Carmine R Biello Jr's Blog (5)

Wells Fargo to Buy Brokered Loans

In shuttering its wholesale lending channel, Wells Fargo & Co. said it would discontinue funding loans originated by mortgage brokers, but that will not end its relationship with brokers.

The nation’s largest mortgage lender will continue to purchase brokered loans through its correspondent channel, which has cheered up the National Association of Mortgage Brokers.

“NAMB does recognize and appreciates Wells Fargo’s strong support of mortgage brokers…

Continue

Added by Carmine R Biello Jr on July 19, 2012 at 7:29am — No Comments

Can I still do a short sale even If I am going through a foreclosure?

Absolutely. YES!!! You will not be asked to move out until the closing. If your specialist is actively working with your bank, your lender will typically delay the foreclosure proceedings making it possible for you to stay in your home a little longer.

Added by Carmine R Biello Jr on June 28, 2012 at 3:58pm — No Comments

How do I qualify for a short sale?

 While lenders have become more lenient in recent times, there are typically three qualifications required for a short sale.

  1. Financial Insolvency (no other major assets),
  2. The proceeds from the sale of the property, after all closing costs are paid, are less than the amount currently owed on the property, and
  3. Financial hardship. Acceptable hardships may vary, but some common ones are; loss of income or employment, divorce or separation, relocation or job…
Continue

Added by Carmine R Biello Jr on June 28, 2012 at 3:57pm — No Comments

Why Should I short sale my home?

To settle for a foreclosure means accepting the damage to your credit a foreclosure would bring. It also means accepting the fact that in many states, the lender will seek a deficiency judgment in the amount that is owed. A short sale by itself will typically lower your credit score by 50-120 points, however the hardest hit on your credit will be from missed mortgage payments, not the short sale itself. Your credit will usually recover from a short sale in as little as two years, whereas a…

Continue

Added by Carmine R Biello Jr on June 28, 2012 at 3:54pm — No Comments

What is a Short Sale

A short sale happens when a lender is willing to accept a lower pay off on a loan than what is currently owed. In a short sale, the borrower will owe more on the property than the home is worth at its current state, however, a short sale happens only when a homeowner qualifies through some kind of hardship.

Added by Carmine R Biello Jr on June 28, 2012 at 3:52pm — No Comments

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************