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Jacob Said:

Is a person required to provide a copy of his homeowner's policy to the lender?

We Answered:

No, but a copy of the insurance binder in an amount sufficient to replace the dwelling in case of a loss is required prior to closing.

Jesus Said:

Arizona Foreclosure scenario: the customer/homeowner has his mortgage payment taken out every month and?

We Answered:

Why would a lender be responsible for tracking any payment, it's the mortgagors responsibility to send in the payment and just because the mortgage and the bank account are with the same institution, it does not mean they work in conjunction with each other. That being said, this entire situation seem odd to say the least. What I would do is compile the bank statements showing the payments being made, grab a phone and call the customer service line, and demand to file a presidential complaint, do not take no for an answer and do not stop until you get to the office of the president. Thes complaints are very, very serious and are usually the quickest way to get things moving and if they give you any issues, I would simply state that you are taking the issue to the media. While I am only guessing, this could be a simple routing error on the banks end and while the funds where taken out, they may have been routed to the incorrect department, but for no notice, communication or any contact not to be made and the property foreclosed upon is in violation of many laws.

Ricky Said:

Who pays for Title insurance at closing: buyer or seller?

We Answered:

Every area has their own customs. In NJ the buyer pays for both the owner's and lender's policies unless the parties negotiate otherwise.

For the custom in your area you can contact any local realtor or title insurance company and ask. Just remember that if you're not pleased with the custom there then you can negotiate it.

Julio Said:

Do you think the Arizona amendment to the foreclosure law will be repealed?

We Answered:

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Forty-ninth Legislature - First Regular Session

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Forty-ninth Legislature Finance

First Regular Session S.B. 1271



COMMITTEE ON FINANCE

SENATE AMENDMENTS TO S.B. 1271

(Reference to printed bill)



Strike everything after enacting clause and insert:

"Section 1. Section 33-814, Arizona Revised Statutes, is amended to read:

START_STATUTE33-814. Action to recover balance after sale or foreclosure on property under trust deed

A. Except as provided in subsections F and G of this section, within ninety days after the date of sale of trust property under a trust deed pursuant to section 33?807, an action may be maintained to recover a deficiency judgment against any person directly, indirectly or contingently liable on the contract for which the trust deed was given as security including any guarantor of or surety for the contract and any partner of a trustor or other obligor which is a partnership. In any such action against such a person, the deficiency judgment shall be for an amount equal to the sum of the total amount owed the beneficiary as of the date of the sale, as determined by the court less the fair market value of the trust property on the date of the sale as determined by the court or the sale price at the trustee's sale, whichever is higher. A written application for determination of the fair market value of the real property may be filed by a judgment debtor with the court in the action for a deficiency judgment or in any other action on the contract which has been maintained. Notice of the filing of an application and the hearing shall be given to all parties to the action. The fair market value shall be determined by the court at a priority hearing upon such evidence as the court may allow. The court shall issue an order crediting the amount due on the judgment with the greater of the sales price or the fair market value of the real property. For the purposes of this subsection, "fair market value" shall mean means the most probable price, as of the date of the execution sale, in cash, or in terms equivalent to cash, or in other precisely revealed terms, after deduction of prior liens and encumbrances with interest to the date of sale, for which the real property or interest therein would sell after reasonable exposure in the market under conditions requisite to fair sale, with the buyer and seller each acting prudently, knowledgeably and for self?interest, and assuming that neither is under duress. Any deficiency judgment recovered shall include interest on the amount of the deficiency from the date of the sale at the rate provided in the deed of trust or in any of the contracts evidencing the debt, together with any costs and disbursements of the action.

B. If a trustee's sale is a sale of less than all of the trust property or is a sale pursuant to one of two or more trust deeds securing the same obligation, the ninety day time limitations of subsection A of this section shall begin on either the date of the trustee's sale of the last of the trust

Margaret Said:

So Confused pls help regarding who should I deal with? Mortgage Question.?

We Answered:

The reason why you are looking at FHA right now is because your scores are low. Don't pay any points. Simply refuse to do it. I have a mortgage business and cannot lend in AZ, but I can tell that a few of the people you are dealing with are taking advantage of you.

Finally, stay away from quicken or any of those other online offers. Just tell the brokers that you want the best possible rate with NO POINTS and NO ORIGINATION.

Harold Said:

What do you like the most about Senator McCain?

We Answered:

I like the fact that McCain cares about people, and has even adopted one kid, an African-American to be more specific.