It’s important to know your rights. In this blog, I provide excerpts from the Consumer’s Guide to Mortgage Lock-Ins, which is published by HSH Associations.
About this Guide…
“The Federal Reserve Board and the Office of Thrift Supervision prepared this booklet on mortgage lock-ins in response to a request from the House Committee on Banking, Finance and Urban Affairs and in consultation with many other agencies and trade and consumer groups. It is designed to help consumers understand an important aspect of home financing.”
What is a Lock-In?
“A lock-in, also called a rate-lock …

I don’t come across many buyers looking to buy a co-op but there are a few on the market. In this post, I reference Bankrate’s “Condo or Co-Op? What’s the difference?” for the comparison.
Both condos and co-ops are considered “common interest developments.” A common interest development is a housing development in which their are individual ownership of units with the right to use/share common space.
In a…

Condo, “each unit owner owns an individual apartment in fee simple. In addition, the buyer owns an undivided interest in the common elements such …

I don’t agree but economist Christopher Thornberg thinks so. As quoted in the Mortgage Insider, he says:
“I argue… that foreclosures are good for the economy. If someone stops paying their over-sized mortgage on a deeply underwater house they have a lot more money to spend on things like iPods and clothes. So in a sense all these foreclosures are probably one of the things stabilizing consumer spending. That’s far more important to the economy than whether people pay off their mortgages.”
He continues…
“The financial meltdown is done… and what you call …

Buying a foreclosed property is easier said than done. Similar to short sales, buying foreclosed properties often require patience, perseverance, and an eye to discern a diamond in the rough.
CNN.com presents 9 Tips for Buying a Foreclosed Home. Most of the tips are common sense, such as conduct a home inspection, consider the neighbor, and see the home for yourself. However, the article did provide some key takeaways such as…

Budget carefully. Yes, whether you are purchasing your first home, second home, pre-foreclosure, not-a-foreclosure property, you should budget carefully. But most …