FYI..if your short sale is an FHA loan then tell everyone to sit tight unless the buyers are ready to counter up to the FULL amount of the bank’s counter or the Agreement To Participate letter. When your short sale offer is less than HUD wants then you must request a variance to be approved [...]
Government wants lenders to forgive 10% of ‘underwater’ mortgages
September 8, 2010 By 1 Comment
The Federal Housing Administration is launching its plan to assist up to 1.5 million homeowners who owe more on their properties than their homes are worth. Our government, in the form of the FHA, is going to forgive underwater mortgages! Really? Whether it is fair or right to forgive a debt is a good question [...]
Taylor Bean & Whittaker chairman Lee Farkas Charged with Securities Fraud
June 16, 2010 By Leave a Comment
If your mortgage was funded or serviced by Taylor, Bean & Whittaker then it needs to be audited. TBW was notoriously difficult to deal with in the final stages of its life and closing a short sale or loan mod was near impossible as no one seemed able to pull the trigger. Well now the [...]
Can I get a principal reduction on my mortgage?
April 1, 2010 By Leave a Comment
Sure, with enough firepower you can not only get a principal reduction but shut down the bank from even attempting to collect from you at all. As far as regarding how you “get your principal reduction” in HAMP read on… Remember folks, these changes to HAMP and HAFA and every other program rolled out require [...]
Modification is Not for Every Borrower according to a Treasury Adviser
February 3, 2010 By 2 Comments
Two questions borrowers frequently ask us, “How did my neighbor get into HAMP (and/or get a loan modification) but I can’t? “Do I have to be delinquent to get a workout plan?” The best answers typically are: The secret Black Box recipe may not mix well with your situation (read more here on this) because [...]
FHA pumps up the commission for brokers
January 3, 2010 By Leave a Comment
The US Department of Housing and Urban Development (HUD) removed the 1% origination fee cap on loans insured by the Federal Housing Agency (FHA), according a mortgagee letter sent out this week. HUD made the change to remain consistent with the Real Estate Settlement Procedures Act (RESPA), which will require mortgage lenders to disclose to borrowers [...]
FHA loans are available to Short Sellers!
December 22, 2009 By 3 Comments
One of the fears that homeowner have is whether they will be able to secure a new loan to purchase a home in the future after short selling the current one. The answer is yes. In fact, the Department of Housing and Urban Development (HUD) released a letter to lenders regarding borrower eligibility for a [...]
Bank of America wants to collect twice on Short Sales?
November 30, 2009 By Leave a Comment
Wow. You can’t make this stuff up! About two months ago we helped a family, whose house was in Porter, Texas, short sale their home. A key component of a successful short sale is protecting the homeowner and their REALTOR from the mortgage company because while these companies can be sneaky and unethical they are [...]
FHA train wreck in progress. 465,000 in default.
November 19, 2009 By Leave a Comment
No one likes their product or service called crap but that is exactly what Robert Toll, CEO of Toll Brothers called the FHA program at a New York home builders conference. He also went as far as calling it a “definite train wreck,” noting that a “flag will go up in the next couple of [...]
FHA is broke & 17% of borrowers defaulting
November 13, 2009 By 1 Comment
Go figure. FHA borrowers are defaulting at a 30% faster rate than non-FHA borrowers. Shocking! Since the FHA only requires a 3.5% down payment and the seller can chip in 3-6%, home buyers can move into a home for…drum roll please… all together now… Zip, Nada, Zero! Not much skin in the game huh? The [...]
