foreclosure: Foreclosure/bankruptcy/short sale due to job loss? New program!!! - 05/06/14 12:21 PM
"BACK TO WORK PROGRAM" IS AVAILABLE NOW! This program reduces the "waiting period" after a bankruptcy or short sale or foreclosure to ONE YEAR.  
In order to qualify, you must meet several minimum eligibility standards. The first is that you must have experienced an "economic event" (e.g.; pre-foreclosure sale, short sale, deed-in-lieu, foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan... modification, forbearance agreement). The second is that you must prove a full recovery from the event. Third, you must agree to complete housing counseling prior to application. You must also show that your household income declined by 20% or more … (0 comments)

"SHORT REFI": A great alternative to a foreclosure or a short sale!

What is it?
How do you become approved?
What lender allows them?
A short refinance is when your current lender forgives/"cuts" a portion of your mortgage debt.  In other words, they write-off a portion of the debt.
To get started, you need to contact your current lender and notify them of the difficulty you are having in making payments. DO NOT WAIT UNTIL YOU ARE LATE!  It is important, you contact your lender and thoroughly explain why you can not meet payments and will soon be late … (0 comments)

foreclosure: HAVE ANY INDYMAC LOAN? YOU MUST READ THIS!!! - 10/23/08 05:52 AM
Some more good news (hopefully!); please read below:

NEW YORK ( -- One of the country's top banking regulators said Thursday that the government is working on a plan to do more to help troubled homeowners.
Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., told the Senate Banking Committee that her agency and the Treasury Department are working closely to find ways to prevent avoidable foreclosures. The plan would use the Treasury Secretary's new authority under the Emergency Economic Stabilization Act to provide guarantees to mortgage lenders.
Bair, who worked with Treasury Secretary Henry Paulson and Federal Reserve … (0 comments)

Lenders say "Thanks, but NO thanks" to the housing rescue bill, which is being initiated on October 1.  Why are they saying "no thanks"?  Because the bill calls for the lenders to "forgive" any loan balance greater than 90% of the home's value.  FHA is insuring the new loan of 90% and FHA receives 5% of the new loan balance from the lender.

Now, you must ask yourself, "Why would a lender be willing to do this?"  Yes, to avoid significant losses as a result of foreclosure, BUT they rather maintain the entire loan balance and drop the rate for … (1 comments)

The government is bailing out AIG, Fannie Mae and Freddie Mac.  It is time the government bails out THE HOME OWNER through FHA!!!
I am not saying it should be a total bail out.  I am proposing a modification to what the President recently passed.  FHA funds need to be set aside which allows individuals who are facing foreclosure to save their homes by allowing a 90-95% LTV loan and attaching a lien on the property for anything over what they owe.  The government pays off the lender who currently has the loan.  The 2nd lien will then be owed to … (3 comments)

foreclosure: A Mom is losing her home to foreclosure. Should the daughter save the home for mom and buy now or at foreclosure? - 09/05/08 04:03 PM
I received a call this week from a daughter whose mom is losing her home to foreclosure in 30 days.  I easily approved the daughter for a mortgage.  She asked me if she should wait to buy the home in foreclosure, thus saving significant money OR buy it now. 
I stated she risks losing the home to someone else at foreclosure.  So, I suggested she contact the bank directly to negotiate prior to the foreclosure.  No luck with that idea.  Her attorney also failed with the call to the bank.
Anyone have any ideas? 
Thank you!
Ann … (6 comments)

foreclosure: The bank is going to foreclose on a property because the borrower can not afford the pre-payment penalty! - 07/26/08 03:00 PM
Another unbelievable story of tragedy.  I have a client who is trying to avoid foreclosure by having her daughter buy the home.  The appraisal barely came in to pay off the mortgage.  We just found out the mortgage has a pre-payment penalty.  They do not have enough money to pay the penalty which is expiring this October. 
So, the bank, instead of waiving the penalty, is going to foreclose!  I have a full approval for the daughter, but they do not care.  They want the pre-payment penalty.
Now, how foolish is this?  They are going to lose way more than that … (6 comments)

foreclosure: Why do SHORT SALES take soooooooooo long??? - 05/28/08 03:18 PM
OK first time homebuyers!  YES, it IS a great time to buy, BUT you need PATIENCE when buying a short sale property!  Why you ask?  Think you can close in 30 days because your lender told you that you are the "perfect borrower"? 
Well, you probably are the "perfect borrower", BUT you are not buying in a "perfect market". 
Short sales need to be approved by the lender holding the note.  The problem is the vast majority of mortgages are combined into a pool with other mortgage securities and this makes it difficult to obtain an approval.  If the mortgage is in a pool, … (8 comments)

foreclosure: OMG! WITHOUT ASKING! A mortgage company modified my client's loan and took off some principal! - 05/13/08 01:14 PM
I can not believe it!  Good things DO happen to good people!  One of my clients called today and said they received a letter from their mortgage holder that they were REDUCING their principal balance AND reducing their payment!  The client was NOT in any foreclosure situation and was only behind by 30 days. Of course, they were pleasantly surprised!!!
Are there any other GREAT stories like this out there???  Do TELL!!!!!!

foreclosure: Why don't homeowners SELL their home BEFORE a foreclosure happens??? - 05/01/08 11:32 PM
Many mortgage lenders/brokers are receiving phone calls from borrowers stating" My home is being foreclosed on, is there ANYTHING you can do to help me????!!!"  Well, half the calls we receive there is NO equity; the other half there is equity!  Sometimes they will take a hard money loan, but most times the bank is taking their home.  The government loans are limited and can not save the majority of these people.
Why did they wait so late in the game?  These people have high debt.  Their situation is not going to improve, unless they win a lottery or receive an influx … (11 comments)

foreclosure: Facing late payments on your mortgage? Try note modification! Tell everyone you know who may be in trouble! - 04/29/08 08:13 AM
Ok.  You are now facing late payments, but if you could only refinance!  You have called every lender, mortgage broker in the area.  It is time you call your lender!  Tell them the following:
1) Your total debts
2) Your total income
3) Explain to them why you were able to meet the payments and now you can not.
4) Show them if they REDUCE your rate, how you will be able to meet the payments. 
They will not give you cash out, but they will put you into their "pile" for review by their Note Modification Department. 

foreclosure: FORECLOSURES UP 112% !!!!!!!!!!! We want it all? - 04/29/08 01:13 AM
"More than 155,000 families have lost their homes to foreclosure this year; one out of every 194 U.S. households received a foreclosure filing."
WOW!  Is it just because of the sub-prime market OR is it ALSO due to: 1) Over-spending, 2) increased prices in food and other staples 3) Oil crisis 4) Job market 5) Escalating tuition costs,......
Yes, we had uneducated consumers buying homes and hoping they could meet the mortgage payments and their credit card bills and their auto bills.
Is the foreclosure crisis due to the "We want it all" syndrome???  Is this really why we are seeing so many foreclosures?
What … (4 comments)

foreclosure: Short Sales : financing them: Please comment! - 04/21/08 12:30 PM
Well, here we are.  Short sales everywhere!  Who is responsible for what?  As a lender, we need to make sure of the following:
1) Rates are locked for an extended period of time to ensure the buyer is not hurt by rising rates
2) If escrows are needed, i.e. due to FHA requiring peeling paint to be corrected, ensure the buyer is aware BEFORE they sign a contract that they may have to be responsible for the cost and the escrow.  Afterall, we are dealing with a non-person here: a bank.
3) Choose a closing attorney who has the patience, knowledge and the staff to … (0 comments)

foreclosure: Mortgage Crisis: Please post your ideas to SAVE homeowners! - 04/18/08 02:44 PM
We all have ideas on what the government should do to save homeowners. Please comment on this blog and let's hear your ideas!
Here is an idea: 
How many times do you have a client who had an adjustment to their mortgage and they are now paying a large increased amount.  They are trying to refinance into a lower fixed rate, but they do not qualify due to DTI (debt to income) ratios, credit issues and they do not have anyone to co-sign for them, but yet they would save mega $$$'s per month if they could refinance.  FHA should have a % of savings … (7 comments)

Ann Sabbagh, President, Sr. Loan Officer (Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107)  & CT) Rainmaker large

Ann Sabbagh

President, Sr. Loan Officer

Pawtucket, RI

More about me…

Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT


Office: 401-475-1600 x306

Mobile: 508-243-1190

Email Me

Seacoast Mortgage: Your place for:RI loans, MA loans, CT loans, FL loans, commercial loans, residential loans, FHA, VA, USDA, 100% financing, FSBO (for sale by owner) assistance. Find a loan in RI, find a loan in MA, find a loan in CT,RI mortgages,CT mortgages,FL mortgages,MA mortgages. Do you qualify for a loan? At Seacoast Mortgage, we qualify you within your means. What you can afford is different than what you qualify for. Call us today!




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