November 2012 - Blown Mortgage

November 2012

Government Greases the Wheel. Finally.

News flash (and it is really a news flash): the federal government is stepping into the 21st Century but not until after the first of the year. Hey, it's a start. As mortgage loan and loan modification applications are reviewed by lenders, one vexing bit of paperwork has always been the IRS form 4506-T. This [...]


Loan Modification Rules for the Self Employed

When a self employed borrower applies for a loan modification the lender will document the request in a similar manner compared to someone not self employed. An underwriter will review current monthly income and attempt to establish a lower rate that will provide a more affordable payment. The lender will use a standard debt to [...]


Read the Big Print

When you spend time and effort getting mortgage rate quotes from lenders it's not exactly a fun thing. In fact, it can be compared to a trip to the dentist to get a tooth pulled. Well, maybe not getting a tooth pulled but close. At least you're in the dentist's office. Or so it seems. [...]


Will a Co-Borrower Help With a Loan Modification?

If you're in the process of modifying your home loan and your lender has said that your debt ratios are too high, can you get someone to co-sign with you to help bring those debt ratios in line? Part of the loan modification review is determining how to get your debt to income ratio within [...]


Longer Approval Times Will Cost You

You've done your homework, interviewed various lenders and got solid quotes on rates and fees from all of them.  You're good to go, right?  Nope.  You need to separate the tortoise from the hare.  Is the lender quick or s l o w ? When you apply for a mortgage and you get a competitive [...]

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