Monterey Mortgage Rates and Information Online from competing Lenders

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Mortgage forgiven for woman, 90, who shot herself - Monterey County Herald
AKRON, Ohio—Mortgage finance company Fannie Mae said it is forgiving the mortgage debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies attempted to evict her. Addie Polk's plight was cited by Rep. Dennis Kucinich, D-Ohio ...

McCain helped businessman buy Fort Ord land for a fraction of its ... - Santa Cruz Sentinel
MONTEREY -- An Arizona businessman, with help from Sen. John McCain's office, paid the federal government a mere fraction of the market value when he bought a Fort Ord land parcel in 1999, an Army appraisal obtained by The Monterey Herald shows ...

Lawmakers grill Lehman CEO about multimillion-dollar bonuses - Monterey County Herald
Lehman Brothers Chief Executive Richard Fuld Jr., wearing tie, is confronted by protesters Monday on Capitol Hill after testifying before the House Oversight and Government Reform Committee. WASHINGTON — The now-bankrupt investment bank Lehman ...

Monterra woes worsen - Thecalifornian.com
It looks rather dire for the project," said Jim Petralia, mortgage broker for the Salinas Trust Deeds Program, which is part of the city employee's Deferred Compensation Fund. "At a certain point I realized the Sunset House wasn't going to make a bit ...

Vote 'no' on Measure J - San Gabriel Valley Tribune
THE Los Angeles Community College District's nine campuses - including East Los Angeles College, which is actually in Monterey Park - do an excellent job preparing students for new careers and to transfer to four-year institutions at its nine ...

Recession Redux - Time
The government is much more responsible for this mess than Wall Street is, by refusing to reform Fannie and Freddie in 2005 and by allowing subprime mortgage loans to be made to unqualified buyers. Forrest S. Walters, ERIE, PA, U.S. Where has the ...

'The economy will come around' - CNN Money
The man behind the Virgin megabrand, Sir Richard Branson, answers your questions in the Nov 10 issue of Fortune. Now's your chance to ask Branson about building strong brands, where his ever-expanding conglomerate is headed, and whether his global ...

Golf's New Landscape - Wall Street Journal
In a press conference Tuesday, Tiger Woods and his developer partners announced a new, super-luxe private golf club in Mexico, 65 miles south of San Diego on the Pacific Ocean. To be called Punta Brava, it will sell one-acre lots for $3 million and ...

Treasurer: mortgage takeover helping - Monterey County Herald
CARSON CITY, Nev.—Collateral, including Fannie Mae and Freddie Mac holdings, that backs pooled Nevada bank deposits is up in value following the Bush administration's seizure of the troubled mortgage giants, state Treasurer Kate Marshall says. In a ...

Fannie, Freddie rescue binds taxpayers to housing market - Gilroy Dispatch
The front door of a home that was foreclosed on is marked with a message Monday, Sept. 8, 2008, in Salt Lake City. The house is now under contract with a buyer. The government takeover of Fannie Mae and Freddie Mac likely will help ease mortgage ...

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Today's Mortgage Terms starting with B

  • Bankruptcy: A legal procedure in a federal court to relieve certain debts of a person or a business that is no longer able to pay its debts. Chapter 7 bankruptcy removes all debts. Chapter 13 lets a borrower with and income to pay bills off over a set period of time.
  • Bearer: The legal owner of a property.
  • Bill of Sale: A document that details the transfer of property.
  • Biweekly Mortgage: A mortgage with payments due every two weeks, totaling 26 payments a year, two payments more than a mortgage with monthly payments. The two extra payments lowers significantly the interest paid over the life of the mortgage.
  • Blanket Mortgage: A mortgage that includes more than one piece of real estate
  • Borrower (Mortgager): An individual who makes an application for and receives funds in the form of a loan and is obligated to repay the loan in full under the conditions of the loan.
  • Broker: An individual who gets buyers and sellers together and helps in negotiating contracts for a client.
  • Buy-Down Mortgage: A mortgage loan with a lower than market rate for a determined period of time.
  • Buyer’s Market: Market conditions that favor buyers. When there are more properties for sale than buyers, sellers may be forced to provide price discounts to close the transaction.
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