Proving Hardship for a Mortgage Modification
I get asked a lot of questions about modifying current loans and one of the things many companies want you to do is prove hardship. What does that mean since once would think if you are calling them you have hardship? Simply, you have to show that you are having trouble paying your bills or [...]
What is “Forced Insurance”
When you purchase your home you are required to keep home owners insurance on the property until the mortgage is paid in full. This is a part of the mortgage note you sign at closing. However, the mortgage company is not responsible for finding you insurance; that is your responsibility and a part of the [...]
Where Do You Turn When You Need Help?
I have to tell you that over the last year I have been disappointed by how many people I know that have been seemingly scammed by some who are offering help. It has not just been people who have been traditionally preyed upon or those who don’t have a bit of knowledge about mortgages and [...]
New Disclosure Rules You Need to Know
This past month has brought with it more changes to the process from approval to closing that are designed to protect the consumer. Most of it has to do with the timeliness of presenting as accurate a Good Faith Estimate as possible before closing to prevent the buyer from those last minute heart attack moments [...]
Who Needs Internships These Days?
Well, according to recent information there are a lot of people vying for internships these days and they are not all part of the college crowd. It seems that unpaid internships are just as competitive as the paid ones as more and more out of work professionals are trying to get started in new positions [...]
Look at the GFE (Good Faith Estimate) & TIL (Truth in Lending) Documents
Traveling last week on vacation took me to a car rental office where I met a young woman who was very excited about buying her first home. When she found out that I was mortgage loan officer she asked me if I had any advise for her and I simply told her to make sure [...]
Help for Credit Issues
Being in the mortgage industry you see a lot of people who have made a lot of mistakes and are paying for it on their credit reports. There are normally two types of people that I talk to; those who have an “explanation” or “excuse” for every misstep and those that own their mistakes and [...]
Buying Bank Owned Property
I have had several people purchase or at least try to purchase REO property or Bank Owned Property. This can either be a relatively quick process or one that takes forever! It depends a lot on the timing of the offer and if the company that services the loan is the same company that is [...]
The Difference Bewteen Closing Costs and Pre-Paid Items
Many people contact me and want to know why the closing costs are so high? The reality is the closing costs actually run about 3 to 4 % of the purchase price on homes in the $125,000 range and up. They are higher for less expensive homes because there are fixed costs that make the [...]
An Alternative to Refinancing
As rates move up and down, many are finding themselves in the position of not being able to qualify for a standard refinance. They either have a debt to income ratio that is way out of whack, a loss of job or not enough equity to pay for closing costs. If you find yourself in [...]
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