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Buyers hit with $1,000-plus furnace repair

By Barry Stone, Tuesday, March 24, 2009.

DEAR BARRY: We purchased our home about six months ago. It is only five years old, but the heater just failed. The heating contractor found a crack in the heat exchanger. The cost to us for parts not covered by the warranty will be more than $1,000. Our home inspector says the heat exchanger is not covered in a home inspection. The crack is plainly visible and could have been seen by our inspector if he had taken the time to look. Is it fair that he should not be liable for this omission? --Bill  more...

The new mortgage market: Think 1999 Premium Content

By Alison Rogers, Tuesday, March 24, 2009.

ROOKIE: Tell me about what the mortgage market looks like.

BRIAN BRADY: The world has been reset to 1999 in terms of underwriting guidelines. Bankers consistently react badly to market conditions. When there's euphoria they loosen, and when there's fear they tighten. That's the opposite of what they should do.

The smartest thing I've seen done in 15 years, in terms of financial engineering to market conditions, is the use of ...  more...

Fed action spurs refi boom

By Inman News, Tuesday, March 24, 2009.

The Federal Reserve's efforts to keep mortgage rates down is spurring a rush to refinance that will test the operational capacity of lenders, but low rates won't translate into higher home sales unless unemployment stabilizes, the Mortgage Bankers Association said today.  more...

Open for inspection

By Inman News, Tuesday, March 24, 2009.

Photo by NEIL KEARNEY

 

"Open For Inspection."

"I took this shot back in 2003 on a farm in Northern Minnesota," writes Neil Kearney of Kearney Realty Co./Metro Brokers in Boulder, Colo.

"It has been sitting in my photo folder for just this occasion. I think that today’s market has been shot at from all sides just like the sign. It is still open for business but it isn’t looking too good."  more...

Unpaid HOA fees boost foreclosure risk

By Benny Kass, Tuesday, March 24, 2009.

DEAR BENNY: I am three months behind in my homeowner's association payments. Can the condominium foreclose on my unit? My mortgage payments are up to date, and I called my lender who said no, they cannot foreclose. What do you say?

I wrote a letter to the board asking for a payment plan in January of this year, but no response as of yet. I know I owe the money, but I was sick for a period of time. I am planning to pay the back fees with my taxes. --P.S.  more...

Most 2009 buyers may be first-timers

By Inman News, Tuesday, March 24, 2009.

Nearly 80 percent of Americans don't expect to buy a home in the next five years, but more than half of those that do plan to buy this year would be first-time homebuyers.

That's according to a survey commissioned by Realtor.com operator Move Inc., which also found one in five homeowners with mortgages have contacted their lender hoping to restructure their loans. About half said they'd succeeded.  more...

False hope for homeowners Premium Content

By Marcie Geffner, Tuesday, March 24, 2009.

The U.S. government has started several programs to help homeowners escape burdensome mortgage payments and avoid foreclosure. But so far, these programs have amounted to little more than false hopes.

Programs with catchy names like "Hope for Homeowners" were announced with much fanfare and great promise. In effect, these programs meant that we, the U.S. taxpayers, held out the hope of mortgage relief to our neighbors, both nearby and far afield. We gave them hopes of "staying in their homes," as government officials so often phrased it.  more...