Seattle Home Loan

David Haley | Senior Loan Officer

MLO-76555

Shortsales, Pre-Foreclosure

David Haley (Columbia Funding Mortgage - MLO-76555) — Sat, 05 Sep 2009 20:41:15 -0700

It has been awhile since I have written a blog posting, so if it appears rusty it is... we are beginning to do more of these short sales here in the Seattle area so thought I would let everyone know as tough as they are we are having successes with our new systemized process. With one of our deals we received an approval in less than 49 days on the first and the second mortgage...

This has been an interesting learning curve on how to put short sales together and actually have them get closed! Understanding what the LM is looking for right away is critical, this is just one of the many items we have learned in this process, anb believe me there are many!!!

Having an understanding in this process is essential, we have learned the right way and the wrong way to put these deals together and what a great experience this has been. As all who work in the genre, you know that we have to stay on top of all the banks that change their tactics, so having a full team that have the knowledge, experience and professional systems are critical.

Working with Margo Christophilis and her team has been very rewarding... I am thankful of all the skill sets she brings to negotiating these transactions to get them to close and the seller can feel relief being saved from a foreclosure, also the buyer has purchased a home at a great deal.

We know in some states it is a little easier due to the economic situations in those areas, but here in Seattle, WA., we are seeing some major accomplishments!

I hope others are having the success as we have been.

If we can be of help drop us an email at davidahaley@hotmail.com look forward to hearing from you!

C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555

http://www.cnbc.com/id/15840232?video=1054590593&play=1

Mortgage Cramdow: Bad for Housing? Bankruptcy over Foreclosure?

David Haley (Columbia Funding Mortgage - MLO-76555) — Sun, 08 Mar 2009 00:59:16 -0800

Hello Everyone,

I was watching this on CNBC with Diana Olick. This will be something to follow if someone is looking into bankruptcy and what the new Bill being passed through the House and moving to the Senate. Click on link below.

Here is one that talks about Bankruptcy over Foreclosure and how this will impact credit and borrowing in the future.

http://www.cnbc.com/id/15840232?video=1054768449&play=1

I am putting these links up that have an impact on what all the new Bills in the House and Senate are doing and how this is possibly going to affect us.

Finally the New Affordable Housing Plan . For all the changes that have happened in the market I strive to keep everyone informed.

I am sure by now you have all heard or read about the new loan program that the Obama administration has implemented through Fannie Mae and Freddie Mac. For those who haven't I have attached a PDF describing the two different programs and their requirements from the Fannie Mae website. At this point I only know as much that is in the forms attached and will continue to update all of my clients once more information has been posted. I have sent this email to plant a seed in your ear and potentially help you refinance your home into a lower rate and more secure program. I have spoken with a few direct lenders/banks and they said that their systems may be ready for loan submission on these programs in a few weeks. We have all been affected by the market conditions and seen our homes decrease in value and now my job is to make sure we can all take advantage of this new offer. Not everyone will qualify, however we will do our best to make sure all options have been exercised. I hope you and your family is well and please email me with any questions or visit www.LendingOnRealEstate.com

Best regards,

David Haley

425-471-6039

david@LendingOnRealEstate.com

C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555

Fannie & Freddie News for folks in trouble

David Haley (Columbia Funding Mortgage - MLO-76555) — Thu, 13 Nov 2008 10:44:24 -0800

Very interesting news!

Freddie & Fannie's regulator unveiled a plan that could cut payments for hundreds of thousands of struggling homeowners to help reverse defaults. Homeowners facing foreclosure who are spending more than 38 percent of their income on mortgage payments could have monthly payments reduced by Fannie Mae and Freddie Mac in an effort to keep their homes. Since it is generally believed that mortgage defaults are at the root of the global credit crisis and the recession here in the US, steps like this are important to "put a floor under the housing market" and are a prerequisite to recovery. Companies like Indymac, Chase and BofA are halted foreclosures, but since Fannie Mae and Freddie Mac own or insure 31 million mortgages (58% of SFH's), this is big news. Eligible homeowners must first be contacted (I don't know all the exact criteria, although one is that borrowers need to be delinquent 90 days or more to qualify) and could see their mortgage rates cut, the life of their loans extended or their principal reduced in an effort to ease payments.

The plan does not apply to private-label mortgage securities, which typically have a much greater proportion of underwater borrowers. It will instruct servicers to change the terms of the loan so that the monthly payment (including principal, interest, taxes and insurance) would be lowered to 38% of the borrower's income (income must be documented). This would be done in up to three steps: 1) the term of the loan would be stretched to 40 years. If the monthly payment is still too high relative to income, then 2) the interest rate would be reduced to as low as 3%. Finally, if the implied monthly payment were still greater than 38% of the borrower's income, 3) forbearance could be provided on loan principal down to the current appraised value of the property. (However, the reduced principal would not be written off entirely, but instead would be payable as a balloon payment at sale or maturity of the loan.)

C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555

New Fed Rate and VA Update

David Haley (Columbia Funding Mortgage - MLO-76555) — Sun, 02 Nov 2008 19:32:11 -0800

New Fed Fund Rate and other News! October 30th, 2008 2:48 PM

Wow! The Federal Reserve has lowered the rate down to 1%. We have not seen this low of a rate since the technology bubble in the beginning of the the decade. There is talk that they might again lower in the ending of the year. This will help anyone that has a home equity loan on their home(s). With this move the Asian Stock Markets have rallied quite a bit from this downward move with our lowering of the Fed Rate.

We just received a Bulletin in regards to VA Loans... any person who is eligible for a VA Loan and wants to refinance to pull cashout can now go to 100% of the appraised value. Where before you could only have a max of 36,000 cashout. This will help alot of people out there that needed this help. So depending on which county you are in varies for the " new loan limit increase" that Freddie Mac has for conforming loan limits. On October 10, 2008, the President signed S. 3023, the Veterans' Benefits Improvement Act of 2008. Following are the three major impacts to the VA Home Loan Guaranty Program:

1. Authority to guarantee adjustable rate mortgages (ARMs) and hybrid adjustable rate mortgages (HARMs) has been extended through September 30, 2012.

2. The maximum guaranty for cash-out refinance loans has been made the same as purchase loans - they are no longer limited to $36,000. In addition, cash-out refinance loans may now be made up to 100% of the appraised value of the home.

3. The temporary increase to the maximum guaranty has been extended through December 31, 2011. When combined with new locality-based Freddie Mac conforming loan limit in January 2009, VA's maximum county "loan limit" will be $1,094,625 ($1,641,937.50 in Alaska, Guam, Hawaii, and the Virgin Islands). This results in unique county "loan limits" for VA.

Please watch for other mortgage news as it becomes available.

Have a Happy Halloween!

Posted by David Haley on October 30th, 2008 2:48 PMPost a Comment

C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555

Why is this a good time to buy?

David Haley (Columbia Funding Mortgage - MLO-76555) — Fri, 22 Aug 2008 22:54:27 -0700

Why is this a good time to buy? August 20th, 2008 8:40 AM

With the mortgage rates dropping over the last few days this has allowed you to be able to have more purchase power.

Homes have been sitting on the market longer, this gives you the (buyer) a stronger negotiating position... ask the seller to buy your rate down permanently or pay your closing costs. Sellers are willing to look at offers where they might not have less than a year ago.

So do not be afraid to make an offer you never know you might just get your home! Whether you Rent or Buy, You pay for the space you occupy!

If you know anyone who is looking to find the deals on Bank Owned Property in your area let me know. We have all the information to all the big banks that have houses on their books... and they want them gone!!! http://www.lendingonrealestate.com/REOForeclosures

Go online to apply save 500 dollars towards your closing cost at time of closing.

Next blog topic- Buying a duplex or 4-plex how this is can be an advantage to your bottom line.

If anyone has any other topics they would like to see in future blogs please let us know.

Thank you.

C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555

http://www.youtube.com/watch?v=cXA27hP6QT8

Buyers delivered to realtors the easy way through text message!

David Haley (Columbia Funding Mortgage - MLO-76555) — Sat, 26 Jul 2008 10:19:33 -0700

Click on this youtube video see how easy it is! An agent that signed up had a buyer over the weekend!

Great idea and an invention.... this really does go after generation "Y" they want the information right now!

C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555

Listing with text message application

David Haley (Columbia Funding Mortgage - MLO-76555) — Mon, 30 Jun 2008 23:22:38 -0700

We had one of our realtors list a home 2 weeks ago with Botext.com even though the flyer box was out of flyers, our agent had received 2 text messages that otherwise might have missed out on an opportunity to get the home sold.

The agent called the person who text on the property and the agent started a conversation whick in turn has led to a new buyer and another loan application for the loan officer.

Thanks BoText.com this is amazing!

C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555

Botext - What is this?

David Haley (Columbia Funding Mortgage - MLO-76555) — Thu, 26 Jun 2008 12:13:39 -0700

Botext - What is This? June 26th, 2008 10:07 AM

This is for Realtors/Builders or anyone who is out there trying to sell your home!

BoText gives you an extension for your listings that a prospective buyer can text to and then get a response with details about the house that you want them to know about. The agent/builder then gets the prospective buyers cell phone number to follow up.

See for yourself how fast and easy this is! I recommend you give it try.

Text 1025 to 425-344-3873.

Magic happens... if you do something!

We look forward to hearing your feed back, your responses are always encouraged.

Posted by David Haley on June 26th, 2008 10:07 AMPost a Comment (0)
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C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555

http://autos.msn.com/everyday/gasstations.aspx?zip=&src=Netx

Where to find best price on gasoline

David Haley (Columbia Funding Mortgage - MLO-76555) — Sat, 07 Jun 2008 21:10:40 -0700

Where to find best price on gasoline June 7th, 2008 9:06 AM

Hello Everybody,

This website was passed on by a colleague of mine Bob LaCount who is an appraiser in the Greater Puget Sound area, as we all have witnessed gas prices are getting to pinch all of our pocket books.

I hope this website can help out in your area where you might be driving from or to.

I will be testing this out to see how accurate it is this morning myself. I am looking forward to being able to save some money on gasoline as I travel quite a bit to meet clients at their homes.

Please pass this along to others that you feel could use this information, feel free to bookmark this site too.

On a more financial note with the market yesterday. What another wild ride it was, the DOW falling 394.64 and oil hitting an all time high. With the jobless claim report that came out at 5.5% that helped the bond market rally a little as traders move money away from stocks and into bonds.

If you want more information to read here is a link from CNBC http://www.cnbc.com/id/25000080 just click on this and it will have more in depth perspective.

If you want go ahead and add your comments they are absolutely encouraged.

Thank you,

David Haley

C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555

http://www.lendingonrealestate.com/MyBlog

David Haley (Columbia Funding Mortgage - MLO-76555) — Sat, 17 May 2008 01:12:48 -0700

Fed Rate Cut April 30th, 2008 7:01 PM

Alot of people think that by having the fed cut the rate will lower the mortgage rate. The Fed ( Ben Bernanke ) has given another lower rate only for our short term finances... this helps out with HELOCS, credit cards, auto loans and these type of finances. Typically what will happen is the market will worry about is inflation when the dollar goes down to much against other currencies.

The reaction was mixed in the early part of today with the mortgage bond going swiftly up, and then we had a nice drop just before close of the market today.

Let us enjoy the inexpensive cost of our HELOC's while we still have them as the credit crunch appears to tighten with most lenders beginning to freeze people accounts. We are almost out of the woods. Amazing it has been almost 1 year since the first lender had closed their doors.

We look forward to your comments or thoughts.

Thank you

Posted by David Haley on April 30th, 2008 7:01 PM

C: 425-471.6039

O: 425.357.1044 x147

F: 425.357.1049

David Haley | Senior Loan Officer

MLO-76555