mortgages: Does Bank America Really Take 120 Days to Close A Loan? - 10/24/11 07:29 AM
I see in an article that Bank of America is taking as long as 120 days to close a loan. It is such a problem that some experienced loan officers are leaving BoA for other companies that don't have the underwriting delays. You can read the article I read here.
I am not a lawyer, but here are questions for listing agents, buyer agents, lawyers, and consumers: 
listing agents: If a buyer is getting a loan through BoA, is it in the best interest of the seller to accept that offer without at least a kick out clause that allows for other … (1 comments)

mortgages: How to Tell When The Real Estate Market Has Hit Bottom - 06/05/11 08:15 AM
The simple answer is: Read what the people with money are reading. Follow what the people with money are doing.
The bottom of a real estate market is usually apparent only when things are already headed back up. Because the data reporting is for closed transactions, there is a lot of activity occuring before the supporting data can be identified. By the time most people can identify the bottom, the swing has already happened.
There is an article in Saturday's Wall Street journal titled, " It It Time To Buy? " In the article, RUTH SIMON and JESSICA SILVER-GREENBERG write about … (0 comments)

mortgages: Mortgage Interest Rate Deduction Is Going To Disappear! - 04/04/11 01:55 PM
If you don't act to save it!  The MID or Mortgage Interest Rate Deduction is in danger of being voted into history. The economic recovery depends in large measure on recovery in the housing market.  To preserve the MID, urge your reps in Washington to oppose any legislation that would undermine it.
You can use the Realtor Call To Action page. This is a link to the Realtor Call To Action page for saving and protecting the MID.  This has a brief form that allows you to send an email to your rep asap.
If you own a home, does the MID help … (6 comments)

mortgages: Congressman Explains MERS and Mortgage Fraud - 01/10/11 05:50 AM
I ran across this video while reading articles related to the latest MA Supreme Court decison reversing a few foreclosures. Congressman Alan Grayson explains what MERS is and elaborates the ways that current foreclosures in Florida and across the US are being done incorrectly. The video is almost 8 minutes and I think it is worth watching - especially if you aren't sure what MERS is.
The problem that is now the 800 pound gorilla is: How do we fix the problem? Congressman Grayson indicated that there may be fraud in some cases, and that there has been an organized … (0 comments)

mortgages: FannieMae WaysHome Video - Review (Miguel choice) - 01/06/11 04:11 AM
There is a free interactive video for homeowners and their mortgages is now available from Fannie Mae. Their effort is to help people think through their options, and to prepare them in working out their financial issues. There are three paths to take:
Miguel Gonzales overwhelmed and feeling like he's drowning - thinking about refinancing Jackie Williams  behind on bills Richard Lane   in a hole you can't get out of The video can be started, stopped, backed up, and you can re-choose to see another outcome/path.
FannieMae WaysHome  web address for the video is http://www.knowyouroptions.com/ways-home#
Here is a review of the Miguel Gonzales choiceIntro … (0 comments)

mortgages: Top 10 Reasons to Buy a Home - Now - 11/16/10 03:02 AM
These are 10 simple reasons to buy a home. They are 10 informed reasons to buy a home. They are 10 logical reasons to buy a home. And this list is approved by a veteran loan originator who knows how to get a loan closed in this restricted environment. I have been at more than one closing that Addie Drolette has patiently and competently helped occur.
It Builds Equity - Home ownership builds equity for future uses such as college expenses, home-additions, retirement, etc. Available Financial Assistance - There are many programs that help a buyer not only with the financing but … (3 comments)

mortgages: It Is Time To Learn What A Bank Buyback Is. - 11/09/10 10:38 AM
The latest term in the real estate mortgage meltdown is Bank Buyback. The quick explanation is: when the FHFA (Federal Housing Finance Agency) says that if a mortgage file has some flaws, mistakes, and/or improprieties, the originating entity must "buy it back." Thus, the bank, mortgage company, and even the originator could be asked/forced to buy back a loan that was funded because of improper underwriting and/or faulty documentation.
This has huge economic ramifications. Imagine if those banks that sold loans to the secondary market are asked to buy back many of those loans. Some of the major "lenders" have financial … (0 comments)

mortgages: Have You Heard? Mortgage Forgiveness May Be Coming. - 08/16/10 05:20 AM
Have You Heard? Mortgage Forgiveness May Be Coming. There is an article on Reuters today that covers the basics. The thing I find interesting is the veiled way that the financial companies are describing it. Three companies are quoted in the article, found here.  In each of the quotes, what is implied but not stated, is that they are anticipating governmental action to cause mortgages to be "forgiven" up to a point.
The forgiveness would not be for complete mortgages, but for a portion of the principle, especially that amount that has the property "upside down."  If that happens, investors in … (0 comments)

mortgages: Is It The Property? The Value? Or the Payment? That owners are distressed over. - 01/09/10 06:16 AM
Here's a question: Why aren't the mortgage servicing companies pushing to get more modifications? The answer might be because they are servicing this note, and will probably service the new one, too - they get paid either way. So who benefits from a loan modification?
The problem for many owners of property may not be the house or the value, as much as it is the payment.  With layoffs and decreased incomes, many people would stay in their house if they could afford the payment. Some owners are only trying to get the payment reduced to a level that they can pay.  Their … (7 comments)

mortgages: Is It The Property? The Value? Or the Payment? That owners are distressed over. - 01/09/10 06:15 AM
Here's a question: Why aren't the mortgage servicing companies pushing to get more modifications? The answer might be because they are servicing this note, and will probably service the new one, too - they get paid either way. So who benefits from a loan modification?
The problem for many owners of property may not be the house or the value, as much as it is the payment.  With layoffs and decreased incomes, many people would stay in their house if they could afford the payment. Some owners are only trying to get the payment reduced to a level that they can pay.  Their … (3 comments)

mortgages: Does Your Mortgage Originator Have A "Unique Identifier"? - 10/10/09 05:35 AM
According to the Board of Governors of the Federal Reserve System every mortgage originator is now going to be fingerprinted, registered in a registry, and tracked through their life as an originator. This is evidently intended to monitor the originator and the loans they write.
If you ask your mortgage originator for their "Unique Identifier" and they don't know what you mean, they may not be current on the developments in their industry. The answer should be, "That isn't in effect yet, but I will get it to you when I get one."
Once more, government is making everything we do … (0 comments)

mortgages: Could Mortgage Companies or Banks Do This Instead of Foreclosing? - 10/02/09 01:53 AM
Could the Mortgage Companies do this?  Instead of foreclosing on a property, what if they re-write the loan in the following way:1) keep the principle amount the same.2) lower the rate to today's lower rate.3) and amortize for 40 years.
Why would they?1)A) principle of the note stays the same for the future payoff. 1)B) Keeping the principle the same means that the borrower needs to stay in the property until the market re-appreciates to the value of the principle to avoid selling at a loss.  This means more people will stay put, and at the same time, be able to pay … (2 comments)

mortgages: GMAC Short Sale Info - 09/15/09 04:51 AM
I am working the buy side of a short sale transaction where GMAC is the servicer of the loan. In order to get info to and from GMAC, the short sale negotiator only communicates by email. Even the loss mitigation department can't access the short sale department by phone, according to the LM people.
Maybe the corp short sale dept heads think it is easier to say no to an email than it is to hear a voice. However, when you read "the house is in disrepair" it is different than hearing the voice of the agent who has actually been into … (4 comments)

mortgages: Best Explaination of Mortgage/Financial Crisis - 04/28/09 12:54 AM
This explanation was offered by a mortgage professional.  After searching the Net, I can't tell who's explanation it was originally, but it clearly explains what happened.... 
Heidi is the proprietor of a bar. In order to increase sales, she decides to allow her loyal customers - most of whom are unemployed alcoholics - to drink now but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans).  Word gets around and as a result increasing numbers of customers flood into Heidi's bar.  
Taking advantage of her customers' freedom from immediate payment constraints, Heidi increases her … (2 comments)

mortgages: A visual "chart" of the mortgage meltdown. - 12/19/08 12:54 AM
The complexities of the mortgage mess the world is in has been made into a visual explanation. Many people understand complex topics and issues more clearly when they can see what is being explained. I do not know if this visual explanation provides any clarity as to what has happened, but it is a very interesting representation of the complexity of the problem. It also provides some understanding as to the difficulty that any intervention will be in the real estate market.
The site it is on is a commercial site focused on managing money. The link here in my blog … (1 comments)

mortgages: How do you know they own it? - 05/16/08 02:27 AM
I have recently been studying a growing problem across the US.  The problem is, "How do you know they own it?"  Here in Massachusetts, real estate documents are recorded in the Regisrty of Deeds for the appropriate county.  When you want to know who owns a property, you go to the registry and look up the address.  All the document related to that property can be found (it takes more time in some regirstires than in others.)
But recently there has ocurred a problem with who owns a mortgage.  In 1993 and entity called the Mortgage Electronic Registration Service (MERS) was … (6 comments)

 
Associate Broker Falmouth MA Cape Cod Heath Coker, Heath Coker Robert Paul Properties Falmouth MA (http://www.CapeGroup.com & http://www.REindex.com) Rainmaker large

Associate Broker Falmouth MA Cape Cod Heath Coker

Heath Coker Robert Paul Properties Falmouth MA

Falmouth, MA

More about me…

http://www.CapeGroup.com & http://www.REindex.com

Address: 279 Main St, Falmouth, MA, 02540

Mobile: (508) 548-8888

Office: (508) 540-9800

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National/Local real estate topics, Cape Cod and the Internet. Cape Cod real estate company; and a national real estate web site REindex.com, The Site Engine® for other listing agents/brokers at no cost to them. I make a living listing and selling real estate on Cape Cod.
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