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The following article covers a topic that has recently moved to center stage–at least it seems that way. If you’ve been thinking you need to know more about it, here’s your opportunity.

Business practiced today has lost sight of the wisdom of country mouse. How would country mouse practice a loan modification?

Balloon loans are a relatively new mortgage instrument recently introduced to the home financing and mortgage market. These loans have been developed to allow greater flexibility when it comes to figuring out the best way to pay on mortgages for people needing a bit more leverage in their payments. Financial experts assert that this type of loan brings about a balance of payments offered with greater leverage as loan maturity dates approach. These new financial instruments perhaps could be best categorized as adjustable rate mortgages for people with poor credit.

After the subprime mortgage crisis, which began to surface in 2008, the Maryland Legislature passed The Real Property-Maryland Mortgage Fraud Protection Act in April of that year. The Maryland Legislature passed several laws to help homeowners who are at risk of losing their homes, and to prevent future homeowners from becoming at risk for losing their homes. From a realtor’s point of view, the most notable issues are the changes to the lending industry: * Lenders will now be required to be licensed, and all mortgages must contain the license number of a mortgage originator or mortgage lender. This would allow regulators to track which mortgage providers have the highest foreclosure and default rates. * Changes in the number of days until several steps of the process take place: The foreclosure sale cannot occur sooner than 135 days after default. * SB218/HB 361 establishes requirements for a foreclosure consultant. All of the details of this professional will be fleshed out in the future. Suffice it to say, the foreclosure consultant will be trained and probably licensed, not a real estate agent or bank representative. The consultant will have a fiduciary responsibility to the homeowner, similar to a RE agent, and will counsel the homeowner in all the aspects of the process. * The third bill passed establishes stricter penalties for anyone engaged or intending to engage in mortgage fraud. Overall, I think these are some great steps toward preventing further fraud and helping homeowners in trouble. I especially like the licensing of lenders. It will make it possible to track fraud and actually find the people who are initially responsible. The inability to hold lenders accountable has been a huge hole in the ability to prosecute fraud.

Whether you have lived for the past several years as a renter or whether you have primarily lived with family or friends, preparing to buy your first home can be a very exciting time your life. It can also be a little bit scary. When you are someone who has never owned a home before, buying a home for the first time can feel like a daunting task. In fact, the entire process can be downright intimidating. This is all the more so if you have a bad credit score. Besides the actual work that must go into choosing a neighborhood and a particular home to buy, the most important task in terms of getting settled into your new home is to figure out the mortgage loan process. As a first-time buyer, it will not necessarily be clear or obvious how it all works. For people who have a bad credit score, if you have requested a pre-approval from one or more lenders, you may have already faced the discomfort that comes along with a rejection. That is certainly no fun. Fortunately, there are certain things you can do to speed along the process. If you are looking for bad credit first-time home buyers’ loans, here are 7 tips to help: