On home mortgages, a large payment to principal reduces the loan balance and with it the fully-amortizing monthly payment, or FAMP. FAMP is the level of monthly payment required to repay the mortgage fully over its remaining term. Many borrowers would like a mortgage on which the monthly payment would drop to the new, lower FAMP following a large payment to principal and are disappointed when they find they don't have one.
Q: Our home was foreclosed by our first mortgage lender several years ago, leaving the second mortgage unpaid. After we got back on our feet financially three years ago, I began trying to reach out to the second mortgage lender to work things out. The lender would not speak to me about it, other than to say the loan was charged off. Because the debt was still on my credit report, I kept at the lender and finally negotiated a settlement, paying a reduced amount. Still, the debt shows up on my credit report as settled for less than the full amount owed - and that's preventing me from getting a new mortgage for three more years. Is the lender liable for blowing me off all that time?
Refinancing your mortgage can save you a lot of money in interest and lower your monthly payment - when the numbers makes sense, that is. But there are times when a seemingly money-saving move like a refinance can backfire. In short, there are times when it doesn't pay to refinance.
Chip and Joanna Gaines, hosts of HGTV’s popular “Fixer Upper,” don’t seem very happy that some of the homes they have remodeled on the show are now being rented out on Airbnb and VRBO, Vacation Rentals By Owners.
Beaufort County officials are considering a change to the local stormwater ordinance that would eliminate administrative fees for underwater properties along eroded shorelines. The ordinance change would eliminate the $12 annual fee — which some property owners don’t realize they owe — and allow the county to take ownership of the submerged plots of land.
The first phase in an ongoing restoration and renovation project at Old Town Bluffton’s Graves House recently wrapped up. The Bluffton United Methodist Church, which owns the century-old building, has partnered with a local developer and architect to stabilize the structure and rebuild its porch. The next step is expanding the building and renovating its interior to provide a home for the church’s pastor.
As a federally insured reverse mortgage program under the Federal Housing Administration, the home equity conversion mortgage program is not designed to help the wealthy. In calculating maximum draw amounts, the highest property value it will recognize is $625,500. If your house is worth $1 million or $10 million, you can't draw more than the amounts available on a home worth $625,500. Further, although higher value properties reduce the risk of loss to the FHA, the mortgage insurance premium is the same for a property worth $1 million and one worth $625,500.
Q: The irrigation system in my area of our community has not worked for several months. I had new landscaping put in around the time it broke. I pay our homeowner's association dues every month, and those include the irrigation system. My water bills are sky-high from having to water the plants every day. Can I make the association fix it, and can I get reimbursed for the hike in my water bill?
A proposed downtown Beaufort parking garage would be one of the biggest projects in the city’s historic district. City planners and a historic review panel will decide if the need for more parking spaces is worth the massive scale of the building.
Plans for a private, downtown Beaufort parking garage will go before the city’s Historic District Review Board on Wednesday. The three-story, four-floor garage would be a project of developer Dick Stewart, who says the structure will be necessary to support businesses he owns and plans in the area.
One of the most extraordinarily put together homes around is on Duke Street in Beaufort, at least in the eyes of the folks at "House Beautiful" magazine, which features in its June issue the house owned by Michelle Prentice and Josh Gibson. The custom-built, 3,800-square-foot beauty was designed by Prentice, who owns Prentice Interior Ltd., and built by Gibson, owner of J.S. Gibson photography.
Immaculate Beaufort home featured in 'House Beautiful'
Property Administrators Inc.'s Don Christy pleads guilty to fraud
Port of Port Royal transferred to state; appraisal next
Video: Tidepointe, a Vi Community chef on winning annual Cooks & Books cooking competition