Author Archives: Naglelaw

What to Know About Homeowner Associations?

Buying a condo or townhome is about more than four walls and interior air space; it also means buying the homeowner association. Continue reading

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If you pulled money out and spent it all on remodeling or adding on to house – does it count as purchase money mortgage?

Q. If you pulled money out and spent it all on remodeling/adding on to house – does it count as purchase money mortgage? The 9th in a series of Q + A’s to help underwater homeowners understand rights in Arizona … Continue reading

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Can someone strategically default in Arizona on an investment/rental property and not be subject to a deficiency?

Many property owner’s don’t understand that in Arizona the anti-deficiency statutes are “blind” regarding whether the borrower uses the property as a residence or as a rental property. Continue reading

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Does a HELOC qualify as “purchase” funds when the money is used to make a down payment on a 2nd house?

The 7th in a series of Q + A’s to help underwater homeowners understand rights in Arizona and determine what options (Strategic Default; Short Sale) are best. Does a HELOC qualify as “purchase” funds when the money is used to … Continue reading

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Housing Scorecard for August Released

The U.S. Department of Housing and Urban Development has released the August Housing Scorecard. Included in the report are detailed assessments of the 10 largest mortgage servicers participating in the Making Home Affordable (MHA) Program with results from the second quarter of 2011. According to HUD, in addition to providing greater transparency about servicer performance in the program, the servicer assessments are intended to set a new industry benchmark for disclosure around servicer efforts to assist struggling homeowners, while prompting them to correct identified deficiencies. Continue reading

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