From the category archives:

Mortgages

Massachusetts Mortgage Rate Lock Advisory: Even More Historic Lows!

September 1, 2010
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Mortgage Guy, Brian Cav, is back with his Massachusetts weekly mortgage rate report. Mortgage Rates hit new lows yesterday. If you have refinanced over the past 2 years there is a 70% chance you can refinance to 0.5% lower in rate and pay NO closing costs. The 30 year fixed mortgage rate has fallen down to [...]

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The Impact Of The Mortgage Reform & Anti-Predatory Lending Act On The Conventional Residential Lending Industry

August 25, 2010
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The new Mortgage Reform and Anti-Predatory Lending Act, buried in the fine print of the much publicized Dodd-Frank Wall Street Reform and Consumer Protection Act contains strict new rules aimed at preventing another sub-prime mortgage collapse. Overview: What Is The Impact To Mortgage Lenders and Originators? The Mortgage Reform and Anti-Predatory Lending Act certainly changes [...]

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Ibanez Foreclosure Case Update: Appellate Briefs Filed

August 19, 2010
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The briefs in the US. Bank v. Ibanez foreclosure case in the Supreme Judicial Court have been filed. Here is a link to the Ibanez side brief. Here is the lenders’ brief. The case is still set for oral argument in October, with a decision expected in late Fall, early Winter.

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Massachusetts Sales Tax Holiday: Home Buyers, Please Wait Until After Your Closing To Splurge

August 14, 2010
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I’m never one to rain on a good shopping day parade, but the Massachusetts sale tax holiday scheduled for this weekend, could cause some problems for home buyers who intend on makes big purchases over the weekend, but haven’t closed yet on their real estate transaction. The reason is Fannie Mae’s new Loan Quality Initiative [...]

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The Pregnant Woman, The Newest Lending Credit Risk: Discrimination or Fair Lending?

August 10, 2010
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By Karen Rabinovici, UConn Law ’12 It seems more outdated than hair scrunchies, something we witnessed years ago: discrimination against pregnant women seeking mortgage loans. Apparently it’s still going on and worse than ever which is why the U.S. Department of Housing and Urban Development (HUD) is investigating numerous cases of alleged pregnancy discrimination in [...]

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Massachusetts Weekly Mortgage Rate Lock Advisory (Aug. 6, 2010) by Brian Cav

August 7, 2010
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Our Mortgage Guy, Brian Cav, is back with his Massachusetts weekly mortgage rate report. Mortgage Rates are at all-time lows right now; 30 year fixed, 20 year fixed, 15 year fixed and even Jumbo Rates, and they are showing no signs of rising! I don’t see them going any lower but staying down at these [...]

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Massachusetts Weekly Mortgage Rate Lock Advisory

July 28, 2010
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Our Mortgage Guy, Brian Cav, is back with his Massachusetts weekly mortgage rate report. JUMBO is the name of the game this week. I have never seen Jumbo Mortgage rates as low as they presently are right now. Absolutely everyone with a loan amount of $523,750 or greater (depends on county) should be reaching out to [...]

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Weekly Mortgage Rate Lock Advisory: July 7, 2010

July 7, 2010
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Our Mortgage Guy, Brian Cav, is back from vacation with his Massachusetts weekly mortgage rate report. Interest rates are still hovering around historic lows. Mortgage Market Mortgage Rates are still at all-time lows and there is no real economic news due out this week to make any changes in the markets.  The MBA Applications, Weekly [...]

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David Gaffin Of Greenpark Mortgage Launches The Mass. Mortgage Blog

June 29, 2010

I’m excited to announce that our guest blogger, David Gaffin of Greenpark Mortgage, has jumped on the blog bandwagon, launching the Mass. Mortgage Blog located at www.massmortgageblog.com. David is a mortgage industry veteran who has a wealth of knowledge about all things mortgage and lending. I learn something new from Dave just about every day. [...]

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Massachusetts Mortgage Rate Lock Advisory: Week of June 24, 2010

June 24, 2010

Our Mortgage Guy, Brian Cav, is back with his Massachusetts weekly mortgage rate report. With near record interest rate lows, his sage advice, again, is to LOCK IN! Mortgage Refinancing BOOM! Mortgage Markets are officially at 2010 lows and, extremely close to 2009 lows. We are “near record low” rates, and this is going to be [...]

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Massachusetts Mortgage Rate Lock Advisory–Week of June 16, 2010

June 17, 2010

Our Mortgage Guy, Brian Cav, is back with his Massachusetts weekly mortgage rate report, and his advice is to LOCK IN: The Stock Market is extending its gains and Mortgage Rates are starting to go up despite bad economical data coming from overseas. Yesterday afternoon we had a worsening pricing in Mortgage Markets because Greece [...]

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Home Buyers, Don’t Go To Home Depot Before Closing! Lenders Pulling Second Credit Reports Under New Fannie Mae Loan Quality Initiative (LQI)

May 25, 2010
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Fannie Mae’s new Loan Quality Initiative (LQI) mandates become effective on June 1, 2010, and these rules are really taking the mortgage industry by surprise. The new rules could derail some closings for buyers who rack up purchases or even take out new store credit cards before their home sales have closed. The Wall Street [...]

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Massachusetts Mortgage Rate Lock Advisory–Week of June 9, 2010

June 9, 2010

Mortgage Guy, Brian Cav, is back with his weekly interest rate report. He says while it’s been a “slow boring week for rates, ” rates remain at all time lows. Mortgage rates are currently holding down by 2010 lows, the 15 year conforming hit a all time low earlier this week… but I do not [...]

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Weekly Mortgage Rate Lock Advisory For May 26, 2010

May 27, 2010

These days, every time I order a Greek salad, the feta cheese makes my stomach churn. I wonder if the Greek economic meltdown has something to do with it! Here’s our Mortgage Guy, Brian Cav, with his weekly Massachusetts mortgage rate report. Mortgage Market Mortgage Rates have moved up from the 2010 lows that we had [...]

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The 2 Major Snags That Can Derail Your Mortgage Loan: Significant Home Repairs And A Low Appraisal

May 19, 2010
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The mortgage lending underwriting environment has changed dramatically in the last several years. At the peak of the bubble, mortgage professionals joked that you needed only to be able to fog a mirror to get a loan. These days, even borrowers with good incomes and good credit scores can get turned down. Much of the [...]

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Fannie Mae Tightens Its Belt On Adjustable Rate (ARM) and Interest Only Mortgage Programs

May 12, 2010

We are thrilled to have Sheira MacKenzie, a Certified Mortgage Planner with Fairway Mortgage in Needham, MA, who is here to guest blog about the new, tighter Fannie Mae lending underwriting guidelines on adjustable rate and interest-only loan programs. You can contact Sheira at 781-719-4673 or by email sheiram@fairwaymc.com. Her website is www.sheiramackenzie.com. Overview Of [...]

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Weekly Mortgage Rate Lock Advisory, May 19, 2010

May 19, 2010

If it’s Wednesday, that means our weekly Massachusetts Mortgage Rate Report from our own Mortgage Guy, Brian Cav of Smarterborrowing.com. Take it away, Brian! Mortgage Rates are currently staying and settling down near 2010 lows. I would have thought they would have come up a bit from last weeks close but they have not. Yes, now [...]

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Weekly Mortgage Rate Lock Advisory By Mortgage Guy Brian Cav For April 22, 2010

April 22, 2010
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Here’s our Mortgage Guy Brian Cav’s weekly report on mortgage rates. I also read an interesting blog post on how Iceland’s Eyjafjallajökull volcano has helped interest rates. Mortgage rates went up a bit this morning. Why? Because the stock market rallied from an eight session low yesterday. This has been a pretty slow week in regards [...]

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Weekly Massachusetts Mortgage Rate Report For May 5, 2010

May 5, 2010

Mortgage Guy Brian Cav has his weekly Massachusetts mortgage rate lock advisory. Brian and I were talking mortgages last night at the Boston Real Estate Now Blog first inaugural get together. The circular irony is that bad economic news = lower mortgage rates. But by the same token, bad economic news = less housing sales [...]

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More Legal Commentary On Ibanez Foreclosure Decision From Real Estate Attorneys

April 17, 2010

Reporter Steven Altieri of the real estate trade journal Banker & Tradesman recently published an article on the Ibanez foreclosure case, Impending SJC Ibanez, Title Ruling May Invalidate Thousands Of Foreclosures, Why Real Estate Attorneys Expect The Worst, And What It Means To The Industry. Since we’ve written about the case extensively here, Steve asked [...]

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Controversial Ibanez Foreclosure Case Heading Up To Massachusetts Supreme Judicial Court

March 23, 2010
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Update (July 27, 2010): Oral argument is scheduled for October 7, 2010. Good news for those eagerly following the controversial U.S. Bank v. Ibanez case, which invalidated thousands of foreclosures across the state. On March 22, the Massachusetts Supreme Judicial Court (the highest appellate court in the state) agreed to take the case on direct [...]

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Guest Post: Massachusetts Mortgage Rate Advisory Weekly Report

March 18, 2010
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I’m pleased to welcome mortgage professional Brian Cav, the creator of a great mortgage blog called Smarterborrowing.com. Brian was nice enough to give us his weekly mortgage rate report which I’m sure you’ll find interesting. Mortgage Market How did the FOMC meeting affect mortgage rates? Pricing actually got a bit better, both benchmark treasury yields [...]

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In Search Of A “Good Faith Accurate,” Not Just A Good Faith Estimate: A Senior Loan Officer’s Review Of The New 2010 RESPA Rules

January 6, 2010

I’m pleased to welcome another guest blogger, David M. Gaffin, a licensed Loan Officer with Greenpark Mortgage Corp. of Needham MA. Dave is licensed to originate in MA, NH and FL. You can visit him at Greenpark Mortgage or through his LinkedIn profile. The new 2010 RESPA rules are all the rage right now. So [...]

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FHA Tightens Mortgage Requirements: Lending Costs To Rise

January 26, 2010
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I’m happy to welcome guest blogger, Patrick Maddigan, Esq.,the Director of Operations and Business Development at our new entity, TitleHub Closing Services. Pat is writing today on the new FHA lending changes. On January 20th, the Federal Housing Administration (FHA) announced it would tighten certain lending requirements and guidelines with the purpose of reducing risk [...]

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The New Good Faith Estimate (GFE): Some Glaring Omissions

February 2, 2010
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Lenders have been using the new Good Faith Estimate for a little over one month now. Gauging from the vociferous complaining in the lender blogosphere, it is an understatement to say that many lenders believe HUD really blew it with this new form. One would think that the new 3 page GFE would provide everything [...]

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The USDA Loan: Not Just for Farmers Anymore

January 29, 2010
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I’m pleased to welcome back guest blogger, David M. Gaffin, a licensed Loan Officer with Greenpark Mortgage Corp. of Needham MA. You can visit him at Greenpark Mortgage or through his LinkedIn profile. Dave is here to talk about USDA loans which are, surprisingly, available in such *rural* areas of Massachusetts such as Hopkinton, Sudbury, [...]

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Lenders React To Loan Worksheet Controversy, Express Frustrations With New GFE And RESPA Rules

January 24, 2010
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My post on lenders using loan cost worksheets and estimates was the featured post on ActiveRain yesterday, spawning over 140 comments by last count. It turned into quite a lively discussion by mortgage lenders about how frustrated they are with the new Good Faith Estimate and RESPA rules. After digesting all the comments, I have [...]

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RESPA Fallout: Lenders Combat Deficiencies With New Good Faith Estimate Through “Loan Worksheets”

January 20, 2010

The Los Angeles Times and other media outlets are claiming that lenders’ use of loan cost worksheets and estimates are a “sidestep” of the new RESPA mandated Good Faith Estimate which went into effect on January 1. HUD officials say they plan to conduct a review of the growing use of “worksheets” and “fee estimate” [...]

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New RESPA Rules 2010: Disclosure of Settlement Services, Closing Attorneys’ Fees, And Title Insurance

January 3, 2010
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In this post, I’ll discuss a very important issue to lenders, closing attorneys and borrowers alike: how the new RESPA rules handle the disclosure of closing attorney fees/costs and title insurance. The new RESPA rules significantly change the way lenders must disclose settlement services, in particular closing attorneys’ fees, and title insurance. Generally, under the [...]

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Ibanez Ruling Foreclosure Update: Nothing Much To Report

December 23, 2009
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Update (2/25/10)–Mass. High Court May Take Ibanez Case I’ve been asked several times recently for an update on the status of Land Court judge Keith Long’s controversial ruling in U.S. Bank v. Ibanez, which invalidated thousands of foreclosures across Massachusetts. Click here for my prior post on the case. Unfortunately for those affected by the [...]

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RESPA Update: HUD Issues New Settlement Cost Booklet and Powerpoint Presentation

December 21, 2009
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With 11 days and counting until all lenders and closing attorneys must be in compliance with the new RESPA requirements and the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement, HUD has released two helpful documents: Shopping For Your Home Loan: HUD’s Settlement Cost Booklet. Loan originators are required to provide consumers with a [...]

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New FHA Condominium Guidelines: Financially Sound Projects = Better Investments

December 9, 2009
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I’m getting pretty tired of all the condominium developers and realtors out there claiming and clamoring that the new FHA condominium guidelines which went into effect this week are the next coming of the Apocalypse. The fact remains that the new guidelines will ensure that condominiums are financially sound and well-run, and that’s good news [...]

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Final (Hopefully!) Revised FHA Condominium Lending Guidelines Issued

November 21, 2009
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After several revisions and delays, the Federal Housing Administration (FHA) has finally issued major changes to its revised guidelines on mortgage insurance requirements for condominium projects. FHA first proposed the revisions back in June (under Mortgagee Letter 2009-19). The new guidelines are effective December 7, 2009; however, some of the requirements are phased in through January 31, 2010. [...]

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HUD Announces Delay In Enforcement Of New RESPA Rules For 120 Days

November 14, 2009
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For my entire series on the new 2010 RESPA rules, look to the right under “Spotlight On: RESPA Reform” or click here. The U.S. Department of Housing and Urban Development (HUD) announced on Friday that it will not enforce for a 120 day period new, sweeping regulatory changes to the Real Estate Settlement Procedures Act [...]

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FHA To Ease New Condominium Guidelines–Spot Loan Approval Extended Until Feb. 1

November 10, 2009
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Update: 11/10/09–FHA Issues Final Revised Guidelines–Spot Approvals Extended Until Feb. 1, 2010 With an eye on the “volatility” of the condo market, the Federal Housing Administration (FHA) has backed off some of the stingy new rules for condominium lending set to be implemented Dec. 7. After a meeting with the Mortgage Bankers Association last week, [...]

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Lenders To Appeal Controversial Ibanez Foreclosure Ruling Of Massachusetts Land Court

November 3, 2009

Banker and Tradesman is reporting that Wells Fargo and U.S. Bank will appeal the controversial U.S. Bank v. Ibanez Massachusetts Land Court decision that stung the lenders earlier this year by invalidating two foreclosures in Springfield because of improperly recorded mortgage assignments. Lenders filed the appeal on Oct. 29, according to Lawrence Scofield, a senior [...]

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Weekly Massachusetts Mortgage Rate Lock Report

April 19, 2010
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We’re pleased to welcome back our resident Mortgage Guy Brian Cav with his popular weekly Massachusetts Weekly Mortgage Rate Lock Report. (There was a delay in posting this–Brian wrote it last Wednesday–Sorry!). Way to much to lose than to gain right now with Mortgage Interest Rates!  I still like LOCKing in your Mortgage Rate very [...]

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The Long And The Short Of It: A Massachusetts Short Sale Legal Primer

October 21, 2009
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A short sale is special type of real estate transaction between a homeowner, his mortgage holder, and a third party buyer. In a short sale, the homeowner’s mortgage company agrees to take less than what is owed on the outstanding mortgage, thereby being left “short.” In some but not all cases, the lender will agree [...]

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Massachusetts Land Court Reaffirms Controversial Ibanez Ruling Invalidating Thousands Of Foreclosures

October 14, 2009
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Update (2/25/10)–Mass. High Court May Take Ibanez Case Today, Massachusetts Land Court Judge Keith Long reaffirmed his controversial ruling made back in March 2009 that invalidated foreclosure proceedings involving two Springfield homes because the lenders did not hold clear titles to the properties at the time of sale. A copy of the decision can be [...]

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The Catch-22 Impact Of New Fannie Mae (FNMA) Condominium Lending Regulations

July 1, 2009
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Recent Fannie Mae (FNMA) condominium lending regulations are beginning to live up to the hype as having an onerous impact on condominium sales and project development. The changes, made in January 2009, were part of an effort by mortgage giants Fannie Mae and Freddie Mac to limit risky lending in a segment of the housing [...]

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New Stricter FHA Condominium Lending Regulations and Guidelines Sure To Slow Financing And Chill Sales

October 6, 2009
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Update: 11/10/09–THESE RULES HAVE CHANGED. Please see my post: FHA Issues Final Revised Guidelines–Spot Approvals Extended Until Feb. 1, 2010 Update: 10/26/09–The FHA Has Delayed Implementation Of New Rules Until December 7, 2009 Under revised guidelines which were to be effective October 1, 2009 but now delayed until November 2, 2009, the Federal Housing Administration [...]

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Electronic Real Estate Closings (E-Closings): The Future Of The Real Estate Closing Industry

September 25, 2009
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An excited young couple about to close on their first home walk into into the closing attorney’s office. The day before they received via secure email all of the loan documents to review and approve with their personal attorney. The closing attorney arrives without any paper, armed only with a laptop attached to a digital [...]

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Weekly Massachusetts Mortgage Rate Lock Advisory For May 14, 2010

May 14, 2010

Mortgage Guy Brian Cav has his weekly Massachusetts mortgage rate lock advisory. Mortgage Markets have gone up a bit the past 24 to 48 hours. The European bailout will have a ton to do with what happens with markets in coming weeks. Mortgage rates are going up and down based on the guidance they get [...]

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Community Associations Institute Weighs In Against New FHA and Fannie Mae Condominium Regulations

October 5, 2009
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IMPORTANT UPDATE: 11/16/09:  FHA Issues Final Revised Condominium Lending Guidelines As a follow up to my post on the new FHA condominium regulations, I received word from my friend Seth Wills at XLT Property Management, that the Community Associations Institute — the leading condominium and homeowner’s association trade group — recently sent a bulletin to [...]

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Title Insurance Demystified

Massachusetts Title Insurance August 11, 2009

Title insurance is an absolute necessity in every real estate conveyance transaction. The problem is that most home buyers don’t know what title insurance is or what it covers, and only see it for the first time on the closing settlement statement. Closing attorneys and title insurance companies need to do a better job explaining [...]

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Ibanez Update: Massachusetts Land Court Decision Invalidates Foreclosures Based On Post-Sale Assignments

August 27, 2009
Massachusetts Ibanez foreclosure decision Land Court

Update (2/25/10)–Mass. High Court May Take Ibanez Case Breaking News (10/14/09)–Land Court Reaffirms Ruling Invalidating Thousands of Foreclosures. Click here for the updated post. In late March of this year in the case of U.S. Bank v. Ibanez, Massachusetts Land Court Judge Keith C. Long issued one of the most controversial rulings in recent years [...]

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Massachusetts Foreclosures Down Almost 60%, A Good Sign or Statistical Aberration?

June 30, 2009
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The Boston Globe is reporting that foreclosures in Massachusetts took a steep dive in May, the second consecutive month they have fallen, according to data released yesterday by Boston real estate tracking firm Warren Group. According to the Globe, there were 582 foreclosure deeds recorded in May, a 58.6 percent decrease from 1,405 during the [...]

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