Home > Blogs > G.I. Lawrie Lawrence-(704) 994-8641
82,436 views

G.I. Lawrie Lawrence-(704) 994-8641

By G.I. LAWRIE LAWRENCE, Realtor | Broker in Mooresville, NC
  • 5 big lenders to help lower military mortgage payments

    Posted Under: Home Buying in Mooresville, Financing in Mooresville, Military Movers in Mooresville  |  August 27, 2014 12:07 PM  |  45 views  |  No comments

    Wells Fargo (WFC), Bank of America (BAC), Ocwen Loan Servicing (OCN), CitiMortgage (C) and Quicken Loans all committed to the Obama Administration’s new program to make it easier for active-duty servicemen and servicewoman to afford homes and help them save hundreds of dollars or more each year. Per TIME:  

    Currently, Americans serving on active duty are eligible to have their home interest rates and some other debt fees capped at 6% under a 2003 law, but they must first prove their eligibility to lenders.

    But according to the article, few service members utilize the benefits because they are either unaware or they don’t want to deal with the paperwork.

    “We’re announcing a new partnership in which some of America’s biggest banks and financial institutions will simplify the process, proactively notify service members who qualify for lower rates and make it easier to enroll,” Obama said. “In other words, we’re going to help more of our troops and military families own their own home without a crushing debt.”


    By:  Brena Swanson

    http://www.housingwire.com/articles/31186-lenders-commit-to-help-lower-military-mortgage-payments?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=housingwire

  • 5 Things You Probably Don't Know About VA Loans

    Posted Under: Home Buying in Mooresville, Financing in Mooresville, Military Movers in Mooresville  |  February 6, 2014 7:38 AM  |  238 views  |  3 comments

    VA loans are the most misunderstood mortgage program in America. Industry professionals and consumers often receive incorrect data when they inquire about them. In fact, misconceptions about the government guaranteed home loan program are so prevalent that a recent VA survey found that approximately half of all military veterans do not understand it.

    With this in mind, we would like to debunk the most common myths about VA Loans.

    Myth 1: The VA loan benefit has a one time use.

    Fact: Veterans and active duty military can use the VA loan many times. There is a limit to the borrower's entitlement. The entitlement is the amount of loan the VA will guarantee. If the borrower exceeds their entitlement, they may have to make a down payment. Never the less, there are no limitations on how many times a Veteran or Active Duty Service Member can get a VA loan.

    Myth 2: VA home loan benefits expire if they are not used.

    Fact: For eligible participants, VA mortgage benefits never expire. This myth stems from confusion over the veteran benefit for education. Typically, the Montgomery GI Bill benefits expire 10 years after discharge.

    Myth 3: A borrower can only have one VA loan at a time.

    Fact: You can have two (or more) VA loans out at the same time as long as you have not exceeded your maximum entitlement and eligibility. In order to have more than one VA loan, the borrower must be able to afford both payments and sufficient entitlement is required. If the borrower exceeds their entitlement, they may be required to make a down payment.

    Myth 4: If you have a VA loan, you cannot lease the home.

    Fact: By law, homeowners with VA loans may rent out their home. If the home is located in a non-rental subdivision, the VA will not guarantee the loan. If the home is located in a subdivision (such as a co-op) where the other owners can deny or approve a tenant, the VA will not approve the financing. When an individual applies for a VA loan, they certify that they intend on making the home their primary residence. Borrowers cannot use their VA benefits to buy property for rental purposes except if they are using their benefits to buy a duplex, triplex or fourplex. Under these circumstances, the borrower must certify that they will occupy one of the units.

    Myth 5: If a borrower has a short sale or foreclosure on a VA loan, they cannot have another VA loan.

    Fact:  If a borrower has a claim on their entitlement, they will still be able to get another VA loan, but the maximum amount they would otherwise qualify for may be less. For example, Mr. Smith had a home with a $100,000 VA loan that foreclosed in 2012. If Mr. Smith buys a home in a low cost area, he will have enough remaining eligibility for a $317,000 purchase with $0 money down.  If he did not have the foreclosure, he would have been able to obtain another VA loan up to $417,000 with no money down payment.

    Veterans and Active duty military deserve affordable home ownership. In recent years, the VA loan made up roughly 13% of all home purchase financing. This program remains underused largely because of misinformation. By separating facts from myth, more of America's military would be able to realize their own American Dream.

    By: Phil Georgiades,
    http://www.keepingcurrentmatters.com/2014/02/06/5-things-you-probably-dont-know-about-va-loans/


  • Central Piedmont Community College selected as a military-friendly school

    Posted Under: Schools in Mooresville, Military Movers in Mooresville  |  September 23, 2013 12:24 PM  |  767 views  |  No comments

    Central Piedmont Community College has been named a 2014 Military Friendly School by Victory Media.

    That list provides military and veteran students with a way to identify which schools offer them the most benefits.

    CPCC served more than 2,200 veterans during the 2012-13 academic year.

    “CPCC is committed to providing our men and women in uniform with the resources they need to transition into civilian life and find personal and professional success,” says Tony Zeiss, president.

    The recognition ranks CPCC in the top 15 percent of all colleges, universities and trade schools in the nation.

    Victory Media surveyed more than 12,000 schools on topics such as G.I. Bill benefits, credit for military service, policies for U.S. Army Reserve and U.S. National Guard members, access to flexible learning options. Their veterans’ programs, assets dedicated to recruiting military students as well as student body composition also were considered.

    A total of 1,824 schools made the final list. That includes 65 based in North Carolina such as UNC Charlotte, Wingate University, Montreat College and NASCAR Technical Institute in Mooresville.

    More than 80 higher-education institutions that have branch locations or offer virtual education in North Carolina also made the list.

    That list of military-friendly schools is shared with U.S. troops and is promoted throughout the year in G.I. Jobs, Military Spouse and Vetrepreneur magazines. It also is featured in an annual poster distributed to military base education offices.

    “This award means so much because it confirms that CPCC goes above and beyond to ensure its student veteran population finds success both in college and in the workforce,” says Shasta Resper, president of the CPCC Student Veterans Association. The complete list is available here.

    RT @cbjnewsroom: Central Piedmont Community College selected as a military-friendly school: Central Piedmont Community College has... http://t.co/tp5NTvOkIO 

  • 4.2 Millions Foreclosure Victims to Receive Checks

    Posted Under: Market Conditions in Mooresville, Foreclosure in Mooresville, Military Movers in Mooresville  |  April 10, 2013 6:09 AM  |  541 views  |  No comments

    Compensation checks will start going out this week to the 4.2 million U.S. homeowners who were in foreclosure in 2009 or 2010.

     

    The $3.6 billion in payments from loan servicers replaces the "independent" foreclosure review process, abandoned as fatally flawed before it had barely begun.

     

    Payments will range from $300 to $125,000, and 80% of borrowers will receive $1,000 or less. The 438,538 homeowners who had applied for reviews will receive double payments in some cases.

     

    The largest payments will go to 1,082 U.S. military members who were wrongly foreclosed on in violation ofServicemembers Civil Relief Act and 53 homeowners who lost their homes to foreclosure despite not being in default. An additional 116 military members and 37 borrowers who were not in default and had their foreclosures rescinded will get $15,000. Some will receive additional compensation for lost equity.

    A total of 5,838 borrowers who lost their homes to foreclosure while they were protected by bankruptcy proceedings will get $31,250 each, and 1,597 borrowers who were foreclosed on while making payments on modified mortgages will get $25,000 each.

    Homeowners whose modification requests were denied – a total of 872,546 borrowers – will get $1,000 each, or $2,000 if they had applied for reviews. Borrowers who never got a decision on their modification request will get $400. Those whose servicers did not engage with them will receive $300, as will about 600,000 borrowers who were not put into any of the other categories.

    The schedule of payments outlines how many borrowers will receive each type of payment. Questions are answered here, but most borrowers won’t know how much they’ll receive until they get their checks. Checks will be sent through mid-July.

     

    The payments are being handled by Rust Consulting, which has sent postcards to affected homeowners. If you did not receive a postcard and your home was in foreclosure during that time, you can call 1-888-952-9105 to make sure the company has your correct address. The foreclosure does not have to have been completed.

     

    Consumer advocates have argued that ending the independent foreclosure review process means that the full extent of wrongdoing by loan servicers will never be known. Plus, they say, the compensation for homeowners who were unfairly denied loan modifications or who lost homes should have been much greater.

     

    "This is cold comfort for many folks who were harmed, especially those who qualified for modifications but didn't get them, and then lost their homes," Alys Cohen, staff attorney at the National Consumer Law Center In Washington, told The Wall Street Journal.

    Compensation checks will start going out this week to the 4.2 million U.S. homeowners who were in foreclosure in 2009 or 2010.

     

    The $3.6 billion in payments from loan servicers replaces the "independent" foreclosure review process, abandoned as fatally flawed before it had barely begun.

     

    Payments will range from $300 to $125,000, and 80% of borrowers will receive $1,000 or less. The 438,538 homeowners who had applied for reviews will receive double payments in some cases.

     

    The largest payments will go to 1,082 U.S. military members who were wrongly foreclosed on in violation ofServicemembers Civil Relief Act and 53 homeowners who lost their homes to foreclosure despite not being in default. An additional 116 military members and 37 borrowers who were not in default and had their foreclosures rescinded will get $15,000. Some will receive additional compensation for lost equity.

    A total of 5,838 borrowers who lost their homes to foreclosure while they were protected by bankruptcy proceedings will get $31,250 each, and 1,597 borrowers who were foreclosed on while making payments on modified mortgages will get $25,000 each.

    Homeowners whose modification requests were denied – a total of 872,546 borrowers – will get $1,000 each, or $2,000 if they had applied for reviews. Borrowers who never got a decision on their modification request will get $400. Those whose servicers did not engage with them will receive $300, as will about 600,000 borrowers who were not put into any of the other categories.

    The schedule of payments outlines how many borrowers will receive each type of payment. Questions are answered here, but most borrowers won’t know how much they’ll receive until they get their checks. Checks will be sent through mid-July.

     

    The payments are being handled by Rust Consulting, which has sent postcards to affected homeowners. If you did not receive a postcard and your home was in foreclosure during that time, you can call 1-888-952-9105 to make sure the company has your correct address. The foreclosure does not have to have been completed.

     

    Consumer advocates have argued that ending the independent foreclosure review process means that the full extent of wrongdoing by loan servicers will never be known. Plus, they say, the compensation for homeowners who were unfairly denied loan modifications or who lost homes should have been much greater.

     

    "This is cold comfort for many folks who were harmed, especially those who qualified for modifications but didn't get them, and then lost their homes," Alys Cohen, staff attorney at the National Consumer Law Center In Washington, told The Wall Street Journal.

    http://ow.ly/jVx22 

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer