NJ Mortgage

Archive for June, 2010

I am looking for a good company to buy leads from for a mortgage company that specializes in ‘hard to do’ loans such as bad credit, bankruptcy, etc. Would prefer to find out about great live leads companies as well as lower cost leads that have a high closing rate. With so many of the companies out there, it is hard to find a really good one with a good reputation.

A good alternative to the expensive leads route is advertising. Check out RegionalMortgages.com
They are a online informational site about mortgages and loans. They also provide a national directory of local mortgage professionals. Get listed in the directory.

http://www.regionalmortgages.com

I pay my home mortgage to American Home Mortgage and I just saw online today that they are filing for bankruptcy.

it means nothing to your obligation to pay. keep paying on time and in full.

the loan will belong to someone after all the dust settles and they’ll still want all the money promised.

there may be paperwork fun for AHM, its trustee in bankruptcy, etc. .. but that isn’t your worry.

***
Btw, most of the mortgages outfits like this service are actually sold to someone else … you simply aren’t told of that because you do not need to know — the servicing outfit handles it.

it may be that a new servicing outfit will be chosen somewhere down the road. if this happens, you’ll be told in writing in plenty of time to change the name and address you send your payments to …

if/when that happens, I recommend continuing to put AHM’s name on the check for a few months but to use the new address. If it really has been transfered to the new outfit, they’ll have authority to use AHM’s name for a bit. If it is a scam on ‘official’ letterhead, the scammer will have to lie to his bank to get the money and then you’ll be able to get it back afterward.

Can’t be too careful these days, i’m afraid.

I locked a rate of 5.25% earlier this week and my mortgage broker mentioned this was the rate for a condo. Are the rates for a condo different than a house? I’m wondering if I got a good rate, especially since rates have recently gone up.

if that;s a 30 year fix, thats a good rate.

specifically, private equity funds that invest in hard assets in new york city real estate? i have a very basic understanding of pe’s so please explain in lamest language possible! thanks

Hi (libra)lynn,

This is a very good question, because the mortgage crisis is affecting all areas of the economy and private equity is overlooked often. The Lehman Brothers had a pretty significant chunk of the private equity industry through their private equity division holding $30 billion in assets under management, according to their website. So, as you can imagine, the collapse of Lehman Brothers is potentially very dangerous to the private equity industry. There is hope that the private equity branch will be sold to a suitable buyer for a good price, but that’s all speculation.

As for your specific interest in New York City real estate:

I live in NYC and the whole mortgage mess does not spell good news for anyone really, especially the high volume of investors located in the city. I’m not sure how any specific private equity funds will fare but most major real estate funds have invested in real estate with the presumption that the housing market would continue to boom with the economy. However, around 2006 the housing market stopped climbing so dramatically, not exactly what the real estate investors hoped for. They expected prices to continue to rise so that they could get profit from their real estate investments, and when this did not occur–and still has not occurred–many funds lost considerable amounts of money.

New York City is special, in that it is an island, so the housing prices haven’t declined as much as far as I know. While there are lots of issues with NYC housing, the attraction of the major city and it’s geographic inability to expand for new development insulates it from collapsing to the degree of other areas and allows real estate prices to continue to climb.

I hope this was of some help to you,
Theo O’Brien

I would like to know the wholesale company that does the lending, not the broker.

I currently have some very good government rates. We are also a lender, not a dreaded broker.

If you would like more information, please contact me directly at timothy.kazee@americanhm. com and we can talk.

History of Economic disaster:

Fannie Mae is a "Govt Sponsored entity"; they buy mortgages from Banks and other Companies and are backed by THE TAXPAYERS FOR ALL LOSSES, BUT THEY KEEP ALL PROFITS.

1998-2008:
Banks forced to give bad loans, O down, no documentation for 120%,
and ACORN is accountable, backed by Democrats.

Executives at Fannie Mae receive huge bonuses if loan targets are met, so bad loans ar handed out like penny candy.

Franklin Raines and Jamie Gorelick are appointed to run Fannie Mae.

2003
Mr. Bush proposes new oversights Committee to clean up Fannie Mae, but DEMOCRATS DERAIL IT.

FRANKLIN RAINES GETS 100 MILLION DOLLARS IN BONUSES.
JAMIE GORELICK GETS 75 MILLION DOLLARS IN BONUSES.

2001
Enron files for bankruptcy, congress investigates, executives Skilling
and Lay go to jail for fraud.

Congress responds with the Sorbanes-Oxley act "more regulations
of corporations".

2004
An O.M.B. investigation finds massive fraudulant bookkeeping at Fannie Mae, under the care of GORELICK AND RAINES.
CONGRESS RESPONSE: NOTHING -no hearings, no jailtime, no
person punished, no bonuses paid back.

> Fannie Mae give millions to democratic causes ACORN and RAINBOW.
> Fannie Mae pays millions to 354 Congressmen and Senators from
BOTH parties.
WHO GOT THE MOST KICKBACKS?
1. Chris Dodd (D-CT) Chairman, Banking Houses & Urban Affairs.
2. Barack Obama (D-IL) Federal Financial Management Committee
3. Chuck Schuman (D-NY) Chairman, Finance Committee
4. Barney Frank (D-MA) Chairman, Hse Financial Services Committee

2005:
Franklin Raines and top execs forced to resign from Fannie Mae.
-no jail, no media reporting, keep all bonuses.
RESPONSE FROM DEMOCRATS: SILENCE.

RESPONSE FROM REPUBLICANS:
Sen. John McCain makes this statement:
"If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole".
MCCAIN CALLS FOR:
The Federal Housing Enterprise Regulatory Reform Act.

THIS LEGISLATION WOULD HAVE PREVENTED WHAT WE SEE
ON TV TODAY IN THIS ECONOMIC DISASTER THAT MCCAIN SAID
WOULD SURELY HAPPEN.

DEMOCRAT REPONSE:
>None of the top 4 kickback receivers supported the legislation.
>The legislation is quickly blocked and derailed immediately by democrats, never even making it out of the Committee.
>Democrats are on Youtube video, yelling that nothing is wrong, there
is no possibility of any economic crisis coming, and that the taxpayers
were completely safe. Democrats insist that no oversight is necessary with regard to freddie mac and fannie mae.

2008
Fannie Mae and Freddie Mac go bankrupt and the Government takes
them over completely.

Lehman goes Bankrupts from investing in the bad mortgages.
AIG gets $85 Billion in loan guarantees after insuring thousands of
bad mortgages.

FRANKLIN RAINES IS NOW THE ECONOMIC ADVISOR TO THE OBAMA CAMPAIGN, AND HE WANTS:

The Government to take over more of the economy.

WE ARE IN THIS BAD SPOT BECAUSE GOVERNMENT INTERFERED WITH THE HOUSING MARKET IN THE FIRST PLACE, BY: forcing banks to give mortgages to people who simply could not afford to pay them. Government interference forcing agencies to loan
money to people who could not afford to pay it back.
HOW WOULD EVEN MORE Government interference make this
better?
IF THE DEMOCRATS WOULD HAVE STAYED OUT OF THE BANKS
AND LENDING INSTITUTIONS BUSINESS AND ALLOW THEM TO REQUIRE DOCUMENTATION, GOOD CREDIT, AND A MEANS TO PAY THE MORTGAGE, we would not be suffering this economic disaster we see today.

Questions:
1/ Do you believe like Franklin Raines that Government interference in MORE CORPORATIONS AND BANKS would be good
for this Country?

2/ Do you think that Franklin Raines being the executive who walked
away with 100 billion dollars and a bankrupt Fannie Mae, is the right
person to be Obama’s Economic advisor and RUN THIS NATION?

3/ Do you know that it was Obama’s baby, ACORN, who provided
the strongarming that was done to force these banks into giving out
mortgages to people who could not afford them?

4/ Do you know that when working on the economic bailout last week,
that Obama and his Democrat partners tried to divert 20% of any money taxpayers would get back, over to ACORN instead?

Thanks for your answers.

Sources:
www.govtrack.com 9/17/08
New York Times 9/13/03
Herald Tribune 4/18/08
Congressional Record 5/25/06

no the government is terrible at running things

My first mortgage was foreclosed on but the second continues to hound me (6 years later). They keep refiling every six months to keep themselves on my credit report. How long can they do that? I thought that they could only be on the report for 7 years total.

Actually 7.5 years on the CREDIT reports but if the total is substantial expect that they may take it to court.

Check your states Statute of Limitations for COLLECTIONS.

IF they file suit and it is outside the SOL for COLLECTIONS you simply GO TO COURT when summonsed and tell the Judge sorry this is outside the SOL for COLLECTIONS and the case will be dropped.

I am getting ready to buy my first home. I’m in a new city and I don’t know anyone to get referrals on a mortgage lender. I don’t want to get screwed with high fees because I don’t know any better. What should I do to find several lenders and select the best one? I live in southern cal. I’m a valley girl.

You have 14 days to apply with as many lenders as you would like, it counts as one view on your credit report so it won’t kill your score.

Or you can pay a broker to find a lender for you. Just make sure when you shop you compare APR to APR, not just by comparing rates.

I know mortage lenders pay little attention to the scores.
FHA does not even get it.
Don’t they look at your reports in detail and make their own decisions?
They have your score – but do they use it at all?

Mortgage brokers used to just go by ones score and their reports. This is why we are now in the mess we are in. Too many did not bother to verify employment records, income sources and whether or not a family could afford the home.

It was all greed, get that commission and move the property.

Now is it back to what it used to be. The do not rely on just your credit report or score. They pull your income tax records to verify employment. They also factor in what are the chances you might loose your job, how much to you make (net income) and would you be able to afford the mortgage which includes the PITI factor that many home buyers forget about. PITI is short for Principle (amount of loan), Interest, Taxes and Insurance costs averaged out over a 12 month period. If you property taxes rise, so does your mortgage payment.

Those loans with the variable rate APR are what hurt so many people. It was a teaser to sell the property and now that no lenders will make loans, we are all taking a loss.

We reside in florida and own the home with no equity. The home in NJ has 2 mortgages. one for 412000 and heloc for 75000. I am on the mortgage only. She is on the deed. I am concerned that they can come after my wifes assets. Or do they just remove her interest in the home during the foreclosure process?

The mortgage lender can foreclose on the property (mortgage lien is senior to her interest). And if there is any deficiency (especially the HELOC) "you" might still owe something depending upon type of loans. Simply transferring property does not get you out of your loan obligations. If the mortgage is unpaid, your wife effectively has no interest in the property (unless you yourself got a fraudulent loan).

Since it is not your primary residence, you may owe federal income tax on any forgiven loan amount. But I doubt if the HELOC would be forgiven if that is not covered by the sale.