Housing Boom Gone Bust

2009-07-26T13:09:00.000-07:00

Sneaking a lunch break at Wells fargo loss mitigation is tough. EVERYONE is complaining about the poor services in the short sale department. They are all looking through the want ads looking for a new job. I listen to them yack all day long about how the short sales are not moving past th approval department. This is why I usually work through my lunch break and that’s when I learned about the principal reduction loan modifications being given out at Wells Fargo loan modification side…

There will be more about the principal reduction loan mods at Wells Fargo loan modification department in a future post. Until then, stay away from the lunch break crew at Wells Fargo short sale department.

2009-02-22T20:17:00.000-08:00

Let's look at the FHA loan officer information for the day. The first thing that should be done is that the FHA trained loan officer shoudl present teh fha training material for everyone. If one person buys the fha training material then they can share with the other FHA loan officers.

FHA lending training personnel

2008-12-25T10:58:00.000-08:00

This is a list of all of teh FHA streamline lenders that I have found and I am still searching for more. Here goes the FHA refinancing list:

FHA streamline without an appaisal

Your FHA lender that doesn't need an appraisal

The FHA refinance with a rate of 5%

5% is a nice rate for FHA loans

Lower your Payment with an FHA Streamline refinance

This is the fha lender that likes dogs and 5% rates

The FHA lender list is a work in progress

2008-12-16T20:27:00.000-08:00

Working in a loss mitigation job is neat. I have a forbearance agreement myself and that is helpful experience for the job. I will apply for the repayment plan department at JP Morgan Chase and then I will attempt to change the hold music to play more of a rock-n-roll style. This will be the first thing I implement at Jp Morgan Chase loss mitigation job when I start. If you have any leads for loss mitigation jobs and they are at JP Morgan Chase then let me know and I will bring my tape player with me to change the hold music.

2008-09-25T20:45:00.000-07:00

Final thoughts on the FHA short refinance loans are waxing thin. This is a means of lowering the payoff to an FHA short amount. Your experience with the FHA short refinance may be different and depend on the FHA lender that offers the refinance loan.

FHA Short Refinances........you can be tall and get a short refi through FHA as far as I know.

Here is a list of the FHA Short Refinance articles to date:

There are many more articles for the FHA short refinance and some are helpful and some are not. Be careful about what you read on the internet and if it looks like a bunch of nonsense just to gain search engine rank then it probably is. FHA short refinances are increasing.

2008-09-21T17:36:00.000-07:00

Let's talk about mortgage domain names and mortgage websites for loans and lenders. The mortgage broker has a distinct advantage in the blogosphere with regards to a mortgage website and domain name. Look at these mortgage websites and get back to me on that subject.

WWW.JACKIELOANS.NET

WWW.JACKSLOANS.COM

WWW.JAMESLOANS.COM

WWW.JASONLEND.COM

WWW.JASONLOANS.NET

WWW.JEFFREYLOANS.COM

WWW.JEFFSLOANS.COM

WWW.JENNIFERSLOANS.COM

WWW.JENNSLOANS.COM

WWW.JENSLOANS.COM

WWW.JEREMYLOANS.COM

WWW.JESSESLOANS.COM

WWW.JOELSLOANS.COM

WWW.JOHNLOANS.NET

WWW.JOLOANS.COM

WWW.JOSEPHLOANS.COM

WWW.JOSESLOANS.COM

WWW.JOSHLOANS.COM

WWW.JUANSLOANS.COM

WWW.JUDYLOANS.NET

WWW.JULIESLOANS.COM

Your mortgage domain name for sale may not be one of the mortgage websites listed above. Real estate lending has to do with loans and so do the domain names listed above. Your first name and a mortgage domain name is easily remembered by you. If you forget your domain names then you can look at your drivers license and then recall yoru first name and add loans to the end with a dot com. This is what a mortgage website with your name formed into a mortgage domain name is all about.

Mortgage Domains are fun and so are mortgage websites with your name.

2008-08-30T16:54:00.000-07:00

Fannie Mae plans to roll out a new program in the next few months to encourage short sales of delinquent borrowers' homes, a move that shows mortgage investors may be willing to make further concessions as housing prices fall and the inventory of foreclosed properties continues to grow.

As the holder of credit risk, Fannie take losses on homes that sell for less than what is owed on the mortgage, but generally the loss is not as big as it would be if the home went into foreclosure. Many loan servicers and some brokers of "real estate owned" — properties that have been repossessed by a lender — say the number of short sales has increased significantly in the past few months, largely because more foreclosed homes have flooded the market.

Jason Allnut, a vice president for credit loss management in Fannie's Dallas office, said the government-sponsored enterprise is looking at ways to persuade servicers and REO brokers to do short sales while streamlining the process. "We want to incentivize the borrower with a program of preapproved short sales," Mr. Allnut said Monday at a conference in Indian Wells, Calif., sponsored by REOMAC, a trade group. That statement drew applause from the audience of about 1,700 default servicing professionals.

Many REO brokers complained that servicers typically cut the broker commissions on short sales, compared with a 4% to 5% fee on foreclosure sales. But Mr. Allnut said: "Fannie is telling servicers not to cut broker commissions."Eli Tene, the president of I Short Sale Inc., a Woodland Hills, Calif., advisory firm, said it currently takes three to nine months to complete a short sale. Many loan servicers have held up the short-sale process by requiring approval from both the first and second mortgage holders, or a majority or three-fourths approval from investors in a pool of loans — "even on one short sale," he said.By doing so, "they kill the process," Mr. Tene said. "What are the chances of holding on to a buyer for three or four months?"

Kevin Kanouff, the president of the fixed-income services unit of Clayton Holdings Inc., a Shelton, Conn., due diligence, surveillance, and loan servicing company, said short sales used to be an "afterthought" for banks but are increasingly seen as a practical alternative to foreclosure.

Clayton has noticed "a significant increase in the number of short-sale liquidations in the past year" by clients, because servicers are getting more borrower requests to effect such sales, he said. Second liens that have negative equity positions are typically getting $1,000 to $3,000 from short sales after the senior liens are paid off, he said.

Still, the difficulty for homebuyers to get financing in the current market and inadequate staffing of loss-mitigation departments are the most common reasons short sales fail to get approved, he said.Servicers must reconcile the discrepancy between the original appraised value of a home and the updated "interior" value to determine the short-sale price, Mr. Kanouff said. "

You calculate what you think you would lose on the sale price and what you would lose on a foreclosure, and weigh that against what a borrower can get refinanced at," he said.

Mr. Tene said his company is seeing a 20% to 30% increase in the number of borrowers who want to sell their homes in a short sale. He found that banks are penalizing borrowers who may be current on their mortgage but want a short sale and can prove some form of hardship. One-third of I Short Sale's 1,800 short-sale requests are from borrowers who have never stopped making their mortgage payments, Mr. Tene said.

A nationwide survey of real estate agents conducted last month by Campbell Communications Inc. of Washington found that 20% of all completed home sales in the fourth quarter were short sales or preforeclosure sales.

The survey, which was published this month in the newsletter Inside Mortgage Finance, found that about two-thirds of pre-foreclosure and short sales are initiated by homeowners, the rest by servicers. In all, the real estate agents surveyed said about one-third of borrowers signed short and pre-foreclosure sale deals that fell through; the most common reasons were home inspections and property damage, a refusal by sellers to sign "deficiency notes," and sellers' inability to pay closing costs.

In February, Freddie Mac expanded a short-sale program to include more loans with a higher likelihood of loss, said Brad German, a spokesman for the GSE. The program lets servicers submit short sales with few documents from the borrower. Late last year, Freddie authorized its Tier One servicers — those that have shown "superior performance" — to accept short sales at bigger discounts and to pay out more to junior lien holders, Mr. German said.

As a result of these changes, short-sale approvals nearly doubled last quarter from the previous quarter, and closings of such sales increased by more than half, he said.

Preapproved Short Sales

2008-08-10T15:41:00.000-07:00

Relocations for FHA from the FHA 4155.1. If the FHA borrower is relocating from Florida or any other place in teh USA and re-establishing residency in another area not within reasonable commuting distance from the current principal residence, the borrower may obtain another mortgage using FHA insured financing and is not required to sell the existing property covered by a FHA-insured mortgage. Thi sis outlined in the FHA 4155.1 please review the FHA handbook for more detailed information.

The relocation need not be employer mandated to qualify for this exception. Further, if the borrower returns to an area where he or she owns a property with an FHA-insured mortgage, it is not required that the borrower re-establish primary residency in that property in order to be eligible for another FHA insured mortgage. The FHA manual is also called the 4155.1 or the FHA rule book.

2008-08-03T14:22:00.000-07:00

You may try to see the deficiency judgment in Florida and then you can find the florida mortgage that they were seeking to foreclose judicially and that is the key. The key is the judicial foreclosure. Please, please, please respond top the complaint or you will have a default judgment enetered against you. The default judgment means you lost and that is not the outcome you are seeking for your FHA mortgage in Florida. Trust me on this one.

Now, moving forward, I ask again: Is your mortgage loan a recourse or a non-recourse loan? The difference is a large matter when it comes to the plaintif lender seeking to obtain a deficiecny judgmnt against you. In florida it will be a recourse loan and they may obtain a deficiency judgment against the hoemowner.

Seek some information on the florida deficiency judgments before the case goes to court. I am not an attorney, I am simply someone who is typing deficiency judgment and florida foreclosure many, many times becomes I suffer from ADD. And finally, where was I, oh yeah, deficiecny judgments in florida are not something that you want.

Deficiency judgment some times is spelled wrong as a judge has an e and judgement does not have an e. Thanks for listening and please leave a comment for the deficiency judgment post whether or not you are in florida with an FHA loan does not matter. Thanks!

And don't forget to check if you have a non-recourse mortgage loan in foreclosure!

2008-07-19T20:04:00.000-07:00

Someone will have to examine the FNMA rule listed below:

"We believe the likelihood of fraud or misrepresentation increases when the lender is not able to confirm that the property seller in a purchase money transaction (or the borrower in a refinance transaction) is the owner of the subject property based on publicly available information."

That is interesting when you look at short sales and real estate investments in FLorida. There have been a series of real estate short sale blogs discussing FNMA rules recently and I am trying to learn if FNMA short sale Flip rules have changed.

Can someone post a comment and let me know if FNMA short sales are any different than the Fannie Mae short sales we did years ago? I will check back and see if FNMA short sale people have said anything.

Florida short sales are another subject. The FNMA MyCommunity Mortgage was popular some time ago. Many of those My Community FNMA loans are now foreclosures or short sales I suppose. One thing that has changed is FNMA short sales and getting a new FNMA loan is only 2 years now.

2008-07-15T19:23:00.000-07:00

I was studying the new FHA MIP MATRIX over at sci-fi housing and I realized that the FHA mortgage had a variable rate for the MIP cost. The LTV and FICO score will now determined the FHA MIP cost. That seems like risk based pricing has hit the FHA mortgage loan pretty hard. Will the FHA MIP be on everyones mind for a while? I don't know the answer to that, but if you want to get an FHA loan you'll have an MIP payment that varies depending on FICO score and loan to value.

FHA MIP MATRIX

2008-07-09T20:01:00.000-07:00

If it is all the same to you, I'll keep my good faith estimate and truth in lending statement with the current fha apr. Should you object to the higher (or lower) interest rate (or APR) then I will ask for a current fha apr to companre the TIL disclosure.

Say current fha apr and say it for the benefit of those seeking annual percentage rates on mortgage loans.

2008-07-04T14:24:00.000-07:00

The FHA loan buyer was searching for the APR on his loan prior to applying. He looked in the paper for the FHA APR and couldn’t find it. Next he asked the kind people in the FHA mortgage office what the FHA APR was. They were dumbfounded by the APR question with regards to FHA.

Then someone asked: “Are you current on your loan?” and the gentleman said “Yes, I am current on my FHA mortgage loan and I would like to know the APR”.

Well the answer was right before everyone’s eyes. There in the middle of the FHA mortgage market was the current fha apr for all to see.

For more information regarding today’s FHA APR and the current FHA APR, check the FHA rates at your local mortgage company.

2008-06-28T13:37:00.000-07:00

One more comment before I go to lunch and that is that Florida short sales are on the rise. This is giving to increased loss mitigation in Bay County Florida and hopefully will prevent teh foreclosures moving forward. FNMA short sale policy.

Florida Short Sales in Panama City

2008-06-22T14:39:00.000-07:00

Maybe thsi can be anothr interesting post on florida short sales available in Gainesville which is alachua county florida. Here are the important links to review:

http://www.sellerhelpsbuyer.com/Buy-Short-Sale/Buy-Short-Sale-Alachua-Florida.htm

http://zkt145.blogspot.com/2008/06/take-look-at-alachua-county-florida.html

http://myfirstblog12.blogspot.com/2008/06/interesting-tid-bits-on-short-sales-in.html

http://short-sale-real-estate.blogspot.com/2008/06/skelly-bought-short-sale-of-real-estate.html

http://scientifichousing.blogspot.com/2008/06/when-is-alachua-florida-short-sale.html

http://larrylinkler.blogspot.com/2008/06/take-me-to-short-sale-in-alachua-county.html

http://moneypaystherent.blogspot.com/2008/06/getting-tired-of-alachua-short-sales-in.html

Please read the short sale of real estate articles carefully and tell me if you are seeing teh same thing in it that I do. When you do that - and if you think florida real estate of short sale often - then click the links a bunch of times and then when you are done, go buy an alchua florida short sale. than you for your time today.

2008-06-17T19:30:00.001-07:00

Housing Boom Gone Bust not gonna keep quit about the credit scoring and FHA MIP pricing that is changing the cost of all FHA loans for everybody. Look at the LTV chart for FHA MIP credit score and FICO adjustments.

You can pay more for the FHA MIP Riosk adjustment for credit scores on an FHA loan becuase the MIP is is higher and your FICO is lower. Is that fair?

Let me ask another way. You can pay less for FHA MIP and risk based pricing based on FICO FHA MIP cost. Is that fair? Is it fair if FHA isn't solvent as a result of lower Mhttp://www.brokencredit.com/?cat=41IP FHA costs based on credit score?

You can't have itboth ways folks, wither you think FHA MIP FICO cost is fair or it isn't. Me, myself, I think it stinks. I'll be writing more about FHA MIP FICO changes later.

Until then, read MIP risk and FICO with credit score different costs.

2008-06-17T19:30:00.000-07:00

2008-06-10T20:02:00.000-07:00

Finally I can list the title companies of real estate that close with an option contract. In no order whatsoever, here they are:

TITLE COMPANY SHORT SALE

WE LOVE SHORT SALE OPTIONS

Option Contract of short sale title insurance

Title Insurance for anything including option contracts

Litton Loan Service Title and Option Contracts

Does this make any sense title option real estate for a short sale, inc.

This concludes our study of options and various ways for title insurance to explore the option contract of real estate when a short sale is involved.

2008-06-05T16:41:00.000-07:00

Cheap real estate in flagler county is available for sale today. This is a short sale of real estate in flagler county. This is welcomed news for the buyers of real estate in flagler county florida.

Take a look at this flagler county real estate that is offered at a discount. Your flagler county real estatet is cheap or el cheapo as we call it in flagler county real estate shops.

Check out the flagler county real estate that is offered at a discount and then let me know if there are any better deals in florida real estate besides flagler county.

Thanks for readining about flagler county real estate deals!

2008-06-03T20:31:00.000-07:00

Let me make this the final fha post under 580. Your fha loan has arrived with teh credit score below 580. That doesn't necessarilly mean the credit score can be a 550 or a 579 or a 531. All it means is the fha is available at various fico levels.

As you can see, the fha mortgage has a variety of credit scores and fha 580 and fha 620 are two important and popular credit score levels for fha.

FHA MORTGAGES BELOW 620 and UNDER 580 FICO FHA

2008-05-26T17:33:00.000-07:00

[Chorus]The florida liens on short sales come out at nightThe florida liens on short sales come out at nightThe florida liens on short sales come out at night(the florida liens on short sahttp://myfirstblog12.blogspot.com/2008/05/florida-liens-gone-do-your-short-sale.htmlles come out)The florida liens on short sales come out at night
Discos don't open till after darkAnd it ain't till twelve till the party really startsAnd I always had to be home by tenRight before the fun was about to beginCrowds of people lined up inside and outJust one reason, to rock the houseBut in the day time the streets was clearYou couldn't find a good florida lien removal letter for homestead property anywhere, 'cause
[Chorus]
Now when florida liens on short sales get dressed to go out at nightThey like to wear leather jackets, chains and spikesThey wear rips and zippers all in their shirtsReal tight pants and fresh mini skirtsAll kinds of colors runnin' through their hairAnd you could just about find a florida lien removal letter for homestead property anywhereBut then again, you could know someone all their lifeBut might not know they're a florida lien removal letter for homestead property unless you see them at night, 'cause
[Chorus]
Now the party's jumpin', the place is packedAnd when the crowd's like this, I'm ready to rapBut before I could bust a rhyme on the mic Florida liens on short sales are all over me like white on rice Florida liens on short sales come in all shapes, sizes and colorsBut what I like about 'em most is that they're real good loversThey do it in the park, they do it in the darkBut most florida liens on short sales are known for breakin' heartsYou could never tell what a florida lien removal letter for homestead property was thinkin' ofAnd you may never catch a florida lien removal letter for homestead property without at least one gloveAnd they don't walk, when they step, they strutAnd nine times out of ten they drive you nutsBut take my advice, you don't stand a chanceFlorida liens on short sales are so bad they got their own danceSo if you wanna live a nice quiet lifeDo yourself a favor, don't come out at night, 'cause
[Chorus]
Hut one, hut twoHut hut hut
[Chorus]

Florida Lien Release

2008-05-15T20:44:00.000-07:00

This fha score is below the mark for fha loan approval.. The file got kicked tro another fha mortgage company.

The fha mortgage underwriter denied the loan for a low credit score. The file got kicked again to another fha lender (for low credit scores).

Then the file was kicked a third time for low fico and fha loans.

The borrower (with the low fico and desiring an fha loan) said "what is this? a game of kick the can?!"

"I'm an fha borrower with a low credit score so stop kicking me!" the borrower continued steadfast in his fha credit score tone of voice.

The room fell silent for 10 seconds. You could hear a pin drop.

Then laughter erupted and applause and the lights turned on and the fha underwriter came out like Monty Hall in the games show FHA Credit Score Time and he said to the fha borrower (the one with the low credit score), "If you have a comb in your pocket then I'll give you an fha loan with your low credit score".

Well the short versiuon of the story is that he didn't have a comb in his pocket, but he did have -yes, you guessed it - a low credit score and no fha loan.

2008-04-20T14:33:00.000-07:00

Partial claim frequent asked questions for fha loans includes the following infromation.

Answer: The collection process on a Partial Claim that is left "unpaid" at the time the mortgagor pays off their FHA first mortgage is the Department bills the mortgagor directly. The Partial Claim debt is not forgiven and the mortgagor is required to make a lump sum payoff.

Overall it is a great way to get current on your fha mortgage loan. The FHA secure is another way to help an in florida the fha secure programs will help many. You amy also look at florida short sales to help avoid foreclosure.

My partial claim program is not the fha loan and the fha loan has their own partial claim program. You can search teh fha website for fha loan and fha refinance for the fha partial claim.

FHA lenders available for bankruptcy buyouts fo fha loans.

You amy not be interested in an fha partial claim today so just keep the fha partial claim info on hold for now. RESPA may have something to do with all of this fha loan business.

Another idea that fha partial claim brings up is "The Mortgagee's responsibility for a Partial Claim ends when the following two events occur: (a.) HUD receives the executed subordinate mortgage and (b.) When any requests for payoff of the first lien occur, the mortgagee is obligated to notify HUD to obtain full payoff amount of the Partial Claim and supply that information to the mortgagor. " and try to keep that in mind about the fha partial claim program when investigating teh fha alternatives to foreclosure. The FHA secure is one more option to consider. Sometimes the fha subordination agreement can help to reduce the ltv for an fha refinance.

MY FHA PARTIAL CLAIM

2008-04-17T19:59:00.000-07:00

Is anythinmg secure with FHA secure? Is that just a play on words? You know, using the words secure as if to be comofted. There are many things secure in life and we would all like our fha mortgage loan to be secure as well, but is it?

FHASecure has recently updated the qualifications to make the program more secure form of refinancing for borrowers desiring a secure fixed rate of interest. You can read about fhasecure and fha secure at FHA mortgage that is really FHASecure updated.

FHA Secure guidline changes.

2008-04-15T19:20:00.000-07:00

Driving past the title comnpany in my FHA mobile, I found that a subordination agreeemnt was laying in the passengers seat. I immediately realized that it was for an FHA refinance and I rushed it to teh second mortgage closing at the title company.

When I arrived at the title company, extremely loud applause broke out and I was a little shocked. I then handed the fha subordination agreeement to the direct endoresement udnerwriter who gave me an adjustable rate mortgage drink and I sat down and had a sip.

I spit out the adjustable rate mortgage drink becuase the APR was way too high and the TIL was out of compliance. She was upset at me for making such a mess of the FHA subordination agreement and asked me to leave. Rather than making a scene, I quitely left.

Little did they know, the FHA subordination agreement was for another fha loan closing across town. Hopefully, the APR and adjustable rate mortgages won't be so haphazardly send to people when they should be getting a lower fixed rate through FHA.

Later I felt bad about the subordination agreement and turned around and brought it back to the FHA mortgage loan closing. Once again, the applcause was loud and then the FHA closing took place and all is well with HUD and FHA and their CLTV requirements now.