ARCHIVED BLOG POSTS

2009 

My Fico is way down from mortgage late; can I still qualify for a loan mod?   YES!!!  Doing a loan mod has nothing to do with your fico score.  In fact the fact that you are late frequently or are behind on payments is mandatory.  It is true, you can use the fact that you are struggling to pay yo...
01/28/2009
If I file for bankruptcy how does that effect my eligibility for a mortgage modification?   If a bankruptcy is filed and you include your mortgage in the BK foreclosure is stopped but you are then not eligible for a mortgage modification.  Secured loans like mortgages are not eliminated by a BK. ...
01/28/2009
At the time having your rate locked for 3-5 years seemed like a good plan.  It seemed so far away and you wanted to qualify for that bigger home.   Understandable, values were climbing so fast with no end in sight.  Why not, your kids could have their own rooms and a bigger yard.  The American dr...
01/15/2009
Lenders are just that,  they are in the business of lending money not owning real estate.   The bank does not want your home back.   They would rather you keep it and keep paying them a steady stream of money.  Even if that stream of money is reduced it is better than it being cut off.  Taking ba...
01/14/2009
I used to wish I could help my past clients solve their mortgage woe's.  Now I can and I can also help your clients.   Nobody wants to see a client lose their home to foreclosure.   I know that I get emotionally involved with the well being of my clients by the end of the transaction.   I can...
01/14/2009
Are you stuck in an adjustable rate mortgage?  Have you been denied a refi into a fixed rate because you have no equity?  Have no fear loan modification is here.  All kidding aside I really can fix this type of situation.  When you negotiate a loan modification the fact that you are upside down i...
01/14/2009
In today's economy how on earth do I catch up 3 months worth of mortgage payments?   There are two options.  One is a temporary fix and two is a long term solution.    One, you can do what is called a forbearance.  Basically what happens is the payments that you are behind get tacked onto the...
01/14/2009
Actually it's not that clean.   Where major issues occur is when there are multiple loans on the property.  When the first lien decides to foreclosure it is up to the second and sometimes third lenders whether or not they want to foreclose also.   Example:   Billy Bob bought a house on an 80/...
01/13/2009
  It is not an uncommon scenario these days.  A family is stuck in a property that they can not afford.   They can't refinance or sell because they owe more than the home is worth.   What do you do now?   The way I approach this situation is to start by trying to negotiate a loan modification...
01/13/2009
Facing foreclosure?  Have you thought about negotiating a Deed in leiu of foreclosure?   What is that you ask.   It is possible to negotiate with the bank and deed the property back to the bank in trade for forgiveness of the debt.  Why would the bank do this?   Well I am sure everyone here on th...
01/12/2009
Rainer
13,045

Orville Ivor McCallister

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