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News about Mortgages:
National Association of Realtors pending sales index drops - Houston Business JournalThe National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy. The index fell to 82.3 for the month of November. That’s down 4 percent from ...
On the House: Low rates, but banks hold back - Philadelphia Daily NewsAs mortgage rates decline, the question most readers are asking me these days is this: How low can they go? What the experts are telling me is that the rates could fall below 4 percent without more government intervention. The Fed's decision to ...
Pending home sales rose in November in Philadelphia area - Philiy.comThe eight-county Philadelphia region appeared to experience a big boost in pending home sales in November, even as the deepening recession helped push the national numbers to an eight-year low. In the area, pending home sales rose 23.1 percent from ...
Court's clout will help save mortgages - Pittsburgh Tribune ReviewA judge's authority to delay foreclosures will put teeth in an initiative to help hundreds of Allegheny County homeowners remain in their homes, experts say. The Residential Mortgage Foreclosure Program due to take effect Monday by order of Common ...
Philadelphia judge suspended over bogus order - Buffalo NewsA Philadelphia judge has been suspended for three months without pay because he issued a phony protective order as a favor to a Romanian diplomat worried about someone who was talking to his teenage daughter. The Pennsylvania Court of Judicial ...
Wycoff, Lynch and Lubert fund starts investing in banks - Philadelphia Business JournalWhen Kirk Wycoff and Jim Lynch left the banking world in July 2007 to become managing partners in a private equity fund that invests in underperforming banks, they envisioned about 5,700 banks nationwide that fit their investment criteria. The plan ...
Rogers Plaza, area's first mall, faces foreclosure - Grand Rapids PressWYOMING -- Rogers Plaza, the area's first enclosed shopping mall, is headed toward foreclosure, continuing a cascade of bad news that has plagued Wyoming's 28th Street SW business district in recent months. A federal court judge in New York in ...
State to offer mortgage help to Morristown workers - Bridgeton NewsPeople who work in Morristown now may get a shot at living here, too, under a state program that will be announced on Wednesday. The Live Where You Work Program will offer low-interest mortgages and help with down payments and closing costs to low ...
Modified loans still failing at high rate - News-PressPHILADELPHIA — As lawmakers and housing advocates push the federal government to help cut the foreclosure rate, Comptroller of the Currency John C. Dugan offers this sobering statistic: More than half of loans modified in the first quarter of 2008 ...
Ex-Boeing worker gets 10 months for Chinook damage - Buffalo NewsA former Boeing employee who vandalized a $24 million military helicopter during his last shift on a suburban Philadelphia assembly line has been sentenced to five months in prison and five months of home confinement. Matthew Montgomery of Trevose ...
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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