Real Estate and Mortgage Viewpoints In Retrospect


This first article titled, In Philadelphia, a Chance to Stave Off Foreclosure is published to the NYTimes.com website.

My commentary: The article provides an insightful description of a necessary and timely housing program provided by the city of Philadelphia to that city’s homeowners. It is a program which should serve as a model to every municipality in the country. Housing and mortgage professionals should find the article very informative. Take a look!

This second article titled, Back to Business – Investment Funds Profit Again, This Time By Paring Mortgages is published to the NYTimes.com website. it sheds light on the mortgage crises of 2007. View the entire article here!

My commentary: Way to go Wall Street! When you read this article you will probably be as surprise as I was. I have been pretty down on Wall Street for the last couple of years for a variety of reasons, not the least of which is the mortgage crises, but here is a Wall Street idea that is actually creating benefits for homeowners (Main Street). If you promote affordable financing for homeowners as I do, you will enjoy this article. Take a look for yourself at the above link!

Article number 3 is titled, An Upturn in the Housing Market May Be Reversing, is published on the NYTimes.com website.

My commentary: At first I thought all the housing market news was going to be negative, but as I continued reading that turned out not to be the case. It’s kind of a mixed bag: One index shows housing prices rising just a fraction, another forecasting a decline of as much as 10 percent, while yet another has prices flat for September. Read more!

Article number 5 is titled, Bigwigs Debate ‘Too Big to Fail’ and is published to the Seeking Alpha website.

My commentary: Some workout programs have not been working out, and it may be necessary for the federal government to take a second look at the Home Affordable program. This is a fascinating article which gives the reader a brief insight into what is really taking place behind the scenes at mortgage servicers/holders across the country. Was it ever the intention of these banks and mortgage holders to implement the program as the government intended? You be the judge!

Article number 4 is titled, Treasury to Pressure Mortgage Companies to Cut Payments, is published to the NYTimes.com website.

My commentary: As one who believes in, and writes about affordable housing at every opportunity, I certainly can’t fathom the TBTF concept. There are many who believe that our government is too big as it exists, and yet here we are debating whether certain institutions (not of the government) ought to be permitted – actually enabled – to continue operating on such a scale that their failure spells doom for the rest of us.

‘TBTF’ just doesn’t seem a reasonable or acceptable societal structure under which to live, so I’m anti-TBTF and I hope those we elect to address these matters share these sentiments. The above article, authored by Carolyn Austin, is very thought-provoking and, to her credit, she has opened what I believe to be one of the more profound discussions of our time. Take a look!

Article number 6 is titled, Official Google Blog: RT @google: Tweets and updates and search is published to the Google blog.

My commentary: What an appropriate statement. There is certainly a lot happening on the social networking scene, and when you add search to it, my sentiments are exactly those on the above article. Take a look!

Thank you for your support. We will continue working to provide the most relevant and useful information about current FHA-insured programs and related topics. God Bless!

About Short Sale Coding and the Correction

Current Mortgage Rates & Market Data

Think the Government Might Owe You Money?
Scroll down to the green “HUD/FHA Refunds Info” section of this page to learn more!

Among the most important requirements a prospective home buyer has to meet in order to qualify for a mortgage loan is a satisfactory credit profile; and when a credit report reveals a less than satisfactory profile, it usually means that the prospective home buyer must take steps to find out why. The latest guest post, brought to you by our friends at North Shore advisory, discusses one aspect of how an individual’s credit can be affected negatively and the proposed solution to correct it.

SHORT SALE CODING CORRECTION ON CREDIT WILL TAKE AFFECT NOVEMBER 2013

For some time now, many short sellers were treated the same as homeowners that foreclosed when applying for a mortgage. Due to a credit coding issue that lumped short sellers into the same category as a foreclosure, the waiting period for loan approval was extended substantially. This forced millions to put their dream of participating in homeownership again off to the distant future. With interest rates climbing, and the real estate market improving, the increased future cost for purchasing would seem more of an obstacle down the road.

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But new policy changes could bring more options starting in November. After Sen. Bill Nelson focused on bringing this coding error to the FTC and the Consumer Financial Protection Board, things started to change.

This is the nature of the evolution of this business, says Fannie Mae spokeswoman Keosha Burns. The agency will input the new software into its computer system on Nov. 16. After that, if a short sale is marked as a foreclosure, the new code will allow the loan servicers to bypass it, correct it and move forward with the loan. Short sellers should speak with their bankers about the new options for homeownership, what the qualifications will be, and whether the state of their credit needs improvement.

Great credit brings great opportunity!!” Copyright 2013 • NorthShoreAdvisory.com

North Shore Advisory, Inc. offers credit repair, restoration, monitoring, and education services. We’ve been providing credit education and credit improvement for almost 25 years. For bankers and realtors we can review your clients credit reports and scores to see if we can improve them.

We can help you with your business credit needs as well as any personal credit scores.
Contact Us:
914-524-8300
Email:
info@NorthShoreAdvisory.com

HUD/FHA Refunds Info

You know, not everyone knows this, but if you owned a home and had a FHA mortgage, you might be entitled to money back from the government paid directly to you. It’s not free money (we both know that is a rarity), despite all the claims made by others that you can get free money from the government. No, this is money you would have paid into the FHA mortgage insurance fund via your MIP (Mortgage Insurance Premium) payments if your home was financed with a FHA mortgage.

There is no charge imposed by us for this service, and HUD/FHA certainly does not charge a fee for sending you your own money. We provide the service as an added benefit for your visit to this website, and of course we hope you come back often; but more importantly, we hope your name pops up on the HUD/FHA list of folks who are eligible for a refund. So Click here to check! …Good Luck!

Approach to Buying Homes in the Early Stages of Foreclosure


Think of the early stages of foreclosure as that period when a homeowner has has been served with a summons by the bank’s attorney(s). It is a period during which a homeowner, faced with having to make several decisions in relatively little time, may find it rather difficult to cope with the circumstances.

S/he has 30 days to answer the summons; since the lender has refused payments in any amount short of the full amount pass due, including tacked-on late charges and attorney’s fees, s/he has to raise the required amount and there’s no one to turn to for that amount of money needed.

S/he still must meet other pressing obligations and living expenses; e.g. utility bills, food, kids, work, etc., while being under pressure to – perhaps – find a place to relocate to should the worst case scenario becomes a reality. The homeowner needs help, and since s/he is still in complete ownership of the property, s/he alone is able to make the decision to sell.


Get Tools to success.

The question is, will you be the one who makes the deal with a homeowner in this type of situation? Will you approach this homeowner with the right offer and in the correct manner? If you keep in mind that a homeowner facing foreclosure has a financial problem (not a memory loss or sudden case of stupidity) and will listen to reasonable offers, you may be able to make a great deal for yourself.

Let’s face it, if there’s no equity in the property, you’re probably not going to even make a call. When there is enough equity to get you interested in the property you must take into consideration the homeowner’s circumstances and base your approach and presentation around those instead of your desire to grab everything and risk insulting the only person capable of making a deal with you on that home.

As an investor you know it’s a heck of a lot easier to deal directly with the homeowner instead of the lender, so you must be able to convince that individual that you are the ONLY one who is capable of providing a solution to the problems s/he now faces.

You have the answers! You have the money to make a deal whereas the bank takes the home and s/he gets nothing. However you must convey that you will make the transition as smoothly as is possible under the circumstances.

Making your best efforts not to totally deplete the little dignity that homeowner has left will go a long way towards you making the deal to buy that property instead of another of the homeowner getting tugged and pulled in all different directions by the many real estate salesmen, investors and mortgage reps, and then finds it difficult to make any decision at all.

There’s a deal to be made with homeowners whose homes are in the early stages of foreclosure. The right approach will usually help you make a great deal.