What makes obtaining loan modifications more difficult? - 10/31/08 09:41 PM
Here are some of the main items likely to interfere with a loan modification request:
Sole hardship being too much debt Having lots of assets including 401k's & IRA's Low debt to income ratio - too much income vs. debt Ownership of multiple properties Sole hardship being mortgage more than property is worth More money being deposited than what is claimed as income Having had a modification within the past year History of missed payment not related to current situation Having the current loan for less than 1 year Note: you must show the ability to meet your obligations after the modification is approved.  … (0 comments)

Favorable Conditions for a Successful Loan Modification - 10/31/08 09:30 PM
Currently behind on mortgage payments Currently in foreclosure Existing ARM loan that has/will adjust higher Demonstrate Legitimate hardship Reduced Income Paycut at work Reduced hours New job @ less pay Loss of employment On Disability / workmans comp Divorce / Seperation Excessive medical bills Back taxes being paid - new expense Death of Household Provider Failed Business Note: Borower must demonstrate NEED & inability to meet financial obligations now or in the very near future. 
For assistance with your modification contact:
www.GregZaccagni.com & www.MortgageAdvisor.info
Related Articles:
What makes obtaining loan modifications more difficult?
Loan Modification Explained
Loan Modification Explained
 
… (1 comments)

Government Says Home Builders Cannot Require you use their lender to receive incentives - 10/25/08 08:58 PM
Federal Real Estate Settlement (RESPA) rules require that incentives not be built into the cost of the homes they build. 
According to the Federal Trade Comissions website (www.ftc.gov) "tie in sales" may violate federal anti-trust laws because they harm competition.
Tie in sales are defined as the sale of one product on the condition the consumer purchase a 2nd product which the consumer may not want or could buy elswhere at a lower price.
When a builder links an upgrade or closing cost rebate to the required use of an affiliated lender that can be considered a tie in.  When the tie … (15 comments)

Wauchovia Posts 23.9 BILLION 3rd QUARTER Loss! - 10/22/08 03:29 PM
Wauchovia was offering pick a pay loan programs as recently as June 08 making one wounder why? 
66 percent of borrowers with these loans have at least some deferred interest balance. Their current average loan-to-value is 95 percent, up from 71 percent upon origination.  That means their equity is now averaging 5% of the properties estimated home value!
More Information
Related Articles:
Payment Option Below Market Mortgage Rates Explained
Illinois Attorney General Sues Countrywide for alleged deceptive loan practices
 Bank United asks for help to implement their Mortgage Assistance (MAP) Plan
Loan Modification Explained
… (0 comments)

100 Percent Purchase Money Alive & Well - 10/21/08 04:06 PM
Realtors - Check out these guidelines to see if your clients qualify:
Underwriting
Fico - 620 minimum
Ratios - 31/45% DTI max
Credit - No Non Traditional Credit, Mortgage 1x 30 in last 12 months
No Bankruptcy or Foreclosure in last 2-7 years depending on circumstances.
All judgments, collections, and tax liens must be paid.
Income limits - 140% of Median Income (Chicago $71,600 - $100,200 (140%)
Applies only to qualifying income not household income
First time buyer - Available for 1st time buyers and move up buyers
Occupancy - Owner occupied only
Down Payment - $500 minimum borrower investment
Payment Shock … (0 comments)

Banks asks for help implementing their Mortgage Assistance Plans - 10/21/08 03:55 PM
With much higher than anticipated default rates many banks who previously underwrote & originated payment option mortgage loans are now seeking to have them off their books. Several have waived their pre-payment penalties as incentive for their customers to refiance.
Use this link to see if your lender is among them and call me to help explain your options to you.
Lenders waive existing prepay penalties on Payment Option Loan Program
Loan Modification Explained
www.GregZaccagni.com & www.MortgageAdvisor.info
Related Articles:
Payment Option Below Market Mortgage Rates Explained
Who would have thought the majority of suprime loans were to upper income non-minorities!
Mortgage Prepay Penalties can be … (0 comments)

Mortgage Humor - Can You Trust Your Mortgage Advisor? - 10/19/08 08:07 PM

How well do you understand the loan program you are obligated to? 
As your trusted mortgage advisor I will ensure you make educated decisions. 
www.MortgageAdvisor.info & www.GregZaccagni.com
 
… (1 comments)

Mortgage Humor - Senior Citizen Financing - 10/19/08 06:27 PM

Are your Debts following you into retirement?  Consider a reverse mortgage today!
www.SeniorMortgageLender.com & www.GregZaccagni.com
 
… (1 comments)

Mortgage Humor - Paying for Children's College Tuition - 10/19/08 06:21 PM
 

         Perhaps a cash out refinance would be a better solution?
         www.MortgageAdvisor.info & www.GregZaccagni.com
… (1 comments)

Mortgage Humor - Definition of House Poor? - 10/19/08 05:10 PM

I'll help you make an educated decision between loan amount & lifestyle choices. 
 www.MortgageAdvisor.info & www.GregZaccagni.com
 
… (0 comments)

Mortgage Humor - Are Haunted Homes Coming to Your Neighborhood? - 10/19/08 02:14 PM
 
image
Let's make things less "GRIM" with a Refinance or Loan Modification Today!
www.MortgageAdvisor.info & www.GregZaccagni.com
 
… (0 comments)

Loan Modification Explained - 10/19/08 11:55 AM
A loan modification agreement is different from a forbearance agreement which provides short-term relief for borrowers who have temporary financial problems, while a loan modification is a long-term solution for borrowers who will never be able to make the existing loan payments.
Loan modifications are designed for customers that can't afford repayment plans. In a modification, the servicer adjusts the terms of the loan to make it affordable. It may lengthen the amortization schedule or lower the interest rate to cut the monthly payments, or roll the past due amount into the loan and re-amortize the new balance so the borrower … (1 comments)

How to improve your odds of receiving a loan modification - 10/15/08 08:24 PM
1. Start by identifying whether your mortgage is lawful. Be sure that there are no Truth in Lending Act Violations or RESPA violations and Lender wasn't fraudulent who originated your loan. Have a professional, experienced mortgage attorney and/or legitimate, credible mortgage professional examine your loan documents for potential violations.
2. Develop and maintain a complete written life of loan history attempting to highlight all phony charges and fees included in your mortgage balance. Make sure any inflated appraisal and/or loss of property values are included and calculated.
3. Compare the loan you got with the one you thought you were getting. Are the terms the … (0 comments)

FHA Hope 4 Homeowners (H4H) Program - 10/15/08 02:25 PM
 
www.MortgageAdvisor.info & www.GregZaccagni.com
 http://www.hud.gov/hopeforhomeowners/consumerfactsheet.cfm
Related Articles:
Details of the Housing & Economic Recover Act (HERA)
Georgetown Study finds Mortgage Brokers have a lower average APR than banks!
Loan Modification Explained
Mortgage Humor - Can You Trust Your Mortgage Advisor?
Recent changes to H4H Program
… (5 comments)

Bank Bailout Begins! - 10/14/08 04:32 PM
The Treasury announced today details of its voluntary "Capital Purchase Program" aimed at buoying struggling banks and restoring the flow of credit to the financial system.
As part of the massive $700 billion bailout plan, Treasury will make $250 billion in capital available to U.S. financial institutions in the form of preferred stock.
Taxpayers will own shares in the companies involved and will be expected to be paid back with a "reasonable return," but will also receive warrants for common shares.
Banks that sell shares to the government will in turn agree to a number of restrictions, including a ban on … (0 comments)

Pending Home Sales INCREASE for August! - 10/08/08 03:17 PM
Home sales increased 7.4 percent in August from a month earlier, and were up 8.8 percent compared to August 2007.
National Association of Realtors (NAR) senior economist Lawrence Yun attributed the gain to improved affordability and a loosening of credit after the government takeover of Fannie and Freddie, though distressed sales are probably playing a key role.
More Details
www.MortgageAdvisor.info & www.GregZaccagni.com
 
 
… (0 comments)

World Governments Enact Emergency Rate Reduction - 10/08/08 10:08 AM
The Federal Reserve, acting in coordination with other global central banking authorities, cut the Federal Funds rate, a key interest rate by (1/2%) half percentage point Wednesday in order to help stabilize the current lending crisis threatening the US economy.
The Bank of England cut its rate by half a point while the European Central Bank reduced their's as well.  Other central banks also taking part include the banks of Canada, Sweden, and Switzerland.
China also cut its key interest rates Wednesday for a second time in less than one month to stimulate slowing economic growth amid the global credit crisis.
… (1 comments)

what does the housing & economic recovery act mean for reverse mortgages - 10/05/08 03:43 PM
The new law makes it easier and less expensive for seniors to access the cash value of their homes on a tax-free basis through a Reverse Mortgage. And it expands the amount that can be borrowed.
Now there will be a higher borrowing level on FHA reverse mortgages - with $625,000 of home value as a cap and a $417,000 borrowing limit. And fees will be capped at 2 percent of the first $200,000 borrowed, and 1 percent on the balance - with an absolute maximum of $6,000 in fees.
These rules apply to FHA mortgages, which insure the lender against … (2 comments)

What's likely to happen to mortgage rates with the passing of EESA/HR1424? - 10/05/08 02:45 PM
Quite the opposite of what many consumer might think there is a good likelihood that the passing of this law "designed to help consumers stay in their homes" could infact cause mortgage interest rates to rise!
When the stock market drops investors seek the lower yielding but greater security of the bond market.  Most mortgage debt is sold as mortgage backed securities/bonds.  As the stock market rebounds the bond market will have to offer investors higher yields to attract investor dollars which may cause mortgage rates to rise.
I have been counseling my clients to refinace or buy when things are … (0 comments)

 

Illinois Mortgage Lender Greg Zaccagni

Wheaton, IL

More about me…

The Federal Savings Bank

Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189

Cell Phone: (630) 853-8555

Email Me

Mortgage Rates, Programs & Trends


Links

Archives

RSS 2.0 Feed for this blog

Find IL real estate agents and Wheaton real estate on ActiveRain.