Diana Cessna's (dcessna) Blog

Mortgage and Lending - Effective Technical Group, LLC



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Unfortunately, Many military families that are struggling in this housing crisis are not aware of the special benefits available to them.  I have seen too many eligible service men and women that have been steered into mortgage programs that are not good for them.  I suspect that it's because 1) ...
More and more homeowners are in trouble with their mortgages.  Whatever got them in the situation will be a continued topic for discussion.  Nevertheless, the numbers of distressed homeowners continues to escalate.  When a distressed homeowner is unable to make their payments, they start receivin...
Alright, quit it with the moral argument already.  A person's primary responsibility is to take care of their family's basic needs.  Too many families are struggling to keep their children fed and to keep their healthcare costs paid.  The deadbeats with no ethics left this market a long time ago....
Whenever any sale is negotiated, the new buyer should be buying the property free and clear of all liens.  All liens have to be paid or negotiated in the short sale.  If the new buyer is purchasing with a mortgage, the new mortgage holder will require a thorough analysis of title to make sure no ...
We cannot play by the old rules in today's times.  The old rules and moral obligations oftentimes do not apply.  The next wave of foreclosures are going to be the owners that have been paying their mortgages and their escalating fees despite the falling market.  The ones that have been doing the ...
When a home is sold in "Short Sale," the market price of the home is less than what the owner owes on his/her mortgage or mortgages or other liens.   Just because the market is down, it does not mean that the mortgage company will approve a short sale.  Contrary to many misconceptions, they are i...
The unprecedented numbers of foreclosures have brought banks into the home selling arena more than ever before.  Also, because of the sharp drop in housing values, banks are increasingly brought into purchase transactions because they are asked to accept short sales.  Much of the bank personnel t...
The Real Estate and Mortgage market today is completely different than it has ever been before.  I have spent 17 years in the industry and been at the front lines of the different cycles.  I started in a conservative corporate banking environment when banks were still reputable places to work.  U...
Most step-up purchasers cannot sell their homes in this market.  For those that can sell, they usually will take a loss that oftentimes is less than the current mortgage(s) on the property resulting in short sale.  This in turn is derogatory on their credit profile and disqualifies them for their...
Traditionally buyers that own their current home would hold off until they sold their home before they close on their new home.  Today's market is completely different.  People need to buy new homes due to regular life events and they cannot sell their current homes.  I'll bring up a few real lif...


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