Loan Modification and Short Sale Tips

By
Services for Real Estate Pros - Paul Warkow-D.G. Weber Law Associates
Information for distressed homeowners with regard to loan modification and foreclosure defense. There is also advice to complete the short sale process successfully!
RECENT BLOG POSTS
We have all heard of the horror stories about how home owners could no longer afford their mortgage when their adjustable rate mortgage (ARM) adjusted.  The payment went up dramatically forcing the borrower into foreclosure or bankruptcy.  This experience has made ARMs as popular as the swine flu...
11/18/2009
When looking to purchase a home whether you are current home owner or a first time home buyer, there are many options. There is a belief that there are bargains available if you look for a short sale, a bank owned property (REO’s),  or a for sale by owner (FSBO) property.  Each has its pitfalls t...
11/17/2009
You knew this was going to happen.  Chase agreed to a loan modification for a borrower and the borrower had started making payments under the loan modification.  The problem was that nobody told the good folks in the Chase foreclosure department.  Unknown to the owners, the house was sold at auct...
11/16/2009
Here is a post from a realtor that attened the NAR convention.  It is very informative and depressing in that the government is totally unresponsive to the problems with HVCC and it looks like it is here to stay.  We cannot give up snad still try to get rid of this.One of the seminars I attended ...
11/14/2009
A listing agent can help the buyer get approved for a mortgage.  Of course the listing agent has every incentive to want the buyer to be approved as quickly as possible so the sale can be closed.  Here are a few ways the listing agent can help:   Insist on consist communication with the buyer’s l...
11/13/2009
4 home owners are suing Aurora Loan Services because they refused to participate in the government sponsored mortgage assistance program (HAMP).  The outcome of this lawsuit has far reaching implications.  If the plaintiffs are successful, the courts are saying that a party can be forced to alter...
11/12/2009
Fannie Mae has announced a new program which would allow the former owners of foreclosed housed to remain in the home as a tenant.  The former owners would enter a one year lease and a month to month lease thereafter.  Now Fannie Mae would be Ms.  Landlord.  Is this a good thing or a bad thing?  ...
11/11/2009
I feel kind of lonely.  As loan officer for a mortgage banker here in New York, I am amazed that very few posts are by New York realtors or mortgage brokers.  Of course I do not read every post, but for some reason New Yorkers do not seem to participate.  My unscientific survey of Activerain woul...
11/10/2009
After much time and effort, a willing buyer and a willing seller have been brought together.  The buyer seems to have a good enough credit score and income to purchase the house.  The loan is submitted to the lender.  Then the bad news is received, the loan was declined.  What happened?  Here are...
11/09/2009
You did everything right; everything your trusted real estate agent advised you to do. You were referred to a qualified mortgage professional, had a great, meaningful conversation about your short- and long-term financial goals, and were quickly pre-approved for a loan. Together, you and your age...
11/06/2009
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