January 17, 2010 |
Edward S. Bardzik Jr. of West Chester has been following my columns about homeowners who are unable to refinance or modify their mortgages, and keeping tabs on other media reports that say much the same thing. So when Bardzik and his son, Edward S. Bardzik 3d, decided to refinance the mortgage on a rental property they own jointly, as well as the loan on his son's house, "I wasn't sure that we were ready to go down what might be an arduous path," the elder Bardzik said. Let me tell you some things about the Bardziks.
January 28, 2015 |
When it comes to mortgages, experience apparently isn't the best teacher. Recent findings by the federal Consumer Financial Protection Bureau, which oversees mortgages and credit cards, among other things, show that almost half of U.S. borrowers don't shop for home loans. The findings were similar to those of LendingTree.com in December 2010, during the depths of the foreclosure crisis. That survey found that 40 percent of 1,317 people contacted obtained a single quote for a mortgage.
February 17, 2012 |
Certain rules about managing money are fairly obvious, and among the most basic is this one: "Don't get in over your head. " But things that seem like a good idea at the time - buying a house, for instance - can go horribly wrong. For evidence of that, just look at the last six years of record foreclosures in this country, which can be attributed to factors as diverse as folks being duped into taking on bigger mortgages than they could afford and to the waves of layoffs announced during and after the Great Recession.
January 11, 2009 |
To get us through the early part of this new year, let's get some perspective on what could be driving real estate matters in the weeks to come. First off, it looks as if low fixed interest rates for mortgages - now around 5 percent- will be with us awhile. But Philadelphia mortgage broker Fred Glick warns that rates could begin to rise if the stock market recovers. What he means is that investors who have flocked to the relative safety of Treasury bonds will shift their money to Wall Street if it seems profitable.
June 24, 1999 |
Residents living near the sinking homes in Wissinoming say the rowhouses showed visible signs of settling long before the rapid deterioration of the past three years. Yet, families who bought the homes in that period were able to obtain mortgages. Something that should not have happened if an alert appraiser had noted the settlement and recommended further investigation before the loans were approved. According to Harry Marder, president of the American Society of Appraisers, such vigilance is not always rewarded.
May 14, 2004 |
American Business Financial Services Inc. lost $33.2 million, or $10.53 a share, in the first quarter, returning the struggling Center City lender to default status on its own loans. The company secured a temporary waiver from the lender, said Albert W. Mandia, its executive vice president and chief financial officer. While the company now expects losses through Sept. 30, "we can now see a path to profitability by the quarter ended Dec. 31," Mandia said. In late 2002, Center City promoters counted American Business Financial as a major coup, luring the lender from Bala Cynwyd with an aid and loan package from the state and city worth $19.6 million.
December 16, 2009 |
A Camden County criminal investigator's romance with a mortgage broker has cost her her job and could send her to prison for obtaining a fraudulent loan, officials said. Asha Ritchards, 31, of Sicklerville, appeared yesterday in U.S. District Court in Camden, where she tearfully pleaded guilty to one count of wire fraud and admitted she lied on loan applications for a house her then-boyfriend used as a rental property. "She fell in love with this guy. He's a smooth-talking, handsome guy," defense attorney Leonard S. Baker said.
April 29, 2008 |
A Delaware County couple had to put their wedding on hold after losing two properties at the hands of a disbarred lawyer turned mortgage broker, authorities said. Joseph James Scafidi, 53, of Warminster, a former Bucks County prosecutor and convicted felon, turned himself in yesterday at Collingdale District Court to face theft and forgery charges. He is accused of fabricating documents, including a phony court order from Delaware County's president judge, to hide his theft of mortgage payments.
January 12, 2013 |
The Consumer Finance Protection Bureau on Thursday unveiled its long-anticipated "qualified mortgage" regulation, designed to guarantee that home loans be given only to borrowers able to repay them. Under the new regulation, a lender must obtain and verify an applicant's financial information, including employment status, income, assets, debts, and credit history; the prospective borrower must have enough income or assets to repay the loans, and teaser rates may no longer hide the true cost of a mortgage.
July 15, 2011
Mortgage fraud alleged John C. Lucidi Jr., 30, of Las Vegas, who once worked in West Chester, was charged by the U.S. Attorney's Office yesterday in a $7-million mortgage scheme to defraud seven financial institutions. Authorities said Lucidi, who formerly worked as a mortgage broker for companies in West Chester and Newtown Square, found buyers, some of them family members, to buy homes - primarily in North Wildwood - for inflated prices in exchange for kickbacks of between $30,000 and $50,000 at closing.