Guess the wealthy have money problems, too - 01/25/10 11:35 AM
Even the wealthy are having problems getting a new loan and refinancing can be almost impossible - thanks to the skittish lenders out there. And the higher the loan value, the more the lenders worry.
In spite of having high six-figure incomes, stellar credit histories and oodles of assets, its seems really strange that the wealthy are getting their mortgage requests turned down. Until you think about it ...
...according to a report by First American CoreLogic, Inc. (a California-based research firm) about 12% of mortgages of $1 million and larger were late this fall, twice the rate for … (4 comments)

Realtors can learn a huge lesson from Scott Brown ... - 01/20/10 07:45 PM
Scott Brown just won the Massachusettes Senate seat. No, this is not a political statement. However there is a lesson here and you should use it in your real estate business.
The big question is ... WHY did Scott Brown win?
There were lot of political reasons but I am NOT going into a political analysis. I'm only interested in pointing out how you can learn from this event and apply it to YOUR business.
Here's what happened ...
1. Martha Coakley took her win for granted. - Do YOU take your past clients for granted by … (46 comments)

FHA Loans Will Be Harder To Get ... - 01/20/10 10:10 AM
As banks have clamped down approving conventional mortgages, the FHA program has become one of the few ways people can buy a home. George predicted that FHA loans would enjoy renewed popularity years BEFORE it happened. Banks like to make FHA loans because they come with a federal guarantee to cover losses if the borrower defaults. And borrowers found it easier to qualify for FHA loans because of lower downpayment and lower credit score requirements.
So, the demand for FHA loans has exploded. The agency guaranteed more than $360 billion in single-family mortgages in fiscal 2009, which ended Sept. 30 … (0 comments)

Finally - New Short Sale Guidelines Kick In... - 01/19/10 07:51 AM

On the front page of this Sunday's Palm Beach Post was an article about foreclosures in South Florida and how homeowners are making "business decisions" to walk away from their properties rather than keep making mortgage payments on homes that have lost HALF of their value. Although this may not be the "right" thing to do, homeowners are concerned about being in the same predicament when they sell their homes 10 years later.
It's a crying shame that government's so-called "Home Affordable Program" is such a failure ... as of the end of December only 2% - 66,465 (that's … (7 comments)

Then and Now ... - 01/12/10 07:19 AM
Everywhere you look there are houses for sale. And it's getting tougher and tougher to sell them. Why? One major reason is ... What used to be GREAT credit is now only OK credit ... Just a few years ago, a score of 620 or higher was good enough. That increased to 680 in early 2008. Then it jumped to 720 in April 2009 and 740 in August 2009 - according to Rodney Anderson, senior managing partner of Plano, Texas-based Rodney Anderson Lending Services. Not too long ago lenders would bend over backwards for a borrower with a score of 700 … (0 comments)

 
Pic2

George & Arlene Paukert

West Palm Beach, FL

More about me…

Road to Wealth, Inc.

Address: 8983 Okeechobee Blvd. , Ste. 202, West Palm Beach, FL, 33411

Office Phone: (561) 793-6554

Email Me



Links

Archives

RSS 2.0 Feed for this blog