FHA Streamline Loan Requirements

If you have an existing FHA loan on your primary residence and a fairly good credit score, you may be able to take advantage of the FHA Streamlined Refinancing Program, which eliminates many of the complex steps involved in a typical FHA refinance.   No appraisal is required as long as the borrower reduces their payment by 5 percent, which has caused many to liken this program to the HARP 2.0 program.

Key requirements of the FHA Streamlined Program include the following:

  • Your original FHA loan must have been taken prior to 2009.
  • You must have made payments on time for at least one year and must be current on your payments at the time of application.
  • Your lender must be FHA approved.
  • You must have owned the property for at least 6 months prior to refinancing.
  • You will be limited to the amount of your original loan unless you pay for a new appraisal to show that the home value has increased.

Tracking HARP and Other Programs in Arizona

This revamped version of the Home Affordable Refinancing Plan shows promise for helping seriously underwater homeowners in Arizona.  Read more…

Arizona awards $20 milion in affordable housing tax credits

The Arizona Housing Department awarded $20 million in tax credits to 18 projects last week and has worked  out deals for the projects to be completed in almost half the time. These credits are expected to save each developer approximately $1 million  on new Arizona projects and encourage additional housing development over the next decade.  Read more…

Foreign Purchases of U.S. Homes up 24 Percent

Between March 2011 and March 2012, U.S. homes sold to foreign buyers rose 24 percent, with 51 percent of the purchases by foreigners occurring in Arizona, California, Florida and Texas.  Read more…

New Health Care Ruling May Not Change Tide

azcentral.com:  The Supreme Court is expected to rule on the constitutionality of some provisions of the “Affordable Care Act” (Obamacare).  At this point, however, an article in azcentral.com explains why analysts expect that the ruling will not change the tide that will cause more employees in Arizona to pay more fees for health care.  Employers are choosing plans that force employees to front the first $1000 to $10,000 of their health care before their coverage begins.  As a result, an increasingly well-researched population of patients will use the internet to pick and choose which procedures they can afford just as they might pick from a cafeteria line.  This seems to set up patients and doctors alike for failure.  Lawyers, however, should become busier drafting waivers and releases to ensure doctors are able to perform the services patients request in these isolated circumstances.

Pain And Suffering – How Much Is Enough?

findlaw.com:  Have you been hurt in an accident that wasn’t your fault?  No, we’re not hawking legal services on television.  We just want to let you know that you may need to bring a serious claim if you’re hoping to collect on the pain and suffering.  This article details the factors that jurors may consider:

  • The age of the injured victim. Younger victims may get larger pain-and-suffering damages, if they will have to deal with pain for the rest of their lives.
  • The type of injury. Brain injuries, and injuries that cause continuing physical pain, will generally result in larger awards.
  • How the injury affects the victim. This includes consideration of past, present, and future pain and suffering — including the certainty of future pain.

Record Low Number of Law Grads Have Job Requiring Bar Passage

ABA Journal:  “New statistics from NALP paint a bleak picture of the job market for 2011 law grads.

The overall employment rate nine months after graduation was 85.6 percent, the lowest it has been since 1994, according to a NALP – The Association for Legal Career Professionals press release. But the employment rate doesn’t tell the whole, dismal story.

Among law grads whose employment status was known, only 65.4 percent were in jobs requiring bar passage, the lowest percentage ever measured by NALP. The number has fallen nine percentage points since 2008. Only 60 percent were working full-time as lawyers in jobs that required bar passage.”

Poll Shows Decreased Approval Of Supreme Court And Dislike Of Lifetime Tenure

ABA Journal:  “The U.S. Supreme Court is suffering from public perception problems, as a new poll shows declining public approval and opposition to lifetime tenure.

Sixty percent of those surveyed by the New York Times and CBS News said they believe that appointing Supreme Court justices for life is a bad thing because it gives them too much power. Thirty-three percent, on the other hand, said lifetime appointments were a good thing because it keeps the justices independent.”

By |June 11th, 2012|US Law|0 Comments|

Some Law Schools Plan To Reduce Incoming Class Size

ABA Journal:  “In past economic downturns, the number of law school applicants jumped as students extended their studies rather than look for jobs in a down market.

But this year at least 10 law schools are cutting class sizes in an “unprecedented” nod to the changing legal profession, the Wall Street Journal (sub. req.) reports. The number of applicants is also down by 14 percent from last year.”

Diet Blogger Censored For Statements Critical of American Diabetes Association

Estate of Denial:  “For a man who’s been diagnosed with diabetes, you’d never guess that about Steven Cooksey. His life choices fly directly in the face of the American Diabetes Association’s recommendations for people living with the disease. He maintains a no-grain/low-carbohydrate diet, commonly known as the Paleo diet, and as a result is in fantastic health. Incredibly, because of his dietary decisions, Cooksey no longer requires insulin injections (on his website, he states that before adopting the Paleo diet he was taking four insulin shots a day). With those kind of seemingly miraculous results, it’s no surprise that Cooksey wanted to share his story and hopefully help others with what he’s learned through his own research and experience. 

While trying to help others, Cooksey also has no problem making his disagreements with the ADA known. However, little did he know that by blogging about his success in maintaining his diabetes with the Paleo diet while also lambasting the ADA for its dietary policies would lead to him becoming a target for government censorship.”