Time To Be Creative

Mortgage and Lending with Brand Mortgage Group

While things may be slower than they have been in the past there is still business to be done.  Things change, credit criteria changes, the market changes, and we all have to look for changes in how we do business as well.  The old tried and true methods still work, because many of the issues that face us will work their way through the system and we will, at some point, return to business being done more like we have all been used to it if we have been in the business for any length of time.  But given where reality is at for the time being we should all look at new ways (or even older, forgotten, ways) of doing business and where business is found.

Foreclosures are a reality.  No matter what area of the country you live in foreclosures are probably higher than they have been in the past.  These homes need to be sold, not only so the lenders can shed the REO but so that inventory and marketing time can begin to return to a reasonable amount.  So what are some of the ways to help get them sold?  One way is an HUD Repo Purchase.  This program allows for the borrower to put $100 down and finance closing costs, prepaids, and even repairs up to 110%.  Are you aware of this program?

You may want to become the "Short sale expert" in your market place.  This will become increasingly important as the number of foreclosures increases, which it is.  The news this morning that the number of borrowers that recieved at least one foreclosure notice from their lenders jumped 53% in June over the June of last year.  That number is, unfortunately, likely to rise becuase many of the sub-prime loans that were made with adjustments after two years are beginning to reset at a higher number.

I am marketing the programs that will help close deals.  Yes the standard conventional and FHA loans are what much of what is left of the tightening, but knowing what is available is critical.  And as this market evolves I believe that there will be more programs coming out to help some of the issues we face.  Staying on top of this is part of my job.

If you would like to find out more about the HUD Repo program or other things that might be available, creative ideas, and more, feel free to contact me at any time.

Your comments are very welcome, I would appreciate feedback!

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