foreclosures: The Mortgage Has Become The Last Bill To Be Paid
- 03/05/17 11:38 AM
There was a time when the mortgage was the first bill to be paid. But for a few years now that is not the case any more, and The Mortgage Has Become The Last Bill To Be Paid. The mortgage no longer taking priority as the first bill to be paid, started to become more of a trend in the last decade, and has continued with the increasing number of foreclosures. This is a trend that is unlikely to change unless the Foreclosure Process changes. When I was growing up I did not know anyone who lost their home to foreclosure except … (15 comments)
foreclosures: Homeowners Need To Be Proactive If In Danger Of Missing A Mortgage Payment
- 03/31/16 04:36 AM
I took an application for a VA Mortgage this week, and one of the disclosures the Borrower needed to sign was the VA "Counseling Checklist For Military Homebuyers". Clause #6 on the "Counseling Checklist For Military Homebuyers" states: "If unexpected circumstances lead to difficulty in making your payments, contact your mortgage company promptly. It will be easier to resolve any problems if you act quickly and be open and honest with the mortgage company." This is excellent advice, and this clause should be made part of every mortgage application. Homeowners Need To Be Proactive If In Danger Of Missing A Mortgage Payment. This clause … (35 comments)
foreclosures: How Foreclosures & Short Sales Impact Purchases On Fannie Mae Mortgages
- 12/16/12 05:53 PM
In recent years we have experience an increase in Foreclosures, and Short Sales, in fact presently Foreclosed and Short Sale properties make up a large percentage of the properties currently on the market for sale. Borrowers that are going through a Foreclosure or Short Sale need to be informed of How Foreclosures & Short Sales Impact Purchases On Fannie Mae Mortgages. In this blog I will go over the Fannie Mae Guidelines for Foreclosures, Short Sales, and Bankruptcies, and in the next blog I will address the FHA Guidelines. Fannie Mae last revised their Guidelines for Foreclosures, Short Sales, and … (16 comments)
foreclosures: Top 5 States In Foreclosures In 2010
- 03/21/11 11:36 AM
Friday was our Monthly Sales Meeting at McCue Mortgage. One the presentations was on the economic conditions that was presented at a recent Mortgage Bankers Association seminar. The seminar touched on all parts of the economy, but the part that caught my attention was the information provided on foreclosures for 2010. The chart below was one of the charts that was handed out, and that I found surprising for a couple of reasons. First, that more than 50% of the foreclosures for 2010 were concentrated in just 5 States. And second, that this was the first time that I had seen foreclosure … (24 comments)
foreclosures: Fannie Mae Guidelines for Foreclosures, Short Sales, and Bankruptcies
- 09/10/10 12:26 PM
We were warned that as foreclosures increased, that Guideline changes would follow. So the new Fannie Mae Guidelines for Foreclosures, Short Sales, and Bankruptcies should not come as a surprise. Those that have tried to justify Strategic Defaults need to seriously rethink their position, because as these voluntary defaults increase the number of foreclosures, additional Guideline changes will follow. As you will see in the changes below, Fannie Mae is not really making a distinction between foreclosures where the homeowner can no longer make the mortgage payments, and voluntary defaults such as Strategic Defaults (extenuating circumstances are very hard to prove to the satisfaction of Fannie … (27 comments)
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