The Mortgage Coach serving RI, MA, CT and FL

Seller Concessions: The lower the better for all: here is HOW!

Sun, 19 May 2013 19:36:57 -0700

In this challenging appraisal market, the goal is to keep the seller concession to a minimum so as to prevent the need for a higher appraised value. In order to accomplish this task, a lender credit is the answer!

Not all lenders provide a credit. It is best to shop around and ask which lenders provide a credit.

As an example, a transaction was saved when the seller was offered $195,000 with a $5000 seller concession. The seller wished to net $192, 000. The realtor realized the need to find a lender who would provide a lender credit, thus making the seller concession requirement only $3000. The lender provided a $2000 credit and the transaction was saved. It should also be noted that the interest rate was the same in both loan offers.

The seller ended up with what they wanted and the buyer did not need to increase their offer. And the realtors were happy and we, the lender, won the loan transaction! WIN-WIN-WIN !

So, find lenders who offer credits at great rates. It's a great deal for all!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Google the name of the company BEFORE you buy from a sales call

Sat, 18 Aug 2012 07:22:25 -0700

Thankfully, I googled this company’s name and saw a zillion complaints against them warning everyone “NOT TO PROVIDE A CREDIT CARD; DO NOT do business with this company: RUN!; THIS COMPANY IS THE WORST”.

AND this company was trying to hide behind a new name! I found this out by asking them how I would see the charge on my bill. I googled both names and saw the credit card name they provided pop up all over the internet as a SCAM.

As soon as I mentioned all the bad press I saw, the caller started to stutter. I said I would need to investigate more and for him to call me back the next day. I never heard from him again!

Thank you Mr. Google for protecting us!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Can a bank CANCEL/NULLIFY a Purchase & Sales agreement on a bank-owned property due to a non-profit org wanting the property?

Fri, 06 Apr 2012 16:47:37 -0700

Can a bank who owns a property through foreclosure nullify a purchase & sales agreement? My client/investor has a fully executed Purchase and Sales Agreement: fully signed by the bank. A non-profit organization who is involved in rehabbing homes using taxpayer money claims they have “first look” privileges and the bank should have accepted their offer which was LOWER than my client’s offer. The non-profit contacted the bank and now the bank has sent notice to my client his contract will NOT be honored.

Just to think my client was going to use HIS own money to rehab the property vs. a non-profit using taxpayer (OUR!) money just makes me ill. The end result is the same: a rehabbed property.

CAN THE BANK NULLIFY THE CONTRACT? IS THIS LEGAL?

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

GOHOMING.COM : a Real Estate Auction Site: What is your experience?

Thu, 02 Feb 2012 22:49:29 -0800

This site is growing in popularity here in the North East. I am curious what everyone thinks of this site and their experiences in closing transactions with the properties listed on the site,

Also, what other auction websites are you using?

All comments, as always, very much appreciated!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

SHORT SALES have ruined our country. SHORT REFINANCES could save our country.

Sun, 07 Aug 2011 14:43:37 -0700

Short refinances should be the norm. They keep the homeowner in their home AND they reduce losses for the lender AND they improve the economy since home ownership stimulates economic growth.

A short refinance keeps the homeowner in their home, thus reducing the supply of homes on the market . Short sales result in the homeowner losing their home; the loss of the American dream and creates economic disaster for everyone.

A short refinance entails the current lender or lenders forgiving debt based upon the current market value of the home. The homeowner then refinances the remaining debt into a new mortgage. For example, a home is currently appraised at $200,000. The homeowner owes $275,000. 95% of the current value is $190,000. The difference between $190,000 and $275,000 is $85,000. The current lender(s) forgive the $85,000, enabling the homeowner to refinance the remaining $190,000 into a new mortgage.

As you can see, a short sale does the SAME action as a short refinance: a forgiveness of debt, BUT with a short sale, a stranger buys the home and the homeowner loses their home AND the supply of homes increases. Lenders suffer larger losses, as well, with a short sale since they are typically sold for less than 95% of current value. A short refinance keeps the homeowner in their home.

Now, we could take this one step further and SAVE the lenders their losses by doing the following along with a short refinance. We could place a silent 2^nd mortgage on the home after the refinance to allow the former lender(s) to salvage their loss upon any sale of the property in the future. In this way, it is a win-win-win for both the homeowner, the lender and the economy.

So, I as I have been asking myself for years now, who came up with the SHORT SALE transaction idea and ignored the OBVIOUS benefits of the SHORT REFINANCE transaction? Homeowners have been told to be late on their mortgages to obtain loan modifications, which have failed miserably. The homeowner then becomes so far behind, even if they hear of a short refinance, it then is too late. Short refinances are not discussed in the media and the lenders do not speak about short refinances. WHY? Short refinances are available and the BEST option for everyone's sake.

Is it too late for short refinances to now be the norm? NO! It is never too late, but no one is listening. I have gone to our senator and approached other politicians. They all love the idea, but no one has made it their platform.

I will keep promoting this until someone does listen AND enacts this better solution to KEEP HOMEOWNERS IN THEIR HOMES AND START TO BRING THIS ECONOMY BACK!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Are you making the turns in the road?

Tue, 31 May 2011 21:25:35 -0700

A bend in the road is not the end of the road, unless you fail to make the turn.: Author unknown

Yes! The real estate market has a lot of bends for us to go through, but the road continues with those of us who do not quit!

Let's keep turning down the road and help every seller and buyer we can!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Bleacher seats vs. box seats at sporting events: Is there discrimination going on?

Thu, 14 Apr 2011 22:28:10 -0700

Baseball season has begun and the talk has begun as well about the drinking at stadiums across the country. Not only is the discussion on excessive drinking, but it is also focused on the types of drinks being sold dependent upon where you sit.

At Fenway, the bleacher seats are $28. Here they sell beer. In the better seats, like the box seats, top shelf liquor is offered, like Absolute vodka, along with beer and other beverages.

The "bleacher people" feel they should be offered the top shelf drinks as well. They feel they are being "discriminated" against and one is assuming they cannot afford the top shelf liquor since they are in the bleacher seats.

Is it a case of discrimination or simply wishing to make the higher priced ticket buyers feel they are receiving a "bang for their buck" by allowing for perks like top shelf liquor?

And more importantly, the conversation should be focused on the amount of liquor being overly consumed by the attendees at the sporting events. Personnel are being criticized for not "shutting guests off when they have had one too many". Stadium personnel are not acting like licensed bartenders and watching the purchaser closely prior to allowing the purchase of an alcoholic beverage.

So, I suggest having "drink coupons" attached to each ticket to the sporting event. Perhaps 3 drink coupons per individual. Yes, this will lead to some abusing the system and selling their drink coupons within the stadium. BUT, I think it will help with the excessive drinking problem. And some help is better than doing nothing. And, yes, the owners of the stadiums will be reluctant to curb the drinking, since, after all, they are making $$$. But at what cost? Drinking and driving do NOT mix and we all should do what we can to avoid a potentially tragic result of the excessive drinking.

What are your thoughts?

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

A new mortgage entering the market: it will impact lending in a BIG way!

Mon, 21 Feb 2011 18:42:00 -0800

This new mortgage will affect every American looking to mortgage a home. And the impact will be felt by all of us.

Regulators are deciding the future of down payments. For those who have minimal down payments, FHA will become the norm.

The new mortgage: QRM: Qualified Residential Mortgage has yet to be defined in detail, but, basically, it will be the new mortgage which will require a defined minimum down payment. Some proponents are advocating as high as 30%. If a borrower does not have this minimal down, there will be limited non-QRMs available at higher rates.

Thus, there will be an increase of mortgages at FHA, which currently offers mortgages at 3.5% down and reasonable rates. The downfall of FHA is the 1% upfront mortgage insurance, which is financed into the loan and the monthly mortgage insurance which is paid every month for 5 years and until the LTV reaches 78% (for loans greater than 15 years) and paid monthly on loans 15 years or less when the LTV reaches 78% regardless of how long the payments have been made.

FHA may be gearing up for this by increasing their mortgage insurance rates by .25% effective with all new loans on April 18, 2011. Even the 15 year FHA loans, which were exempt from monthly mortgage insurance with LTV's less than 90%, will have monthly insurance.

So, let's compare FHA payments based on a $200,000 loan at 4.75 for 30 years:

Prior to October 2010: P&I and mortgage insurance: $1146.31

After October 2010: P&I and mortgage insurance: $1205.23: Increase of $58.92/month

After April 2011: P&I and mortgage insurance: $1247.31: Increase of $42.08/month

In less than a year, the increase due to mortgage insurance is: $101.00/month!

Proponents of QRM wish to see the originating company to maintain 5% of every loan on their books for the duration of the loan. To have so-called "skin in the game", proponents believe the originating company will "care more" about underwriting the loan and will think twice before closing on a loan. The opponents see this as a large negative for the consumer. A non-QRM will have higher rates, thus greasing the lining of lenders and hurting the consumer and the housing market. If an originating firm must keep 5% of the loan and it is a non-QRM, the lender will wish to have a higher return for the higher risk.

The 5% retention requirement will also negatively impact the smaller lenders who will not be able to stay in business with limited capital. How many loans can a small lender hold for the duration of the loan? Thus, an already high unemployment rate will grow worse with the closure of all the small lenders.

In 2009, 47% of homebuyers placed less than 10% down on homes. Imagine what this new QRM will do to the housing market!

Mortgage insurance companies are against the QRM, since they are in business to insure homes with down payments of less than 20%. If the regulators enact a 20% or more down payment requirement for a QRM, non-FHA mortgage insurance companies will no longer be required.

April 21 is the deadline to define a QRM, but that date will probably be moved to a later date since this is a big decision for the mortgage industry.

The mortgage crisis is causing many changes. Some are for the better, but this one needs to be reviewed and analyzed CLOSELY by regulators BEFORE they implement, since it may further negatively affect the real estate industry.

Stay tuned!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Open house agent at the WRONG house! OH NO!

Sat, 19 Feb 2011 19:16:45 -0800

Yes! It is possible! An agent was filling in for an open house for a fellow agent who was out of town. She went into the WRONG house on the street. She entered the wrong home through the side door and made herself comfortable. She laid out her open house flyers and her cards and went around the house to make sure everything looked good. Thankfully, no one was home! Imagine her surprise and that of the occupant whom she may have surprised if there was someone home!!!

When did she realize her mistake? She had an appointment with a client who wanted to see the home. When this client did not show up, she called the client asking where he was. He told her he was at the house! The agent said I am here and asked what house number he was at and he told her the correct house number per the MLS listing. Realizing she was at the wrong house, she quickly left.

Moral of the story? Make sure you cross check the house number with the listing BEFORE you enter! Makes for a good story though!!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

GOOD BYE CREDIT CARDS! The CELL PHONE is replacing the credit card!

Mon, 24 Jan 2011 23:00:10 -0800

Using infra-red and bar code technology, you will be using your cell phone to charge your purchases. Plastic cards are going the way of the dinosaur. I believe this is a GREAT step forward. Benefits: All your cards in one convenient spot. Quick reporting at your fingertips. Reduced processing costs at credit card companies (will they pass on any savings?: Let's think positive!)

The pitfalls? Lose or damage your phone and lose a lot. Can we truly eliminate the plastic? I believe there will always be some plastic available for those who are not technology savvy. Not everyone has cell phones and I believe there will always be those who do not wish to have cell phones. Even if the credit card companies offer a free cell phone for just using it for credit purposes, there will be consumers who choose to continue using plastic.

Another pitfall? Too easy to spend money!

Click on this link to read more:

http://money.cnn.com/2011/01/24/pf/end_of_credit_cards/index.htm

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

How to speed up a closing: Search the title as soon as you list!

Sun, 23 Jan 2011 18:16:59 -0800

Title issues are rampant! Foreclosures not executed correctly, sloppy mortgage recordings, trying to determine who owns the mortgage all contribute to delays in title clearance.

The solution? It would be in everyone's BEST interest that as soon as a home is marketed, the title be searched and resolved. This will lead to FASTER closings. As far as the cost of doing this, the lender holding the mortgage(s) would be best served since a delay in the closing just adds to their lost interest per day by not being able to collect their payoffs. Time is money! The money the lender(s) lose by delays in title clearance far outweighs the cost of searching and clearing the title. While this is being done, the property is being marketed.

So, listing agents, present the idea to the asset manager in control of the property. Being pro-active is good for all parties!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Mortgage Interest Tax Deduction: back on the discussion block with the Deficit Panel!

Sat, 13 Nov 2010 18:27:59 -0800

The deficit panel is reviewing the “mortgage interest deduction”. This deduction saves homeowners $134 BILLION in taxes. By modifying the deduction over time, the government’s plan is to reduce the deficit, accordingly. But what about the homeowner impact??!! Wall Street Journal News 11/11/10 on this subject: What implication does this have on the homeowner? 1) The real estate market will further suffer! The financial benefit of owning vs. renting is the interest tax deduction. By eliminating it, or significantly modify it, will cause consumers to continue to rent. 2) Less available consumer dollars for spending. The tax deduction saves $$, thus allowing consumers to spend and GROW the economy: thus creating and maintaining jobs for all of us. The proponents of the plan say: 1) This deduction favors the upper class. 2) Most people use the standard deduction: why should homeowners be able to itemize, thus allowing for greater deductions than the standard. 3) We will be able to significantly reduce the national deficit. It is not just the upper class who owns homes. Especially with the pummeled prices in the real estate market, the doors have been opened for all classes to purchase lower priced homes. Homeowners should be “rewarded” from their government for helping the real estate market by purchasing a home. Home purchase increases consumer spending in many areas. This plan has been discussed since President Bush was in office. It has now resurfaced with this administration. This is NOT a good way to reduce the deficit. Especially now! The real estate market is suffering enough. This idea will certainly deliver a death blow to the real estate market.

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

100,000 points.....a reflective moment.....

Mon, 08 Nov 2010 20:55:15 -0800

100,000 points. Sign of passion over this business? Perhaps I just love blogging? Enjoy receiving comments? Look forward to the next client who finds me because of Active Rain? Or my intense desire to see us recover from this economic recession and see homeowner's STAY in their homes vs. suffer foreclosures or short sales?

I have blogged a lot about keeping the homeowner in their home and I am still passionate about developing a plan to do just that.

In summary, I propose

•1) implementing new common sense underwriting guidelines for the loans which are eligible for refinance, but the subordinating lender refuses to subordinate or any refinance which "makes common sense" for other logical reasons. In cases where "common sense" underwriting does not prevail, mortgage insurance is placed on the subordinate lien to make the 2^nd lien holder feel comfortable to agree to the subordination.

•2) forbearance of debt (not elimination) for the amount of the mortgage in excess of 95% of current market value for those borrowers which can demonstrate a hardship. Why should a stranger be allowed to buy a home at a price the current owner can afford? Forbearance of debt is better than selling the home, leading to large lender losses, deteriorating/unkept properties, and attorney fees.

•3) allowing a streamline rate & term refinance for anyone. The FHA streamline rate & term program would be used. This program includes placing mortgage insurance on the new loan. For those who do not qualify due to poor credit as a result of applying for a loan modification or for any hardship reason, they too should be allowed to rate & term streamline refinance through the FHA program with mortgage insurance.

•4) allowing a re-entry into home ownership for those borrowers who fell victim to the mortgage crisis and were not allowed any of these remedies. FHA guidelines, which would include home buying education, can be developed which would allow for re-entry of the former homeowner. Currently, there are 10-15% less home buyers in the market due to foreclosures or short sales. They must wait 4 years until they may qualify again. Some of these buyers should wait 4 years, but the former homeowners who suffered due to job loss and were not allowed a loan modification should be allowed re-entry sooner than 4 years.

In order for this economy to recover, the homeowner MUST STAY IN THEIR HOME. Please pass on this blog to anyone who may have a connection to leaders in the government or lending industry to implement any of these proposals.

Homeowners everywhere will THANK YOU!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

THE LOOMING COMMERCIAL FORECLOSURE CRISIS???

Wed, 20 Oct 2010 15:30:53 -0700

We have seen the number of foreclosures rise to over 800,000 this year; mostly residential homes. The number next year will be including a great deal more of commercial properties.

How will this affect our cities & towns? What should we be on the look out for?

What should the plan be for the commercial landlord whose mortgage is more than the value? The loans are BALLOONING. Values have fallen significantly. Foreclosure? Short sale?

Should aggressive agents market to the commercial owner? Is a short sale better than foreclosure on the credit report? I say "yes".

What are your thoughts?

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

BOA has STOPPED foreclosures in 23 states. Missing documents....what a mess!!!

Sat, 02 Oct 2010 12:10:08 -0700

Bank of America has announced they are STOPPING foreclosures in 23 states effective immediately. BOA has been foreclosing rapidly and one employee stated she signed off on 7-8000 foreclosures in 1 month! How can anyone be able to conduct accurate foreclosures at that rapid pace? The foreclosures which have been conducted may NOT have had the correct documents. This opens up the possibility of many lawsuits.

Complete article:

http://www.azcentral.com/business/realestate/articles/2010/10/02/20101002bofa-delays-foreclosures.html

What the article does NOT say is "if the foreclosing bank does NOT have the original signed note" the lender does NOT have the legal right to foreclose. Mortgages are sold and many are sold often enough that the original documents do NOT follow the mortgage. Many lenders are being accused of FORGING documents to enable a foreclosure to happen. More on this subject at the link below:

http://www.americanbanker.com/issues/175_114/foreclosure-challenges-1020961-1.html

The states which BOA has ceased conducting foreclosures for the time being are:

Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.

The "mortgage mess" has become a "mortgage catastrophe"! Follow the news on this important subject!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Mistakes are life's dues

Sat, 02 Oct 2010 11:28:23 -0700

"Mistakes are part of the dues one pays for a full life." Sophia Loren (1934- ) Italian Actress

Mistakes ARE part of life. We, hopefully, learn from them and become better once we realize the action was a mistake. Do we regret them? Perhaps, but how can we grow and mature without them?

I just hope as I live a "full life", my mistakes are minimal AND I become a stronger and better person as a result.

Thank you, Sophia, for those words of wisdom!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

A MUST-SEE family movie! On Hallmark channel tonight. 9 EST Thank you Richard Gere!

Sun, 26 Sep 2010 20:06:36 -0700

HACHI: A Dog’s tale

This movie with Richard Gere is GREAT! A definite MUST see as a family movie. It is a G-rated movie filled with love and loyalty and will leave you feeling life is so special when you have love and loyalty in your life. This is a TRUE life story about a man who adopts a dog and the strong bond they develop. Warning: bring the tissue box to the couch. Definitely worth you and your family’s time to watch and to tape. Thank you Richard for taking on a movie, which should have made it to the big screen, but did not because, unfortunately, the big screen is only looking for the movies filled with killing or x-rated moments. This movie has neither. Enjoy!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Am I just NOT GETTING IT???? This client DESERVES a refinance! Subordinating lender says "NO"! Say what???

Wed, 22 Sep 2010 22:15:53 -0700

Am I just not getting it? Where is the COMMON SENSE?

Client owes $140k on their first mortgage; $130k on their 2nd and $17k on their 3rd. They have been APPROVED for an 85% LTV (loan to value) and a 90% CLTV (combined loan to value) with FHA. We are consolidating their 1st and 2nd into one loan and subordinating the 3rd loan, which will be the new 2nd. Saving the borrowers $1000/month! We are NOT adding to the 1st mortgage: it is simply $140k+$130k=$270k. The 2nd lien position (formerly the 3rd lien) will be $17k. So, there is NO cash out. Guess what? The 3rd lien holder is unwilling to subordinate! They are now going into 2nd position, but they refuse to agree to this refinance. Why? According to their rules: they can not allow a subordination over 80%. They will be at 90%. Well, HELLO!!!!! They are already at 90% without us doing anything. Plus, they are in 3rd position, which is WORSE than 2nd position. Am I MISSING something? Is it me? This is going to save the borrower $1000/month! Which they have every plan of using this money towards getting rid of their credit card debt and then the $17K 2nd lien. Without this refinance, they are struggling to make payments. They have not missed a payment, but this is how people lose their homes! The banking industry is not using COMMON SENSE! I have intentionally omitted the lender’s name refusing to subordinate their 3rd position into a 2nd position, but it is a lender which has received a lot of the taxpayer TARP money! As a loan officer, owner of a mortgage company, financial adviser and a taxpayer, I AM NOT HAPPY! These clients deserve a refinance! AM I MISSING SOMETHING?????!!!!!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Is SPRING coming to Real Estate?

Mon, 20 Sep 2010 20:36:36 -0700

"If we had no winter, the spring would not be so pleasant: if we did not sometimes taste of adversity, prosperity would not be so welcome." Charlotte Bronte

Boy….yes! We are having WINTER in the real estate market! When is spring coming?! I took a poll the other day and most realtors in my area feel between 5 – 10 years: a rebound in the market. What will help this rebound: 1) Common sense underwriting by lenders! 2) Low interest rates 3) POSITIVE attitude among real estate agents and loan officers when dealing with the homebuyer 4) Careful financial planning by consumers: save $ for a down payment! 5) Loan modification approvals to KEEP homeowners IN their homes, thus reducing the number of homes for sale on the market. What do you think will help SPRING COME to real estate? Link To Seacoast Mortgage

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Is your business a "SLOW GROWER"? That's ok!

Sun, 19 Sep 2010 22:19:46 -0700

The trees that are slow to grow bear the best fruit." Moliere
One client at a time; one loan at a time; one sale at a time; one open house at a time; one marketing lead at a time. It’s a step process: baby steps; sometimes a large step. But, still ONE step at a time. It’s like growing a forest one seed at a time. In this challenging market, it may take the seeds awhile to grow, but the slower growing seeds CAN result in the BEST bearing fruit! Always for your success!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

THE APPRENTICE has got it right this season!

Thu, 16 Sep 2010 22:56:09 -0700

This season of "The Apprentice" has got it right: we are in a recession and unemployment is HIGH! There are SO many competent people unemployed right now who NEED a job to support themselves and their family.

Donald Trump has selected 20 unemployed individuals who are literally FIGHTING it out to obtain a job with Donald Trump. It also appears they are all trying to last so that they have the most face time on the camera so others in the world will see them and with some luck, they may receive a call for a job interview. Others from former Apprentice shows have received job offers.

This should be a very interesting season and it will show the world how many GREAT, intelligent people are now unemployed due to the financial, economic crisis. This recession has affected all walks of life: through all careers: engineers, attorneys, financial advisors, craftsman, no field has escaped the crisis.

Thanks, Donald, for getting it right this season!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Plant seeds!

Tue, 14 Sep 2010 22:32:02 -0700

"Don't judge each day by the harvest you reap; but by the seeds you plant."

Every day we should focus on planting seeds: looking to grow our business; helping the next consumer; thinking of ideas to improve the market; making a better real estate market for ourselves and others.

We need to work together to help make this market recover.

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Mr. Freud: I do not agree: this might be one of those Freudian slips!

Tue, 14 Sep 2010 22:10:14 -0700

- "One day in retrospect the years of struggle will strike you as the most beautiful." Sigmund Freud

So, when we look back upon this real estate market, will we think it was a beautiful time? Does Freud mean struggle builds character? We become better, stronger people because of the climb to get where we are?

Does this Freudian phrase apply to all aspects of life? Perhaps the real estate market is the exception? I for one do not think this struggle has been beautiful!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Do you talk to yourself?

Mon, 13 Sep 2010 18:33:01 -0700

"If you had a friend who talked to you like you sometimes talk to yourself, would you continue to hang around with that person?" Rob Bremer - Speaker

DO you talk to yourself throughout the day? In the shower, while you do housework, while you are at your computer or ????

Would you want to have a friend who talks like you? Yes, No? Why not?

Thanks for sharing!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Are you dependent on someone for YOUR happiness?

Sun, 12 Sep 2010 13:59:19 -0700

"Don't let your happiness be dependent on any object, person or situation."

We need to be HAPPY with ourselves FIRST. We need to LOVE ourselves FIRST. Then we can find happiness in others and things and love being alive.

So many people rely on others for happiness and to find life. Let's find it in ourselves and then share the life within us with others.

Have a GREAT day!

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."