Random Thoughts

Random Thoughts

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 [...]

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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 [...]

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Rates Always HIgher After An Election. Or Is It Lower?

Mortgage rate myths seem to come and go. Rates are higher if there's a Democrat elected. Rates are higher if the American League wins the World Series, and so on. Will there be a mortgage rate reaction this next Wednesday morning? An article in today's Wall Street Journal provided a punch list of what business [...]

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The Ol’ Switcheroo

Did your mortgage company make you mad? Did your loan officer make all sorts of promises and didn't keep one of them? Thinking about changing mortgage lenders midstream before your escrow closes? Such a switch is, to put it mildly, cumbersome. It's not a situation where you can transfer your loan application and all the [...]

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Hold the Foreclosure Fone

Okay, I get this. You missed a mortgage payment. Then you missed another. Then you got a certified letter from your lender reminding you (as if you didn't know) that you missed two payments. Officially, that's called a Notice of Default, or an NOD, the precursor of the ForeclosureBot. When you miss your next payment [...]

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