All Posts Tagged With: "letter"
No More Pre-approval Letters, Say Lenders
As a result of the new mortgage borrower protections that took effect January 1st, some lenders are now saying they can no longer provide pre-approval letters.
“Before writing the letters, lenders like to see proof of income, such as a pay stub or tax return. But under the Real Estate Settlement Procedures Act rule that [...]
How To Write A Successful Loan Modification Letter
More than 2.8 million homeowners faced foreclosure during the past year according to RealtyTrac.com. Honest, honorable people with every intent of paying their debts have found themselves with impossible financial situations because of the Nation’s massive economic downturn as well as the use of toxic mortgages. In many cases owners are both unable to sell [...]
21Dec2009 | Peter G. Miller | 0 comments | Continued
Will HUD Allow FHA Loans With No Money Down?
Has HUD changed its mind?
On Monday, May 11th, HUD posted Mortgagee Letter 2009-15 which explained that “Federal, state, and local governmental agencies and nonprofit instrumentalities of government, FHA-approved nonprofits, and FHA-approved mortgagees may provide short-term or “bridge loans” secured only by the anticipated tax credit due the homebuyer as collateral.”
Immediately the letter was removed from [...]
How To Get A Successful Loan Modification (With Obama Update)
Is it possible to get a mortgage modification without being foreclosed or behind on your payments? For an increasing number of borrowers the answer is “yes” because recent changes in the mortgage industry now make loan modifications more likely than at any point since the financial meltdown began.
For much of human history mortgage lenders have [...]
Hey Buddy, You Owe Us Money
You can imagine my surprise when in the morning’s mail there arrived a note which said I was late on my mortgage payment.
“Several attempts to contact you by phone and mail regarding a delinquency of your mortgage account have elicited no satisfactory response on your part to remedy this situation,” said the letter, ominously. [...]
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