Members: 113,316 - 1,435 Online Now
 

We all have ideas on what the government should do to save homeowners. Please comment on this blog and let's hear your ideas!

Here is an idea: 

How many times do you have a client who had an adjustment to their mortgage and they are now paying a large increased amount.  They are trying to refinance into a lower fixed rate, but they do not qualify due to DTI (debt to income) ratios, credit issues and they do not have anyone to co-sign for them, but yet they would save mega $$$'s per month if they could refinance.  FHA should have a % of savings calculation, that regardless of qualifying, the consumer can refinance.  Even if the rate is adjusted for the risk by .50, they would still end up saving quite a bit per month.  Instead there is NO program for these individuals and the banks are foreclosing!  What a shame.  We need home-saving programs!

Please post your ideas.  Perhaps the government will take notice!

Let's make it happen! 

 

 
Post is included in group: Mortgages
Post is included in group: Mortgage Referrals Only
Post is included in group: The FHA Mortgage Group
Post is included in group: Shop Under One Roof!

7 Comments on Mortgage Crisis: Please post your ideas to SAVE homeowners!

There are so many rules that are stopping homeowners from refinancing.  Banks are running scared and are cherry picking only the best loans right now.

04/18/2008 09:54 PM by Russ Ravary - Michigan Homes for sale - Michigan Real estate & Mortgage info (Remerica Hometown One)


i don't know if there is a solution to that problem other than the  clients will have to either lower their debt, or raise their income to qualify. 

04/18/2008 09:57 PM by Leslie Wallace (Exit 1-2-3 Realty, LLC)


to many questions to identify. I have heard that over half the homes in foreclosure have never contacted the lender to work anything out. 

You bank will work wth you especially if you are in a high ltv mortgage. You need to contact your lender   

tony     

04/18/2008 10:01 PM by Tony Grego with AmeriSave


Ann,

I understand the frustration.  I have been spending a lot of time with my customers in Providence, helping them with Loan Modification or assisting them with Short Refis with their current lenders...  What a pain but some day when this mess is fixed they will remember my help.  Don't hold your breath waiting for the government.  They are too busy trying to put more restrictions on us mortgage folks..

-George 

04/18/2008 10:09 PM by George Doumaney (Oceanside Mortgage Group Inc)


You can do a short refinance by negotiating the payoff lower just like a short sale. 

05/20/2008 11:10 AM by Scot Lady (CFS Group LLC)


We have a lot of this activity on Florida.  No Way Out!  I like the Short ReFi Pay-off!  Has that worked?

05/20/2008 11:31 AM by Rebecca @ Schrader Inc. - Mobile Home Financing Specialists


A) A little late now but the government should have sent the "economic stimulus" checks directly to the lenders for the benefit of each homeowner.  If you are current on your mortgage, you have the choice of refund or applying directly to principal.  Otherwise, the money goes directly to making all or part of a payment. 

B) Regional mediation on write downs and short sales.  Rather than having an already overworked servicing department work for approval with the investors, requests are sent to external mediation and the lenders/investors are stuck with the results.  This isn't intended to punish the lenders, but to expedite the process and get things done.

C) "Superbank".  Government creates a new "lending institution" for the purpose of bailing out future bank losses.  Banks can sell delinquent and foreclosing loans at say 75 cents on the dollar and be done with them(except fraudulent loans).  The government run "superbank" can rework these loans with the borrowers on the lowered values.   Banks have until the end of the year to sell the problem loans to the superbank. 

Just a few quick thoughts off the top of my head. 

05/20/2008 12:22 PM by Marko Vucurevic (VanDyk Mortgage)


Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Loan Officer: Ann Sabbagh (Seacoast Mortgage Corporation)
Ann Sabbagh
Pawtucket, RI
More about me…
Seacoast Mortgage Corporation

Office Phone: (401) 475-1600 Ext.: 306
Cell Phone: (508) 243-1190
Email Me


Links

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find RI real estate agents and Pawtucket real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved