“Seniors Beware”

“Seniors Beware”

I have had clients contact me, asking if they should get a reverse mortgage. They often talk about an ad they saw on TV, hosted by Robert Wagner, Fred Thompson or some other notable spokesperson. I have often wondered if they would get a reverse mortgage themselves. The stories are all the same, if you are 62 or older, you NEED a reverse mortgage and so often that is the furthest from the truth.

There are times that a reverse mortgage is a great solution, but prior to a final decision a detailed review needs to be done by a knowledgeable and trustworthy reverse mortgage specialist. The commercials will tell the listener to call a number and speak to the “so called” expert; most of these individuals that take these calls have one goal, to close a loan no matter what, even if it is a bad decision.

Below is an article about a Connecticut resident that got hooked by one of these commercials:

http://www.nationalmortgagenews.com/news/servicing/reverse-mortgage-headache-has-connecticut-retiree-scrambling-1045107-1.html?site=default_msn&utm_campaign=mortgage%20servicing%20news-feb%2024%202015&utm_medium=email&utm_source=newsletter&ET=nationalmortgage%3Ae3895065%3A472200a%3A&st=email

“The Short Sale Decision”

“The Short Sale Decision”

 houseonwater

It seems like the majority of people that own a home that may be worth less than the debt often feel there is no hope. Many want to get out from under and purchase another home, sometimes larger, other times smaller. Yet others had a short sale over the last few years and aren’t aware they can purchase another home.

 

The problem is there is so much BAD information out there that most folks just don’t know what might be possible in the future, as far as a mortgage goes. Many if not most will want to own a home again.

 

If you are working with someone in this kind of situation, have them talk to someone that knows the mortgage side. It makes a difference if the mortgage or mortgages were or are current vs. in default at the time of the short sale. Depending on the type of new mortgage, it can mean being able to get a new mortgage immediately or having to wait up to 5 years, again depending on the type of mortgage.

 

I get calls from folks that are told they can buy immediately after a short sale and the property was in foreclosure or the other extreme, the folks were current on the mortgage at the time of the short sale and they were told they have to wait 7 years before they can buy.

 

Image courtesy of freedigitalphotos.net

“Yes, it Closed, In Spite of the Arrest”

“Yes, it Closed, In Spite of the Arrest”

 http://activerain.trulia.com/blogsview/4517322/-my-client-was-charged-with-12-counts-of-larceny-

 Many have asked me to let you know what happened with this transaction. I’ve included the original post. The commercial transaction closed, the loan was $1,010,000 and was the refinance of eight properties and saved the client over $5,000 per month and enabled them to walk away with a pile of cash in order to buy more properties.

 You can well imagine the added scrutiny as a result of the arrest. The client paid a HUGE fine and accepted a plea deal, to the satisfaction of the lender.

 All in the day of a mortgage broker. This is one of those, you just can’t make up.

“When I Meet the Boyfriend, You Never Really Know”

“When I Meet the Boyfriend, You Never Really Know”

 care

It sometimes seems like folks need to stake out their territory when working with a new person, especially when you have worked with their ex in the past. It is often a challenge when the boyfriend is instructed, as to how much I will be liked. It is also a little awkward, since I did the previous two mortgages and am now going to be doing the new one. Sometimes, things just work out.

 

 

Hi Joe,

I just wanted to say thank you again for meeting with Matt and I the other day. I appreciate you helping us get the process started and we are hoping everything works out so this can go as smooth as possible.

 

This is the last piece that I need to take care of from my divorce and it will be great to have everything in place. It was a very difficult couple of years personally and definitely financially so this will feel like a fresh start for me!

 

Matt really enjoyed meeting you and felt you were very helpful and very knowledgeable. He said it was very comfortable talking with you and was even thinking about trying to meet with you again about just investing in real estate in general if you ever had time.

 

So I just wanted to send you a quick thanks.

Image courtesy of david castello/freedigitalphotos.net

“Christians, Jews and Muslims are Under Attack by Islamic Terrorist”

“Christians, Jews and Muslims are Under Attack by Islamic Terrorist”

Question

The Administration policy regarding this issue is what? Does anyone know? How does the Administration not consider Isis an Islamic terrorist group?

21 Egyptian-Christians beheaded and the statement from our Administration, doesn’t even mention, that they were executed because they were Christians. Within 24 hours, Egypt began to attach Isis. Our President takes to the airwaves and says we are working on a plan. I guess the JV team called Isis is making America look like  a JV team.

In France and throughout Europe Jews are attacked and murdered. 4 Jews were targeted and murdered in a Kosher grocery store. The same day two police officers and 10 employees from Charlie Hebdo were targeted and murdered. Millions in France stood in solidarity, along with world leaders, where was our President? Who was sent to represent America?

Muslims throughout the Middle East are being targeted because they are not willing to become part of a terrorist group are being taken as slaves, raped and murdered. It is time for all decent minded Muslims to rise up and say enough, if they don’t I’m afraid the results won’t be good.

Does anyone remember the Holocaust? Someone needs to explain to me how what is going on the world is any different. The holocaust happened because Hitler want to eliminate the Jews. He managed to eliminate 6 million. The poem below described it very well, it is just as valid today.

First they came for the Socialists, and I did not speak out—
Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out—
Because I was not a Trade Unionist.

Then they came for the Jews, and I did not speak out—
Because I was not a Jew.

Then they came for me—and there was no one left to speak for me.

Image courtesy of davidcastello/freedigitalphotos.net

“Impossible to Compete with GOD”

“Impossible to Compete with GOD”

 

homeinsky

I received a referral from a Florida Realtor, Beth is extremely good at what she does. I spoke to the client, took them through the pre-qualification process, so Beth now had a ready to go buyer.

 

She showed them homes and they found the perfect home and well within their monthly budget. The debt ratio was 35%, well below what is acceptable, even by the strictest of standards.

 

A purchase agreement was signed and the mortgage application process was started. Once all was completed I scanned the application to them for signatures.

 

The next day Beth communicated with me, saying that these clients wanted to back out of the purchase. I followed up with a call to the clients. I was told that they discussed with “the church” and they prayed for guidance, the message that they got was they can’t afford the payment.

 

I took them through the payment, step by step, explained the tax benefits, compared the payment to what they were paying for rent, but still they went back to the message they got, which was they couldn’t afford the payment.

 

Unfortunately, there is no way I can give the folks a denial, as that would be fraud, which I’m not willing to do, which means their deposit is at risk. I suggested they discuss it again and let us know what the final, final decision is.

 

This is not a first for me, but when this happens, I have the same thought process. Next time I want to participate with the discussion. I confident of one thing, they will make the decision that is right for them.

Image courtesy of ponsilak/freedigitialphotos.net

“Buyers Didn’t Show up at the Closing”

“Buyers Didn’t Show up at the Closing”

The case of the walk thru that went badly. The listing and selling agents met the buyers at the property, expecting a clean home. But what they found was a mess. The sellers had moved out and were traveling to a different state, but prior to leaving found someone to clean the home and paid them in advance.

The buyers were furious, to the point they wanted to back out. The two Realtors sent the buyers back to their hotel, which they had been staying in for two weeks. Phone calls were made to the sellers; they were pretty upset as well as they thought their home was clean and ready for the walk thru.

A company was hired to do an emergency clean up the same day and at the end of that day the closing was completed, my compliments to the two Realtors for stepping up to the plate and going above and beyond. Anyone who thinks Realtors don’t earn their money either doesn’t know or understand.

So, what were the lessons learned?

Image courtesy of renjithkrishnan/freedigitalphotos.net


The case of the walk thru that went badly. The listing and selling agents met the buyers at the property, expecting a clean home. But what they found was a mess. The sellers had moved out and were traveling to a different state, but prior to leaving found someone to clean the home and paid them in advance.

The buyers were furious, to the point they wanted to back out. The two Realtors sent the buyers back to their hotel, which they had been staying in for two weeks. Phone calls were made to the sellers; they were pretty upset as well as they thought their home was clean and ready for the walk thru.

A company was hired to do an emergency clean up the same day and at the end of that day the closing was completed, my compliments to the two Realtors for stepping up to the plate and going above and beyond. Anyone who thinks Realtors don’t earn their money either doesn’t know or understand.

So, what were the lessons learned?

Image courtesy of renjithkrishnan/freedigitalphotos.net

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