With business closures and job losses due to the coronavirus outbreak, about 2 million borrowers so far have applied for mortgage forbearance programs. But homeowners should fully understand what forbearance means before entering into such an agreement with their lender, financial experts advise. Many homeowners who take forbearance options will be on the hook for …

Make sure your payors know that they may owe missed monthly payments in a lump sum Read More »

JP Morgan Chase, the nation’s largest lender by assets, announced that the majority of new customers applying for a mortgage will need a minimum credit score of 700 and a down payment of at least 20% of the home’s value. Chase said it was also motivated to tighten its lending standards in response to the …

Largest Lender Now Requires 20% Down, 700 Minimum Score Read More »

“I buy real estate. It’s better now than when Obama was in office. They don’t teach you in school about buying property. They teach you how to become somebody’s property.” “I will not be told who I’m gonna vote on because of my color.” https://www.breitbart.com/politics/2020/04/15/kanye-west-goes-all-in-for-trump-i-wont-be-told-who-to-vote-for-because-of-my-skin-color/

The force majeure provision—or the “Act of God” clause—allows a person or business to get out of a contract — including a mortgage — due to an unpredictable “superior force.” Some consumers are wondering if a global pandemic qualifies for that. The term refers to a “force outside the control of a party,” and a …

What Is A Force Majeure Clause — And Why You Should Care Read More »

About 2 million homeowners are skipping their monthly mortgage payments, according to industry data released on April 13The $2 trillion stimulus package passed by Congress last month allows homeowners who face hardship from the pandemic to request forbearance from the companies that service their mortgages, meaning they can suspend payments without penalty for as long …

Here comes a wave of non-performing note opportunities Read More »

Tucked away in the $2 trillion stimulus bill passed by Congress a week ago is a tax law change that will benefit commercial property owners and some tenants well after the coronavirus pandemic runs its course. The change, on page 211 of the 883-page Coronavirus Aid, Relief and Economic Security Act, expands the tax deduction for many …

The CARES Act Fixed A ‘Typo’ In 2017 Tax Law, Resulting In A Big Win For Property Owners Read More »

Sometime this year, we taxpayers will receive another economic stimulus. It is indeed a very exciting program, and I’ll explain it by using a Q&A format: Q: What is an Economic Stimulus? A: It is money that the federal government will send to taxpayers. Q: Where will the government get this money? A: From taxpayers. Q: Is …

The Economic Stimulus Explained Read More »

Indiana Governor Eric Holcomb has signed an executive order putting a block on evictions and foreclosures. The executive order cites layoffs and loss of work income.The order does not give an end date, saying it will be in place until the state of emergency has been lifted. It says the order does not relieve people …

Indiana Governor Stops Foreclosures and Evictions Read More »

Applications for m0rtgages to purchase homes were down 24 percent in the last week of March compared with a year earlier, reports the Mortgage Bankers Association seasonally adjusted index. Compared with a week earlier, applications were down 11 percent. There are several factors driving down purchase mortgage applications. The “stay at home” orders in many …

Mortgage Applications Crash 24 Percent Annually Read More »

State Sen. Michael Gianaris, who represents western Queens, has proposed a bill that would offer 90 days of rent relief for both residential tenants and small businesses that have lost income or been forced to close because of state-ordered restrictions issued in response to the coronavirus outbreak. The rent would be completely waived rather than deferred. …

Will New York Cancel Rents and Commercial Mortgage Payments? Read More »