op on the market for $5.75 Million. Jacobs was Oprah Winfrey’s former agent, manager and adviser.

Jacobs bought the unit in 1999 and has renovated the elegant four-bedroom residence that was designed by architect, David Adler. The building is right on the park and has a skylight and big windows show lake and city views.

The apartment has a grand staircase that alleviates upward to four bedrooms plus a nursery/office. The home has a new kitchen, breakfast room and an adjacent family living room. That Oprah money has done this home well, it is exquisitely designed. The formal dining room with faux columns, a piano…

A Multi-Million-Dollar Mortgage Fraud Scam Sends a Broker in Prison

July 9, 2010
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Bethesda, Maryland - Michael Milan was sentenced to 108 months in prison, pursued by three years of supervised release, for his role in carrying out a multi-million-dollar mortgage fraud scheme. He was also ordered to pay restitution of $3,141,409 and to forfeit $1,061,890 in proceeds he got hold of.

Milan was a consultant to various mortgage brokerage companies and connived with others to defraud mortgage lenders into lending funds for the purchase and refinance of residential properties. Milan caused his associates to prepare false mortgage applications which contained false information about the income and assets of the borrowers. Some of the mortgage applications falsely claimed that the borrowers earned hundreds of…

Home Loss has Its Consequences

July 9, 2010
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Financially distraught homeowners must consider choices that have both tax and credit implications and not only face the painful personal circumstances.

In recent times, the legal department of the California Association of Realtors® (CAR) issued a memorandum titled “Credit After Foreclosure, Bankruptcy, or Short Sale,” it is a very useful document for those who have questions about how credit is affected by the various ways in which one might lose his or her home.

The memo is basically based on the 2008 update of Fannie Mae guidelines (Fannie Mae Announcement 08-16), so it should be clear that the explanations are not completely general or unqualified.

For instance, it is said that a person…

Calabasas, CA Home of Kourtney Kardashian is Listed for $795,000

June 29, 2010
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Do you want to be living with a sexy reality star? Or at least live in where she previously lived in? Check this one out, you might be interested.

The reality star, Kourtney Kardashian, has listed her three-bedroom house in Calabasas, California for $795,000.

Kardashian evidently expects to take a loss on the 2,245-square-foot house that she purchased in 2006 for $829,000.

Built in 1987, the house sits in the gated Creek side community in Calabasas and has three bathrooms, hardwood floors, granite counters, stainless steel appliances, custom window treatments, a refrigerated wine closet, a marble bath, a fireplace, skylights, vaulted ceilings, a third bedroom that currently is used as a built-in study…

Design Your Office Space the Coolest Way Possible

June 29, 2010
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It is always said that the environment affects the work habits and the people in it. Having your office space designed the cool way will surely attract more people to work lightly. A dull environment working place will definitely affect your worker’s mood. Find some tips below to design your cool office.

The most important aspect is to make your office space looks spacious.

Make sure the pathway in your office has no obstacle and is clear. Make sure all the furniture and stuffs are well arranged at an appropriate location. The workstations are recommended not to be too near to each other as this will create a stuffy environment in the…

Know the Benefits of Homeownership

June 29, 2010
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Homeownership has many benefits that come with it.

The most obvious benefit is building wealth. The U.S. Department of Housing and Urban Development (HUD) notes that “home equity is the largest single source of household wealth for most Americans.”

Home equity is the difference between the home’s fair market value and the outstanding balance of all liens on the property. Let us not forget about appreciation. Whilst there is no set year-to-year rate that is considered normal, reports indicate that you can expect around a 6.5 percent average value increase in your home each year.

Other wealth builders to consider are tax breaks and tax credits, such as the deductibility of property taxes…

Nearly 17 Years of Imprisonment for a Fraudster

June 21, 2010
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Haiti – Mario G. Bernadel was sentenced to nearly 17 years in prison for his conviction on multiple counts for leading a mortgage fraud scheme in Phoenix, Arizona that cost banks over $9 million.

In September 2009, Bernadel was found guilty by a jury on 19 counts related to mortgage fraud that includes mail, wire, bank fraud, and transactional money laundering. Bernadel led a two-year conspiracy involving the purchase of 37 properties using fraudulent loan documents and receiving cash back at closing.

Seven co-conspirators were also charged and have pleaded guilty for their involvement in the conspiracy and many will be sentenced in the next few months.

The case in opposition to Bernadel…