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mike sikorski mba gri: Most Loan Modifications ‘Designed” To Fail - 01/05/09 06:07 PM
"Unqualified" homeowners are being offered mortgage loan modifications by their bank or mortgage lender that are ultimately designed to fail, in a slight of hand effort to offer token assistance to consumers who should never have received mortgage loans in the first place.
The mortgage industry estimates that over 60% of mortgage loans modified are likely to become delinquent less than 12 months after the loan modification is made. Given the fact that many of the mortgage loans modified today do very little to help homeowners in the first place, it is not a wonder why so many ‘modified' mortgage loans … (1 comments)
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mike sikorski mba gri: Most Loan Modifications ‘Designed” To Fail - 01/05/09 06:04 PM
"Unqualified" homeowners are being offered mortgage loan modifications by their bank or mortgage lender that are ultimately designed to fail, in a slight of hand effort to offer token assistance to consumers who should never have received mortgage loans in the first place.
The mortgage industry estimates that over 60% of mortgage loans modified are likely to become delinquent less than 12 months after the loan modification is made. Given the fact that many of the mortgage loans modified today do very little to help homeowners in the first place, it is not a wonder why so many ‘modified' mortgage loans … (0 comments)
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mike sikorski mba gri: Certain Loan Mods Are ‘Designed” To Fail - 01/03/09 06:01 PM
"Unqualified" homeowners are being offered mortgage loan modifications by their bank or mortgage lender that are ultimately designed to fail, in a slight of hand effort to offer token assistance to consumers who should never have received mortgage loans in the first place.
Although many ‘qualified' consumers are receiving favorably modified mortgage loan terms due in large part to sufficient monthly income and low debt to income ratios, many homeowners who have lost significant household income since first receiving their mortgage loan are being locked out of the loan modification process. Even the government sponsored mortgage loan bailout programs are disqualifying … (0 comments)
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mike sikorski mba gri: THINK TWICE ABOUT “SHOPPING” FOR A MORTGAGE - 12/06/08 08:29 PM
Consumers "shopping" for a mortgage have taken on a new twist, leading to the creation of an information-sharing network by competing mortgage lenders.
In a desperate attempt to secure some forms of mortgage financing, loan applicants have turned to tailoring their loan application and loan documentation to that of what a mortgage lender is known by reputation for getting certain loan programs approved and closed. Think, "Telling them what they want to hear". This includes stating different sources of income and even alternative forms of credit, all in an effort to get the loan approved the way the applicant thinks the … (1 comments)
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mike sikorski mba gri: MORTGAGE LOAN APPROVALS USING NON-TRADITIONAL CREDIT - 12/05/08 06:22 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 or … (0 comments)
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mike sikorski mba gri: MORTGAGE FRAUD BEGINS AT LOAN APPLICATION - 12/05/08 06:19 PM
How far will you go to get the dream home you have always wanted, or the lowest interest mortgage available? Are you willing to claim assets you do not have, or income that you truly cannot prove to be true? If so, you could be facing a lengthy prison term and a very heavy fine.
The moment you sign a loan application that contains fraudulent information as it relates to income, debts, or assets, you have committed mortgage fraud. Even if you are turned down for a mortgage loan, or if a mortgage loan does not close, you can still … (0 comments)
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mike sikorski mba gri: LOAN APPROVALS JUST GOT TOUGHER - 12/05/08 06:16 PM
Getting a mortgage loan approval is about to get a lot tougher as both Fannie Mae and Freddie Mac have opted to toughen underwriting guidelines for conventional mortgage loans as a direct result of the current housing and mortgage crisis.
Revised mortgage loan underwriting guidelines will call for higher credit score requirements, increased private mortgage insurance premiums, and lower loan to values (LTV's) for cash out refinance mortgage loans. In addition, risk factors such as previous bankruptcies, foreclosures, and previous mortgage payment delinquencies will require longer recovery periods for conventional mortgage loans.
How a particular mortgage loan application is submitted … (0 comments)
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mike sikorski mba gri: IS YOUR LANDLORD MAKING THEIR MORTGAGE PAYMENT? - 12/05/08 06:14 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 the … (1 comments)
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mike sikorski mba gri: HOW A LOAN APPROVAL BECOMES A LOAN DENIAL - 12/05/08 06:10 PM
The loan approval that you receive today could fail to close due to the lack of follow through required by consumers and their loan officers as stipulated directly within the loan approval itself.
A loan approval contains several stipulations by a mortgage underwriter that requires the verification of a number of issues primarily dealing with income and credit. Failing to meet the stipulations of the loan approval EXACTLY as written in the loan approval will likely change your loan approval into a loan denial.
Job Loss or Job Change. Proving you have the ability to pay a loan back to a … (0 comments)
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mike sikorski mba gri: Fix Credit Issues BEFORE Shopping For a Home - 12/05/08 06:07 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 purchase.
In … (1 comments)
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mike sikorski mba gri: FINANCING THE “AS-IS” HOME PURCHASE - 12/05/08 06:05 PM
The loan approval from your bank or mortgage lender to finance a home purchase may not include many homes for sale in "As-Is" condition, so it is critically important that you recognize this before committing yourself to a purchase contract.
Several purchase contracts have failed to close recently due to various banks and mortgage lender's refusal to finance homes in serious disrepair. Many of these homes are classified as homes listed for sale in as-Is condition, and likely could still have had a successful closing provided that the correct method of financing the purchase was in place from the beginning.
When … (0 comments)
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mike sikorski mba gri: COMMIT MORTGAGE FRAUD AND PAY A HEAVY PRICE - 12/05/08 06:03 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 scheming … (1 comments)
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mike sikorski mba gri: Beware of ‘Bait & Switch’ for Closing Costs & Interest Rates - 12/05/08 06:01 PM
The interest rates and closing costs that you shop for today for a mortgage loan could be dramatically different when you get to the closing table.
Unscrupulous mortgage broker and bank loan officers are intentionally quoting low interest rates and even lower closing costs as a way to get consumers to stop further shopping for a mortgage loan, and sign on with them. By the time the loan closing occurs, the interest rate jumps up as well as the closing costs, putting the consumer at a disadvantage that is both highly illegal and unethical.
In most cases, the unscrupulous loan officer … (0 comments)
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mike sikorski mba gri: Most Short Sales, Foreclosures Unnecessary - 12/05/08 05:57 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 and disclosures … (0 comments)
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mike sikorski mba gri: IS YOUR LANDLORD MAKING THEIR MORTGAGE PAYMENT? - 11/25/08 02:02 AM
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 the … (0 comments)
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mike sikorski mba gri: THINK TWICE ABOUT "SHOPPING" FOR A MORTGAGE - 11/25/08 01:58 AM
Consumers "shopping" for a mortgage have taken on a new twist, leading to the creation of an information-sharing network by competing mortgage lenders.
In a desperate attempt to secure some forms of mortgage financing, loan applicants have turned to tailoring their loan application and loan documentation to that of what a mortgage lender is known by reputation for getting certain loan programs approved and closed. Think, "Telling them what they want to hear". This includes stating different sources of income and even alternative forms of credit, all in an effort to get the loan approved the way the applicant thinks … (0 comments)
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mike sikorski mba gri: The Terrible Truth about Mortgage Brokers and Loan Originators - 11/25/08 01:55 AM
Many of today's Florida licensed mortgage brokers and Loan Originators lack the necessary skills to truly assist consumers in securing the best financing arrangements possible, due in large part to the fact they are poorly trained, lack the most basic skills necessary to truly understand all facets of mortgage lending, and possess little or no experience in residential mortgage lending, as well as offering too few mortgage loan programs for consumers to choose from.
Under Florida Law, an individual can be licensed or unlicensed to originate residential mortgage loans, depending on the type of business entity they choose to … (0 comments)
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mike sikorski mba gri: MORTGAGE LOAN APPROVALS USING NON-TRADITIONAL CREDIT - 11/25/08 01:53 AM
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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mike sikorski mba gri: MORTGAGE FRAUD BEGINS AT LOAN APPLICATION - 11/25/08 01:51 AM
How far will you go to get the dream home you have always wanted, or the lowest interest mortgage available? Are you willing to claim assets you do not have, or income that you truly cannot prove to be true? If so, you could be facing a lengthy prison term and a very heavy fine.
The moment you sign a loan application that contains fraudulent information as it relates to income, debts, or assets, you have committed mortgage fraud. Even if you are turned down for a mortgage loan, or if a mortgage loan does not close, you can still … (0 comments)
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mike sikorski mba gri: LOAN APPROVALS JUST GOT TOUGHER - 11/25/08 01:48 AM
Getting a mortgage loan approval is about to get a lot tougher as both Fannie Mae and Freddie Mac have opted to toughen underwriting guidelines for conventional mortgage loans as a direct result of the current housing and mortgage crisis.
Revised mortgage loan underwriting guidelines will call for higher credit score requirements, increased private mortgage insurance premiums, and lower loan to values (LTV's) for cash out refinance mortgage loans. In addition, risk factors such as previous bankruptcies, foreclosures, and previous mortgage payment delinquencies will require longer recovery periods for conventional mortgage loans.
How a particular mortgage loan application is submitted … (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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