All articles about Foreclosure

FAQ – How Long after a Short Sale or Pre-Foreclosure before I can Qualify for a Conventional Mortgage Loan?

Deed-in-Lieu of Foreclosure and Preforeclosure Sale

faq

Even though your mortgage payment may have never been late, these transaction types are completed as alternatives to foreclosure therefore, as you might imagine,  they are treated seriously. So serious that they often are viewed by underwriters just as serious as an actual foreclosure or bankruptcy. Continue reading FAQ – How Long after a Short Sale or Pre-Foreclosure before I can Qualify for a Conventional Mortgage Loan?

Bank of America Accepted Short Sale – but they say you still owe

Bank of America Customer Service

After a few weeks of the multiple times per day barrage of phone calls from Bank of America I attempted to resolve this by calling them myself. The colossal comedy of incompetence a person has to suffer in order to get a straight answer from Bank of America is deplorable! As a Mortgage Loan Officer with nearly 15 years of experience speaking the language of mortgage lenders I can only imagine how impossible this experience is to someone without similar experience.

The Trouble With Trial Mortgage Loan Modifications

Image courtesy WSJ.com

These days there seems to be no shortage today of people or politicians angry at mortgage companies.  Most however tend to be  customers of the nations five largest mortgage servicers;

Bank of America, Wells Fargo Home Mortgage, JP Morgan Chase & Ally Financial.

The source of anger tends to be  focused on  foreclosure, short sale request or loan modifications aka work-outs that never seem to get worked out and result is foreclosure. Continue reading The Trouble With Trial Mortgage Loan Modifications

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

What is a Short Sale?

The term “SHORT SALE” has surged forth into the modern lexicon about as fast as Scotty MCreery has.  Hopefully one will remain longer than the other and I will let you decide which you prefer. As for me, I like the kid and not just because his high school is 1,000 yards from my home either.

Unlike Scotty however, most people although they have heard the term SHORT SALE they really don’t know what the term means so here is a very basic explanation that I tried out on Bella (my six year old daughter) and although it bored her to tears, even she understood it. Continue reading What is a Short Sale?

Untangling the Foreclosure Mystery (via Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge)

Here is a very funny but sadly somewhat true account in some cases of what was and is now … More Untangling the Foreclosure Mystery (via Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge)

Foreclosure Prevention Help in available North Carolina

North Carolina homeowners who are struggling to make their mortgage payments due to job loss or temporary financial hardship. For qualified homeowners, the fund can provide an interest-free loan of up to $36,000 to pay your mortgage and other related expenses for up to 36 months.