02.12.09
Posted in Foreclosures at 9:35 pm by Administrator
Are you Trying to Negotiate an Affordable Loan Modification??? Read the 10 steps to doing so that will expedite the process.
10 steps to negotiating an affordable loan modification
DETROIT – Feb. 12, 2009 – Ralph R. Roberts, consumer advocate and spokesperson for Federal Loan Modification Law Center, LLP, released a list of the top 10 steps homeowners can take to negotiate an affordable loan modification. The following steps apply to homeowners working directly with a lender, as well as to those teaming up with an attorney or alternative third-party representative.
1. Come clean. It can be tempting to bend the truth when you are trying to convince a lender to approve a loan modification. Only by laying all your cards on the table and disclosing the truth can you begin to develop and implement solutions that will put you back on the path to long-term financial health.
2. Understand your lender’s point of view. As far as your lender is concerned, it all boils down to money. You are most likely to be approved if you can show modifying your loan will cost the lender less than a foreclosure.
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Posted in Mortgage News at 9:32 pm by Administrator
ORLANDO, Fla. – Feb. 12, 2009 – Sales of existing single-family homes in Florida rose 13 percent in fourth quarter 2008 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 30,163 existing homes sold statewide in 4Q 2008; during the same period the year before, a total of 26,635 existing homes sold statewide. It marks the second consecutive quarter that Florida has reported higher existing home sales; sales activity rose 5 percent in 3Q 2008 compared to the same period the previous year, according to FAR.
Florida Realtors also reported a 3 percent gain in statewide sales of existing condominiums in the fourth quarter compared to the same time the previous year. This marks the first three-month period that has noted increased statewide sales in both the existing home and condo markets compared to year-ago levels.
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Posted in Mortgage News at 9:20 pm by Administrator
Changes are going on within the mortgage and lending business. Although many companies are trying to improve the standards and guidelines to protect the consumers, banks, and mortgage companies, their actions may actually hurt the Consumers. Read below.
Lenders drop mortgage brokers
Some big banks are cutting out mortgage brokers and having lending generated by their own people. That could be bad for consumers.
By Les Christie, CNNMoney.com staff writer
Last Updated: February 12, 2009: 1:49 PM ET
NEW YORK (CNNMoney.com) — Some big banks have cut back on doing business with mortgage brokers – and if the trend continues, many mortgage brokers could close down.
That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop rates.
“The banks want to get rid of mortgage professionals to reduce competition,” said Alan Rosenbaum, founder of GuardHill Financial, a New York City-based brokerage firm. “It’s not good for consumers.”
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