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Posts Tagged ‘loan’

New rules will tighten licensing of mortgage brokers, loan originators

New rules will tighten licensing of mortgage brokers, loan originators
The state’s efforts to tighten the regulation of mortgage brokers and loan originators have resulted in new licensing requirements, and July 8 is the last day the state’s Office of Financial Regulation will accept applications for the licenses.

FHA loan after bankruptcy?

This past year, I went through chapter 7 bankruptcy and lost two properties in the process. The first was a rental home which was taken by the trustee as an asset. Its mortgage was in perfect standing up to the day the trustee took possession. Since then, he has evicted the tenants and made known his intent to sell. However, he has not paid toward the mortgage and the mortgage company has made known their intent to foreclose, even as the trustee is preparing to sell. The second property was a Florida condo that I owned with three others. It was worth far less than the mortgage, but the mortgage was in good standing when I filed chapter 7 as well. Since then, the property mortgage and deed have not changed (I’m still officially on both) although the trustee has accepted the condo into the bankruptcy, he abandoned the property. The other owners have now stopped paying the mortgage and are weighing their options of deed-in-lieu, short sale, bankruptcy and selling out right and taking the loss. Other than this bankruptcy, my credit has been perfect for over 20 years. Base on the above, how long will it be until I’m eligible for an FHA loan? 2 years? 3 years? If it’s a certain period of time, does the time start the day I filed? The date I was discharged? The date my bankruptcy was closed or the date the last property changes hand so that my name is no longer on the deed or mortgage? I keep getting conflicting information, even from FHA lenders.

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Posted in Florida Short Sale |

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Refinance loan application volume at its highest level

Refinance loan application volume at its highest level
Today’s mortgage rates remain near record lows, and that has lit a fire under refinance activity. Jim Sahnger, a mortgage consultant with Palm Beach Financial Network in Stuart, Fla., says he’s noticed a significant uptick in home loan activity as rates have fallen. “People recognize the great value that exists,” he says.

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Reading Rates: MBA Application Survey – June 02 2010 | FavStocks
Wharton Releases 2010-2011 MBA Essay Questions | Futureworks Consulting – Knowledge Center
Discount Students get a break in loan interest rates.(Higher Education)(Borrowers may want to consolidate to take advantage of record lows): An article from: The Register-Guard (Eugene, OR) for $5.95 Reviews | consolidate student loans
Mortgage Lead Generation Business Model Exposed: How Mortgage Refinancing Portals Work? | Bollyvillage.com

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Posted in Florida Mortgage |

Tags: application, highest, level, loan, refinance, volume |

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If you own two properties in Florida, can a bank go after your homestead if you default on the first loan?

I own a condo in Miami and due to foreclosures in the community properties are now selling for a quarter of what I paid originally and I do not see the light at the end of the tunnel. If I purchase a second home and defaulted or foreclosed on the first property (condo), can the condo bank go after my second property if it is my primary residence? What options do I have?

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Posted in Florida Foreclosures |

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Can they foreclose if I only default on my home equity loan, not my first or second mortgage?

I’m being forced to relocate for my job, and I’m trying to avoid foreclosure or a short sale- I’d like to try to keep current on as much of my debt as possible. My home is currently worth less than half of what I owe (in florida). I do not qualify for refinancing because ratio of the value of the house to loan value. The notes are held by Freddie Mac. I am hoping that they will write a portion off, with the understanding that I’m still paying on a value far higher than I could sell for. (Mortgages worth $17K, HELOC of $45K, current home resale value ~$110K. I just want to be able to rent it and keep my head above water. Help.