Jeana Morrissey

About Jeana Morrissey

This author has not yet filled in any details.
So far Jeana Morrissey has created 66 blog entries.

FHA Streamline Loan Requirements

If you have an existing FHA loan on your primary residence and a fairly good credit score, you may be able to take advantage of the FHA Streamlined Refinancing Program, which eliminates many of the complex steps involved in a typical FHA refinance.   No appraisal is required as long as the borrower reduces their payment by 5 percent, which has caused many to liken this program to the HARP 2.0 program. Key requirements of the FHA Streamlined Program include the following: Your original FHA loan must have been taken prior to 2009. You must have made payments on time for at least one year and must be current on your payments at the time of application. Your lender must be FHA approved. You must have owned the property for at least 6 months prior to refinancing. You will be limited to the amount of your original loan unless you pay for a new appraisal to show that the home value has increased.  

By |2012-06-12T17:37:52-07:00June 12th, 2012|Home Loans, Real Estate|0 Comments

Update on Recent Developments in Arizona’s Foreclosure and Short Sale Laws

If you have been following my Real Estate Law Blog posts you may have already read about some of the recent legal developments related to foreclosures and short sales in Arizona.  However, in light of a new Court of Appeals case just decided last month, I felt it was time for a summary of these recent developments. Construction Loans and Home Improvement Loans: A ruling last month by the Arizona Court of Appeals  in the case of Helvetica Servicing Inc. v. Pasquan answers important questions in the law and may impact anti-deficiency protections for some people.  This case involved the refinance of an original purchase money loan, in which the borrower was loaned additional funds.  The additional funds were primarily used by the borrower: (1) to reconstruct a large portion of the home, and (2) for home improvements and related purposes. The Court of Appeals ruled on several key issues that have been in dispute in Arizona. The Court laid out the following rules to follow when determining whether a refinanced loan or construction loan will be given purchase money status under Arizona law in certain situations and thus, afforded anti-deficiency protection in the judicial foreclosure context: A refinance of a purchase money loan, whether by the original lender or a new lender, does NOT destroy purchase money protection to the extent the loan proceeds from the refinance are used to satisfy the underlying purchase money loan. A construction loan given to borrower that is (1) secured by a deed of trust that covers both the land and the dwelling to be constructed on the land (provided the dwelling is a qualifying property under the anti-deficiency statute), and (2) actually used to construct the dwelling, [...]

By |2012-04-18T12:44:30-07:00April 3rd, 2012|Foreclosure Law, Short Sales|0 Comments