FHA recently announced that barring congressional intervention, the loan limit on FHA backed loans will revert to pre-2008 amounts on loans approved after October 1, 2011. In 2008, Congress temporarily increased loan limits to 125% of the median house price in a response to the economic crisis and severe reduction in mortgage credit. Go to Resource
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According to a recent article in the Wall Street Journal about delinquencies in condominium associations in Florida, “The time it takes lenders to foreclose has grown longer each year. Nationwide, residential properties are in foreclosure an average of 400 days, up from 151 days four years ago, according to foreclosure-data firm RealtyTrac Inc.Go to Resource
Banks must now follow a new procedure when they receive a bank garnishment against an account holder who receives certain federal benefit payments by direct deposit. In the past, a bank would withhold all assets in a debtor’s account when served with a court ordered garnishment. If the homeowner received certain types ofGo to Resource
In Colorado, the most common entities for new businesses are the sole proprietorship, general partnership, limited partnership, limited liability company; and corporation. When considering which structure is right for your new business you should consider the following factors: (i) the extent owners are protected from personal liability; (ii) your desired management structure; (iii)Go to Resource
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 granted federal bank regulators the power to set mortgage lending standards. This past March, the bank regulators released draft guidelines for mortgages that will meet the new Qualified Residential Mortgage (QRM) standard. It is expected that mortgage loans meeting the QRM standardGo to Resource