Note Modification is a Compromise - It's Not For Everyone and Won't Save Every Home - 09/26/07 10:23 PM
I have been blogging on note modification a lot lately. As a result I have gotten a lot of calls from distressed borrowers looking for some free advice, which I am happy to provide.
This morning I got a call from a woman named Alice in Florida. She wanted me to help … (12 comments)
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A Comment from Diana: A Real Life Story of Today's Mortgage Mess and Why All Lenders Need To Get Involved - 09/26/07 10:10 AM
Last week, I wrote Calling on All Mortgage Lenders on Active Rain! Be a Hero - Give FREE Time To A Distressed Borrower and Help Them Save Their Home thru Note Modification.
I told about how I have been helping families get their mortgages notes re-done by simply spending time with them and … (2 comments)
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The "Do Not Call" List Will Expire For Millions Next Year - Will You Take Advantage? - 09/22/07 02:56 PM
I was speaking with a fellow mortgage lender friend today. His marketing is based on buying mortgage leads from websites and then telemarketing people to refinance.
He was very excited as he told me about a story he read in the newspaper today that wrote about millions of people whose numbers will start … (8 comments)
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Calling on All Mortgage Lenders on Active Rain! Be a Hero - Give FREE Time To A Distressed Borrower and Help Them Save Their Home thru Note Modification - 09/20/07 01:41 AM
In the past two weeks, I have had no less than five desperate homeowners, with negative equity, mortgage lates, and resetting ARMs call me to help them refinance their mortgage to save them from foreclosure.
In all five cases, a refinance was not possible. I still made appointments for each of the borrowers to come to my office and bring their … (41 comments)
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The Fed Cuts Rates: Do You Really Know What Makes Mortgage Interest Rates Rise and Fall?? - 09/19/07 12:20 AM
As everyone knows by now, The US Federal Reserve cut interest rates by 50 basis points today. A half-point cut.
This was a very aggressive move to try and avoid a recession that could be caused, in large part, by the housing market.
There wasn't a mortgage person or agent I spoke with today … (6 comments)
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Are Stated Income Loans Illegal In Nevada? NO! A Letter From Our Mortgage Lending Division Commissioner - 09/15/07 03:32 AM
I have gotten a lot of calls in the last few weeks from very nervous real estate agents who have asked me if stated income loans will become illegal in Nevada as of October 1, 2007 when the new Nevada Lending Law goes into effect.
Others have told them that they … (12 comments)
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The Lessons of 2007: At What Point Would You Decline A Loan For Someone Headed For A Train Wreck?? - 09/15/07 01:23 AM
I recently had a featured blog called, Be Truthful With Your Lender from Day One - Desperate Acts and Lies Can Kill Deals. In the post I wrote about some very dishonest borrowers I had recently dealt with.
Konnie McKee, an agent from Prince William County, Virginia made this comment:
"I had a … (5 comments)
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A Letter From The Heart Got Me Thru a Very Tough Underwrite - Personalize the Loans You Believe In With A Motivation Letter - 09/11/07 03:40 AM
In today's lending climate, there are very few easy loans but the one I recently did for Alfredo and his lovely daughter Emiliana was tougher than most.
Alfredo is a very hard-working man and has two jobs. One at a car wash and one at an auto detail shop. Emiliana, is a very caring, … (7 comments)
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Be Truthful With Your Lender from Day One - Desperate Acts and Lies Can Kill Deals - 09/11/07 01:21 AM
I had a pretty crazy week. I have done many transactions in my career, but this week two of my borrower's did such egregious acts, that I am at a complete loss. A third potential borrower wasted hours and hours of my time and his agents. All three lied. One committed a criminal … (34 comments)
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Home Loans Are Very Affordable Today - Why 417,000 Is A Magic Number - 09/07/07 02:11 AM
With all of the negative news, its very hard for our clients to not get caught up in the negativity. Tons of foreclosures, banks going out of business, too much inventory, dramatic warnings of double-digit depreciation.
"I am going to wait until things settle down" is commonly heard. You may want to reconsider.
Today, … (9 comments)
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FHASecure Diary Part I - I Took My First Loan App For an FHASecure Loan - Let's Be "Guinea Pigs" Together Saving Alfredo's Home - 09/05/07 06:54 PM
Last week, I wrote a blog called, Here It Is... The New FHA Loan Program - FHASecure - Mortgage Lates and 100%+ CLTV Allowed.
It detailed the new FHA program that is supposed to help up to 250,000 save their homes from resetting adjustable rate mortgages over the next few years.
Today, … (19 comments)
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"How Many Leads Have I Gotten?" Ask Not What Active Rain Can Do For You But What You Can Do For Active Rain - 09/04/07 05:14 PM
I have built my mortgage business on referrals. The way I get most of these referrals, the first time, is through education. My newsletter, my mailings, this blog, nearly everything I do is meant to help educate.
I don't send recipes and football schedules and postcards that scream, "rates as low … (2 comments)
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Illegal Kickbacks and Referral Fees - The Request Absolutely Drives Me Crazy and I Just Don't Get It - 09/02/07 08:23 AM
Last week, I got a call from a real estate agent who wants to interview me to be one of his referral partners, one of his preferred lenders.
"Aaron, I have heard great things about you. I read your newsletter each month. I know you know what you are doing and in today's market, … (95 comments)
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