Loan Modification and Short Sale Tips

By
Services for Real Estate Pros - Paul Warkow-D.G. Weber Law Associates
Information for distressed homeowners with regard to loan modification and foreclosure defense. There is also advice to complete the short sale process successfully!

ARCHIVED BLOG POSTS

2009 

A judge in Suffolk County on Long Island had enough with a bank’s arrogance and attitude and completely voided a mortgage.  This may be the start of a trend where now the judicial system is getting fed up with lenders and are taking matters into its own hands.   The case is actually pretty straig...
11/30/2009
I cannot think of a better time to buy.  This morning  I was reviewing the rate sheets and I nearly fell out of my chair.  I have never seen interest rates this low.  It is possible to get a 30 year fixed rate mortgage for 4.5%!  If you want to take a chance on a 5 year ARM, the rate is 3.5%.  If...
11/25/2009
Most times persistence is a good quality to have.  However, good judgment is even more important so when enough people say “No”, it is time to move on.  This is especially true with regard to the real estate area.  Loan officers fall into this trap all the time.  They will receive a referral from...
11/24/2009
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A realtor invited me to sit in on an open house this past Sunday.  I would answer any mortgage related questions and if possible, prequalify anyone for a mortgage who asked.  This was the first time I ever went to an open house at the invitation of the listing agent.  This house was located in Le...
11/23/2009
This holiday season, what better gift can a person receive than a house?   Well, not an entire house, but enough money to be able to qualify for a home.  Under FHA programs, a borrower can use funds from a relative not only to pay for house, but for closing costs as well.  Even though FHA offers ...
11/20/2009
One of the ways to take the fear and loathing out of an ARM is to understand how the interest rate is determined and how much it will change. Once the initial fixed period of the ARM expires, the mortgage calculates a new interest rate by adding the index of a mortgage to the margin  To calculate...
11/19/2009
We have all heard of the horror stories about how home owners could no longer afford their mortgage when their adjustable rate mortgage (ARM) adjusted.  The payment went up dramatically forcing the borrower into foreclosure or bankruptcy.  This experience has made ARMs as popular as the swine flu...
11/18/2009
When looking to purchase a home whether you are current home owner or a first time home buyer, there are many options. There is a belief that there are bargains available if you look for a short sale, a bank owned property (REO’s),  or a for sale by owner (FSBO) property.  Each has its pitfalls t...
11/17/2009
You knew this was going to happen.  Chase agreed to a loan modification for a borrower and the borrower had started making payments under the loan modification.  The problem was that nobody told the good folks in the Chase foreclosure department.  Unknown to the owners, the house was sold at auct...
11/16/2009
Here is a post from a realtor that attened the NAR convention.  It is very informative and depressing in that the government is totally unresponsive to the problems with HVCC and it looks like it is here to stay.  We cannot give up snad still try to get rid of this.One of the seminars I attended ...
11/14/2009
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Paul Warkow

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