mortgage loan: New Short Sales Rules Effective June 1! But not for All? - 04/19/12 08:27 AM
The Federal Housing Finance Agency (FHFA) which oversees Fannie Mae and Freddie Mac have designed new rules when it comes to short sales, deeds-in-lieu and deeds-for-lease in order to help consumers avoid foreclosure.  There will be various stages to these rules with the first one taking effect June 1.
Mortgage Servicers must review and respond to requests for short sales within 30 calendar days from receipt of a short sale offer. Provide weekly status updates to the borrower if the short sale offer is still under review after 30 calendar days Make and communicate final decisions to the borrower within 60 … (2 comments)

mortgage loan: 10 Ways to Avoid Your Buyers Loan From Falling Through - 03/20/12 05:47 AM
How many times has it happened to you that just when you're about ready to close a transaction, the buyer has quit their jobs, put a lump sum of cash into their bank account, bought a car, etc?  Print this and hand this to all of your buyers.  Enjoy!



10 Commandments When Applying for a Mortgage Loan
Thou shall not change jobs or become self-employed
Thou shall not buy a car, truck or van unless you plan to live in it
Thou shall not use your credit cards or let your payments fall behind
Thou shall not … (0 comments)

mortgage loan: Is Your Lender Taking Too Long? Here's a conquer the universe strategy! - 01/02/12 06:52 AM
Are you wanting to buy or sell a home and the lender you're using is taking too long or not returning your phone calls?  I know some people are afraid to use mortgage bankers and brokers vs the "large banks".  But keep in mind, that the mortgage bankers and brokers had to take 20 hours of education, pass a background and credit check, fingerprints, pass a minimum of a state and federal test, and annual 8 hours of continuing education and yearly license renewal.  The 'BIG banks" do not have to do this! 
Watch my brief video to show you how this … (0 comments)

mortgage loan: Serious credit problems are happening to a lot of people these days.. - 09/14/10 04:28 PM
 
 Here's a handy reference chart, with the FHA or VA waiting periods, if they mention they have had a bankruptcy or foreclosure, deed-in-lieu or short sale. OR if you are listing a home and the seller is considering a short sale or deed-in-lieu, use the chart to advise them how long they may have to wait to buy their next home with you.   
 
*Examples of circumstances out of the borrower's control are death of a primary wage earner, serious illness, unemployment, etc.  Generally, divorce is not considered an extenuating circumstance nor is derogatory mortgage history due to job transfer or … (3 comments)

mortgage loan: Shake the Money Tree? - 08/25/10 07:03 AM
Check Out All of These Little-Known Sources for FHA Down Payment!
Have you heard or thought of this before? "I'd like to buy a home but don't have the money for the down payment or closing costs!" There are a lot of lesser-known alternative sources of funds that are acceptable to FHA!
Gift Funds - Family, close friends (with no financial interest), employers, and charitable organizations (with no financial interest) are acceptable donors.
Loans from Immediate Family -  Unsecured or secured against the subject property. Payment must be calculated in ratios.
Secured Loans -  Can be collateralized by investment accounts or real property. Payments on loans … (1 comments)