Lenders would have to decide within 45 days whether to approve or deny a short sale, under bipartisan legislation introduced this week in Congress.
The bill, jointly introduced by Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.), takes aim at one of the major issues hindering short sales for both buyers and sellers – the often months-long wait it often takes to get such sales approved. In a short sale, a lender allows a homeowner who is in financial difficulty to sell the home for less than the amount owed on the mortgage as an alternative to allowing the property to go into foreclosure. Th Read full post…
Be careful deducting criminal-defense legal fees lest you make a return trip to the judge.
It’s bad enough to be a defendant in a criminal matter, but then, after the case is adjudicated, your attorney will send you a bill. Although some legal fees are allowable as deductions, these generally relate to keeping your job.
Londoners should be rise up against The Shard, a critic with the U.K. Guardian newspaper wrote Tuesday.
Someone has to speak up for the London skyline, Jonathan Jones wrote. It is being viciously attacked, invaded by philistines, and a nation stunned into acceptance of every monstrosity so long as we are told it is modern seems happy to see taste, style and proportion go out of the window. The Shard, designed by the Italian architect Renzo Piano, is set to be the tallest skyscraper in the European Union, at 1,016 feet (87 stories), when completed next year.
This is the last week for borrowers to lock in an FHA mortgage before a scheduled fee increase that will raise the cost of all FHA loans.
Beginning Monday, April 18, the FHA will raise the price of its annual mortgage insurance premiums by 25 basis points – 0.25 percent. The increase will raise the cost of a $150,000 FHA mortgage by $375 a year, or about $31 a month. The new annual rates will be 1.15 percent for a 30-year FHA loan with less than 5 percent down, and 1.10 percent for mortgages with a larger down payment. On 15-year loans, the new annual fees will be 0.50 percent on mortgages with less than 5 percent down, and 0.25 percent for mortgages with a larger down payment. Read full post…
A commercial mortgage loan, like a residential mortgage, can be obtained from a variety of lenders. Determining the source of your loan depends upon several factors, such as the size of your business, how long your business has been generating revenue and what your long-term budget is. Consider the following three types of commercial mortgage lenders and how their particular characteristics may best suit your needs.
Financing a Commercial Mortgage Through a Bank
Banks are generally the most common lenders that borrowers turn to for a commercial mortgage.
