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charlotte county florida: HAFA Fails before it has even begun - 05/05/10 03:41 PM
The new federal guidelines designed to speed up the short sale process, otherwise known as the Home Affordable Foreclosure Alternatives program, will likely pressure banks and mortgage lenders to provide the one-answer homeowners and their real estate professionals do not want to hear: NO!
Pressuring banks, credit unions, and mortgage lenders into a timeline of 10 days to process a short sale is completely unrealistic, especially since the federal government has failed to address the root causes of the lengthy delays of the short sale process in the first place.
Most of the delays in getting short sales approved are largely … (0 comments)
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charlotte county florida: Most Short Sales, Foreclosures Unnecessary - 10/21/08 07:49 PM
Most of the properties for sale as Short Sales as well as properties currently in foreclosure are unnecessary, so property owners should strongly consider all of their options before taking the steps towards certain financial ruin and seriously derogatory credit.
The use of Federal and State lending laws could dramatically alter the ever-increasing number of homes for sale as a short sale, as well decreasing the large number of foreclosures and bank-owned properties. More importantly, homeowners can keep their homes and improve their credit rating.
A thorough review of all mortgage loan documents, including the initial loan application … (0 comments)
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charlotte county florida: COMMIT MORTGAGE FRAUD AND PAY A HEAVY PRICE - 10/21/08 07:43 PM
Question: What do you get when you combine a dishonest mortgage broker, dishonest title agent, and a dishonest real estate appraiser? Answer: heavy fines as well as a lengthy prison sentence!
Law enforcement officials and government regulators are cracking down hard on people involved in all aspects of the real estate business who commit or conspire to create fraudulent mortgage loans as well as illegally obtain mortgage loans, which ultimately costs tens of billions of dollars to both mortgage lenders and consumers each and every year.
Recently, Federal agents in both Miami and Anchorage, Alaska have charged numerous people with … (1 comments)
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charlotte county florida: MORTGAGE LOAN APPROVALS USING NON-TRADITIONAL CREDIT - 10/21/08 07:42 PM
Homebuyers turned away due to lack of credit or credit scores do have a rather unconventional way to be approved without traditional credit or even a credit score.
Nontraditional credit is a widely used form of credit verification used by certain mortgage lenders for loan applicants who prefer not to use traditional forms of credit such as credit cards or car loans yet can provide a payment history on similar forms of ‘nontraditional" credit.
For several years now, mortgage lenders have recognized that loan applicants who choose to use non-traditional credit in place of traditional credit should not be penalized … (0 comments)
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charlotte county florida: Fix Credit Issues BEFORE Shopping For a Home - 10/21/08 07:39 PM
Financing the purchase of a home is getting more difficult these days, especially for those consumers who may have recent or past credit delinquencies in their credit file.
Credit score requirements by most mortgage lenders are changing on a weekly basis, requiring no less than a 580 middle score from the three credit repositories: Transunion, Experian, & Equifax.
Many of the loan approvals issued by banks and mortgage lenders over the last several months have failed to close due to these changes in the credit score requirements, leaving many potential homeowners without the means necessary to finance their home … (0 comments)
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charlotte county florida: IS YOUR LANDLORD MAKING THEIR MORTGAGE PAYMENT? - 10/21/08 07:37 PM
Just when you thought the housing and mortgage crisis was limited to only homeowners, a new victim has been brought into the fray, one who doesn't own a home or have a mortgage. Who are these new, unsuspecting victims? The people who are actually renting homes!
Thousands of homeowners (namely investors and property speculators unable to sell homes purchased in the recent sellers market) have opted to rent their homes to help offset their monthly debt service. Low market rents compared with high risk, high interest mortgage payments are causing many investors to go ‘out of pocket' to pay … (0 comments)
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Mike Sikorski MBA GRI CRS
Port Charlotte,
FL
More about me…
Realty One Group
Address: 1777 Tamiami Trail Suite 303-B, Port Charlotte, Fl., 33948
Office Phone: (941) 206-6000
Cell Phone: (941) 875-1203
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