lynnette phillips: Don't They Realize Where They'll Be Soon? - 08/27/08 01:46 PM
A recently issued report by the Mortgage Asset Research Institute (MARI) states that mortgage fraud climbed 42% in the first quarter of 2008. The lender criteria has tightened considerably so that some feel it is necessary to 'tweak' applications. The most common situations cited were General Application Misrepresentation such as debt & asset misstatements, invalid social security numbers, incorrect addresses and Employment & Income falsification.
Loan applications are at an 8 year low according to the Mortgage Bankers Association and this supposedly makes the so-called 'professionals' push for clients. Maybe understandable but is this just another another area where it has … (9 comments)
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lynnette phillips: Short Sales, Quit Claim Deeds, Acceleration Clauses & Foreclosure - 08/26/08 12:14 PM
A report published by FREDDIE MAC (Federal Home Loan Mortgage Corporation) tells us that "fewer than half of homeowners contact their lenders before entering foreclosure". These homeowners are not only missing out on the assistance they might be able to receive from their lender, they more than likely do not know that are entitled to talk to a counseling agency. Others mistakenly believe that transferring title to the property will solve the problem.
Many homeowners who find themselves facing foreclosure proceedings labor under the misconception that the banks or lenders want their home; this is not true. The foreclosure will cost … (5 comments)
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lynnette phillips: Least & Most Expensive Closing Costs Per State - 08/20/08 10:35 AM
The expense of closing costs are a major concern of most clients. Bankrate.com did a survey so we can more easily answer that question. These figures are based on a $200,000 property.
Top 10 Least Expensive States For Closing Costs
1. North Carolina $2,650 2. Kansas $2,669 3. Missouri $2,758 4. Maine $2,793 5. South Dakota $2,797 6. Iowa $2,804 7. Wyoming $2,804 8. Illinois $2,826 9. Vermont $2,872 10. Indiana $2,878
Top 10 Most Expensive States For Closing Costs
1. New York: $4,016 2. Texas: $3,975 3. Florida: $3,683 4. Oklahoma: $3,558 5. New Mexico: $3,465 6. New … (16 comments)
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lynnette phillips: Schools Are Important When Looking for a New Home - 07/22/08 01:00 PM
You've found the perfect area to raise the kids...a safe neighborhood, parks & recreation areas near, after school programs abound, freeway close for that commute, but what about the schools. Education is important, how do the schools compare?
Find the schools in your area and locate data such as academic performance, graduation rates, student-teacher ratio, course offerings and compare by viewing the website California School Finder.
… (0 comments)
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lynnette phillips: VA Loan Guidelines Are More Flexible -- UPDATED - 07/16/08 07:59 PM
There are more and more eligible veterans who want to use their VA benefits to buy a home & why not?
The VA Home Loan Guarantee program provides mortgage insurance with 100% financing There is no monthly mortgage insurance required with this program It offers unlimited seller paid closing costs for non-recurring costs Allows for up to 41% DTI ratio The credit guidelines are more flexible than FHA or conventional loans There are no minimum credit score requirements Check with these valuable resources for mor information:
VA LENDERS, SERVICERS AND REAL ESTATE PROFESSIONALS PAGE: http://www.homeloans.va.gov/ls.htm
VA Eligibility Rules re: how to … (10 comments)
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lynnette phillips: Secluded Home in Natural Setting - 07/16/08 02:55 PM
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lynnette phillips: One in Seven Americans Aren't Mobile! - 07/16/08 12:10 PM
There was a time when being "out of touch" as just the norm, we didn't realize there was a problem. There was pagers, voice mai;, even others who could write down phone messages for us. Imagine being without our cell phone now!
Yeah, we have problems with dropped calls, areas we can't get a sial, dropping them in the toilet, but we deal & can't imagine being out of touch. Even if we don't need them as 'road warriors', we need to be able to be reached by our kids, spouses, volunteer obligations.
Let's face it in the 21st century … (2 comments)
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lynnette phillips: Governor Schwarzenegger Signs Foreclosure Bill with Protections for Both Homeowners & Tenants - 07/09/08 12:25 PM
Homeowners of foreclosed properties are often so desperate to find a way clear of the situation that they can fall victims to the unscrupulous. For renters the only difference being they usually become victims much sooner and are often unaware until they find out they’re homeless.
The current surge of foreclosures has been said to be the worst since the Great Depression. A shockingly increasing number of foreclosed single family homes, at least one fourth according to the California Apartment Association (RealtyTrac.com puts this figure at close to 38% nationwide), are tenant or non-owner occupied. These families often have … (7 comments)
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lynnette phillips: Confusion About Quit Claim Deeds - 06/29/08 11:42 AM
There seems to be some misconceptions concerning Quit Claim deeds. More and more people seem to be operating under the mistaken belief that turning their property over to someone else also changes the liability regarding the mortgage or home loan. This mistake can be a very serious mistake.
A Quitclaim Deed transfers only the interests in real property which the grantor has. They are routinely used in divorce cases. If there is a home loan on the property it does not relieve the grantor of the financial liability.
… (6 comments)
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lynnette phillips: Warranty Deeds - 06/28/08 05:14 PM
When title to a property is transferred in CA it is usually by a Grant Deed or Quit Claim Deed. More and more lately though I have noticed the use of Warranty Deeds which have been more commonly used in the Midwestern and Eastern states.
A Quitclaim Deed transfers to the grantee only the interests in real property which the grantor has, the grantee assumes responsibility for any claims against the property. They are routinely used in divorce cases.
Grant Deeds are the most commonly used and carry with them the implication that the property has not been transferred to anyone … (0 comments)
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lynnette phillips: Tenant Protection from Foreclosure Through AB2586 - Corrrection - 06/14/08 12:56 PM
Once again California is ranked #2 of the top five states when it comes to home foreclosures with the Inland Empire ranking #5 in the metropolitan top 10—certainly not a positive distinction. Foreclosure is so widespread that it seems impossible to be unaware of the plight especially as a real estate or mortgage professional. The list of those that suffer because of this scourge seems endless…owners, renters, marriages, children, pets, contractors, homeowner associations and on and on.
Tenants becoming suddenly homeless due to foreclosure has become a common problem it and protection for these innocents needs to be addressed. – landlords … (13 comments)
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lynnette phillips: Title Transfer and Acceleration Clauses - 06/08/08 07:41 PM
Lately I have received quite a few questions about using a quit claim deed to relinquish titles to property, usually turning title over to a relative, while the current owner continues to make the payments on a mortgage signed by him or her.
While this seems incredibly generous on the part of the mortgagor (the borrower) this could create a problem. The mortgagee (the lender or creditor) holds a note secured by the property that will no longer be held in title by the person who signed the loan agreement. For this reason most mortgages or trust deeds today contain alienation … (2 comments)
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lynnette phillips: New Guidelines for Non-Traditional Credit - 05/18/08 02:37 PM
I came across an article outlining FHA guidelines. I wanted to share this with other AR professionals who talk with people who believe they aren't able to buy a home.
Here's a few of the non-traditional credit guidelines that may help your clients:
1. The borrower may have no collection accounts appearing on their credit report within the most recent 12 months.
2. There may be no more then 1x30 day late in the most recent 12 months on any of the non-traditional credit trade lines.
3. Borrowers ratio’s may not exceed the 31/43% housing to income and debt … (6 comments)
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lynnette phillips: They Deserve Better - Updated - 05/18/08 12:53 PM
I was recently talking with a new member of our office team. He was telling me of a veterans group that he works with known as Operation Home Front dedicated to helping military families achieve home ownership and about the thousands of reservists that have been called to active duty, many of whom are now having trouble meeting their mortgage payments and are falling into foreclosure.
My immediate thought was “These people deserve so much better from their country!” Well, I found out that their country thought of this way back in 1940 when they enacted the “Servicemembers Civil Relief Act” … (1 comments)
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lynnette phillips: Is Becoming a Homeowner Part of Your Dream? - 05/04/08 07:26 PM
Life is full of opportunities, joys and surprises-college, the big job, the dream car, marriage, the new furniture, the sound system, and through education loans, credit cards, etc. you pay for them all. Then one morning there’s a phone call from a not-so-friendly collection agency, then another and another. Your debt is out of control. How are you going to qualify for that new home loan with this kind of credit score? Where can you find help?
Debt Consolidation Care could be the website you're looking for. Debt Consolidation Care agrees with the importance of consumer education and is offering … (2 comments)
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lynnette phillips: Minorities are Foreclosure Scam Targets - 04/30/08 03:12 PM
You may have read my recent post Foreclosure Recovery Scams in Your Area . In that post I mentioned talking with Graciela Carvajal of ACORN Housing in San Bernardino, CA. She told me that there is such a large population of minorities in this area who don’t understand not only the loan process but the foreclosure process it makes them ideal victims. During our conversation she also mentioned that since she’s Hispanic she monitors the Spanish media and is amazed and concerned by the number of advertisements for obvious scams.
Why am I addressing this point again? Well, yesterday I … (2 comments)
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lynnette phillips: Renters Can Fall Victim to Foreclosure Too - 04/08/08 11:26 AM
Home owners aren't the only ones who can fall victim to the foreclosure scourge.Thousands of renters are finding themselves suddenly homeless (see this CBS news video). Some lenders offer renters a "Cash for Keys" program others just put them out on the street.
To make matters worse, renters are also falling prey to foreclosure scam artists.
I talked with Doug & his wife. They had been convinced by one seemingly sincere man that he had just purchased the house and although the county records hadn't caught up yet showing him as the owner they could go ahead & pay him the $2000 … (8 comments)
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lynnette phillips: They Deserve Better - 04/02/08 03:00 PM
I was recently talking with a new member of our office team. He was telling me of a veterans group he works with and about the thousands of reservists that have been called to active duty many of whom are now having trouble meeting their mortgage payments and are now falling into foreclosure.
My immediate thought was “These people deserve so much better from their country!” Well, I found out that their country thought of this way back in 1940 when they enacted the “Servicemembers Civil Relief Act” (SCRA).
Senator Diane Feinstein’s website gives us a referral site that answers … (9 comments)
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lynnette phillips: Foreclosure Scams Video From CNN - Only 37 Days?! - 03/21/08 11:18 AM
The foreclosure crisis is nationwide. The scam artists have no heart. I salute this woman for fighting back and wanted to share this video from CNNMoney.com
I don't know what is more appalling the woman's situation or Georgia's 37 day foreclosure process!
This woman is seeking help through legal channels; they evidently are making every effort but will they be in time? Only 37 days from start to finish...a big difference from California's foreclosure process but too many people are finding them selves in the same situation because of the sharks plotting their scams!
… (10 comments)
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lynnette phillips: Who's Safe? - 03/16/08 02:39 PM
You've probably already seen a news segment on lock bumping here's a link complete with other links to news programs showing you how easy it is for someone to get into your home...An intruder to your home or business can enter in a minute or less!
… (5 comments)
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