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mortgages: It's Time To Get LUCKY - 02/04/09 04:37 PM
When we bought our first home, we made a substantial downpayment. We raided our savings accounts and borrowed from our parents. We sweated as the lender combed our credit reports and turned their noses up at our income, student loan debt, self-employed status and work history. We panicked as the lender demanded a lot more money days before closing. And finally we closed. WE WERE LUCKY.
We were lucky that we had savings. Lucky that we had parents that wanted this home for us as much as we wanted it for ourselves – and had the money to help us. … (4 comments)
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mortgages: Responsible Lenders - Self-Help Featured in Raleigh News & Observer - 08/18/08 09:13 AM
Self-Help was featured in a local paper, the Raleigh News & Observer, over the weekend. Our mantra when selling homes and lending money is to use common sense and always look at the big picture. It's kept us afloat so far, and hopefully will allow us to continue to do good things for the people and communities that need our services. As an organization, we usually go out of the way not to blow our own horn, but I'm glad the N&O decided to do a story on us. I think it's good for people to know that not all lenders … (0 comments)
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mortgages: Pick-A-Pay Part II - 04/15/08 11:50 AM
And the other shoe drops. Wachovia has just reported a $393 million first quarter loss, and plans to cut 500 jobs. Much of the loss is attributed to Wachovia's expansion into the mortgage industry, just as this sector was about to collapse. I reported on Wachovia's ill-timed acquisition of Golden West Financial and its flagship Pick-A-Payment loan product over the weekend.The Pick-A-Pay loans were portfolio loans for Wachovia, meaning that the lender kept these loans in house instead of selling them to outside investors. Wachovia received the benefit of the higher interest rates on these loans, but also had all of … (0 comments)
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mortgages: Wachovia Reigns in Pick-A-Pay? - 04/12/08 08:24 AM
When I saw the television ad for Wachovia's Pick-a-Payment mortgage, my jaw hit the floor. I saw the commercial at least a month ago, but couldn't formulate a coherent blog entry until now - I was that irritated.In the midst of the fallout over shoddy lending practices, Wachovia chose to push THIS? For those who have never encountered a pick-a-pay loan, let me explain. The real name for this loan is an option ARM. Each month, the borrower gets four payment options: 1) Pay the fully amortizing principal and interest payment (basically as if you were paying on a 30 year … (4 comments)
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mortgages: View From The Front Lines - 02/07/08 06:13 AM
I haven't posted in a while on the nationwide mortgage situation. Truthfully, new information has been flying so fast and furiously that I've been trying to incorporate it all and distill it into something meaningful. We are in a situation that continues to evolve and change - analysis from more informed pundits than myself has been tried (and has failed). So here's my report from the front lines - certainly no answers, just what I see as a real estate agent. HOPE NOW is not so hopeful. President Bush originally touted this program as having the ability to help 1.2 million … (2 comments)
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Tamara Heyward
Durham,
NC
More about me…
Self-Help
Office Phone: (919) 956-4423
Cell Phone: (919) 490-7014
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