Real Estate Investment Content Index - Page 7

In its 2008 survey of mortgage fraud, the FBI concluded there is a strong correlation between mortgage fraud and distressed real estate markets. Indeed, some of the states with the highest levels of mortgage fraud also had the highest levels of foreclosures. But new mortgage fraud scams emerged in 2008 that tested the abilities of the FBI to contain them. Here is a look at the newest mortgage fraud scams.

Mortgage fraud and mortgage scams increased dramatically in 2008, as homeowners found themselves pushed into mortgages they couldn't afford, or lenders realized they had approved loans based on false premises. The survey found that mortgage fraud complaints surged in 2008. At least 63 percent of all pending FBI mortgage fraud investigations during FY200 involved dollar losses totaling more than $1 million. There were nearly 64,000 Suspicious Activity Reports (SARs) filed in FY2008, with losses of more than $1.4 billion, an increase of 83 percent over FY2007.

A home buyer purchased a home using an installment contract for deed. She paid an escrow company, which then paid out her mortgage, taxes, insurance and homeowner association dues - or so she thought. Now she finds out that the escrow company/mortgage broker hasn't been making any payments, and the house could be foreclosed upon. Is she a victim of mortgage fraud? What should she do now?

Home sellers are up in arms. Mortgage rates are at 40 to 50 year lows, but lenders are telling them they cannot refinance if their homes are listed for sale or if they listed the property for sale within six months. That listing will cause a refinance problem with lenders. What's the best advice to tell homeowners in this situation if they would like to refinance their mortgage?

What are the true costs of owning and maintaining a home. If you're preparing a budget, you need to factor in these cost of ownership. Not only will you have to replace fixtures, appliances, and carpet, but you'll need to change filters, batteries and smoke detectors regularly as well. Landscaping, snow removal and other costs of owning and maintaining your home and rental property can expand if you're not careful. Before you buy, be sure to calculate the home ownership costs for a home or rental property.

If you can't sell your home, have you considered a house swap? While some sellers are being ignored by buyers, there are hundreds of thousands of homeowners who would like to sell their home. If you link them together, it's possible to do a house swap or house trade, where little or no money exchanges hands, but sellers trade properties and move on with their lives. This story looks at house swapping, provides some basic information as well as some house swapping dangers. Also, view Ilyce Glink's comments on house swapping on a Fox TV news story.

Jumbo mortgage loans used to be much easier to get. Today, it's a lot harder to qualify for a jumbo mortgage. One factor that still influences your ability to get a jumbo loan is a good credit history and a credit score well into the 700s. You can expect to pay higher fees for a jumbo mortgage, as well as a higher interest rate. Closing on a jumbo mortgage ight also require additional time and documentation.

Now more than ever, buyers need to be aware of buyer closing costs on the purchase of a home. Here's an updated detailed look at many of the closing costs you might have to pay as a buyer when you buy a home. If you are charged a closing cost that isn't on this list, please add it in the comments section.

In the new world of real estate there are many changes to keep track of, but there are also some key parts to the home buying process that haven’t changed. Real estate agents are still a good deal for home buyers. You’ll get the best home loan rates and save money if you shop around. Home repair and maintenance will always be a big expense for homeowners. And location, location, location is one of the most important things to look at when buying a home.