Escrow

To help consumers more easily understand settlement costs and prevent big price discrepancies between the preliminary Good Faith Estimate and the HUD-1 settlement statement, the U.S. Department of Housing and Urban Development (HUD) has created stricter Real Estate Settlement Procedures Act (RESPA) regulations are scheduled...

HOW THE NEW HUD REGULATION CHANGES YOUR CLOSING STATEMENT Terminology: HUD - Housing and Urban Development GFE - Good Faith Estimate (issued by lenders and mortgage brokers) HUD1 - Escrow Closing Statement (issued by closing company) The new HUD regulation that came into effect Nationwide on January 1, 2010 has...

Whether you are a REALTOR considering getting into the niche business of dealing with REO’s, a buyer looking to find a deal on a home by seeking a foreclosed property or a seller looking for information on what happens when a foreclosure proceeding is started,...