Virginia mortgage Market Update

Mortgage and Lending - Jacob Dean Mortgage
Just a brief recap of the (very) local market.  Of the 14 homes listed for sale in my development, all but 2 have the infamous "3rd party/ (lender) senior management approval required" blurb on the MLS listing. The bad news, 4 home sold at foreclosure auction at the convention center last weekend...
Deed in Lieu of ForeclosureForty-four of the 50 States allow the lender to receive a Deficiency Judgment against the borrower for any loss they suffer from the results of funding a loan on their home. The 6 States that do not allow deficiency judgments are: California, Minnesota, Mississippi, Mon...
Foreclosure SolutionsOur goal is to stop your foreclosure and give you a fresh start. Our success rate is 99%.We are specialists in working with your lender, or lenders, to restructure your current loan(s) by providing you with a unique, professional plan that you and your lender can accept.We fu...
This past weekend, I spoke again with someone who purchased a home which will now, in all probability, end up going back to the bank. At times like this, I wish I had a voodoo doll in the likeness of the loan officer who originated this loan. Here is the story which is the epitome of the mortgage...
That was the quote this morning on a local news show. If you believe the financial" expert", homeowners just blundered into these bad loans, or were duped into these bad loan products and he recommended people should refinance now into conforming fixed rates loans to get out of these high-rate, s...
Ok, so yes Mr. Kiyosaki is smarter than me (just a touch richer, too). Watching CNBC this weekend, he discussed wealth through real estate, among other things, along with a panel of 4 other people. During the show, he mentioned that he is looking for tenants to pay at least 150% of his mortgage ...
 Wow. Any loan officer that has been in the business for more than 20 minutes has heard this question. Without selling you ANYTHING, let me give you a couple quick pointers to help determine if the rate, points and fees you are getting quoted are actually competitive. First, you need to understan...
   Are stated income loans BAD? It seems like open season right now on lenders who have issued Stated Income loans over the last several years. Here is a brief introduction to stated income loans. Historically, when applying for a mortgage, potential borrowers would take their paycheck stubs and ...
The Fundamental Question: Does An Interest Only Mortgage Save Me Money?So here is an example of the math of a hypothetical 30 year mortgage compared to the same mortgage with an interest only option for the first 5 years.$350,000 for 30 years fixed at 7.0%The traditional payment, principal and in...

Brian Piper
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