How the self-employed get mortgages - "There are two main problems that self-employed borrowers face when qualifying for a mortgage," says Cory Martilla, corporate sales manager of Supreme Lending in Dallas. "First, they need to prove their income with tax returns rather than using a 'stated income' loan. Second, the recession has caused declining income for many self-employed people. Even if their income has stabilized, the loan will be based on the average of two years of tax returns, which could show reduced income." Read article:
http://www.bankrate.com/finance/mortgages/how-the-self-employed-get-mortgages-1.aspx
Phoenix police warn about foreclosure rental scam - Phoenix police are investigating a scam that has people pay a deposit on a rental home that turns out to be in foreclosure and not available for renting, according to Phoenix police. The scammers are targeting people throughout the Valley. The scam works like this: After breaking into foreclosed homes and switching the locks on the doors, scammers use the Internet to target potential home renters. They place ads on websites such as Craigslist and mostly involve month-to-month rentals with no credit checks. These scams also target people who have recently had homes foreclosed. Read article:
http://www.azcentral.com/business/realestate/articles/2011/06/09/20110609phoenix-foreclosed-home-scam-abrk.html
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