Susan's Blog

Susan's Blog http://activerain.com/blogs/loannetter Thanks for reading my blog. Please feel free to comment and share ideas. We are all in this together! en-us http://activerain.com/blogsview/1375730/first-time-buyers-not-so-fast- First Time Buyers--Not So FAST! <p><strong><em>Congratulations! You bought your first home and you are filing for your tax credit. NOT SO FAST!</em></strong> The IRS has not released the full guidelines yet. If you file now your application may go nowhere slowly.</p> <p>First Time and Move Up Buyers are advised to wait until the the IRS publishes its updated Form 5405 with all the fine print instructions on how to apply. The current form online does not incorporate major changes in legislation signed by President Obama on Nov. 6, 2009. The changes refer to expanded income limits, a cap on the home's price, the documents you will need and screeds of detailed warnings about penalties for filing illegally. This is after all, a government program. Expect to need a translator.</p> <p>By extending the the $8,000 first-time home-buyer and adding the $6,500 move up buyer tax credit more buyers will be able to take advantage of current low rates and great home prices during winter,. You must have signed your contract by April 30, 2010 and close the purchase by June 30, 2010. May 1 we expect to see both prices and rates will rise...or try to.</p> <p><strong>Good news!</strong> Members of the armed forces, diplomatic and intelligence staff who have served overseas get an extra year to buy a principal residence and qualify for either tax credit.</p> <p><em><strong>Motto: read the fine print:</strong></em> <a href="http://www.irs.gov/">www.irs.gov</a>  save this link and watch for the FINAL version.</p> <p>Happy filing! <a href="http://www.loannetter.com" target="_blank">Loannetter</a></p> <p> </p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Tue, 08 Dec 2009 23:32:28 -0600 http://activerain.com/blogsview/1375730/first-time-buyers-not-so-fast- http://activerain.com/blogsview/1369188/slope-of-hope-in-north-dakota- Slope of HOPE in North Dakota? <p><strong>If you have any doubts what is happening to our country, click this freaky visual map and watch the county by county disease creeping across America as more than 31 million people are progressively laid off.</strong> <a href="http://cohort11.americanobserver.net/latoyaegwuekwe/multimediafinal.html">http://cohort11.americanobserver.net/latoyaegwuekwe/multimediafinal.html</a></p> <p><strong>And these are only the official numbers.</strong>The Bureau of Labor statistics is not all that clear on how many have 'fallen off' the rolls because they are no longer eligible to receive unemployment. Or how many PhD's are now driving part time taxis by day and scrubbing floors at night.</p> <p>I know we'd all like to feel more positive during the season of good cheer. So what can we do about this? Well, how about offering a meal or a bed to someone in need? Our local food banks are only able to give out half the amount to a family under current demands. They noted the number of executives in line along with the long time homeless. Things have gotten so bad at our food-banks that most retailers who are still in business are collecting canned food for discounts to help out. </p> <p>While this time lapse map blackens like the plague, did you happen to see the one WHITE county left with unemployment under 1.9%? Slope County, North Dakota. In fact since the start of this recession their unemployment numbers actually went down. What gives?</p> <p><strong>The Skinny on Slope, North Dakota:</strong> I looked up the <a href="http://www.midrivers.com/~whtmule/genweb/slope/slope.htm" target="_blank">Slope County</a> statistics and among the 767 people living there: voila: 56.4% are employed in mining. (According to my trader friends, mining is a growth industry.) And OMG there are more MEN than WOMEN!!!! How did that happen? But wait...there's more...they must have AVOIDED the real estate bubble: The median house value in 2000 was just $23,900. and it gets better...their median household income of $24,667 is actually MORE than the median house value which means you could probably save enough to buy a home with cash or very solid down payment in what --five years?</p> <p>Could Slope North Dakota please share their secrets with those of us living in counties where the median house value is four times our median income? I am just wondering if the fact their Government workers are under 15% of their total has anything at all to do with this screaming success? And from what I gather in these modest statistics, they have zero manufacturing, pharmaceuticals, semi conductors, high tech or financial industries to bring them down.</p> <p><strong>Of the two towns mentioned on their website:</strong>"...Marmarth has slowed it's pace a little.  It is a quaint and quiet town with beautiful views, interesting people, and tons of history. There are about 50 people living there and there is no longer a high school in existence.  There is an excellent restaurant that is a diamond in the rough.  There is a gas station and cafe but that is the bulk of the businesses." They are raising funds to restore a few railroad depots and old buildings if anyone on Active Rain has a mind to reconsider their options.</p> <p>County Population: 767<br />County Houses: 451<br />Land area: 1217.9 sq. mi.<br />Water area: 1.3 sq. mi.</p> <p>Industries providing employment: Agriculture,forestry,fishing and hunting, and mining (56.4%).</p> <p>Type of workers:</p> <ul> <li> <p style="text-align: left;">Private wage or salary: 38%</p> </li> <li> <p style="text-align: left;">Government: 15%</p> </li> <li> <p style="text-align: left;">Self-employed, not incorporated: 45%</p> </li> <li> <p style="text-align: left;">Unpaid family work: 3%</p> </li> </ul> <p style="text-align: left;">Median age: 42.5 years<br />Males: 53.8%, Females: 46.2%<br />Average household size in Slope County: 2.45<br />Median household income: $24,667 (year 2000)<br />Median house value: $23,900 (year 2000)<br />Median montly rent in 2000: $325</p> <p style="text-align: left;"><strong>Could Slope be the model upon which to rebuild our local economies?</strong> There could just be a catch: according to the county <a href="http://www.midrivers.com/~whtmule/genweb/slope/slopephotos.htm" target="_blank">photo collection,</a>most of the buildings featured are derelict. Of course this could be a clever PR campaign designed to scare off the city slickers who might move in, run up the property values and set up artsy fartsy cafes and galleries. If anyone from Slope County is on Active Rain I'd love to hear the skinny on your success.  I'll bet the 45% self employed person is feeling pretty happy knowing they have a home to come home to at the end of the day.</p> <p style="text-align: left;">Please don't consider my online musings unkind. I am frankly amazed that places like Slope still exist and I would love to hear more from other places where unemployment is not a daily threat. We could all use some good news for a change! David Suzuki has written a book by that title -- it's very inspiring! <a href="http://www.amazon.com/Good-News-Change-Everyday-Helping/dp/155054926X" target="_blank">Good News For A Change</a>. </p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Fri, 04 Dec 2009 19:22:53 -0600 http://activerain.com/blogsview/1369188/slope-of-hope-in-north-dakota- http://activerain.com/blogsview/1365639/obama-gives-and-tells- OBAMA "Gives and Tells"! <p><em><strong>Congress has gifted over $700 BILLION to the banks to save themselves and help homeowners avoid foreclosure. So is it working? Obama says not yet and he's going to name names of the banks who are dragging their feet!</strong> </em></p> <p>Heavens, we are not complaining about a promise of hundreds of Billions in TARP money going to banks to help homeowners avoid foreclosure and modify their mortgages right now! These funds are sorely needed to stop this train now wrecking many American homes. Recent New York Times articles describe in horrific detail the problems with the HAMP and Making Home Affordable programs so touted by Fannie Mae and Freddie Mac as the be all and end all.</p> <p>NY Times: December 1: <a href="http://www.nytimes.com/2009/12/01/business/economy/01mortgage.html?_r=1&scp=2&sq=loan%20modification&st=cse" target="_blank"><strong>Treasury Pushes Banks to Modify Loans</strong></a></p> <p>Meanwhile, The TARP Congressional Oversight Chairman, Elizabeth Warren, has been keenly advocating for accountability on the use of our tax dollars. She and her Harvard team have a pretty big job and the fact is the banks are not telling yet because they have not been forced to!</p> <p><a href="http://link.brightcove.com/services/player/bcpid1827871374?bctid=50351536001" target="_blank"><strong>Watch this fascinating New Yorker interview with Professor Warren</strong></a> as she explains why the 'tricks and traps' model of banking must come to an end if we are to survive the shift in our economy. Warren is spearheading a new Consumer Finance Protection Agency, whose charge is to be the champion and watchdog for consumers and keep taps on banking instruments</p> <p>She boils down the jargon and muses on how the American family has been abused by this economic crisis. Since most people can't figure out the difference between loan and credit products it stands to reason there is no real ability to make wise choices. The knowledge to choose appropriate credit and investment vehicles is key to helping people recover from the ravages of job and equity losses.</p> <p><strong>Restoring our faith in lenders could take a while!</strong> Remember the good old days when Banks and Building and Loans were seen as a means for individuals to pool their resources and grow their communities for the common good? Remember the old Frank Capra Christmas movie: <em><strong><a href="http://www.youtube.com/watch?v=ErrzjGCi3gY&feature=fvw">It's a Wonderful life?</a></strong></em> I watch that movie very year. I never fail to cry with joy at the end. Jimmy Stewart as the beloved country banker who is rescued from financial ruin as his community comes forward to save him in gratitude for his generosity...and all is well.</p> <p>Wouldn't that be wonderful? <em><strong><a href="http://www.loannetter.com" target="_blank">Loannetter</a></strong></em></p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Wed, 02 Dec 2009 20:33:59 -0600 http://activerain.com/blogsview/1365639/obama-gives-and-tells- http://activerain.com/blogsview/1310895/congress-gets-down-to-business-on-h-r-3126- congress gets down to BUSINESS on H.R. 3126! <p>This week, the House Financial Services Committee passed H.R. 3126, the "Consumer Financial Protection Agency Act of 2009" including an amendment to repeal HVCC, the Home Valuation Code of Conduct, or as we call it, the "Havoc Rule". The bill still has to clear both houses and be ratified into law. Any chance of that before Christmas to save the sale market running up to the new year?</p> <p>This bill also contains the First Time Buyer Tax Credit extension and provisions to assist repeat home buyers and small businesses with tax breaks. All great ideas. But as measures, resolutions and bills go, it will be very crucial what of any substance survives. We have a Congress and an Administration that seems intent on self regulation by the biggest offenders while penalizing the solo entrepreneurs.  </p> <p>Thanks to all the realtors, mortgage brokers, appraisers, investors and home buyers for supporting this legislation. Read the recent <a href="http://rs6.net/tn.jsp?t=dyqrubdab.0.0.564yh9cab.0&p=http%3A%2F%2Fcapwiz.com%2Fnamb%2Fissues%2Falert%2F%3Falertid%3D14236611&id=preview" title="http://rs6.net/tn.jsp?t=dyqrubdab.0.0.564yh9cab.0&p=http%3A%2F%2Fcapwiz.com%2Fnamb%2Fissues%2Falert%2F%3Falertid%3D14236611&id=preview" target="_blank"><strong title="http://rs6.net/tn.jsp?t=dyqrubdab.0.0.564yh9cab.0&p=http%3A%2F%2Fcapwiz.com%2Fnamb%2Fissues%2Falert%2F%3Falertid%3D14236611&id=preview">NAMB release</strong></a> on how this affects our national housing industry.  </p> <p><strong>Will FHA fall prey to HVCC? </strong>We are particularly concerned that FHA is supposed to adopt HVCC in January 2010. Currently, FHA certified appraisers may be hired directly. Since the adoption of the HVCC, we have witnessed delays while extra paperwork and reviews fly back and forth via a third party mechanism; the loss of fees to middlemen of Appraisal Management Companies, and appraisers from outside our area delivering low-ball valuations. Many senior appraisers are retiring rather than contend with the impacts to their businesses. Who is being served? AMC's and the banks that own them! </p> <p><strong>I know this sounds like sour grapes. But the effects speak for themselves:</strong></p> <p><em>"In a recent Internet poll, real estate industry professionals were asked to indicate the value that was generated by their last HVCC appraisal relative to the sales contract price that the seller and buyer had agreed upon. With 57.7% of the sales values being lowered by more than 3% the results below highlight how dramatically HVCC is artificially deflating the value and equity of every home in America."</em> <em>  <a href="http://www.ThinkBigWorkSmall.com">www.ThinkBigWorkSmall.com</a></em>  </p> <p>This rule has forced brokers and mortgage banks like ourselves to hire AMC's in order to define an appraiser group. So now, appraisers must sign up with multiple AMC's to cover a multitude of lender preferences (i.e., their own particular criteria)-- which means higher costs to them and fee cuts, while raising the cost to consumers. Brutal!  </p> <p>Mortgage professionals, appraisers and realtors and our local politicians support a vibrant real estate recovery and rely on fair and professional valuations to help achieve this. Please call, email or write your <a href="http://rs6.net/tn.jsp?t=dyqrubdab.0.0.564yh9cab.0&p=http%3A%2F%2Fwww.congress.org%2Fcongressorg%2Fdirectory%2Fcongdir.tt&id=preview" title="http://rs6.net/tn.jsp?t=dyqrubdab.0.0.564yh9cab.0&p=http%3A%2F%2Fwww.congress.org%2Fcongressorg%2Fdirectory%2Fcongdir.tt&id=preview" target="_blank"><strong title="http://rs6.net/tn.jsp?t=dyqrubdab.0.0.564yh9cab.0&p=http%3A%2F%2Fwww.congress.org%2Fcongressorg%2Fdirectory%2Fcongdir.tt&id=preview">Congress Persons</strong></a> and ask them to support this legislation.  </p> <p>And hey--be careful out there!</p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Thu, 29 Oct 2009 23:24:51 -0500 http://activerain.com/blogsview/1310895/congress-gets-down-to-business-on-h-r-3126- http://activerain.com/blogsview/1288766/first-time-buyers-get-the-boot- First Time Buyers Get the BOOT! <p><strong>Military boot size that is. </strong>Congress is dithering whether to extend the FTHB Tax Credit at all...and so they are suggesting the extension will only go to Veterans who have served overseas during the last year.  Those  service members who have served overseas for 90 days in 2009 will have an additional for six months to take advantage of your First Time Tax Credit. Major political ploy to win hearts with military families. Hint hint...your average Joe the plumber is unlikely to qualify for this extension.</p> <p>Have you written, called, emailed and bothered your Representatives and Senators about this yet?</p> <p><strong>Loan bottleneck: </strong>Meanwhile, first time buyers are piling on at underwriting like locusts and we have seen quite a few lenders start to put the brakes on by hiking rates this week...just in time eh? Those who need(and deserve) assistance are more confused than ever by Realtors and sellers suggesting the credit will be extended and the buyers will receive the funds to close (!). No kidding, I hear this every day. Do yourself a favor and refer folks to the IRA or their CPA and back off.</p> <p><strong>Short Sales</strong> and their particularly annoying dance between lenders and asset managers have created quite a backlog in our area with the very people who need these homes. The time it takes to negotiate a sale on these often lower priced properties has been a real deterrent. Obama has proposed Universal Short Sale Guidelines to manage short sales and move them along, according to the Think Big Work Small dynamic duo, Brian and Frank: <a href="http://www.thinkbigworksmall.com/mypage/archive/1/23076">http://www.thinkbigworksmall.com/mypage/archive/1/23076</a></p> <p><strong>House Bill HR2483  </strong>supported by National Association of Realtors, calls to extend the FHA higher Loan limits as permanent--support this! In addition, this bill supports removing the non-owner occupied ratio limits on condomimiums to help more condo buyers qualify for FHA loans...which translates into putting more OWNERS into condos. More user friendly aspects to this bill would allow owners to buy condos and help ease the market supply of condos again. What a great idea! <em><strong>Woo woo NAR!</strong></em></p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Fri, 16 Oct 2009 14:51:01 -0500 http://activerain.com/blogsview/1288766/first-time-buyers-get-the-boot- http://activerain.com/blogsview/1274468/hamp-n-in-the-hood- HAMP'n in the 'HOOD! <p><strong>Home Affordable Modification Program (HAMP) Update</strong></p> <p>Freddie Mac has been reduced to going door to door to attempt stopping foreclosures. Well...wonder how they are being received by their beleaguered mortgagees? Anybody seen Freddie on your street yet?</p> <p><strong>$4.7 Billion headed to the usual suspects: </strong>To date, our modification partner's experience with the primary originating banks of so many distressed homeowners has been pretty hard going. Oddly, the HAMP program has not been all that popular with some of the biggest banks with the highest foreclosure rate. Namely Countrywide, GMAC, Citi, National City Bank. So to encourage these big banks to actually USE the government foreclosure assistance or modification/refi programs <em>our Federal Govement is giving them an additional $4.7 Billion to get them on board.</em> Which means if you have had a lame response to your request for loan modification at first request, then try try again.</p> <p><strong>One point: </strong>Many servicers of FHA and VA loans are also servicers of Fannie and Freddie Loans. They approach their responsibility of modification according to how much the servicer, i.e., investor is willing to work with a given borrower. USDA and VA have higher percentage of guarantees than FHA which is insured against default-- but when the lender, i.e., the servicer is left holding the bag once the government funds run out they are not in a very helpful mood.</p> <p>Originally, HAMP, part of the U.S. Treasury's Home Affordability & Stability Plan is also working in tandem with the Neighborhood Stabilization Act. These programs are designed to help at-risk homeowners by providing fair and consistent modifications. Neighborhoods with a high level of foreclosures are being given extra consideration to help prevent the loss of values such a rash of high foreclosures sets in motion. The fact is: many wily investors are swooping in and BUYING distressed homes at short sale prices and moving folks on quicker than these programs are arriving to help. There goes the 'hood?</p> <p>Here are a few relevant information links:</p> <p><strong>Delegation for <a href="http://www.mgic.com/servicing/hamp_gse.html">GSE</a> and <a href="http://www.mgic.com/servicing/hamp_non_gse.html">non-GSE-insured</a> loans </strong></p> <p>Read the <a href="http://www.mgic.com/servicing/hamp_waterfall.html">Waterfall</a> criteria set by the U.S. Treasury for Fannie Mae, Freddie Mac and non-GSE servicers.</p> <p>For more information on the U.S. Treasury's program or GSEs' requirements, please visit:</p> <p><a href="http://www.treas.gov/press/releases/reports/guidelines_summary.pdf" target="_blank">U.S. Treasury's HAMP</a></p> <p><a href="https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0905.pdf" target="_blank">Fannie Mae's HAMP</a></p> <p><a href="http://www.freddiemac.com/singlefamily/service/mha_modification.html" target="_blank">Freddie Mac's HAMP</a></p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Wed, 07 Oct 2009 18:00:04 -0500 http://activerain.com/blogsview/1274468/hamp-n-in-the-hood- http://activerain.com/blogsview/1239127/settle-this-dispute-over-hvcc- Settle this DISPUTE over HVCC! <p><strong>Help me out here. </strong>I have a 20 year veteran Real Estate Developer telling me the HVCC is a good thing! Really!! That onerous Home Valuation Code of Conduct that has sent many brokers and borrowers running to FHA in order to get a decent valuation. I'd really like to hear your experience. Any pointers welcome!</p> <p><strong>His arguing points are:</strong></p> <p>1. Mortgage Brokers (and Realtors) are jealous we no longer 'control values'.</p> <p>2. We are just eager to create higher % loans for the most money and screw the borrower.</p> <p>3. Appraisers won't travel outside their areas due to travel costs.</p> <p>4. Appraisal Reviewers work the same region as the appraiser and know the turf.</p> <p><strong>OK: These 4 points are pretty off base.</strong> How can you sputter an answer to someone with these kind of blinders on to what is really going on? Most of us in the residential lending side are so in knots over having no contact with our appraisers, especially to SAVE the borrower if their deal is not doable. What if something needs to be corrected, however minor? </p> <p>Mortgate Brokers never controlled value. Anyone who tried is out of business (including Countrywide and Washington Mutual). Point 2 is always a greed factor that most borrowers get wind of. If you try to talk get borrowers into loans they can't afford you are out of business by now.</p> <p>The appraisers willing to travel distances in my area are quite prevalent! I had one guy tell me he covers Oregon to the BC border and feels informed about anything on the west of the state. Guess he likes to drive?</p> <p>Unfortunately, owners and buyers feel their values are being unfairly downgraded by this system. We can't comment now. If the value is not there, we now face multiple appraisals and reviews, which takes time and money out of everyone's pocket. Often the borrower's credit is dinged beyond repair in the process to review and resubmit to a new lender when their AMC trashed their value. We have had underwriters three time zones away knock our values and pull their own comparables.  Asking for a review costs on avearage $400 and the risk is it will be reviewed by yet another faceless person at a computer in another state who is looking at sales data with no idea what the neighborhood factors are. So much for local reviewers?</p> <p>Did this person's banker friends just put him up to annoying me? Oh yea, probably! HUH! I fell for it. That's right. This person's banker pals aren't lending him any money right now for HIS developements so he's really annoyed a loan officer can scurry over to FHA and get money for home buyers. Ya THINK?</p> <p>If you'd like to urge congress revisit the Home Valuation Code of Conduct, please consider adding your name to the petition: <a href="http://www.hvccpetition.com">http://www.hvccpetition.com</a> </p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Tue, 15 Sep 2009 00:53:20 -0500 http://activerain.com/blogsview/1239127/settle-this-dispute-over-hvcc- http://activerain.com/blogsview/1234844/manufactured-homes-the-hits-go-on- Manufactured Homes: The Hits GO ON! <p><strong>This news is not going away fast.</strong> In the wake of FHA and VA lenders closing the window for funding Manufactured Home Loans (August 09) I am canvassing our network for solutions, conventional, portfolio, you name it. Here's the skinny:</p> <p><strong>The FEW lenders still funding Manufactured home purchases require:</strong></p> <p><strong>1. </strong>Higher credit standards for both borrowers</p> <p><strong>2. </strong>Higher down payments than stick built homes</p> <p><strong>3.</strong> Higher interest rates and closing points</p> <p><strong>4.</strong> Newer age limitations on the home (which creeps up every year, 1994 is typical)  </p> <p>My August post on this: <a href="http://activerain.com/blogsview/1202931/manufactured-homes-take-a-hit" title="http://activerain.com/blogsview/1202931/manufactured-homes-take-a-hit">http://activerain.com/blogsview/1202931/manufactured-homes-take-a-hit</a>-</p> <p><strong>What's the Big Deal?</strong>  Manufactured homes represent significant risk to the investor because defaults in this housing sector are extremely high. My portfolio lenders won't fund anything older than 1994 . The list of no gos gets longer by the day. </p> <p><strong>What's a Seller to Do?</strong> While this is not my area or expertise, it appears the loss of good lending terms will seriously affect resale value of all manufactured housing. Higher insurance fees (and fewer insurers) are an ongoing factor.</p> <p><strong>MFD Specialist Lenders: </strong>A Manufactured Home Lender I spoke with today offers 12% interest rates on higher LTV's. They cherry pick the properties and rates depend on age of home, credit factors, etc. They are extremely busy picking up the pieces even at those interest rates (!) Since August, the government mortgage lenders who were selling their FHA Manufactured Home Loans to Taylor Bean now have no place to sell them...so the question lingers: who will buy and service them in these loans in this market? Portfolio specialists charging high enough interest rates to cover their behinds, that's who.</p> <p><strong>Foreclosures high in Manufactured Home category. </strong>I was told today that banks are so overloaded with defaults in this category they are reselling them for pennies on the dollar. Just look at any FHA or VA repossession site. 99% are Manufactured Homes.</p> <p><strong>MFD Industry Implications </strong>I understand Warren Buffet owns a Manufactured Home Company. Wonder if he's taking his lumps on that? A community dependent on a Manufactured Home plant, the suppliers to that plant, the distribution chain, and everyone who cuts hair or feeds the workers of that plant will be in for an unpleasant surprise unless they can quick retool and up-skill to the next level.</p> <p><strong>Enter Modular:</strong>The Modular Housing Industry (factory built in sections on timber sub-floors) will likely benefit from this news. Modular homes are classified 'stick built' construction and are more affordable than most conventional homes due to economies and efficiencies of scale and under-cover building. This category is worth watching!</p> <p>Here's my blog on that: <span><a href="http://buildnet.blogspot.com/2007/12/gliding-toward-green.html">http</a><a href="http://buildnet.blogspot.com/2007/12/gliding-toward-green.html"></a><a href="http://buildnet.blogspot.com/2007/12/gliding-toward-green.html">://buildnet.blogspot.com/2007/12/gliding-toward-green.html </a></span></p> <p><strong>RECAP:</strong> Because Fannie and Freddie will only fund 80% loan to value on newer homes with perfect credit, this defeats the purpose of entry level housing since very few borrowers have 20% to put down. VA lenders are scarce as hen's teeth.</p> <p>I know Realtors are reluctant to give this news to their clients for whom they may be listing or negotiating a Manufactured Home transaction. I've heard Realtors trying to steer borrowers to 'their lender' who 'just funded' a manufactured home a few weeks ago. Sure, that lender funded a home they had locked a loan 30-45 days ago. They can no longer originate that same loan unless they are willing to hold it. Most smaller banks are so distressed by local conditions that underwriters are being told to flatly deny a manufactured home purchase or refinance.</p> <p><strong>REQUEST:</strong> I am seeking a VA lender for a Manufactured Home Purchase for a well qualified borrower. I have 14 "no's" in my inbox today. My poor borrower even called the Veteran's Adminstration and was told it's not the VA. This confuses everyone. Lenders are simply not happy about funding manufactured homes. Their investors, you and me, their depositors are not happy about it. We need better answers for our buyers! (yes would be nice?)</p> <p>IF YOU KNOW ANYONE FUNDING VA MFD HOME 100% PURCHASES TODAY PLEASE TELL THEM TO CALL ME NOW!!! ....and --hey hey hey...be careful out there!</p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Fri, 11 Sep 2009 16:08:23 -0500 http://activerain.com/blogsview/1234844/manufactured-homes-the-hits-go-on- http://activerain.com/blogsview/1230470/who-needs-conspiracy-theories- Who Needs Conspiracy THEORIES? <p>When our own banking system is at work amazing us with their fancy footwork? Did you hear the move to FHA to avoid the HVCC appraisal code debacle has over taxed the FHA system? Have you heard FHA loans are taking 60 days to close and many files are being denied?</p> <p>For the first time in years, the FHA funding reserve has fallen to 3%. In 2007 that reserve was 6.4%. Legally, the FHA funding reserve cannot fall below 2% or they have to stop funding. Interestingly, the Fed has determined they won't be propping up FHA further, at least for now. The reason may be due to higher FHA foreclosures with such banks as Wells Fargo, Bank of America and their recent acquisitions who specialized in FHA and Sub Prime. Those same major banks, if you recall, just pulled a number of their riskier products off the rank (manufactured home loans, construction loans, condo loans) and raised their credit standards. Underwriters are now cherry picking files and denying borrowers who clearly fit FHA profiles, just not THAT investor's view.</p> <p>FHA has proven to be a tough task master; wanting proof for everything imaginable and prosecuting banks like Taylor Bean Whitaker who fell afoul of their systems by closing them down with little warning. VA is also tied to Government loan guarantees, similar to FHA. USDA is guaranteed by the Department of Agriculture, and right now they have a long underwriting time frame causing lost locks and sales contracts falling over. Is there any question why the major banks have announced plans to start their own government backed loan program? Guessing those lenders just want more money faster, huh.</p> <p>The whipping boy in government backed loan scenarios is the US Tax Payer. WE are the ones propping up loans to banks so THEY don't lose when borrowers default. As a a trader friend of mine put it: the US Taxpayer net = a marked deck!</p> <p>Racing around for a loan product is starting to look rather undignified these days!</p> <p>You gotta love the new California Realtors motto: <strong><em>Cope and Complain!  </em></strong>Well my way of coping is to keep smiling, keep working and complain to my Congressional Representatives and other bloggers AFTER hours.</p> <p>Here's how to find your Congressioanal <a href="http://capwiz.com/namb/dbq/officials/">Representative. </a>Tell'em we all said HI!</p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Wed, 09 Sep 2009 04:18:08 -0500 http://activerain.com/blogsview/1230470/who-needs-conspiracy-theories- http://activerain.com/blogsview/1203631/giving-good-press- Giving GOOD PRESS! <p><strong>Planning and Patience WIN: </strong>Check out this encouraging local news story about a couple who laid in wait for 18 months and pounced on a great home with 95% financing for the right price. They saved their cash for renovations and bought a fabulous location, a solid older home with good bones and amazing water view. The only real challenge was getting an underwriter in the Midwest to appreciate the value given low sales (pre-spring lull) in a very stable neighborhood (most residents stay put so another reason for low sales). The author just happens to be editor of the <a href="http://www.sg-resdigital.com/resdigital/200908re/" title="Scotsman Guide" target="_blank">Scotsman Guide</a>, our industry publication (contact cultivated via that publication). He was happy to give me a quote or two and interview a Realtor friend who specializes in short sales. Smiles all round! You just can't underestimate the good vibes for good stories.</p> <p><a href="http://www.bellinghamherald.com/homebuyersguide/">http://www.bellinghamherald.com/homebuyersguide/</a></p> <p><strong>Working the press </strong>and creating a presence is about being out there and over time...people keep seeing one plugging along, chin up. Helps to have a buyer who 'doesnt' mind publicity' as in this case. I had another young first time buyer featured on the front page during the early freak out of mid 2008 that emphasized buying within your means as the key to success.</p> <p><strong>Future Harvest:</strong> Which reminds me, I am going to plant a tree for buyers at their new homes, starting tomorrow-- for many years of enjoyment to come. </p> <p><em>"He who plants trees loves others"</em></p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Thu, 20 Aug 2009 13:53:29 -0500 http://activerain.com/blogsview/1203631/giving-good-press- http://activerain.com/blogsview/1202931/manufactured-homes-take-a-hit- Manufactured Homes Take a HIT! <p>In the wake of Taylor Bean Whitaker being disowned by HUD and shut down on August 4th, (they were the 3rd largest FHA lender in the nation prior to their closing) we are getting the inevitable announcements from other Government lenders about new restrictions.</p> <p><strong>Today several major FHA/VA lenders announced they have ceased funding Manufactured Housing. </strong>Considering these loans were largely funded by FHA and VA due to the guarantees that limited the lender's concerns about defaults it is hugely unlikely many investors will step up with decent financing options for manufactured housing, at least for the foreseeable future. Sure there are specialists and local banks who can fill the gap but the reason these properties are so risky is two fold: cheaper housing attracts a borrower who by definition are at higher risk to default. Banks are particularly wary of having foreclosed manufactured homes on their books because they can't sell them as easily and now...well, without financing who will buy?</p> <p><strong>News Update: 09/10/09:</strong> I was told today by a specialist manufactured lender they offer 12% interest rate to manufactured home loans. They are extremely busy picking up the pieces even at those interest rates (!) Since August, the government mortgage lenders were selling their FHA Manufactured Home Loans to Taylor Bean now have no place to sell them...so the question lingers: who will buy and service them in this market?</p> <p><strong>Expect a rash of foreclosures to accellerate among manufactured home owners. </strong>Now the owners of manufactured homes will have no easy refinance method such as the FHA streamline. With no loans, no sales. Prices will plummet! The only manufactured home at the present time that will benefit from USDA lending is a new manufactured home (that has never been lived in). So what will that home buyer do if they decide to move in a few years and the lenders have evaporated so their home can't be funded by a new buyer? Give them away?</p> <p><strong><em>Manufactured homes could actually be considered a liability to a property!</em></strong></p> <p><strong>The manufactured housing industry could really be taking a hit</strong> The sheer domino effect of this drastic reluctance to fund manufactured housing could have some very big downsides to rural economies in particular where the majority of manufactured homes provide the predominant housing. What if you have a manufactured home plant in your area? Did anyone consider this when they pulled the plug on their own bank eliminating manufactured loans? Are we trying to control the quality of housing by eliminating this entire sector? One wonders what the entry level rural buyers in regions like ours will do. While I have always tried to steer folks toward higher quality housing there is no doubt the manufactured home has provided an important boon to home ownership. <em>What next government lenders?</em></p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Thu, 20 Aug 2009 00:00:14 -0500 http://activerain.com/blogsview/1202931/manufactured-homes-take-a-hit- http://activerain.com/blogsview/1181939/back-to-the-future-home-economics-101 Back to the Future: Home Economics 101 <p>Home Ec Class was for sissies: learning to balance a home budget and bake from scratch was beneath me. After all, I was going to college for goodness sakes! Many of these 'vocational' courses including shop class (which I was not allowed to take as a girl) were chopped in favor of academics.  </p> <p>So now we wonder why adults don't know how to balance their own checking accounts? We have become accustomed to believing the readout from our ATM machines as an indication of our monthly net worth!</p> <p>While I know many people have planned thoughtfully and could not forsee their retirement accounts, home values and jobs cut by 40 and 50%, the truth is -- so many folks are in trouble. The rules have changed drastically. As a country and an industry, we do need to take some credit for suggesting ever increasing home values and economic growth, coupled with the refrain: 'you can always refinance later'.</p> <p><strong>Is no wonder many don't understand their mortgage commitments!</strong> After all, you sign a stack of papers with words like "Promissory Note" at the top. Not one borrower has asked me what that meant. I counseled a Realtor recently who helped his elderly mother into a 90% Pay Option ARM using his income to qualify. Incredible. The banks involved are facing lawsuits for just these tactics. One must wonder if this person actually knew what that 'sweet low payment' was all about.</p> <p><strong>The Plain TRUTH </strong>is that most people have gotten into financial distress over a period of years by living in denial. We are not a nation of worst case scenario planners. Even those who did plan for the downside (I can think of one very thoughtful builder who did) are caught way below their worst expectations. Damage control plan E and F are being enacted. Coupled with less than fully lucid financial planning, the <em>average non planner</em> is in deep. Way deep.</p> <p><strong>Telling Question:</strong> At what age would you like to have your home paid for? It just doesn't occur to folks that paying off their home is not only a sound idea but will free up their capital for other life issues. Like, uh, retirement for example? And that quaint idea of saving. Perhaps this is returning now.</p> <p><strong>So--what can you afford today AND tomorrow?  </strong>I now ask people to complete a household budget as part of their first consultation. I get a blank look. I hand them the standard budget form. This most basic tool is part of every Buyer's Ed class. You can take it online. or through your local counseling. The course is full of great information on the realities of home ownership.</p> <p><strong>Everyone is different! </strong>You see, on the standard loan application, your living expenses are not taken into consideration at all. Or how many mouths you have to feed, or how far you have to drive to work, or how many kids are in college or such things as disabilities or other ongoing issues that might cost you more to than the next person. Only your monthly credit and housing costs are considered. After that, you're on your own to work it out.</p> <p>Which is a wonder that even FHA allows 50% debt to income ratios -- using your gross income to qualify you for a loan. 31% is the new 'affordable' target debt to income ratio according to the Making Home Affordable program....an example of perfect hindsight.</p> <p>Here's a link to a good <a href="http://www.mgichome.com/pdf/monthlyspendingplanner.pdf" title="Budget Tool" target="_blank"><strong>budget tool</strong>.</a> Spread the knowledge!</p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Tue, 04 Aug 2009 18:38:51 -0500 http://activerain.com/blogsview/1181939/back-to-the-future-home-economics-101 http://activerain.com/blogsview/1159157/new-monkey-hvcc-the-havoc-rule NEW MONKEY: HVCC- the HAVOC Rule <p><strong>It had to happen: </strong>My first HVCC appraisal debacle was via one of my best A paper banks. </p> <p><strong>FIRST: </strong>The borrower gets to pay a higher cost (over $500) with with a credit card online to the bank. Since can't actually lock confidentially without an appraisal (unknown timing) we place the order, pay the fee and then we get to sit tight. Great feeling. HMMMM.</p> <p>This happened to be a refinance. Not knowing your value up front, you can't determine the loan amount or correctly price the loan. So waiting has an unfamiliar edgy feeling.</p> <p><strong>NEXT:</strong> an appraiser in another city, 100 miles away, nabbed the request online and he called the borrower on a Sunday evening to set the appointment. (I ordered it on the previous Thursday). So far so good.</p> <p><strong>ENTER SENSE OF IMPENDING DOOM:</strong> The borrower called ME to ask why an appraiser from 'that city'  was calling to review her property. GULP. I suggested she ask two questions before setting the appointment to get a feel for that person's suitability:</p> <p><strong>1. How well do you know the area?</strong> and</p> <p><strong>2. How many appraisals have you performed in our area in the last six months?</strong></p> <p>His answers suggested he had been in our turf in the last two seeks and he swears he knows it. So she sets the appointment. (more impending doom) I suggested she give him an earful about recent changes in the area. There have been a few...of course it's a unique home on acreage. Comps will be fun.</p> <p><strong>So this guy I've never met or heard of drove 100 miles to meet my borrower at her home:</strong> He was there early and told the borrower he had already walked the property (nearly an acre). She was amazed how fast he walked through. We surmise he flew past a few comps (or just used listing photos, we'll never know). He promises to be fast. Leaves.</p> <p><strong>Five days later </strong>I get the online notice from my processor. UH OH, it's 20% lower than expected! This borrower has lived in her home 22 years, and is a former Realtor. I calmly alert her by phone of the result and email her the report. She flips and asks ME to challenge it...which I CANNOT LEGALLY DO DIRECTLY TO THE APPRAISER. Reeling-- I get an earful, we commiserate, we look at loan options given the lower value. She is really not happy and suggests canceling her credit card charge for the report, which frankly I know is her right, but I also know it will now be charged to me if we walk away. Didn't think of that little twist now, did we? Two more days pass. I suggest she compose a letter to present to the lender voicing her concerns. Maybe writing will help us both get a grip. I now find myself in the position of reviewing an appraisal item by item...something I am not trained to do. I call couple of friends in the business for support. More time invested. Great stuff.</p> <p><strong>NEXT: we put the system to the test:</strong> As a former Realtor my borrower knows a thing or two and is mad as a mother bear about it. She has done her homework. I go online, register a case, submit my borrower's letter of explanation, request a review, add my own comment to the Underwriter as to why we think the appraisal is faulty. YADA YADA YADA. Again we wait. A fire would be nice about right now. A couple of days pass quietly.</p> <p><strong>VOILA! Review Request Nets a Review Approval:</strong> The Underwriter responds and agrees our case qualifies for a BANK REVIEW which costs $300, Here's the fun part: I HAVE TO PAY FOR THIS MYSELF IN ADVANCE on a wish and a prayer. Then, IF the value comes back 10% higher they ORDER A SECOND APPRAISAL which the lender will pay for themselves. Or I've just tossed $300 into a hole. Do you know how long all that takes?  Pretty hard to mend the damage, lose your lock, endanger your relationship with your borrower. (Besides looking cheap about my reluctance to spend $300 on the review.)</p> <p><strong>RETHINK: </strong>Rather than go through the official "having another guy who knows nothing about this area review a flawed appraisal gig" we decide on a much sneakier strategy: The borrower will raise a stink with the appraiser directly. After all she was smart enough to get his card with his phone number and email address. By this time, she has added to her arsenal: she had pulled up tax records and driven by each of his comps for a good hard look(!). She even noted the issuance of renovation permits on the county website. She lands her comments on the appraiser with a thump. Over the weekend, he promises to look at her notes. Two more days pass. To our UTTER SURPRISE, perhaps to save face and his relationship with the bank, (who by the now had seen these same copious notes) he upgraded her value by 10%. I WOULD LIKE TO THINK his agreement to reconsider is a genuine professional correction. He 'found' another comp too. Did he appreciate the extra work to correct his report? Who cares. I'll never meet this person. It's all so impersonal and non professional now.</p> <p><strong>Fortunately our strategy worked---just. </strong>But we lost at least 10 days--all fun stuff. Our lock (we had pounced once the appraisal was in) was shot along with our LTV. We still had to review the loan and reprice. By now the file was in the system so changes mean underwriters and processors dancing to and fro online. What looked like an easy refinance with a perfect borrower on a low loan to value became a nightmare. I had spent hours on the phone, checking the file results, rejigging the file with my processor, discussing what-if's with the client. All with the clock ticking and anxiety mounting. Fortunately, my borrower was willing to stand up for herself. Not all clients would be so bold or so appreciative.</p> <p><strong>Enter the New Monkey: </strong>So, while Janet Guilbault, fellow Active Rainer celebrates that she doesn't have the "monkey on her back anymore". I think what we have here is a new breed of monkey. Realtors will definitely have to pick up the slack for their listings and meet appraisers to protect their sale. That may be a very good thing. But asking borrowers to fend for themselves puts quite a new twist on our role as advisers. Few borrowers would bother...we will just get yelled at and lose clients. No wonder FHA and USDA are booming!</p> <p><strong>Will this bring values down? </strong>Is this being engineered by the Banks and MI companies? Industry insiders suggest that potentially $1.7 Trillion in equity has been lost due to HVCC as of July 10, 2009...after barely 6 weeks in existence!</p> <p><strong>Sidebar: HVCC is actually being supported by the--you guessed it--AMC's! </strong>Here's a Video about it: <a href="http://www.thinkbigworksmall.com/mypage/player/tbws/11423/1018553">http://www.thinkbigworksmall.com/mypage/player/tbws/11423/1018553</a>  (fast forward to 1:40seconds)</p> <p>Please consider emailing or calling your Representative to support HVCC REFORM by voting YES to H.R. Bill 3044, calling for a Moratorium to revisit the HVCC Monkey, or as it is better known, the HAVOC Rule.</p> <p>Meanwhile, I'd like to hear you ideas on end runs around HVCC and your success to date. Thanks!</p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Sun, 19 Jul 2009 18:27:17 -0500 http://activerain.com/blogsview/1159157/new-monkey-hvcc-the-havoc-rule http://activerain.com/blogsview/1154534/125-loans-too-much-too-late- 125% Loans = Too Much Too Late? <p><em><strong>Making Home Affordable 105% Loans were introduced just this spring and the program has simply not been meeting the public need. Will 125% be the magic bullet?</strong></em><br /><br />Homeowners seeking to refinance their Fannie Mae or Freddie Mac Mortgages quickly found that the new 105% loans were helping a minority of people teetering on the edge of collapse. While it may seem obvious to people in trouble, the limit was increased to 125% Loan to Value recently. But the new DU Refi as it is called is falling short! Here's why:<br /><br /><strong>1.</strong> Many homeowners simply cannot meet the required 33% debt to income limits necessary to refinance their loans due primarily to a job loss or cutback or other change in their financial situation. You see, many people purchased or refinanced their homes with much higher housing ratios: in many cases over 45%. So unless your income went up, the chances of a lower ratio will be slim even with a fixed interest rate. <br /><br /><strong>2.</strong> A careful look at the rates on the much touted 'DU Refinance' Programs our lenders are offering are just not so hot. Given you have to be in 'financial distress' to qualify; incredibly these products sport pricing adjustments (points) for lower credit scores and higher debt to income limits -- making them pretty pricey! NOT the great low rate you were hoping for. The interest rates, after all those adjustments may be no better than that 8%- to 10% rate your note is going to adjust to anyway! And since you clearly need a lower rate to afford to keep your home...well, what's the point?<br /><br /><strong>3.</strong>The third, and possibly biggest reason for MHA failures to date is due to the lower property values all across the country. Homeowners seeking to refinance their Fannie Mae or Freddie Mac Mortgage are so underwater on their mortgage to home values, 105% has been deemed pretty irrelevant. In places where property values have dropped 10% (most of the country is worse off than this now) it's on the line. If you originally had a 100% mortgage (or 80/20% combo) and you haven't paid much principal down...you can see you can see how a 105% loan would not cover the 10% lower value. It's not rocket science!<br /><br /><strong>Will 125% Loan help more people stay in their homes who are now in crisis?  </strong>Good question. The race to modification has overwhelmed most lenders who are unskilled in this arena. That's putting it mildly. In most cases, if your loan is already being modified (due to financial distress) your lender will first test your case to see if they can apply the new Stimulus 125% loan program so they get to make more money. Naturally this is in their interest! <br /><br /><strong>In all cases, to qualify for this program, you must:</strong></p> <p><strong>1.</strong> be in financial distress</p> <p><strong>2.</strong> demonstrate income to support the new mortgage, and</p> <p><strong>3.</strong> have a Fannie Mae or Freddie Mac Loan now. Your lender can verify that fact --just call the number on your bill and ask if you have a Fannie or a Freddie loan. <br /><br />Now that this higher LTV (loan to value) is allowed, even if home value has gone down 25%, depending on how much you borrowed, you may still qualify to refinance up to 125% of the current value of your home within a new first mortgage. If you have a second mortgage now, it stays in place and must fall within that total of 125% loan to value. (Depends on Fannie or Freddie how they handle this) The second mortgage holder is being asked to 're-subordinate' their lien after the new first mortgage is recorded. These things, like modifications are taking time to accomplish. So patience is a very important aspect of working out a loan modification program, be it via this program or a straight modification.<br /><br />Please bear in mind that if you borrowed more than you could afford to begin with, a higher loan amount certainly won't solve your problem. Homeowners who have lost that much of their home's equity are making some tough decisions. Unless you are really in love with your home, many homeowners are saying, hey--why get stuck with this high mortgage when we can buy a home for 30% less right now in our town? Yes, folks are still walking away from their homes in droves. <br /><br /><strong>Home Owners BEWARE:</strong> the Stimulus Refinance program is ONLY GOOD FOR FIVE YEARS. If you are offered a Refinance, the fixed terms will only be for five years and after that --either the loan will adjust again (read the fine print of your offer) or you will have a balloon note that you may have to refinance again in five years if you intend to keep your home. While the average homeowner only stays in their home five to seven years this may work fine for a lot of people. <br /><br />OK, admittedly we are promoting private modification over these quasi government programs. Why? (I won't say what I think of the bank's hired guns.) The process is frustrating and time consuming but we have witnessed very solid results on behalf of our clients. The private modification seeks to fix your rate for as long as 40 years (so far). We have seen some very flexible terms offered, allowing folks to negotiate <em>what they can actually afford to pay now</em>, while projecting their own financial recovery down the road. <br />Huh. Affordable mortgages...how novel?</p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Wed, 15 Jul 2009 23:01:38 -0500 http://activerain.com/blogsview/1154534/125-loans-too-much-too-late- http://activerain.com/blogsview/1135622/small-business-loans-get-a-facelift- Small Business Loans Get A FACELIFT!! <p><strong>The SBA 504 Program Has Been Revamped to Allow Refinancing Business DEBT!</strong></p> <p>The U.S. Small Business Administration has agreed to allow the 504 loan program (normally to buy real estate for an owner operated business) to allow those businesses to refinance existing business loans used to purchase real estate and other fixed assets.</p> <p>The changes were authorized in the American Recovery and Reinvestment Act legislation and are considered 'permanent'. Now business owners can restructure debt to improve cash flow and support job creation...the goal of the changes. 'Bout time!</p> <p>Recently, the government reduced the 504 program fees and temporarily raised to 90% the guarantee level on many of its 7(a) loans and extended the reach of that program to include real estate purchases.</p> <p>The 'limited debt refinancing' will apply if the debt is to facilitate business expansion and the debt refinanced does not exceed 50% of the projected cost of the expansion. The SBA defines expansion to include any project that involves the acquisition, construction or improvement of land, building or equipment for use by the small business borrower. Owners must occupy the majority of their premises but may have tenants/sub-lessors.</p> <p>SBA administrator Karen G. Mills said, "Lower interest rates mean lower payments and less money going out the door each month in debt repayments. That means more cash on hand to keep their doors open, their employees working and to even expand and create more jobs."</p> <p>Naturally good debt management history is essential to qualify for the SBA refinance, so let's hope it 's just in time for many struggling business owners! Call your local Small Business Administration lenders, the Community Development Associations and your Chambers of Commerce today for lenders participating in your area.</p> <p>Hint: There are SBA brokers or Certified Development Companies (NGOS's) who will help you structure your application for the SBA and recommend a banking partner. The SBA funds 40% and we find a local or regional bank to fund 50% while your own 'chip' in the loan must be a minimum of 10% equity.</p> <p>What a boon to the many entrepreneurs in our area!! I am hosting a local event on the 504 program at <a href="http://biznik.com/events/getting-an-sba-504-loan-for-business-real-estate-or-major-equipment" title="Biznik" target="_blank">biznik</a> next month if you are interested!</p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Tue, 30 Jun 2009 19:13:06 -0500 http://activerain.com/blogsview/1135622/small-business-loans-get-a-facelift- http://activerain.com/blogsview/1128673/confessions-of-a-spam-artist- Confessions of a SPAM ARTIST! <p><strong>Have you been getting as much spam lately as I have?  </strong>SHEESH. I get at least 40 spam emails a day now. However, not to point the finger too stridently: I must admit my own part in e-spamming! Recently, I decided to email the women in my network an invitation to a party and one registered my email as spam (mea culpa).</p> <p>Upon closer reflection, I realized I had blithely cruised my database for women. How rude to assume my business contacts would want to socialize with me? So that was my comeuppance: business contacts are not always up for social or other causes. And in our business, financial matters being so personal, a lot of people you have been through heck getting them qualified for a loan or purchase contract might not want to squirm next to you on a social sofa. As a southern female that was one lesson I should have remembered. Like no white shoes before Easter for goodness sakes!<br /><br /><strong>Another reason people are so wary of 'invitations' is practical: </strong>SPAM has a way of getting into your hard drive and playing havoc and suddenly sending out rude jokes to your friends from your email address. Fake greeting cards often carry viruses. These companies featured on sites like Facebook and Twitter are often scams. "MyLuvCrush" has been slapped with a $500,000 fine by the WA State Attorney General for sending out fake 'admirer' emails. This happened to be a home grown version. The ones based in other countries are impossible to stop.<br /><br /><strong>SO, if you are overwhelmed by spam here's some pointers: </strong>First, forward the offending email to the Federal Trade Commission's abuse department: <a href="mailto:spam@uce.gov" title="mailto:spam@uce.gov">spam@uce.gov</a>  then delete it. </p> <p><strong>Use Catchall Email accounts: </strong>If you want to know how a list-bot got your email address start using different 'alias emails' when you sign up for social media sites: for example, if you set an email as your 'catchall account' (in your email box settings on your domain host) you can tag emails to the source: for example I signed up on Twitter as <a href="mailto:twitter@mydomain.com">twitter@mydomain.com</a>. Then if I get spam to that address, I can track it back to the source and deal with it: i.e., either it was sold by that site owner or my posting there was somehow compromised. </p> <p><strong>Woops?</strong> I did post my email openly early in my blog career and that seems to have started a rash of spams. Yes, it's too late to retract them once they are out but you can reset your account to filter out those 'tags' by returning to non catchall accounts. You can just call that site webmaster and ask politely how someone could get that unique email first...once they know their site was compromised they may be willing to correct the problem at least on their site.</p> <p>Unfortunately spammers are spawning like rabbits on steroids these days but if you do report them by forwarding to the FTC and include them in the reply it is highly likely that particular abuser will get the message and take your email off their list...one can hope</p> <p><strong>Victory in Washington State: </strong>Our WA State attorney Genera's case against the creators of MyLuvCrush involved misleading advertising and has been resolved with a settlement. Here's a link to the news release:  <a href="http://www.atg.wa.gov/pressrelease.aspx?&id=22284" title="http://www.atg.wa.gov/pressrelease.aspx?&id=22284">http://www.atg.wa.gov/pressrelease.aspx?&id=22284</a>.<br /><br /><strong>Some advice from our own SAG:</strong> Internet scams are increasingly common. The easiest option is to simply delete the email. Because these schemes are usually international and involve individuals who live other countries, we let the Feds handle investigations.<br /><br /><strong>Below are some resources:</strong><br />* The Federal Trade Commission: Forward illegal spam to <a href="mailto:spam@uce.gov" title="mailto:spam@uce.gov">spam@uce.gov</a> <br />For other types of fraud, call toll-free 1-877-FTC-HELP (1-877-382-4357) or file a complaint online at www.ftc.gov<br />* FBI's Internet Crime Complaint Center: They have a form online at <a href="http://www.ic3.gov/complaint/" title="http://www.ic3.gov/complaint/">http://www.ic3.gov/complaint/</a><br />* Mail fraud - U.S. Postal Inspection Service. Call 1-800-372-8347 or file a complaint online at <a href="http://www.usps.com/postalinspectors/fraud/welcome.htm" title="http://www.usps.com/postalinspectors/fraud/welcome.htm">http://www.usps.com/postalinspectors/fraud/welcome.htm</a>.<br />* Phonebusters, the Canadian anti-fraud call center: 1-888-495-8501, <a href="http://www.phonebusters.com/" title="http://www.phonebusters.com/">www.phonebusters.com</a> <br />* Internal Revenue Service: For phishing and other scams related to tax returns, etc. Forward the e-mail or Web site URL to the IRS at <a href="mailto:phishing@irs.gov" title="mailto:phishing@irs.gov">phishing@irs.gov</a> .<br />* Attorney General's Office: Washington residents who believe they are victims of a scam can file a complaint online at <a href="http://www.atg.wa.gov/" title="http://www.atg.wa.gov/">www.atg.wa.gov</a>  or call 1-800-551-4636.<br /><br />In order to track the origin of an e-mail, investigators need the full header.  One way to ensure that your message has the full header is to send the e-mail as an attachment, rather than simply forwarding.</p> <p><strong>Here's HOW to send emails as attachments:</strong> (use Help to search 'forward email as attachment' )<br /><strong></strong></p> <p><strong>In MS Outlook</strong><br />You can forward a message without double clicking to open it in a new window. Highlight the e-mail in the message list of your inbox and follow the directions for your particular mail client:<br />1. Create a new message<br />2. Drag and drop the phishing e-mail into the body of the new message.<br />This ensures the original message is contained as an attachment with the appropriate Internet headers.<br />Or<br />1. Open the phishing e-mail message*<br />2. Select View > Options. The Internet headers will appear. You can copy these as you normally copy text 3. Forward the original message with the copied message headers pasted into this message<br /><br /><strong>In Outlook Express</strong><br />You can forward a message without double clicking to open it in a new window. Highlight the e-mail in the message list of your inbox and follow the directions for your particular mail client:<br />1. Create a new message<br />2. Drag and drop the phishing e-mail into the body of the new message.<br />This ensures the original message is contained as an attachment with the appropriate Internet headers) Or 1. Open the phishing e-mail message* 2.<br />Select File > Properties > Details. The Internet headers will appear.<br />You can copy these as you normally copy text 3. Forward the original message with the copied message headers pasted into this message<br /><br /><strong>In Netscape/Mozilla/Thunderbird Mail</strong><br />1. Select View > Headers > All<br />2. Select Message > Forward As > Inline<br /><br />If you are using an alternative to these e-mail clients, please consult your provider for instructions on how to forward messages.</p> <p><em>....and HEY HEY HEY....be careful out there!</em></p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Wed, 24 Jun 2009 22:35:47 -0500 http://activerain.com/blogsview/1128673/confessions-of-a-spam-artist- http://activerain.com/blogsview/1122253/first-time-buyer-bamboozle- First Time Buyer BAMBOOZLE! <p><strong>More Hype Down the Pike: </strong>There are more rumors than you can shake a stick at about the proposed HUD 2nd mortgage tax credit loan necassary to achieve the much touted $8000 tax credit as 'just in time' cash to close. The problem lies between two government agencies: HUD and the IRS and their many participating FHA lenders. Firstly, how, may we ask, is an unproven borrower, who has yet to be paid their annual income, to know what their tax burden will be during a year --when they may just as well get a raise or loose their job? OK, the Feds are trying: Read the <a href="http://rs6.net/tn.jsp?t=zy44n7cab.0.0.564yh9cab.0&ts=S0404&p=http%3A%2F%2Fwww.hud.gov%2Foffices%2Fadm%2Fhudclips%2Fletters%2Fmortgagee%2Ffiles%2F09-15ml.doc&id=preview" target="_blank">FHA Letter</a> and then get the latest word from the <a href="http://rs6.net/tn.jsp?t=zy44n7cab.0.0.564yh9cab.0&ts=S0404&p=http%3A%2F%2Fwww.irs.gov%2Fnewsroom%2Farticle%2F0%2C%2Cid%3D204671%2C00.html%3Fportlet7&id=preview" target="_blank">IRS here</a>. Something tells me these guys are not getting together on this. Or they will come up with a great theory that no lender will touch.</p> <p>Meanwhile, the very folks who should be benefiting from assistance are more confused than ever by some folks (among US?) suggesting they will have the funds at closing. I'm guessing a fair number of folks who borrowed their tax credit in 2008 will be pretty peeved about right now since they get to pay their $7500 back to Uncle Sam.</p> <p><strong>REALITY CHECK:</strong>Me being the curious sort, I called and asked our FHA lenders what they knew. They have not received any instructions from HUD yet, and they set the rules. HMMMM. In fact, I can safely say I did not detect much enthusiasm emanating from the very persons employed to deliver the goods. Why? As it is proposed, a lender can only make $200 on the second loan. Hardly enough to cover their paperwork. A very low interest rate (under 3%) is been bandied about. Consider this: Asking a lender to front $8000 for an unknown length of time based on an unknown borrower's ability to qualify in a year or two with next to zero down payment is hardly appealing. For $200 it's hard to imagine a third party would loan that much money with such high risk factors.   </p> <p><strong>WHADDABOUT that $15,000 proposal before Congress?</strong> Senator Johnny Issacson of Georgia, a former Realtor, has  suggested scrapping income limits and giving a much higher tax credit for all buyers, not just first time buyers. For investors, you me, the buying public! What are the chances congress will get that one past the fairness police? <a href="https://www.thinkbigworksmall.com/public/showArchiveVideo/1/4960">https://www.thinkbigworksmall.com/public/showArchiveVideo/1/4960</a></p> <p><strong>NEED I suggest: </strong>Sellers who are promoting the tax credit as 'cash to borrowers to close' risk running into our Federal truth in lending laws. Bigtime.</p> <p><strong><a href="http://rs6.net/tn.jsp?t=zy44n7cab.0.0.564yh9cab.0&ts=S0404&p=http%3A%2F%2Fwww.loannetter.com%2F&id=preview" target="_blank">More Loan Yes Yes's! ... </a></strong></p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Fri, 19 Jun 2009 18:53:19 -0500 http://activerain.com/blogsview/1122253/first-time-buyer-bamboozle- http://activerain.com/blogsview/1108878/hope-the-early-years- Hope: The Early Years! <p><strong><em>Making Home Affordable and Stimulus Refi Programs are now the hot buzz words in mortgage land. But exactly what are they and who qualifies for help?</em></strong> <br /><br />Folks in financial distress need to know they have options. But how do you find out what those options are? Most banks and mortgage lenders are just finding how what to do about the high percentage of folks coming in for whom we have no classic answers. And we just hate saying "No" or worse yet: "I don't know!"  Fortunately, the Obama administration has seen fit to refine the original Bush 'Hope For Homeowners' program. Since the original Hope roll out was something of a disaster, the current plan looks pretty sweet by comparison although real results are yet to be seen.<br /><strong></strong></p> <p><strong>Where Do You Start?</strong>The phone number on your Mortgage Statement will direct you the accounts payable department. If your loan is in some state of default your case may have been escalated to the not quite so nice folks in 'loss mitigation', glorified collection agents hired by your bank to make you pay...or else. These contractors have a similar goal: keep you in the highest possible loan instrument so the bank makes the most money ad infinitum.</p> <p><strong>Loan Modification...what is it?</strong> The basic premise is one of renegotiating the terms of your existing loan contract with your mortgage holder if your financial circumstances have changed or you simply cannot afford the new adjustable rate reset for whatever reason.  The key word is 'negotiation'.<br /><br /><strong>Who Are Loan Modifiers?</strong> Offers to"Reduce your interest rate to just 2% in just 10 Days" are obviously preying on the hopes of the desperate. Some scam artists have just taken money and done zilch--these crooks are being run out of our state on a rail, thank goodness!</p> <p><strong>What are the  BEST Options?</strong> Depends entirely on your circumstances. Just don't wait until you are in serious trouble. You DON'T have to be behind on your payments to get the ball rolling. Your accountant or bookkeeper can help you look at the basic facts to explore what measures may be open to you. After all, if you have insufficient income to meet your current obligations you might need a Plan B.</p> <p><strong>Common Questions about Loan Modification:</strong></p> <p><strong>1. Will My Loan Size Be Reduced?</strong> Unlikely since the Banks are running this show. A recently proposed bill to allow bankruptcy judges to adjust loan amounts was soundly defeated...no surprise there.<br /><br /><strong>2. How Much Will My Interest Rate Be Reduced? </strong>There is no set rate as it depends, entirely on you, your budget, your grip on reality (how many holidays a year you need for example?) and your negotiator's skill. We have seen 4% or better and some variance on how long it's fixed with long term rates well under commercial fixed rates for the full term of your loan. However, this is NOT an easy refinance. You must file hardship letter and be prepared to prove you cannot qualify for a traditional loan first.</p> <p><strong>3. Will My Loan Terms Be Lengthened</strong>? Maybe. Again there is no 'set system'. The goal of modification is to come up with a solution that nets a payment you can afford over time to allow you to keep your home. We have seen 30 years to 50 years. No kidding.  Naturally, the Bank wants you paying your mortgage as a god ling time so they eventually get their money.  </p> <p><strong>The NEW Home Preservation Foundation is essentially a consumer clearing house:</strong> They refer you to a HUD a counselor Check out: <a href="http://www.995hope.org/" title="http://www.995hope.org/">http://www.995hope.org/</a> (originally labeled 'Hope For Homeowners').</p> <p><strong>NOTE:</strong> To date the BILLIONS of dollars spent setting up Hope for Homeowners has only resulted in 51 loans being negotiated, and only one of those was deemed legal. At least there is some transparency about the failure!</p> <p><strong>Here's how HUD counseling works: </strong>You call the hot-line and a counselor is assigned to you. The counselor explores what you can afford and will send their recommendation to the lender for either a repayment plan, modification or refinance. You submit wads of paperwork. Then they step aside and you either get an offer or you are left to fend for yourself with your lender. It can take literally 3+ months for a result. You are kept in the dark most of that time. <br /><br /><strong>What About the Stimulus Making Home Affordable Refinance Programs?</strong>To qualify for these, you must have a Fannie or Freddie Loan (not designed for Sub-prime or FHA or VA or Private Loans) So in essence this program is only about bailing out the conventional Fannie/Freddie banks. </p> <p>Check the site: <a href="http://www.makinghomeaffordable.gov/loan_lookup.html">http://www.makinghomeaffordable.gov/loan_lookup.html</a><br /><br /><br /><strong>Private Loan Modification: </strong>Washington state has officially formalized the Loan Modification process in concert with our Department of Financial Institutions, the governing body of mortgage banks and brokers.  We now have a clear set of what can be done by whom (licensed brokers, loan officers or attorneys) and for how much. $1,500 is a typical broker's fee in Washington for what can be a three month negotiation process (depends on many factors). Private modifiers are accountable to you, not your bank! Private modifiers are not limited to 5 year terms like the MHA plans.</p> <p>Some legal firms offer loan modification as part of their bankruptcy practice. Expect legal fees in line with their other professional services.<br /><br /><strong>ARE Modifications Successful?</strong> Our anecdotal evidence suggests that private loan modifications are working because your personal negotiator is not motivated by commission or the bank's interest. Since the Banks getting PAID to modify your loan with the Stimulus funds they are motivated and hiring staff to help clear the backlog of applications. That's right...The bank receives up to $5,000 for successfully modifying your loan for the five year Stimulus plan. <br /><br /><strong>Some Much Needed Levity</strong> Enjoy this You Tube on "Hope the Early Years" and a sneak a peek at Timothy Geithner's home on the block (still). He's probably considering these very options himself! <a href="https://www.thinkbigworksmall.com/mypage/tbws/9614/1018553">https://www.thinkbigworksmall.com/mypage/tbws/9614/1018553</a></p> <p>Related links: <a href="http://www.financialstability.gov/">http://www.financialstability.gov/</a> <a href="http://www.making%20home%20affordable.gov/">http://www.making home affordable.gov/</a><br /><br />Happy Stimulus! <em><strong><a href="http://www.loannetter.blogspot.com/" title="Loannetter" target="_blank"> Loannetter</a></strong></em>  </p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Tue, 09 Jun 2009 20:20:16 -0500 http://activerain.com/blogsview/1108878/hope-the-early-years- http://activerain.com/blogsview/1095191/we-can-pull-this-puppy-up- We Can Pull This PUPPY UP! <p><strong>Nosediving starts to feel normal after a while.</strong> So a two day hike up in the stock market is met with waxing lyrical soothsayers promising the worst is behind us. Who among us believes this bunk?</p> <p><strong>Reality check:</strong> The FDIC released a report today that admits 305 banks are on their watch list now...the highest number since 1994. Since 25 banks were seized by the FDIC in 2008, up from 3 in 2007, that's an 800+% increase of failed banks in one year. One year.</p> <p><strong>2009 Trends</strong> The yo-yo effect on mortgage rates and changes in terms, timing and reliability of our banking partners to perform on the simplest transaction has created high anxiety in everything real estate and our investors, realtors, appraisers, inspectors, contractors....all of us here.</p> <p><strong>What about the Rescue Programs?</strong> It's pretty tough for a stressed borrower to qualify at 31% DTI in a home they probably couldn't afford to start with. Rescue programs are designed primarily to rescue the banks, not the borrowers. Get over it...this is how our financial institutions and government works to perpetuate itself.</p> <p><strong>Priorities folks:</strong> It is worth asking ourselves lust how long we will sit idly by and let our government prop up industries whose bottom lines are getting worse and worse by the day. Who is pulling the strings? Big business in protection mode has a lot more power behind the scenes than we the passive people. If the FED tightens money policy it could easily backfire. As consumers sense the disconnect, they tend to pull in their horns and stop buying more than toothpaste and toilet paper and depression becomes a fact of life.</p> <p><strong>Essentially the question is are we prepared to change?</strong> We can choose, literally, to get on the bus. Park our cars and open our homes to friends who have lost their jobs and start community gardens in our own back yards. How Creative are we? how flexible, resilient, resourceful, willing to try something new, open our hearts, and just maybe save our skins and get some real satisfaction in living more fully...creatively...in the process.</p> <p><strong>Being Human: </strong>I cannot be the ever smiling all things to all people with all the right answers all the time and of course I locked your loan without an appraisal at 4.5% miracle worker while staving off your foreclosure. I'm feeling very grateful to manage a few more successful closings against a few I sent to my modification referral partner.</p> <p><strong>Turning Energy:</strong> My Tai Chi instructor once taught me how to turn and go with the energy of an attacker...and learn to walk the same path. Exchange ideas. Listen. Maybe a little kindness would go a long way to healing and feeding our souls and recharging our batteries so we can figure out some new ways to solve old problems? Maybe a little joy would also go a long way to helping us get over our greed, ignorance and anger at life for tossing these curve balls into our comfy delusion that everything is OK.</p> <p><strong>I will: </strong>spend a few moments longer in my garden feeding the birds and appreciating what I have every day. Listen a moment longer to every person for that sound in their voice that says what is really on their mind. Admit that I am human, with ideas but no guarantees and I really want to help. And remember to get more sleep!</p> <p>Peace from the far Northwest Corner! <a href="http://www.loannetter.com" title="Loannetter" target="_blank">Loannetter</a></p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Fri, 29 May 2009 21:21:29 -0500 http://activerain.com/blogsview/1095191/we-can-pull-this-puppy-up- http://activerain.com/blogsview/1093990/biznik-business-networking-that-doesn-t-suck- Biznik: Business Networking That Doesn't Suck! <p><span><strong>WHAT--You haven't heard of biznik? </strong>It was started by a Dan McComb and his team of technogeeks in Seattle, WA and it's really taken off. It's all about meeting up in real life by using online network tools. This social networking site is really ripe for creative community builders like Active Rain movers and shakers to start their own communities, as many have. </span></p> <p><strong>First:</strong> <strong>JOIN <a href="http://www.biznik.com">www.biznik.com</a> </strong>and create your profile like so: <a href="http://biznik.com/members/susan-templeton">http://biznik.com/members/susan-templeton</a></p> <p>You can opt to be a freebie for a while or select a higher level of access/tools. Like adding links to your networks and associations and more of your details like logos. Biznik also features an online message center so you can send and receive messages to others in confidence...neat trick!  Like exchanging ideas on where to stay when a mad mob of us take Amtrak from Bellingham to Portland for a business hootenanny on wheels...woo-woo!</p> <p><strong>Next, Share Your Expertise:</strong> Write an article on a topic of interest to others (not selling yourself) <a href="http://biznik.com/members/susan-templeton/articles/hope-for-entrepreneurs-obama-rescue-plan">http://biznik.com/members/susan-templeton/articles/hope-for-entrepreneurs-obama-rescue-plan</a> Dan's team actually moderates, rates and publishes with care.</p> <p><strong>Kick the Tires:</strong>Peruse subjects dear to your heart and pick up a wealth of information: Here's a jampacked article on Web Tools: <a href="http://biznik.com/articles/the-best-web-design-tools">http://biznik.com/articles/the-best-web-design-tools</a></p> <p><strong>Start a Group:</strong> (I just did) <a href="http://biznik.com/groups/focus-northwest">http://biznik.com/groups/focus-northwest</a>and you can join any number of interesting groups. Within which your events and comments get posted. Hey I even got all the members of my real life network to sponsor a breakfast event which spurred this online group as a way to encourage interest and enliven our meetings.</p> <p><strong>Sponsor an Event in Real Time:</strong> Here's my next planned event: <a href="http://biznik.com/groups/focus-northwest/events/growing-your-business-using-opm-2-to-sba-or-not-to-sba">http://biznik.com/groups/focus-northwest/events/growing-your-business-using-opm-2-to-sba-or-not-to-sba</a></p> <p><strong>Post a Promotion:</strong> Offer something of value like a great juicy carrot to assist interest in your event or idea...again testing the water to see what gets a bite! <a href="http://biznik.com/members/susan-templeton/promotions/get-your-free-pro-finance-outline">http://biznik.com/members/susan-templeton/promotions/get-your-free-pro-finance-outline</a></p> <p><strong>DEEP BREATH: rsvp and actually attend an event!</strong>The vision is to bring people together who wouldnot normally get to meet. You cans search the site for relevant events in your locale and rsvp. before you go you can see who else is going and comment, ask questions, be prepared. VERY cool way to get us out of our little cocoons. The administrators are organized: they even provide name tag templates for your meeting and an online attendance sheet with feedback options to gauge the effectiveness of your meetings.</p> <p>You can certainly copycat some of the amazing business tips on this site. Biznik is going national so join or start your own local community...and like Active Rain the basic level is free. Now I'm not trying to steal Active Rainers...by all means LINK YOUR BLOGS here to Biznik and create more traffic your way. You can put a bug on your website to take you to your biznik profile and as we all know in internet land, the more back links the better!</p> <p><strong>Test Market New Ideas:</strong>I sponsored a test event on Growing Your Business Using OPM 1: and it was great to see what questions came up and how folks related on the topic. I held a casual after work setting in my office. I was struck with how people come with open minds and shared ideas.</p> <p><strong>Widen Your Net:</strong> I meet folks I would never have met through normal channels and for my event, they came to my office so they now know where to find me. The great thing about the meeting structure is the goal that the subject be 95% helpful and 5% or less 'about you'. What a relief that anyone who shows up for a biznik social knows they won't be hit with "buy me buy me"! Many events are just social wine tastings or opportunities to mingle while others have drawn hundreds on a very hot topic. Take your pick!</p> <p><strong>GO FOR THE BUZZ!</strong> It pays to get up to speed and DRIVE business to your door. Using all the social media and personal skills in your toolkit. Enjoy!</p> <p><strong><em>Happy </em><em>S</em><em>p</em><em>r</em><em>ing</em> <em>!</em></strong> <em><strong><a href="http://www.loannetter.blogspot.com/" title="Loannetter" target="_blank"> Loannetter</a></strong></em>  </p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td><img src="http://www.allaboutnews.com/members/web/39501_logo.jpg" border="0" height="113" alt="Loannetter" width="238" /></td> <td width="65%"> <p><strong></strong></p> <p><strong></strong> </p> <p><strong></strong> </p> <p><strong>susan </strong><strong>t</strong><strong>empleton</strong><br /><strong>m</strong><strong>ortgage </strong><strong>p</strong><strong>lanner</strong><br /><a href="http://www.loannetter.com/" title="http://www.loannetter.com/">www.loannetter.com</a></p> </td> <td> </td> </tr> </tbody> </table> </p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td>510-LO-31434   </td> </tr> <tr> <td> <p>510-MB-24707-50145    </p> <p>An approved Conventional, FHA/VA/USRDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" height="40" alt="" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Fri, 29 May 2009 02:22:22 -0500 http://activerain.com/blogsview/1093990/biznik-business-networking-that-doesn-t-suck- http://activerain.com/blogsview/1083216/fannie-freddie-du-refi-s-to-the-rescue- Fannie/Freddie DU-Refi's to the RESCUE! <p><strong>HELP FOR HOMEOWNERS is working</strong><strong>! </strong>Our Fannie Mae Freddie Mac lenders are rolling out the new 105%  DU- refinance for folks whose home is underwater with a mortgage higher than the house value.  If you have a loan without Mortgage Insurance now (would have been 80% 1st or an 80/20%)  combo then the good news is you won't have Mortgage Insurance even though the loan to value may exceed 105% on the first mortgage after your refinance! Credit scores are a little more flexible but these are not for 'stressed borrowers'.</p> <p>Rates are very competitive...in the low 5% range for primary home depending on risk factors. You can also refinance an investment property! Look up your property address so see if you have a Fannie or Freddie:</p> <p><strong>BELOW IS THE FIRST STEP to establish who owns the mortgage now:</strong></p> <p><strong>Click this link to if you have a Freddie:</strong> <a href="http://www.freddiemac.com/avoidforeclosure/" title="http://www.freddiemac.com/avoidforeclosure/"><strong title="http://www.freddiemac.com/avoidforeclosure/">http://www.freddiemac.com/avoidforeclosure/</strong></a></p> <p><strong>If you do, all Freddie Mac: loans <em>must be refinanced with the lender that is currently servicing the loan and</em> must be refinanced as another Freddie Mac loan. </strong></p> <ul type="disc"> <li>If the new payment does not increase >20%, the loan may qualify for Stated Income & Stated Assets (wow)! </li> <li>Appraisal Waivers will be available in certain circumstances! </li> <li>Max 4 financed properties in total  </li> </ul> <p><strong>Click this link to if you have a Fannie:</strong> <a href="http://www.fanniemae.com/index.jhtml" title="http://www.fanniemae.com/index.jhtml"><strong title="http://www.fanniemae.com/index.jhtml">http://www.fanniemae.com/index.jhtml</strong></a></p> <p><strong><strong>Fannie Mae:</strong></strong><strong><strong> loans can be refinanced with any lender but <em>must be refinanced as another Fannie Mae loan.</em></strong></strong><strong><strong></strong></strong></p> <ul type="disc"> <li>Not servicer-specific (we pick your lender for best terms/rates) </li> <li>May not require an appraisal (underwriter prerogative to call for one)  </li> <li>Desktop Underwriting Approve/Eligible only (we handle the DU pre-submission here)  </li> <li>No limit to number of financed properties!</li> </ul> <p> <strong>What are other options if you don't have a Fannie or Freddie?</strong></p> <p>FHA, Conventional, Modification....take your pick!  Get thee to a broker and review your options since loan terms have changed so much this year. If you are financially stressed and need some payment relief,  Loan Modification programs are working well here ...some really amazing results but it can take 90 days to achieve the desired results. Be patient either way. High volumes are slowing things down across the board. Get in early and be prepared to work a little.</p> <p><strong>Time to BUY! </strong> Spring has sprung and the soft market means a lot of sellers are negotiating. A great time for first timers to get on the bus!  Rates couldn't be better...still under 5% for better credit. We are seeing a lot of local folks who never thought they could buy in the market now for all the right reasons. USDA (Rural Loans) FHA, VA, Conventional...all are finding their mark with such competitive fixed rates.</p> <p><strong>TRENDS FRIENDS!</strong> While our local sales are down by 30% and prices are down around 7% from last year, our eye popping low rates and loan options on offer are making this look like a very busy summer in the Pacific Northwest. Regardless of who you believe about a mooted economic recovery this is a great time to buy. Competition in the below $300K price range is actually fierce --I have seen multiple bids on homes in the short sales arena in particular. Don't miss this boat!</p> <p><strong><em>Happy </em><em>S</em><em>p</em><em>r</em><em>ing</em> <em>!</em></strong> <em><strong><a href="http://www.loannetter.blogspot.com" title="Loannetter" target="_blank"> Loannetter</a></strong></em>  </p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td><img src="http://www.allaboutnews.com/members/web/39501_logo.jpg" border="0" height="113" alt="Loannetter" width="238" /></td> <td width="65%"> <p><strong></strong></p> <p><strong></strong> </p> <p><strong></strong> </p> <p><strong>susan </strong><strong>t</strong><strong>empleton</strong><br /><strong>m</strong><strong>ortgage </strong><strong>p</strong><strong>lanner</strong><br /><a href="http://www.loannetter.com/" title="http://www.loannetter.com/">www.loannetter.com</a></p> </td> <td> </td> </tr> </tbody> </table> </p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td>510-LO-31434   </td> </tr> <tr> <td> <p>510-MB-24707-50145    An approved Conventional, FHA/VA/USRDA and Reverse Mortgage Broker</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" height="40" alt="" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Wed, 20 May 2009 00:56:13 -0500 http://activerain.com/blogsview/1083216/fannie-freddie-du-refi-s-to-the-rescue- http://activerain.com/blogsview/1076412/why-not-make-home-inspections-mandatory- Why not make Home Inspections mandatory? <p><p>A very important point on the absolute NEED for home inspections!</p></p><div id="reblogging_tag">Via <b><a href="http://activerain.com/blogsview/983270/why-not-make-home-inspections-mandatory-">Sara Goodwin - Portland, Oregon Appraiser (Ashcroft & Associates)</a></b>:<br/><blockquote><p>We're in the middle of an economic and individual housing meltdown in this country.  People are losing their homes, banks are losing their assets.  To comfort the government, banks and homeowners, new appraisal regulations are being made left and right.  Upgraded appraiser qualifications are being put in to place to keep honest appraisers honest, mandatory review appraisals are ordered, or two appraisals per property are what we are to expect under some loan conditions.</p> <p>As an appraiser, I have had attic and crawlspace photos have been asked of me... I have even been asked to perform re-inspections for something that was noted by the home inspector.</p> <p><em>Appraisers are not home inspectors.  </em></p> <p>These are some canned statement that I enter into each one of my appraisal reports in hopes that the underwriter and other powers-that-be might finally understand the difference:</p> <p style="PADDING-LEFT: 30px;">"The appraiser is not an expert in the identification of hazardous substances or detrimental <img src="http://activerain.com/image_store/uploads/9/1/9/7/4/ar123705061447919.jpg" height="317" alt="" width="250" style="FLOAT: right;" />environmental conditions..... A property appraisal is a document that provides an estimate of a property's market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are generally for clients such as lenders; home inspections are for home owners and buyers. "</p> <p>When I reread these statements, however I see a flaw.  Are home inspectors really there to protect just the home owners and buyers or are they there to back the validity of the value of the home that the appraiser has assigned to it? </p> <p>When we purchased our first home in 1997, it was <em>an FHA requirement</em> to have a professional inspection done (this is no longer the case as far as I know).  As first time home buyers, we also ordered a second inspection (the independent inspector came up with a few more issues than the FHA inspector did, I might add). </p> <p>Even now as a real estate professional, I would never trust myself to catch all the details that a home inspector would... and you better believe I still hire home inspectors for my own assurance as well as recommend them to anyone purchasing a place whether it be a new construction or 100 years old. </p> <p> </p></blockquote></div><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Thu, 14 May 2009 15:54:21 -0500 http://activerain.com/blogsview/1076412/why-not-make-home-inspections-mandatory- http://activerain.com/blogsview/1043266/mod-squad-how-to-modify-your-mortgage MOD SQUAD: How to Modify Your Mortgage <p>Len Harley's feature on Mod Scams is timely: I have been researching the issue and found 4 solutions that work for folks who are underwater and do not qualify for the Fannie/Freddie brand of Loan Modification.</p> <p>1. The borrower negotiates directly themselves. After all your promissory note is a contractual agreement between two parties. Problem here is lenders strong-arm you and make you feel like a criminal for asking. (By the way, that's what happens if you call Hope Now the HUD hot line...they prequal and just turn you over to your lender to fend for yourself with little results to date)</p> <p>2. Hire a modification specialist attorney. A real one who knows both real estate and mortgage law.... expect 6 months to a year and cost $10K or more. In really complicated cases I know it works and the results can be amazing if you have the right person actually on your team. Forget prepaid legal. They are about as skilled as the collection agencies. If there is any sniff of fraud on your loan this is the best way to go because the lender is legally responsible for underwriting your mortgage to RESPA and they are very afraid of being found in violation.</p> <p>3. Find a bonafide loan modification company: In Washington state there are a handful who have been successfully modifying loans for about a year under the watchful eye of our very engaged Attorney General, Rob McKenna. Expect to pay a $750 deposit on phase one ($750 due at completion with refund of all but $300 if not successful) our SAG and Dept of Financial Institutions worked on this together and 20 states to follow as outlined in their new bill/law just released this month. OH, and loan modification people must be licensed loan officers or brokers who are both bonded and insured and put your deposit in an escrow account or trust fund. Expect to be engaged in the process and for it to take 60-90 days minimum. (I know folks who have benefitted from this approach because its based on what they can actually afford to pay.)</p> <p>4. Get a BK specialisty attorney to advise if Chapter 7 or a combination of 7 and Chapter 13 will help you save your home. You must be able to handle a reduced mortgage for at least a couple of years or more...during which time your equity and your credit might start to recover.</p> <p>The BEST PART of the Obama Rescue Home Affordable Plan is that is has brought the concept of Loan Modification out of the dark closets and back alleys. Follks are getting results. The fog is lifting. AND for those who are wondering...these options are not limited to primary residences. Ask yourself why a lender would not want to modify an investment or commercial property? If anything it's even more likely that an overburdened investor would walk away from a rental first and save their home...you get the picture. My motto: "If you don't ask you don't get...so ASK!"</p> <p>All the Best! <em><a href="http://www.equitytalks.blogspot.com" title="EQUITY TALKS" target="_blank">EQUITY TALKS</a></em></p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td><img src="http://www.allaboutnews.com/members/web/39501_logo.jpg" border="0" height="113" alt="Loannetter" width="238" /></td> <td width="65%"> <p><strong></strong></p> <p><strong></strong> </p> <p><strong></strong> </p> <p><strong>susan </strong><strong>t</strong><strong>empleton</strong><br /><strong>m</strong><strong>ortgage </strong><strong>p</strong><strong>lanner</strong><br /><a href="http://www.loannetter.com/" title="http://www.loannetter.com/">www.loannetter.com</a></p> </td> <td> </td> </tr> </tbody> </table> </p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td>510-LO-31434   </td> </tr> <tr> <td> <p>510-MB-24707-50145    An approved Conventional, FHA/VA/USRDA and Reverse Mortgage Broker</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" height="40" alt="" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Mon, 20 Apr 2009 22:08:46 -0500 http://activerain.com/blogsview/1043266/mod-squad-how-to-modify-your-mortgage http://activerain.com/blogsview/1030182/take-me-back-country-home- Take me back, COUNTRY HOME! <p><strong>HOT RURAL NEWS: New Country Home Loans for Hobby Farms:</strong> To date, the upside down value of land to homes in our area (due to high land values) have made funding a small hobby farm or home on acreage prohibitive. The rural, laid back beauty of our region has drawn many folks here for their 'patch of green' to grow a few apples or lavenders or just elbow room and a few horses. We've been hard pressed to find lenders for properties over 5 acres. At last we have some new options for home owners who intend to use their land for appropriate uses in rural zoned areas. The lenders we are dealing with are offering make sense underwriting. Naturally full doc and solid credit. This is very exciting news!</p> <table cellspacing="0" border="1" cellpadding="0" width="508"> <tbody> <tr> <td width="193"> <p><strong> </strong>  <strong>program</strong> </p> </td> <td width="349"> <p><strong> highlights</strong></p> </td> </tr> <tr> <td width="193"> <p>   Country Home Loans </p> </td> <td width="349"> <p>Owner occupied homes, mixed use and bare land</p> </td> </tr> <tr> <td width="193"> <p>   Serving   </p> </td> <td width="349"> <p>Rural homeowners outside of urban areas</p> </td> </tr> <tr> <td width="193"> <p>   Maximum Mortgage  </p> </td> <td width="349"> <p>$ 5,000,000</p> </td> </tr> <tr> <td width="193"> <p>   85 % Loan Terms</p> </td> <td width="349"> <p>15% down with NO Mortgage Insurance required</p> </td> </tr> <tr> <td width="193"> <p>   Documentation </p> </td> <td width="349"> <p>Full  documentation of income and assets. </p> </td> </tr> <tr> <td width="193"> <p>   Property Types </p> </td> <td width="349"> <p>Existing & future home sites, manufactured homes</p> </td> </tr> <tr> <td width="193"> <p> </p> </td> <td width="349"> <p>Includes farming, equine properties, hobby farms </p> </td> </tr> <tr> <td width="193"> <p>  </p> </td> <td width="349"> <p>Properties that have land use potential, not small lots</p> </td> </tr> <tr> <td width="193"> <p>   Features </p> </td> <td width="349"> <p>Rural properties with potential to fund 'unique' homes and homes worth 30% of total property value, includes manufactured homes and mixed uses.</p> </td> </tr> <tr> <td width="193"> <p>   Debt to Income</p> </td> <td width="349"> <p>47.5% allowed-higher than government programs</p> </td> </tr> <tr> <td width="193"> <p>   Qualifications</p> </td> <td width="349"> <p>Portfolio -- underwriting manually, full doc</p> </td> </tr> </tbody> </table> <p>Terms and rates vary by credit risk, eligibility, location, and property type/use. Very competitive with residential rates. The minimum 15% down is great considering NO Mortgage Insurance is required.</p> <p>Unlike USDA loans--also popular in our area--there is no ceiling on income or limits to business use as long as it's a legal zoned use for the land. It's very much a case by case underwriting decision.</p> <p><strong><em><a href="http://buildnet.blogspot.com/2007/09/40-acres-and-mule.html" title="Hobby Farm Post" target="_blank">Pass it on!</a></em></strong></p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td><img src="http://www.allaboutnews.com/members/web/39501_logo.jpg" border="0" height="113" alt="Loannetter" width="238" /></td> <td width="65%"> <p><strong></strong></p> <p><strong></strong> </p> <p><strong></strong> </p> <p><strong>susan </strong><strong>t</strong><strong>empleton</strong><br /><strong>m</strong><strong>ortgage </strong><strong>p</strong><strong>lanner</strong><br /><a href="http://www.loannetter.com/" title="http://www.loannetter.com/">www.loannetter.com</a></p> </td> <td> </td> </tr> </tbody> </table> </p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td>510-LO-31434   </td> </tr> <tr> <td> <p>510-MB-24707-50145    An approved Conventional, FHA/VA/USRDA and Reverse Mortgage Broker</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" height="40" alt="" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Sat, 11 Apr 2009 17:57:14 -0500 http://activerain.com/blogsview/1030182/take-me-back-country-home- http://activerain.com/blogsview/1017762/seven-secrets-of-successful-traders- Seven Secrets of Successful Traders! <p>I recently attended an international conference on investing. Big deal, great folks from all around the world, all sharing their expertise, systems and philosophy. Why did I, a mere mortgage body, attend this event? Well for starters, I feel we all need different perspectives whatever the 'market' we trade.  Here are a few thoughts I gleaned you might find useful in your practice:</p> <p><strong>1. Trade Prices:  </strong>Given everyone wants a low rate and a low price. Price is what makes the 'trade'. However, prices in real estate are not the be-all. But ask yourself: when did price NOT make a difference? Only to someone for whom price was not an issue...not the majority of us living on real budgets in a finite income world. Price points are very big emotional boundaries for folks. I know how much that extra 5K may cause an application to be declined. We have come accustomed to stretching in real estate and now is the time to conserve, live within our means...get a little leaner. I am finding my clients appreciate my strategies for buying lower and not being 'sold' up.</p> <p><strong>2. Know Thyself:  </strong>Successful investors know when to push the button and when to take a very long walk.</p> <p><strong>3. Ignore the Talking Heads:</strong>  But watch your market, your sector, your turf. The 'news' is probably rigged anyway (how would we know) so it's best to do your own due diligence. Did anyone get rich watching Cramer? the guy said Bear Stearn was safe as houses less than 48 hours before it tanked. Folks are particularly wary now about the predictions we heard only months ago that the recession would be sharp and short...yea right. I bought into some of those 'trend sellers' myself. Yikes, we were predicting rates would go UP this year but hey that was actually before certain truths started coming out.</p> <p><strong>4. Timing is Everything:  </strong>From how long you hold any investment to exactly when you sell...any market is driven on the wings of time. We try to take profits when things are high but in real estate we don't always have that choice. Our job takes us across the state and we either have to sell or become landlords... neither choice is fun when you need your money to support a move. Accept not all is within your control and accept your limits.</p> <p><strong>5. Pick a Method:  </strong>What kinds of strategies, over time, might work better for your personality, temperament and stage of life? Is it best to borrow $50K to fix up your home in one fell swoop or do the projects one room at a time with your ongoing resources? The answer is different for each person. And if gold is your bag, grab some miner stock. Land works for some. Others like rentals...do what you love and know. As they say in New Zealand: "Whatever starts your tractor!"</p> <p><strong>6. Celebrate Your Wins:</strong>  It's a pretty great time to be investing in real estate. Share the love. Study your correct assumptions and remember the trigger points. Learn to trust you gut.</p> <p><strong>7. Study your Losses:</strong>  Otherwise how will you improve your game, tighten your reflexes and come out boxing the next round? Traders go over their charts, relive their decisions, keep rigorous notes on what strategy worked and what didn't. If you want to win, you need to know your weaknesses as well as you know your strengths.</p> <p>OH, and what about that 'Rate Forecast"?-- they actually went down since my last prediction....fancy that!</p> <p>(Thanks to Bill, Vadym, Pascal, Kaimu and others for sharing their pearls at the Cara Trading Conference 2009) For more inspiration: <a href="http://www.caracommunity.com">www.caracommunity.com</a></p> <p><em>Happy Spring! <strong><a href="http://www.loannetter.com/">Loannetter</a></strong></em></p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td><img src="http://www.allaboutnews.com/members/web/39501_logo.jpg" border="0" height="113" alt="Loannetter" width="238" /></td> <td width="65%"> <p><strong></strong></p> <p><strong></strong> </p> <p><strong></strong> </p> <p><strong>susan </strong><strong>t</strong><strong>empleton</strong><br /><strong>m</strong><strong>ortgage </strong><strong>p</strong><strong>lanner</strong><br /><a href="http://www.loannetter.com/" title="http://www.loannetter.com/">www.loannetter.com</a></p> </td> <td> </td> </tr> </tbody> </table> </p> <p> <table cellspacing="0" border="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td>510-LO-31434   </td> </tr> <tr> <td> <p>510-MB-24707-50145    An approved Conventional, FHA/VA/USRDA and Reverse Mortgage Broker</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" height="40" alt="" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p><div class='agent_signature'><p><strong><img src="http://ih.constantcontact.com/fs078/1102539685822/img/4.jpg?a=1102613315353" border="0" alt="bird" width="114" height="78" /></strong><a href="http://www.loannetter.com/" target="_blank">YOUR NEST IS OUR NICHE</a></p> <p><strong></strong></p> <p> <table border="0" cellspacing="0" cellpadding="0" width="660"> <tbody> <tr> <td> </td> </tr> <tr> <td> <p>An approved Conventional, FHA/VA/USDA, Reverse Mortgage and Commercial Mortgage Planner</p> <p><img src="http://www.allaboutnews.com/web/images/web/ehlogo.gif" alt="" height="40" />   © Copyright 2009  Loannetter </p> </td> </tr> </tbody> </table> </p> <p>510-LO-31434 susan templeton licensed loan officer, washington and beyond</p></div> Loannetter Fri, 03 Apr 2009 22:58:23 -0500 http://activerain.com/blogsview/1017762/seven-secrets-of-successful-traders-