When it’s time to buy a house, many different types of loans are available, depending on your status: are you a first-time homebuyer, a California veteran, or planning to renovate? This week, I’ll highlight the pros and cons of a Federal Housing Administration (FHA) 203K loan. The FHA 203K loan is appropriate for those with … Read more
Last week I reviewed non-judicial foreclosures, but since this is a complicated subject, there’s more to be said. To bring you up to speed, here’s what happened so far: you determined your borrower will no longer pay on the loan, so you began foreclosure proceedings by contacting a foreclosure service company. They did their part … Read more
Last week I talked about the two types of foreclosures. This week, I’ll walk you through the most common type: non-judicial foreclosures. As the lender, once you’ve concluded your borrower is no longer paying on the loan, your only course of action is to foreclose. To do so, you’ll need to contact a foreclosure service … Read more
Last week I talked about servicing a real estate loan yourself. That was a prelude to the next couple articles, which are in response to a reader’s question about foreclosures and what other options may exist when a borrower stops paying his loan. If a borrower misses a mortgage payment, there could be a perfectly … Read more
When homeowners receive a property tax bill, some see more than one assessor’s parcel number listed for a single property. Ever wonder why? Well, let me explain. An assessor’s parcel number, or APN, is simply a number assigned by the tax assessor to assure the property is taxed appropriately. A unique APN does not equate to a legal parcel. A … Read more
If you’re interested in owning your own home, it’s time to go for it. Home prices have started increasing faster than inflation, and interest rates are at historic lows—but probably not for long. Even if you do not have a down payment, you might be able to qualify for a home loan. Both the United … Read more
This is the fifth in a series about how to hold title (own real estate). As I’ve said, the way you hold title affects how the ownership of a property can be transferred and how the property can be financed, improved, used as collateral or taxed. This week I’ll talk about an unusual form of … Read more
This is the fourth in a series about how to own real estate, or how to “hold title.” As I mentioned before, the way you hold title affects how the ownership of a property can be transferred and how the property can be financed, improved, used as collateral or taxed. This week I’ll talk about … Read more
First-time homebuyers or people with poor credit and limited cash can ease into home ownership with a rent-to-own (or lease) option. While the idea of rent-to-own sounds simple and straightforward, legally the agreements are incredibly complex and require significant expertise to navigate. Unlike a conventional transaction, in which a sale price is agreed upon, and … Read more