September 12, 2016 |
It came as quite a shock to many distressed homeowners that the U.S. Treasury's Home Affordable Modification Program and Home Affordable Refinance Program would end Dec. 31. You still have until then to get out from the "under" that the bursting of the housing bubble put you in. Although the programs were extended past their original expiration dates because the nationwide foreclosure crisis was deeper and lasted longer than anyone had imagined,...
August 26, 2016 |
Sara Garonzik, who has helmed the Philadelphia Theatre Company from its tentative days as a professional troupe in 1982 to its status as a well-regarded and highly visible anchor for the Avenue of the Arts, has decided to step down from her post as executive producing director. "This will be my 35th season and my last," said Garonzik, 65. "I tell people this, and they are surprised, and I am like, 'Really? It's been 35 years?' " Garonzik said she will stay on as long as necessary - until the national search for her successor is complete and the company's future is set. "I am not running out the door, I will work at least through the middle of the next season," she said.
June 20, 2016 |
For years, the Consumer Financial Protection Bureau worked to integrate the mortgage-loan disclosures required by the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974. The bureau's work, done under the TILA-RESPA Integrated Disclosure Rule, or TRID, resulted in new requirements that went into effect in October. One major goal of the overhaul was to help borrowers understand and cope with the deluge of documents they must read and sign prior to closing on a mortgage.
June 19, 2016 |
A Bucks County mortgage settlement agent was charged this week with defrauding three title-insurance companies of nearly $3 million. The U.S. Attorney's Office in Philadelphia charged Alfred Drechsel, 47, formerly of Voorhees, N.J., with one count of wire fraud Thursday. His attorney, Jeff Lindy, said Drechsel plans to plead guilty and pay back the full amount in restitution. Drechsel was one of three principals who worked at Lenders Edge Settlement Services, LLC, and Integrity Assurance Inc., at 1200 Bustleton Pike, in Feasterville.
June 13, 2016 |
On a snowy day in January 2015, Jeanne Stark fell in love with a storied homestead on five acres of lush countryside in West Brandywine Township. Named for a family who once owned it, the Reason Farm had been part of a larger 19th-century estate, and supposedly had been a hub for the Underground Railroad, then later a hideaway for a bootlegging operation. Stark had recently taken a marketing job nearby and was searching for a home for her and Chris Scherler, her partner of 10 years.
June 10, 2016
DEAR ABBY: My husband and I have a 22-year-old son who has moved back home due to his relocating. His girlfriend of six months has done some suspicious and devious things. We have tried to overlook them, but the latest involves a car our son asked us to sell her because she was in a bind because of some stupid financial decisions she had made. We felt sorry for her, so we sold her the car for LESS than half of what we could have gotten on a trade-in since we were going to purchase a newer car. Now, one month later, she has taken the car and traded it in for a different one, no doubt gaining the extra equity.
May 30, 2016 |
When weighing whether to take out a home equity conversion mortgage (HECM), the reverse mortgage offered through the Federal Housing Administration, there are three key decisions to consider. The first applies to the draw options - the combination of up-front cash, monthly payment, and credit line that best meets the borrower's needs. Though this is the least challenging of the three decisions - I have addressed it before and won't go into it here, because most borrowers understand their needs better than anyone else - this decision may influence the two others.
May 16, 2016 |
When it comes to money know-how, talking is key, particularly when senior citizens are considering reverse mortgages. "I would encourage you to go to a counseling agency with your children," said Patricia Hasson, 53, president and executive director of Clarifi, the financial counseling and education nonprofit now celebrating its 50th year. (People old enough to qualify for reverse mortgages might remember the nonprofit's legal name, the Consumer Credit Counseling Service of Delaware Valley.)
May 9, 2016 |
A prospective home buyer who needs a mortgage to make the purchase is under the gun to have it approved and fully processed before the sale date. By contrast, a senior homeowner contemplating a reverse mortgage has no deadline to meet and can be as deliberate and careful as he or she wants. Having the opportunity to consider all options without feeling pressured is a good thing. But it can be a bad thing if the conditions that affect the terms of the reverse mortgage for which a senior qualifies change in an unfavorable way during deliberation.
April 17, 2016 |
Freedom Mortgage Corp., of Mount Laurel, agreed to pay $113 million to settle allegations that from 2006 through 2011 it certified hundreds of mortgages for Federal Housing Administration insurance that did not qualify, Paul J. Fishman, the U.S. attorney for the District of New Jersey, said Friday. Mortgage companies authorized to certify home loans for the federal loan insurance - designed for borrowers who cannot afford a large down payment - are required to monitor loans for defaults within the first six months.