Where Do You Turn When You Need Help?

admin — Mon, 31 Aug 2009 17:33:09 +0000

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 how the banks and mortgage companies work.

I know two people in the mortgage and real estate business, who will go unnamed, that hired companies to help them modify their home loans and after 6 and 8 months realized they had been taken. Both have since talked to the loss mitigation departments of their respective mortgage companies and worked out their own modifications, which I have found to be the best way for a homeowner to get it done. Unfortunately, there are far too many people out there who prefer to not deal with the problem than there are that will deal with it head on. This is what I have personally seen to be the issue in so many cases, so to answer the question proposed in the title; most of the time, it’s you who can help yourself the most.

If you really don’t understand an issue, get in touch with your mortgage company and ask questions or call your homeowners insurance person and see if they can help you figure out what to do. There is THDA and the Nashville Housing Fund that may be able to guide you to the right person. The main thing is to not give up and keep fighting until you understand the problem and have the steps to deal with it down. You are always your best advocate!

The Predators Are Out Again

admin — Fri, 17 Oct 2008 18:21:51 +0000

In the last week I have had three of my past clients call me because they had received either a letter in the mail or a phone call from someone promising them to better their interest rate and payment through a refinancing their current home loan. Each one of these families have either purchased or refinanced a home within the last 18 months and all of them have good, high 700 credit scores and 15 year or 30 year fixed mortgages. Two have FHA and the third a conventional without MI (Mortgage Insurance) because they put 20% down on their loan.

None of these families fall into the sub-prime category; none of these families have ARM loans that will readjust and none of these families have been in their homes long enough under the current economic situation to have acquired enough equity to compensate for the fees associated with a refinance, even a streamline FHA. So why are these families getting called?

Because they have good credit, a good job and they are perceived to be uneducated with the process. What the lenders didn’t know about these three families is they have me for a lender. That’s not to say that I’m the only lender that looks out for my current and past clients because there are many loan officers like me, we just get overlooked because of the bad seeds in our industry.

The problem is they are not doing anything that is illegal. A lender can talk to anyone and if they get your permission to refinance your loan, no matter how much it costs you, they can do it. It is up to you to protect yourself and understand that the interest rate is not the only thing to look at when getting a loan. You need to look at the fees and the overall cost versus the time it will take you to recuperate them at the rate that is quoted. If you don’t understand this, do not do anything until you do.

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Where Do You Turn When You Need Help?

The Predators Are Out Again