mortgage payments: “Mother Said She had NO Idea, Her Two Kids Put Mortgages on her Two Duplexes”
- 12/23/13 08:11 PM
“Mother Said She had NO Idea, Her Two Kids Put Mortgages on her Two Duplexes” How is this possible? Listening to this story really got my attention. The client told me that a number of years ago, her husband had passed away. She got the proceeds of an insurance policy and purchased 2 duplexes and paid cash for them. She lives in one unit and rented out the other 3 units. A couple of years ago she had gotten ill and gave her children power of attorney in case something happened to her. While she was ill, they apparently … (20 comments)
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mortgage payments: “Can I Refinance a Modified Mortgage?”
- 10/04/13 09:46 PM
“Can I Refinance a Modified Mortgage?”
I didn’t even know how to respond. Debbie called to find out if she did a modification 12 months ago. She now has a 2% interest rate for the next 4 years and then it would start going up over the next 9 years and end up at 4% for the remaining 20 years.
The problem is she is 4 months behind. She said she knew that her interest rate would go up, but if she could add the arrearage to the end of the loan, the rate wouldn’t matter.
I told her there … (25 comments)
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mortgage payments: “Would You tell Your Client NOT to Make Their Mortgage Payments?”
- 07/12/13 10:45 PM
“Would You tell Your Client NOT to Make Their Mortgage Payments?” Of course you wouldn’t, but it continues to happen. I continue to interact with clients that want to refinance after doing a mortgage modification. When I ran the credit I could see that they have had 3-4 late payments on their mortgage in the last couple of years. I am constantly being told the same story over and over again. The story continues to be the same and continues today. Folks are being told that they can’t get a modification done while they are current on their mortgage. … (18 comments)
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mortgage payments: “HARP Extended to 12/31/2015”
- 04/21/13 11:21 PM
“HARP Extended to 12/31/2015” There are many mortgages that are owned by Fannie Mae and Freddie Mac, that could be refinanced under HARP, as they were so upside own, that no lender would do the refinance. Even though in most cases were not done, lenders used some data to establish their estimate of value. While values have improved, some of the transactions that we couldn’t previously do, are now becoming doable. Below is a basic list of guidelines.
The loan must be owned or guaranteed by the Fannie Mae or Freddie Mac Loans must have been sold to … (5 comments)
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mortgage payments: “Scammer Got These Folks for $3,500”
- 04/10/13 11:58 PM
“Scammer Got These Folks for $3,500”
Jose and Kelly have been in and out of foreclosure and loan modification attempts for the last 6 years. They owe more than their home is worth. They have an 8.25% interest rate on their loan, have gotten behind 3 different times and each time, the servicer modified the loan and added their arrearage to the end of the loan. They started out with a $200,000 loan amount, now after back payments, late charges and attorney fees, they owe $240,000.
They told me that the value is under … (11 comments)
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mortgage payments: My Client was told there is Only One Way to Modify Their Mortgage
- 04/10/13 04:13 AM
“Mortgage Servicer Tells My Client there is Only One Way, They Can Modify Their Mortgage”
It makes me absolutely crazy when a mortgage servicer tells someone, the only way they can possibly modify a mortgage, if they are at least three months behind. I know they are not telling them to not pay their mortgage.
One of my clients called me the other day, telling me the same story. Unless I miss payments, I can’t get my interest rate reduced. Their mortgage was not owned by Fannie Mae or Freddie Mac or a … (4 comments)
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mortgage payments: “Recent Short Sale or Deed in Lieu of Foreclosure?”
- 03/06/13 10:23 PM
“Recent Short Sale or Deed in Lieu of Foreclosure?”
We are now accepting Conventional Mortgages, where the borrower had a short sale or deed in lieu under the following parameters.
1) Cannot have a filed foreclosure or Lis Pendens. Neither can appear on a credit report.
2) Prior to the short sale of deed in lieu, no 30 day late mortgage payments.
3) Need a short sale or deed in lieu agreement.
4) Minimum credit score 640 and all overall credit must be good.
5) 80% LTV if 2 years since … (3 comments)
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mortgage payments: “Divorced, My Ex Got the House, Now I Want to Buy Another Home”
- 02/26/13 09:48 PM
“Divorced, My Ex Got the House, Now I Want to Buy Another Home”
A Realtor referral partner sent me a prospective client to get preapproved. He shared with me, that he got divorced 5 years ago and his last alimony payment happened a couple of months ago and there was no children. I asked permission to run his credit, after looking at it, I knew he was in for a huge surprise.
The two mortgages had been unpaid for a couple of years, even though the report didn’t indicate that the mortgage was in foreclosure, it is really the … (6 comments)
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mortgage payments: Don’t Panic When Your Mortgage is Sold or Serviced by Another Company
- 02/20/13 09:30 PM
“Don’t Panic When Your Mortgage is Sold or Serviced by Another Company”
I had to talk one of my clients off the cliff yesterday. At the time I did her mortgage I explained, that most likely the mortgage we are doing, will not be serviced by this lender. Sure enough, no sooner was the ink dry, my client was notified that the mortgage was now going to be serviced by someone else.
She said she went online and saw all kinds of complaints about this company. I told her that all the complaints were probably all warranted, but … (9 comments)
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mortgage payments: Maybe Some Hope for Many Who have NOT been able to Refinance
- 01/04/13 01:02 AM
“Maybe Some Hope for Many Who have NOT been able to Refinance and Owe More than the Mortgage”
I get a least a half dozen calls a week from individuals that don’t have a mortgage that is owned by Fannie Mae or Freddie Mac, that is not an FHA or VA loan. Almost all of the calls are from folks that want to keep their homes, want to keep paying their mortgages, but are paying interest rates much higher than current market.
A perfect example, Margaret called me, saying that her loan is being serviced by Citibank, her … (9 comments)
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mortgage payments: The Shame that Comes with a Bankruptcy- Part 2
- 12/09/12 08:36 PM
“The Shame that Comes with a Bankruptcy - Part 2"
I recently met with clients who are coming out of their 3rd bankruptcy. Yes, 3rd! I did everything humanly possible to be objective, but I was having real trouble. They are both in their early 50’s, so they weren’t wasting any time, as you can’t file a second or third time for 7 years.
The first time was in 1989, as the value of their home dropped below what they paid and what they owed. The bankruptcy laws were different back then. They were making very good incomes and … (8 comments)
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mortgage payments: Young Home Buyers Move in with Parents to Help Them Keep Their Home?
- 10/23/12 11:03 PM
“Young Home Buyers Move in with Parents to Help Them Keep Their Home?”
I thought I had a unique situation. After reading the article below, this is not so unique.
I got a call from clients that I did a mortgage for many years ago. They indicated that they were having difficulty making their mortgage payments but they were current, never having missed a payment. They wanted to take advantage of today’s interest rates, but were told by their existing note holder, that they didn’t qualify for a refinance.
They would tell me that their son had … (4 comments)
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mortgage payments: CREDIT SCORES AREN'T THE PROBLEM
- 08/14/12 01:59 AM
“Credit Scores Aren’t the Problem”
This NAR article seems to focus on credit scores as the reason for tight credit, which is restricting prospective homeowners, from buying homes.
This is just not true. We have lenders that will do FHA loan today, down to 580 credit scores, VA and USDA loans down to 620 and certain conventional loans down to 620 as well.
The lower credit scores, come along with slightly higher interest rates, but as these low rates, there is not a tremendous increase in monthly payment.
The big issues to day have more to do with time … (5 comments)
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mortgage payments: I HAVEN'T MADE A MORTGAGE PAYMENT FOR THREE YEARS, CAN YOU HELP ME?
- 07/29/12 09:29 PM
“I Haven’t Made a Mortgage Payment for Three Years, Can You Help Me Get a New Mortgage?”
I’m sorry, even if I could, I wouldn’t. I actually got this call today. My first reaction was to just hang up, but decided to find out some additional information.
This guy lost his overtime and started falling behind on this credit card debts, $45,000 worth. Eventually, stopped making the payments on the cards all together, $1,900 per month.
OK, if you are not making payments on credit cards, then you must be able to make your mortgage payment without any difficulty. I … (6 comments)
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mortgage payments: OVERDUE BORROWERS RELUCTANT TO ASK FOR HELP
- 05/24/12 09:45 PM
“Overdue Borrowers Reluctant to Ask for Help”
Six months ago clients came to me, asking for some advice. They told me they had gotten behind on their mortgage and didn’t know what to do. I asked them if they had contacted the servicer, they answered no. They told me, they didn’t know what to say. I asked them if they had attempted to get a modification done, they said yes, but where denied. I asked why they said, they didn’t know. I asked them why they didn’t reapply, they were not aware they could.
My advice to them was simple, … (2 comments)
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mortgage payments: CONSUMER LOAN DELINQUENCIES TUMBLE
- 04/26/12 12:37 AM
“Consumer Loan Delinquencies Tumble”
I work with many clients that want to get preapproved for a mortgage. Very often, I have to tell folks that they do not qualify for one reason or another. The qualifying process is more stringent today than it was a few years ago and that is a good thing.
I spend a lot of time coaching clients on improving their credit scores in order obtain a better interest rate. Very often there are mistakes or unreleased items, that I have to coach them on how to fix the problems. Most everything is fixable, somehow.
… (1 comments)
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“Mother Said She had NO Idea, Her Two Kids Put Mortgages on her Two Duplexes” How is this possible? Listening to this story really got my attention. The client told me that a number of years ago, her husband had passed away. She got the proceeds of an insurance policy and purchased 2 duplexes and paid cash for them. She lives in one unit and rented out the other 3 units. A couple of years ago she had gotten ill and gave her children power of attorney in case something happened to her. While she was ill, they apparently … (20 comments)
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