Ar_home_b_search
 



lenders: Principle Reduction is Here - 03/29/10 10:35 AM
The federal government is suggesting principle reduction to banks as a way of further limiting the amount of foreclosures coming onto the market.  The participation by the banks is voluntary and they will receive incentives for helping borrowers in this way. 
The bank would choose who to offer this program to so there is nothing to apply for.  Of course there are requirements that must be met.  I am sure that many tax payers will not be happy with this way of helping delinquent borrowers as many people who really don't deserve the help may receive it but in the end we … (0 comments)

lenders: Cram Downs - 01/06/10 01:31 PM
Cram downs may become a reality.  A cram down is when a bankruptcy judge has the power to force a loan modification when the borrower files for bankruptcy.  This legislation has passed the House but had trouble getting through the Senate the first time around.  I think its only a matter of time before this happens due to the fact that alot banks are just not providing real workouts to their borrowers. Our lawmakers seem to be turning their attention to this issue again.  As the legislation gets close look for the banks to start approving many more workouts.
… (2 comments)

lenders: Buyer Opportunity and Pre-Approval Letters - 03/15/09 04:20 PM
What a great market to be a buyer in! Buyers should be out there in full force trying to find the property of their dreams.  They should be looking for properties showing great value.  Those are the buyers who will really get the best deals as opposed to the buyers looking to get something for nothing.
If you are a serious buyer go ahead and get a good pre-approval letter from a reputable lender so you know exactly what you can spend and you don't waste your time looking at all the wrong properties. Many sellers are requesting to see these pre-approvals with … (0 comments)

lenders: Mortgage Rates at 31 Year Low - 01/13/09 04:48 PM
The opportunity to borrow cheap money now is unbelievable! You would have to go back 31 years to get rates many of my customers are getting today.  Buyers should be out there shopping around for their dream home. For that group who are renting and thinking about buying, these rates are going to enable you to do it now. Call your lender and make it happen.
Homeowners who are looking to stay in their current home for awhile should definitely look at refinancing. If you could save a point on your mortgage go for it.  Here is a great tip.  Before you refinance … (0 comments)

lenders: Paying Doc Stamps on Short Sales - 12/26/08 09:24 AM
The Florida Department of Revenue has cleared up what was becoming a major issue in handling short sales.  They have ruled that the amount of Doc Stamps due is based on the amount actually paid by the buyer and does not include any amount forgiven by the lender. For awhile many closing agents had different views on this but now everyone is on the same page. This is great news for seller's in this challenging market.
… (0 comments)

lenders: Getting a Loan Modification - 11/26/08 08:51 AM
These days it seems that all you hear about are loan modifications. These workout plans by lenders are crucial to enable many people to remain in their homes. The most important thing to remember is that it is up to you to get your loan modification.  The banks are so overwhelmed that if you are not aggressive and persistent, you will get lost in the shuffle and wind up getting foreclosed on when you may have been able to avoid it.
Banks are very large companies and during these challenging times though they have become more organized as far as their workout departments … (0 comments)

lenders: Mortgage Rates Are Down - 09/11/08 10:05 AM
Now that the government has taken over Fannie Mae and Freddie Mac interest rates have really come down so now is the time to go out there and commit.  You won't see these benefits if you are borrowing more than $730,000.  Many of the local mortgage people have been swamped with calls from people looking to lock in their rates or to get things started.  Lenders will be strict on down payments and credit scores but they definitely want to make loans so if you are currently thinking about buying, take advantage of whats happening.
… (0 comments)

lenders: Check the Health of your Lender - 07/14/08 04:18 PM
During these challenging times for financial institutions it is very important that if we are in the process of buying a home that we make sure that the lender we choose is going to be around when it comes time to close. Here is a great website where you can keep track of lenders around the country and see who is in trouble and who is doing just fine. This is a great tool to use to monitor where you keep your money especially after reading about the latest IndyMac crisis. Some of these banks really went overboard giving out NINJA mortgages … (0 comments)

 
Santini_joe_h_s_color

Joseph Santini - Boca Raton Waterfront Expert

Boca Raton, FL

More about me…

Coldwell Banker - Boca Raton, Florida Waterfront Expert

Address: 1 South Ocean Blvd., Boca Raton, FL, 33431

Office Phone: (561) 400-1855

Email Me

This blog will keep you informed about the Boca Raton and South Florida Luxury Real Estate Market.


Links

Archives

RSS 2.0 Feed for this blog