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FEMA Declared Disaster Area – Loan Application in Process

Because of the plethora of natural disasters across the country it occurred to me that there may be a lot of Buyers and Sellers whose purchase or sale or mortgage refinance has been delayed for reasons they simply do not understand.

This post is intended to be an overview of what additional inspections and verification a homeowner or seller can expect in the mortgage application process for a home in a declared disaster area. Continue reading FEMA Declared Disaster Area – Loan Application in Process

How to get Good Mortgage Advice

Recently the word Republican, like “Banker” has been used interchangeably to disparage and slander (and is often incorrect) my business but what made this stand out to me was how he said it. It was almost as if it was a disparaging remark and he was sorry for having used it!

Underwriting Tip – Bankruptcy Waiting Periods – VA

Veterans Loans The fact that a bankruptcy exists in an applicant’s (or spouse’s) credit history does not in itself disqualify the … More Underwriting Tip – Bankruptcy Waiting Periods – VA

Underwriting Tip – Bankruptcy Waiting Periods – FHA

A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender documents that one … More Underwriting Tip – Bankruptcy Waiting Periods – FHA

5 Reasons Your Short Sales Will NEVER Close

US Housing Prices Double Dip Recession

The national statistics are bad, really bad and that’s just for existing non distressed home sales. The numbers are even worse when it comes to short sales.

Some experts today are saying  that only 1 out of 10 short sales reach a successful conclusion. Yet others say that 1 out of every 4 close escrow.  Regardless a 10% to 25% success ratio is pathetic no matter what your business is! Because my expertise is in Short Sales I find myself frequently being asked the question “Why do many short sales never close?” and this is what I tell them;

My Top 5 Reasons Your Short Sales Won’t Close

1) Unrealistic Buyer Expectations

Somewhere along the way, Buyers got it in their heads that short sales are the end all, be all score of the century. Often I receive calls from out-of-state investors and Buyers who all make similar comments – “Yeah… I had a cousin who bought a $300,000 condo as a short sale for only $50,000”. First, I would refute that the condo was ever worth $300,000.  Perhaps in Florida, Nevada, Arizona or California, you might be able to pick up a condo for $50,000 when at once it was sold for $200,000. But outside the anomalous cities, you just don’t score those deals – not in the Raleigh/Durham/Apex/Cary areas of North Carolina.

Insurance Claims: Nightmare’s await Homeowners

Your home has been damaged by a tornado, flood, a tree fell on it in the recent Hurricane. Or as in my case when Mrs. Cobos  left the water in the upstairs bathroom running and flooded the second floor causing water to seep through to the ceiling below.

Tree Falls on House and Destroys it - Storm Damage - Raleigh North Carolina 2011
Storm Damage from April 16th Tornado in Raleigh

You’ve settled your claim with your home owners insurance agent and you have an insurance settlement check but it’s made out to you and your mortgage company; Continue reading Insurance Claims: Nightmare’s await Homeowners

Underwriting Tip – FHA Buyer Financed Closing Costs

FHA Buyer Financed Closing Costs Financing of Transaction Costs for Real Estate Owned Properties (REO) Purchased … More Underwriting Tip – FHA Buyer Financed Closing Costs