Carleton Sheets - *Best-Selling Author
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Posted by: Carleton Sheets in resolution, requirement, Nationwide Mortgage Licensing System, mortgage originator, mortgage fraud, mortgage broker, loan originator, licensing, license, educational, education, database on
Aug 31, 2009.
The New York Times reported last week that a program called the Nationwide Mortgage Licensing System has been initiated. The system acts as a repository where state regulators keep information on all mortgage originators, and also creates a standard for education, testing and licensing of loan officers. During the housing boom, some dishonest mortgage originators steered consumers into subprime
Posted by: Carleton Sheets in unclaimed funds, refund, Foreclosure on
Aug 28, 2009.
One of my staff members in our Illinois office recently sent me this article from the Chicago Tribune about unclaimed funds---mostly from the 1990s and pre- 2007 housing boom--- that are “sitting” in a mortgage surplus account. Now, keep in mind when you read the Tribune’s article that the $18 million surplus isn’t a statewide surplus. The millions of dollars from unclaimed profits on
Posted by: Carleton Sheets in Value, Real Estate Market, mortgage broker, Lender, Housing Market, Home Valuation Code of Conduct, fair market value, Economy, borrower, appraiser, appraised value, appraisal on
Aug 24, 2009.
There has been much debate in the real estate community about how the Home Valuation Code of Conduct for appraisals that took effect May 1 is affecting the housing market. The role of appraisers in the subprime mortgage debacle has been closely analyzed ... especially the fact that some appraisers allegedly felt pressured to bump the price of homes upward by providing faulty valuations and to
Many investors turn to flipping properties for relatively quick profits during the real estate market's boom years. However, savvy investors realize that even as times change and markets fluctuate, there are always opportunities in every market to make money flipping properties. In the case of first-time homebuyers, purchasing a home can be a little overwhelming---especially since many of
It looks like more homeowners are falling behind on paying their property taxes in these tough economic times, and many are suffering the consequences---foreclosure. The homeowners whose property taxes are escrowed by the mortgage servicer and included each month with their monthly mortgage payment don't have to worry about paying their taxes---as long as they are able to make their mortgage
Posted by: Carleton Sheets in Tenant, right to rent, Renter, Real Estate Market, Real Estate, Market Value, landlord, Foreclosure, fair market value, borrower on
Aug 14, 2009.
In an effort to deal with the growing number of foreclosures on the market, yet another program has been proposed. The Right to Rent Plan would actually allow distressed homeowners to stay in their homes after the foreclosure sale ... by paying a fair-market monthly rent to the "landlord" (the lender who foreclosed on the former homeowner). (Don't get this program confused with an earlier one
Posted by: Carleton Sheets in rent, Recovery, Real Estate Market, Real Estate, Market Value, Housing Market, fair market value, Economy, Distressed, Creativity, condo, Comps, association on
Aug 11, 2009.
One of my staff members recently sent me an article about a group of condo owners in Chicago who are taking a stand on the eight or so neighboring condo units that are in various stages of foreclosure. Members of the condo association are knocking on doors in an attempt to pass a referendum that would allow the association to purchase the "distressed" units and then rent them out until the
Posted by: Carleton Sheets in Seller finance, Seller, Real Estate Market, Real Estate Investor, Real Estate, Property, Note, mortgage originator, Limit, HR 1728, How to Buy and Sell Real Estate, Housing Market, Gift, Assistance on
Aug 07, 2009.
As I've mentioned before, seller financing---a great win-win situation for both sellers and buyers---is making a comeback in the current real estate market. However, I've recently read about legislation that will restrict seller financing and possibly hurt consumers, investors, and small businesses. The bill in question is HR 1728, and its aim is to curb the predatory lending practices of the
I've been reading articles about homeowners who rent out their homes in certain circumstances. And, apparently, there are several motives ... some homeowners who purchase another home or have a job-related-move and haven't been able to sell their original home make the decision to turn it into a rental. And sometimes those who can't afford to pay their mortgage and don't want to declare
Someone recently asked me my opinion on the so-called "shadow inventory" of foreclosures ... the bank-owned (REOs) foreclosures that aren't on the market yet. If you've read this Wall Street Journal article, you might come to the conclusion that it's a conspiracy by banks to "under-inflate" their inventory of REOs. Have banks been holding onto the properties because they don't want to
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