Burt M. Polson - Commercial Real Estate Broker

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Filtering by Tag: lending

Congressman Calls for Second Lien Write-Downs

As servicers step up efforts to modify loans and keep borrowers in their homes, many are tripping over stumbling blocks in the form of home equity loans and other second lien mortgages. House Financial Services Committee Chairman Barney Frank (D- Massachusetts) has sent out a petition to some of the nation’s largest junior lien holders demanding that they take “immediate steps to write down second mortgages” to create a clear path for sustainable loan restructurings.

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New Loan Disclosure Rules May Potentially Affect Close of Escrow

Starting July 30, 2009, if the APR on an initial Good Faith Estimate is no longer accurate (within a 0.125% range) at close of escrow, a lender must generally provide a residential borrower with a new disclosure and a three-day right to rescind before consummating the loan.  REALTORS® are forewarned that, because of this new three-day waiting period, a lender's failure to timely provide corrected disclosures has the potential of delaying funding of the loan and close of escrow.

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Recourse vs. Non-Recourse Loans

I’ve had several questions from clients regarding short sales, foreclosures and bankruptcy and how it will affect them. It can be overwhelming and tough to know who to actually talk with about a looming financial crises. I hope this short explanation on recourse vs. non-recourse loans will shed some light on the different types of loans we may have on our properties and the resulting exposure we have.

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