ri mortgage: NOW WHAT? Missed the deadline re: FHA mortgage insurance on Friday? - 06/04/13 11:21 AM
Life is NOT over.  There are alternatives! 
This past Friday was the deadline to issue an FHA case number to avoid the forever mortgage insurance on down payments less than 10% down.  Effective on June 3, if a buyer places less than 10% down using FHA financing, the mortgage insurance will remain on the life of the loan: yes...FOREVER!  If the buyer can place more than 10% down, the mortgage insurance will last for 11 years.  The old rules were minimum of 5 years and the LTV must reach 78% of the original purchase price.
So, one might say: … (3 comments)

ri mortgage: Google the name of the company BEFORE you buy from a sales call - 08/18/12 12:22 AM
Thankfully, I googled this company’s name and saw a zillion complaints against them warning everyone “NOT TO PROVIDE A CREDIT CARD; DO NOT do business with this company: RUN!; THIS COMPANY IS THE WORST”.

AND this company was trying to hide behind a new name!  I found this out by asking them how I would see the charge on my bill.  I googled both names and saw the credit card name they provided pop up all over the internet as a SCAM.
As soon as I mentioned all the bad press I saw, the caller started to stutter.  I said … (32 comments)

ri mortgage: Can a bank CANCEL/NULLIFY a Purchase & Sales agreement on a bank-owned property due to a non-profit org wanting the property? - 04/06/12 09:47 AM
Can a bank who owns a property through foreclosure nullify a purchase & sales agreement?  My client/investor has a fully executed Purchase and Sales Agreement: fully signed by the bank.  A non-profit organization who is involved in rehabbing homes using taxpayer money claims they have “first look” privileges and the bank should have accepted their offer which was LOWER than my client’s offer.  The non-profit contacted the bank and now the bank has sent notice to my client his contract will NOT be honored.

Just to think my client was going to use HIS own money to rehab the … (2 comments)

ri mortgage: SHORT SALES have ruined our country. SHORT REFINANCES could save our country. - 08/07/11 07:43 AM
Short refinances should be the norm.  They keep the homeowner in their home AND they reduce losses for the lender AND they improve the economy since home ownership stimulates economic growth.
A short refinance keeps the homeowner in their home, thus reducing the supply of homes on the market .  Short sales result in the homeowner losing their home; the loss of the American dream and creates economic disaster for everyone.
A short refinance entails the current lender or lenders forgiving debt based upon the current market value of the home.  The homeowner then refinances the remaining debt into a new … (7 comments)

ri mortgage: Are you making the turns in the road? - 05/31/11 02:25 PM
A bend in the road is not the end of the road, unless you fail to make the turn.: Author unknown

Yes! The real estate market has a lot of bends for us to go through, but the road continues with those of us who do not quit!
Let's keep turning down the road and help every seller and buyer we can! 

ri mortgage: Bleacher seats vs. box seats at sporting events: Is there discrimination going on? - 04/14/11 03:28 PM
Baseball season has begun and the talk has begun as well about the drinking at stadiums across the country.  Not only is the discussion on excessive drinking, but it is also focused on the types of drinks being sold dependent upon where you sit.

At Fenway, the bleacher seats are $28.  Here they sell beer. In the better seats, like the box seats, top shelf liquor is offered, like Absolute vodka, along with beer and other beverages.
The "bleacher people" feel they should be offered the top shelf drinks as well.  They feel they are being "discriminated" against and one … (1 comments)

ri mortgage: A new mortgage entering the market: it will impact lending in a BIG way! - 02/21/11 10:42 AM
This new mortgage will affect every American looking to mortgage a home. And the impact will be felt by all of us.
Regulators are deciding the future of down payments. For those who have minimal down payments, FHA will become the norm. 

The new mortgage: QRM: Qualified Residential Mortgage has yet to be defined in detail, but, basically, it will be the new mortgage which will require a defined minimum down payment.  Some proponents are advocating as high as 30%.  If a borrower does not have this minimal down, there will be limited non-QRMs available at higher rates. 
Thus, there … (8 comments)

ri mortgage: Open house agent at the WRONG house! OH NO! - 02/19/11 11:16 AM
Yes!  It is possible! An agent was filling in for an open house for a fellow agent who was out of town.  She went into the WRONG house on the street.  She entered the wrong home through the side door and made herself comfortable.  She laid out her open house flyers and her cards and went around the house to make sure everything looked good.  Thankfully, no one was home!  Imagine her surprise and that of the occupant whom she may have surprised if there was someone home!!!

When did she realize her mistake? She had an appointment with a … (11 comments)

ri mortgage: GOOD BYE CREDIT CARDS! The CELL PHONE is replacing the credit card! - 01/24/11 03:00 PM
Using infra-red and bar code technology, you will be using your cell phone to charge your purchases.  Plastic cards are going the way of the dinosaur. I believe this is a GREAT step forward.  Benefits: All your cards in one convenient spot.  Quick reporting at your fingertips.  Reduced processing costs at credit card companies (will they pass on any savings?: Let's think positive!)

The pitfalls?  Lose or damage your phone and lose a lot.  Can we truly eliminate the plastic?  I believe there will always be some plastic available for those who are not technology savvy.  Not everyone has cell … (8 comments)

ri mortgage: How to speed up a closing: Search the title as soon as you list! - 01/23/11 10:16 AM
Title issues are rampant! Foreclosures not executed correctly, sloppy mortgage recordings, trying to determine who owns the mortgage all contribute to delays in title clearance.

The solution?  It would be in everyone's BEST interest that as soon as a home is marketed, the title be searched and resolved.   This will lead to FASTER closings.   As far as the cost of doing this, the lender holding the mortgage(s) would be best served since a delay in the closing just adds to their lost interest per day by not being able to collect their payoffs.  Time is money!  The money the lender(s) … (0 comments)

ri mortgage: Mortgage Interest Tax Deduction: back on the discussion block with the Deficit Panel! - 11/13/10 10:27 AM

The deficit panel is reviewing the “mortgage interest deduction”. This deduction saves homeowners $134 BILLION in taxes. By modifying the deduction over time, the government’s plan is to reduce the deficit, accordingly. But what about the homeowner impact??!!
Wall Street Journal News 11/11/10 on this subject:

What implication does this have on the homeowner?
1) The real estate market will further suffer! The financial benefit of owning vs. renting is the interest tax deduction. By eliminating it, or significantly modify it, will cause consumers to continue to rent.
2) Less available consumer … (4 comments)

ri mortgage: 100,000 points.....a reflective moment..... - 11/08/10 12:55 PM
100,000 points.  Sign of passion over this business? Perhaps I just love blogging? Enjoy receiving comments?   Look forward to the next client who finds me because of Active Rain? Or my intense desire to see us recover from this economic recession and see homeowner's STAY in their homes vs. suffer foreclosures or short sales?

I have blogged a lot about keeping the homeowner in their home and I am still passionate about developing a plan to do just that.
In summary, I propose
•1)      implementing new common sense underwriting guidelines for the loans which are eligible for refinance, but … (13 comments)

ri mortgage: BOA has STOPPED foreclosures in 23 states. Missing documents....what a mess!!! - 10/02/10 05:10 AM
Bank of America has announced they are STOPPING foreclosures in 23 states effective immediately.  BOA has been foreclosing rapidly and one employee stated she signed off on 7-8000 foreclosures in 1 month!  How can anyone be able to conduct accurate foreclosures at that rapid pace? The foreclosures which have been conducted may NOT have had the correct documents.  This opens up the possibility of many lawsuits.
Complete article:

What the article does NOT say is "if the foreclosing bank does NOT have the original signed note" the lender does NOT have the legal right to foreclose. Mortgages are … (5 comments)

ri mortgage: Mistakes are life's dues - 10/02/10 04:28 AM
"Mistakes are part of the dues one pays for a full life." Sophia Loren (1934- ) Italian Actress
Mistakes ARE part of life.  We, hopefully, learn from them and become better once we realize the action was a mistake.  Do we regret them? Perhaps, but how can we grow and mature without them?
I just hope as I live a "full life", my mistakes are minimal AND I become a stronger and better person as a result.
Thank you, Sophia, for those words of wisdom!

ri mortgage: A MUST-SEE family movie! On Hallmark channel tonight. 9 EST Thank you Richard Gere! - 09/26/10 01:06 PM
HACHI: A Dog’s tale
This movie with Richard Gere is GREAT! A definite MUST see as a family movie. It is a G-rated movie filled with love and loyalty and will leave you feeling life is so special when you have love and loyalty in your life.
This is a TRUE life story about a man who adopts a dog and the strong bond they develop.
Warning: bring the tissue box to the couch.
Definitely worth you and your family’s time to watch and to tape. Thank you Richard for taking on a movie, which should have … (2 comments)

ri mortgage: Am I just NOT GETTING IT???? This client DESERVES a refinance! Subordinating lender says "NO"! Say what??? - 09/22/10 03:15 PM
Am I just not getting it? Where is the COMMON SENSE?
Client owes $140k on their first mortgage; $130k on their 2nd and $17k on their 3rd.
They have been APPROVED for an 85% LTV (loan to value) and a 90% CLTV (combined loan to value) with FHA. We are consolidating their 1st and 2nd into one loan and subordinating the 3rd loan, which will be the new 2nd. Saving the borrowers $1000/month!
We are NOT adding to the 1st mortgage: it is simply $140k+$130k=$270k. The 2nd lien position (formerly the 3rd lien) will be $17k. So, there … (3 comments)

ri mortgage: Is SPRING coming to Real Estate? - 09/20/10 01:36 PM
"If we had no winter, the spring would not be so pleasant: if we did not sometimes taste of adversity, prosperity would not be so welcome." Charlotte Bronte
Boy….yes! We are having WINTER in the real estate market! When is spring coming?!
I took a poll the other day and most realtors in my area feel between 5 – 10 years: a rebound in the market.
What will help this rebound:
1) Common sense underwriting by lenders!
2) Low interest rates
3) POSITIVE attitude among real estate agents and loan officers when dealing with the homebuyer
4) Careful financial planning by … (2 comments)

ri mortgage: Is your business a "SLOW GROWER"? That's ok! - 09/19/10 03:19 PM
The trees that are slow to grow bear the best fruit." Moliere
One client at a time; one loan at a time; one sale at a time; one open house at a time; one marketing lead at a time.
It’s a step process: baby steps; sometimes a large step. But, still ONE step at a time.
It’s like growing a forest one seed at a time. In this challenging market, it may take the seeds awhile to grow, but the slower growing seeds CAN result in the BEST bearing fruit!
Always for your success! … (4 comments)

ri mortgage: THE APPRENTICE has got it right this season! - 09/16/10 03:56 PM
This season of "The Apprentice" has got it right: we are in a recession and unemployment is HIGH!  There are SO many competent people unemployed right now who NEED a job to support themselves and their family.

Donald Trump has selected 20 unemployed individuals who are literally FIGHTING it out to obtain a job with Donald Trump.  It also appears they are all trying to last so that they have the most face time on the camera so others in the world will see them and with some luck, they may receive a call for a job interview.  Others from … (4 comments)

ri mortgage: Plant seeds! - 09/14/10 03:32 PM
"Don't judge each day by the harvest you reap; but by the seeds you plant."
Every day we should focus on planting seeds: looking to grow our business; helping the next consumer; thinking of ideas to improve the market; making a better real estate market for ourselves and others.
We need to work together to help make this market recover. 

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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