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Co-Signing a Mortgage - Get the Facts
Co-signers share responsibility for the full mortgage payment. As housing prices soared in the past few years, co-signing a mortgage loan became a more common option. Before taking this step, borrowers and co-signers should fully understand the risks involved. A loan co-signer takes EQUAL responsibility for the loan payment. This is more than just helping" somebody get a loan. Co-signers guarantee to the lender that they will make the payment if the borrower fails to make it.

Here's the part many misunderstand: the co-signer also is responsible for the full debt if the borrower fails to pay. In that case, the co-signer's credit, wages, and property could be at risk. Under the right circumstances, co-signing is a viable option, but full information is critical.

Spring Mortgage Checkup
Why limit spring-cleaning to just sprucing up the house or garden and checking off your "to do" lists? This is an optimal time to have a professional review your mortgage and see if it still suits your needs. Just call Greg Wegener or Larry Cavener at 913-713-7336 for a free mortgage check-up.

Negative Home Equity?
Some homeowners may find themselves with negative home equity following the recent decline in home prices or paying zero down payments for their homes. Home equity is the difference between your home's value and all the debt secured by your property. Negative equity occurs when that debt exceeds the home's value.

What to do?
  • 1. Stay put.
  • 2. Pay your mortgage on time.
  • 3. Pay down more of your mortgage if you can.
  • 4. Wait for your property value to appreciate.
Tax Gap Options Proposed
The nonpartisan Joint Committee on Taxation wants the IRS to collect more of what is legally owed. The government figures that widely misinterpreted rules governing mortgage points and property tax deductions cost the US billions of dollars in justifiable tax revenues. One fix is to require lenders to report additional mortgage information and local governments to provide breakouts of homeowner property tax assessments. Both proposals could surface in Congress this year.

Nooks & Crannies
Garbage cans. Broken asphalt. Drug deals. Crime. This is the nature of the alley, essential delivery channels in ancient cities like Pompeii and Rome. In some parts of the world, alleys have been transformed into vibrant social spaces for community living. They have cohesion, unify buildings, and serve as pathways between streets. San Francisco architects Loring Sagan and David Winslow are looking to re-claim their own alley with a mixed use approach that transforms it into an outdoor living room. Plans call for narrowing the vehicle traffic space and adding pedestrian pathways with a colonnade of trees and planters, creating a community area in an oft-problematic public space. Financial news provided by Greg Wegener and Larry Cavener of Harrington Bank. All rates, terms, conditions subject to change without notice. Loans are subject to credit approval.

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