20 Million People Collect Unemployment This Year - 12/31/09 04:17 PM
A record 20 million or more people collected unemployment benefits at some point in 2009. Meanwhilem it was a year that ended with the jobless rate at 10%.
As layoffs decline, so does the number of people visiting unemployment offices. However, But long-term unemployed continues to grow, with more than 5.8 million people out of work for more than six months.
The Labor Department said the economy could begin adding a small number of jobs in January. Still, hiring is unlikely to be strong enough to quickly bring down the unemployment rate.
Companies will remain cautious about adding employees until they are confident that … (5 comments)

Wishing Everyone At Active Rain A Happy and Healthy New Year.. - 12/31/09 10:02 AM
Lets reflect upon the things that helped us to be successful in 2009 and those things that we should probably set aside for 2010. It is important to challenge ourselves and question why we do things a certain way and always strive to reach new levels.
Let us also not be afraid to lean on our Active Rain partners because we could all learn from each other and help each other even if we may appear to be competitors. We are all in this real estate market together so let help one another.
Happy New Year and best of luck in … (2 comments)

Tiger Woods Enters A Rehab Facility For Sex Addiction - 12/31/09 09:48 AM
Tiger Woods has entered rehab potentially for sex addiction at a facility in Arizona. He is apparently being motivated by managers who are trying to repair his damaged image. Someone on the inside said that Tiger believes that if he blames his cheating on an addiction, the public will forgive him.
He is putting golf aside temporarily so he can show the world how badly he feels about what he has done and prove that he can correct the problem and be the role model that everyone expects him to be.
Meanwhile, I know people who would pay to get into one of … (6 comments)

The Washington Times Announces Layoffs - 12/30/09 10:21 PM
The Washington Times announced newsroom layoffs to more effectively publish vital information and insight for readers.
The newsroom layoffs follow a plan that resulted in the dismissal of more than 40 percent of The Washington Times employees. Friday is the last workday for most of them.  
The company president is blaming the economy and financial pressures.
Effective Monday, a new local print edition will focus on the core strengths of The Washington Times for local, national and international audiences with an emphasis on investigative reporting and coverage of national politics, geopolitics, international and domestic business and economics, and cultural issues. The new print … (2 comments)

Stated Income Lenders - How To Find Them - 12/30/09 03:59 PM
If you are looking to get a mortgage then you need to make sure that you understand the different options available. One option in particular is the stated income home loan. Stated income loans are available to people who have good credit and are looking to apply for a loan without fully proving their income. You would need to speak with stated income lenders to find the right loan based upon your scenario.
STATED INCOME RATE QUOTE
Why someone want to a stated income mortgage loan. The truth of the matter is that a lot of people who are self employed or work for cash and have a difficult time … (5 comments)

Mortgage Rate Prediction - 12/30/09 09:03 AM
For the past couple of months, we have heard much speculation as to where mortage rates will land in 2010. Everyone wants to give their mortgage rate prediction. There are many reasons why some experts will say that rates will increase significantly. However, I have my reasons why rates will remain low...

First of all, anything less than 6% in my opinion is low. Many of the speculators are pinpointing a level higher than 6%. My mortgage rate prediction is that 2010 mortgage rates will need to remain below 6% and maybe even below the 5.5% level for a 30 … (2 comments)

Title Agency Owners Indicted - 12/30/09 07:17 AM
Another story that just leaves you shaking your head....
This week a Monmouth County New Jersey Grand Jury returned a seven count indictment charging Rebecca Marchese DePeri Grande of Jackson Township, N.J. and her sister Meredith Miller of Brick Township, N.J. with second degree Conspiracy, second degree Misapplication of Entrusted Property, second degree Theft by Failure to Make Required Disposition of Property Received, and second degree Misconduct by a Corporate Official. The indictment also charges Miller with one count each of third and fourth degree Bad Checks, and one count of third degree Theft by Deception.
The indictment follows an investigation which … (8 comments)

Who Is Showing Homes During The Holidays? - 12/26/09 04:25 PM
One would think the upcoming week would be a good time to show homes to borrowers who have time off from work. These holiday weekdays may present an opportunity for people to get out and see homes when they would normally be at work.
However, we also know that many sellers do not want the traffic in their homes during the holidays. People get weird about that.
How are you managing this? Are your customers telling you not to show their homes until after New Years? Or, do you have customers who are simply waiting until after the holidays to put … (4 comments)

A Blanket Mortgage - 12/26/09 04:01 PM
Blanket Mortgage is a type of mortgage which involves the borrowing of money against a number of properties at the same time. This collateral could be:
    * More than one asset as separate entities
    * A property divided into lots. 
    * A large tract of land yet to develop into a co-operative.
It becomes more convenient rather than taking out mortgages for each property individually and paying for each separately. A blanket mortgage began as a security device for commercial property but today it is applicable for residential lending as well. The loan obtained is used to cover the costs of developing the … (0 comments)

Shared Equity Transaction Explained - 12/26/09 03:48 PM
One of my customers asked about this and I thought it would be useful to post for others...
Shared Equity Transaction is a transaction which involves a written agreement between a buyer and a private investor. This allows a buyer to purchase a new property in partnership with the private investor. This may happen when a buyer cannot secure financing on his/her own. Details of a Shared Equity Transaction:
Two Buyers - It is a transaction in which two buyers purchase a property, one as a resident co owner and other as an investor co owner. Equity Sharing - In this type … (0 comments)

Homeowners Cannot Refinance Despite Low Rates - 12/26/09 03:32 PM
Mortgage rates in the US dropped to their lowest levels in over 60 years, thanks to a trillion dollar intervention by the Federal Government. Meanwhile, the banks are imposing such strict underwriting guidelines and requirements that many homeowners who might want to refinance are basically locked out. Even those who seek a stated income loan are having difficulty finding one.
This money tightening situation not only hurts homeowners but also has broad economic repercussions at a time when consumer spending and employment are showing modest signs of improvement.  
Refinancing could save owners hundreds $$ per month. That money can be spent, saved or used to pay down … (1 comments)

"Let Me Google That For You" - 12/25/09 08:53 AM
I stumbled across an interesting Google option. They have a tool called "Let Me Google That For You".
How does it work?
You decide on a key word search that you want your readers you use. Then, this tool creates a URL for you which will take the readers to the search results.
For example, I had a goal to be at or near the top of the Google search results for stated income loans in NJ. So, now that I accomplished that particular mission, I want to bring traffic there. 5 out of the top 10 results on the list (including the … (5 comments)

Walk Away From Your Home And Mortgage If Your Home Is Underwater... - 12/23/09 07:22 PM
That is exactly what some self proclaimed experts would want you to do. There has been a lot of buzz coming from a few individuals (with the means to reach millions) who posted that walking away is something homeowners should seriously consider. I refuse to name them or post a link to that source because I do NOT want to help them receive any additional publicity.
Can you potentially escape from what may "appear" to be a losing situation? Maybe.  However, advising homeowners to walk away is irresponsible...especially without outlining all of the negatives associated with that course of action.
Those … (0 comments)

New Mortgage Disclosures On The Horizon - Closings May Be Delayed - 12/22/09 12:24 PM
The biggest changes to home mortgage disclosures in over 30 years are upon us and they can potentially create a lot of confusion and/or problems just as housing market tries to recover.
A complete overhaul of the  good faith estimate under the Real Estate Settlement Procedures Act (RESPA) will take effect on Jan. 1 and can potentially disrupt home sale closings.
The new procedures come after years of trying to improve the disclosure on costs associated with closing a loan, including broker fees, and prevent the kind of surprising jumps in payments that made the housing crisis worse.
These changes would expand a one page form to … (2 comments)

Important Mortgage News - 12/22/09 07:49 AM
Some good news still for homeowners and prospective homeowners in that Freddie's weekly survey of mortgage rates depicted that the 30-year fixed rate continues to hover below 5%, and is still continuing to contribute to the wave of refinancing activity. The 30 year rate edged up from 4.81% a week prior, to 4.94% last week. One year ago, the average stood at 5.19%.
Helping mortgage rates stay low is clearly the short term target for the Fed as its decision and re-affirmation last week to hold steady short term rates at near zero for at least the next several months, is … (1 comments)

Find A Local "Realator" In Your Area.......get a Free "MORGAGE QUOTE" - 12/21/09 03:06 PM
That's right...I said REALATOR. If you are like me, you cringe whan you hear someone say REALATOR. Maybe we should learn how to use these incorrect terms and phrases... FIND A LOCAL REALATOR
Did you know that there are over 90,000 Google searches for REALATOR every month? An additional 60,000 searches for REALATORS. My point is there are people who are benefitting by the mis-use of the term.
Not too long after I launched my web site, I realized that I was getting web traffic for the search term MORTAGE TRENDS or MORTAGE. The web developer accidentally spelled the word incorrectly. However, … (0 comments)

Best Real Estate Buys In The US - 12/21/09 02:21 PM
Below I referenced a recently published list of the best real estate buys in the US based upon future economic conditions and job growth projections. I must admit, there are a few surprises on this list.
1. Seattle, Wash.Job-growth projections 2008-2017: 1.5%
Seattle's peak building period in the 1980s run-up was in the second quarter of 1986. The Savings & Loan crisis didn't fully halt building activity until the fourth quarter of 1992. What lands it in the first position on this list is the combination of strong job growth with a building cycle that hasn't run in high excess of … (0 comments)

New Jersey Gets Blasted - 12/20/09 04:24 PM
The recent snow storm dumped as much as two feet of snow in certain areas of New Jersey
The New Jersey Turnpike restricted speeds to 35 MPH this morning.
The Dept of Transportation has more than 1,800 vehicles out plowing, salting and treating roads.
NJ TRANSIT is cross honoring bus tickets and train tickets systemwide. Newark Airport is open but more than 400 flights were cancelled Sunday. So, nobody is going anywhere until Monday. The bridges and tunnels had no accidents or delays reported.
So, as I was shoveling the 20 inches of snow this morning, I was thinking about Florida again. Wondering if … (3 comments)

What REALLY Caused The Foreclosure Crisis And Declining Values... - 12/20/09 03:02 PM
I have seen a few blogs and comments about this topic and wanted to put my spin on it. First of all, the answer to what caused the declining values is easy....all of the foreclosures, short sales and job losses.
Now for the controversial part. What caused the foreclosure crisis? It is NOT just the lending guidelines and declining values (although there ARE people intentionally going into foreclosure because their homes are under water).
As a mortgage professional, I have seen my fair share of credit reports and have spoken to hundreds of borrowers with all kinds of different financial situations. … (2 comments)

Remove Or Removing A Name From A Mortgage - 12/18/09 02:12 PM
Homeowners all over the US ask in my advice forum how to remove a name from a mortgage. Typically this situation arises during a divorce or after a loan is originated with a non-occupying co-borrower or co-signer.
So, here is the quickest and easiest way to answer the question of how to remove a name from a mortgage.
Answer... Once someone's name is on the mortgage, you will not be able to get it removed. The bank approved the loan based on the income of ALL borrowers. All borrowers on the mortgage are financially responsible for making the payments regardless as … (2 comments)

Find The Lowest Rate Mortgage Loans In New Jersey (NJ) - 12/18/09 12:26 PM
New Jersey residents who are in the market for a mortgage should understand some basic facts about finding low rate mortgage loans in NJ New Jersey.
Most people will just rate shop on the internet or in the newspaper. It is easy for a lender to tease you with low rate mortgage loans in NJ New Jersey. However, New Jersey residents need to be well informed to make the best decision for themselves.
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There is a balance between rate and costs with each loan. If you are going to apply for a loan in NJ, you should be familiar with … (0 comments)

The US Should Seriously Look At The Danish Mortgage Model....RIGHT NOW! - 12/15/09 10:32 AM
The US mortgage system is broken and it may needs a complete overhaul. There is no realistic prospect of stabilizing housing prices right now and the value of mortgage related securities will erode.
Here are four significant flaws with our current system of mortgage financing.
First, the business model of Government Sponsored Entities (GSEs) in which profits accrue to the private sector but risks are underwritten by the public has completely failed. The GSEs need to be replaced.
Second, the incentives to originate sound mortgages and to service them well are inadequate. This is why the quality of mortgages deteriorates.
Third, mortgage backed securities were meant to … (0 comments)

Deed In Lieu - Is it for you? - 12/14/09 02:46 PM
What is a Deed In Lieu? How does a Deed In Lieu Work? Tax Implications? How will a deed in lieu impact your credit scores? How soon after can you apply for another mortgage?
Deed in lieu of foreclosure is a process in which you give away your property to the lender because you just can no longer make your payments. In exchange, the lender essentially cancels your loan and you are no longer responsible for the mortgage.
The process....
When you apply for a deed in lieu of foreclosure, you will need to sign an "Agreement In Lieu Of Foreclosure", a "Warranty deed" and a "quit … (5 comments)

Permanent Loan Modification Report - recent release - 12/12/09 11:10 AM
The Treasury Dept released information on activity in the Making Home Affordable (HAMP) program during the month of November.  As expected, borrowers continued to enter the program under trial modifications, but the rate of permanent modifications remains very low and well below what the Treasury Department expected.
There are currently 728,408 borrowers participating in trial loan modifications.  The problem is that only 4.3% of those modifications have been converted to permanent loan modifications.
The HAMP program involves 78 servicers who manage approximately 85 percent of eligible mortgage debt in the country.  These servicers are paid an incentive by the Treasury Department for enrolling troubled … (6 comments)

The Household Net Worth Rises In The 3rd Quarter - 12/10/09 10:40 PM
The Fed reported that net household worth rose 5% during the third quarter of 2009. This is a sign that the market is improving.
The net worth is the difference between the value of a household's assets and its liabilities.  Net worth also grew during the second quarter. Hopefully this also means there are more homes that are no longer under water.
Weak household wealth contributed to the recession by holding back consumer spending.  It is expected that the new figures will help boost confidence in the economy thus increase spending and investment.
Mortgage borrowing was down $370 billion in the third quarter and consumer … (0 comments)

The Treasury Dept Is Crossing Its Fingers As Dec 31 Approaches... - 12/09/09 06:52 AM
That is when 375,000 loan modifications will have completed the three month trial period required under the Home Affordable Modification Program (HAMP) designed to keep homeowners out of foreclosure.  Nobody knows how many homeowners will actually be able to transition from the trial into a permanent loan modification. 
At the moment, they are not happy with how many homeowners were able to transition to a permanent loan modification. More than 900,000 homeowners were/are on trial programs and just a handful were able to convert to a permanent loan modification.
                                         
Las week, the Treasury kicked off a "Mortgage Modification Conversion Drive" to increase … (5 comments)

For those who like the Soprano's TV show, here is a real story... - 12/06/09 06:58 PM
NJ Restaurants Turn To Loan Sharks and Steal From Customers...
Desperate to stay afloat in a withering economy, some restaurant owners in northern New Jersey turned to loan sharks to help pay the bills. But when they couldn't repay the loans, the restaurateurs defrauded their own customers, stealing credit card numbers and wracking up close to $1 million in illegal charges, authorities said Friday.
The Italianissimo Restaurant in Caldwell, Baloco Restaurant in Clifton, and Plaza Diner in Fort Lee were among the "numerous" eateries involved in what Essex County Prosecutor Paula Dow called "a significant loan-sharking and credit card scam."
Caldwell police … (4 comments)

Mortgage Broker Promotion - Borrower Appraisal Credit - 12/06/09 10:28 AM
Special promotion for this month....
Any borrower registering with Dream Home Financing this month by requesting a free rate quote will receive a credit at closing of up to $400 to cover (some or all) of the appraisal costs. Take the time to complete the free rate quote request form and then review the rest of the site to learn about the loan process. Some other features to review while you are there...
Loan Shopping Guide
FAQ
Closing Costs
Loan Options
Mortgage Trends
* Must receive the rate quote request by the end of the month.
* Loan must close by April … (1 comments)

Where the Celebs go to eat in Atlantic City - 12/05/09 09:30 AM
White House Subs - Atlantic City NJ The next time you head to Atlantic City, you MUST stop in at White House Subs to sample one of their sandwiches. Even if you plan to eat somewhere else, stop in and bring a sandwich home. You will not regret it.The shop has been there forever. You can tell from the picture that I attached. You can also tell from the hundreds of pictures that are on display inside. Whenever a celeb comes to AC, they stop in, have a sandwich...then get their pic taken before it goes up on the wall. I … (1 comments)

My Solar Energy Plan - 12/04/09 09:25 PM
We have all been reading so much about Solar energy as a viable alternative GREEN energy source. Everyone would love to convert to solar, but nobody can afford the cost of conversion and the payback on those costs does not make sense.
So, why do our leaders want to incent the companies who produce the solar equipment to hire more workers? This is not going to help the consumer. It will not result in more homes with solar power and greener energy nationwide.
I believe that we need to do something different and "outside of the box" (can you see a … (5 comments)

Jersey Shore "Guido" show - are you kidding? - 12/04/09 09:05 AM
MTV has a response for the Italian American group UNICO, which for the reality show 'Jersey Shore,' to be cancelled. The show is stereotyping not only Italian Americans, but the residents of NJ.
"Jersey Shore' is a reality series that follows eight young adults spending their summer at the beach. The show continues MTV's history of documenting various subcultures, rites of passage of young people, and the ways they self identify. The Italian-American cast takes pride in their ethnicity. We understand that this show is not intended for every audience and depicts just one aspect of youth culture"
Castmember Mike Sorriento, … (0 comments)

How To Get Renters To Buy....?? - 12/04/09 06:59 AM
How many AR members take the time to actively market to renters? Every morning I pass a large rental community and always think that place if full of loan prospects. Obviously they are also prospects to realtors. In fact, many of the people living there are dreaming about owning their own home. They just need some direction and advice.
So, what are the strategies to communicate with those prospects? Direct mail is something that everyone does but the reality is that it is junk mail for most. The snail mail version of a "click through rate" has to be very low. … (4 comments)

Callahan's Hot Dogs - Ft Lee NJ - We will never forget you - 12/02/09 08:01 PM
If anyone has ever had a Callahan's hot dog, it was an experience you will never forget. For those of you who are not from NJ and have never been, I will explain.
In NJ, there are a few places like Callahan's that deep fry the hot dogs. Your first reaction right now may be one of disbelief, but they are the best. Hot oil cooks them perfectly and it is not absorbed into the hot dog. We deep fry turkeys in the south...right?
The hot dogs at Callahans were large, tasty and they would snap when you bite into them. … (2 comments)

Lend America has FHA license revoked and laid off 600 workers... - 12/02/09 06:02 PM
Just an FYI in case you did not hear the news.....
Melville NY based Lend America closed its loan making operation Tuesday and laid off most of its 600 workers, a day after federal officials revoked its license to make loans insured by the Federal Housing Administration. FHA backed loans made up at least 90 percent of the company's business. Last year, Lend America closed 6,986 loans, or $1.36 billion in loans and for this year it projected 12,500 loans closed, for about $2.5 billion. The company serviced about $1.8 billion in loans and it is not clear whether it will continue … (0 comments)

Treasury Seeks to Increase Permanent Loan Modifications - 12/02/09 11:15 AM
The Obama administration recently outlined new efforts designed to increase the number of borrowers who receive mortgage relief.
The Treasury Department announced plans to monitor the actions of the largest mortgage servicing companies. It also announced it is requiring mortgage companies to develop and plans to increase the number of completed modifications. Completed loan modifications is defined as a trial loan modification that successfully is converted to a permanent loan modification.
Although more than 650,000 borrowers have been given trial mortgage modifications, few borrowers have received permanent loan modifications. Many borrowers complain that it is difficult to get permanent loan modifications even once they … (0 comments)

Avoid Foreclosure By Taking Out A Reverse Mortgage - 12/01/09 06:41 PM
With foreclosures on the rise, baby boomers and senior citizens are falling behind on their monthly mortgage payments. There are also those who are not in danger of foreclosing, but their current monthly mortgage payments are significant leaving them little to live on each month.
A reverse mortgage can end the payment nightmares for them AND they will never have to make another mortgage payment ever again! You can use reverse mortgages to end your current forward mortgage and since you will not have any more payments, that will help with your monthly cash flow problems.
In summary, this move eliminates … (6 comments)

How to pay back a reverse mortgage - Baby boomers want to know - 12/01/09 06:18 PM
They want to know when to pay back a reverse mortgage, who is responsible, and what happens when the loan becomes due?Those are some good questions and here are some answers....
First, when you get a reverse mortgage, the lender does not own your home. A reverse mortgage is a loan against the property. The title remains in the name of the borrower and the lender is only repaid the loan balance or home value....whichever is less. The pay back of a reverse mortgage is not required until the borrower no longer lives in the house.When do you pay back a reverse mortgage?The loan is due … (4 comments)

Looking for 100 subscribers to my blog !! - 12/01/09 11:41 AM
That is a goal that I have set for myself. Right now, I have just 5 and I am one of them (someone please tell me how to remove myself from that list).
Is 100 too ambitious? Should I set the bar at 500? Take a look at my blog and maybe you will find some of the information that I posted to be informative. If so, do not hesitate to click on the subscribe link below.
You may miss out on a lot of unique perspectives on what is happening in the mortgage world. I may also post my national … (7 comments)