I always tell my clients "It's us against the banks!" I'm on your side! I take your story, your hardship, your situation and present it to your bank. This is the beginning of a short sale! Short sales can take 3-6 months, sometimes nine months! Ideally we want this to be shorter, but we're at the mercy of the banks! And they're understaffed and overworked!!!! Keeping you updated with the truth, while you wait! That's what I do! For Banks, it's all about their bottom line. They make … (6 comments)
For FHA, Loans Mortgage Insurances is needed because down payment is only 3.5%. Therefore the remaining loan requires Mortgage Insurance. Now, some of you are saying, "What is Mortgage Insurance and why do I need it?" "Mortgage insurance, is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. It can be either public or private depending upon the insurer. " What do you need to know? Coming October 4th, Upfront Mortgage Insurance Premiums cost is going DOWN from 2.25% to 1%!!! These are a … (4 comments)
How do we as agents stay proactive in making sure the home will meet an Appraiser's Standards?
We know FHA and VA the house has to be move in ready... it must have appliances... if there's a hole, there must be an appliance!
However, how do we as agents know when the existing steps that lead into the house, … (4 comments)
loan modification: Should Anyone who did a Straight Refi or Cash Out be protected against the Deficiency Balance?
- 09/01/10 04:19 PM
I wrote this for my blog "The Litterbox", and I'd thought I'd share it with my Active Rain Colleagues as well. I also want to get your opinions, so tell me what you think about this law? California State Assembly Passes SB 1178-Who does it protect? On August 19, 2010 The California State Assembly approved SB 1178. This bill extends the protection for homeowners who have refinanced their "original mortgage loans" who did not pull money out and are either going through foreclosure or a short sale. Question- Does this apply for people who have done loan mods as well, some of which the … (0 comments)
It's us against the Banks when it comes to Short Sales!!!
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