April 4 – it was only 44 years ago today that Dr. Martin Luther King was assassinated. Seven days after King’s murder, Congress passed the federal Fair Housing Act in commemoration of King’s work. Today, we rely on the Fair Housing Act to protect New Orleanians’ right to housing choice unencumbered by discrimination. Thus, while we mourn the loss of a great leader, we commemorate King’s memory by renewing our commitment to craft communities free of housing discrimination. Please support my friend James Perry at hte the Fair Housing Center in New Orleans today, if your money is tight, then volunteer. Help make some noise.
The Mortgagee Letter changes requirements for borrowers with individual or multiple disputed credit collections. Borrowers with a singular or cumulative balance over $1,000 must resolve the accounts prior to or at the time of closing. Resolution can be paying of the debt or establishing payment arrangements with a minimum of three months of verified payments made. The letter also makes changes to 1) year-to-date profit & loss statements and balance sheet requirements, and 2) the definition of family members. This guidance goes into effect on April 1, 2012, and REALTORS should work with clients early to ensure this issue is addressed prior to closing.