Sunday, March 30, 2008

Maximum Combined Loan To Value for FHA

What is the maximum combined loan-to-value for an fha refinance? Does anyone know what the max cltv is for federal housing administration (FHA) loans? I am looking to know what a refinance with a second mortgage going fha will allow for subordinate financing to remain.

This has been confusing to me for FHA loans that are refi's and I need to know the FHA rules for CLTV on an FHA refinance. I have found one article on fha cltv limits and need to know if the mortgage can really go above 100% CLTV with an fha refinance.

FHA max CLTV for a refinance

Friday, March 28, 2008

Mortgage Loan Names & Domains

I was thinking about some mortgage loan names and mortgage loan domains. Can you combine a mortgage name and the word loans. Let me look at an example of a mortgage name and a mortgage domain.

Mortgage Domains Loans Names

Countrywide New Policy on Short Sales of Investment Property

There is much scuttlebut surrounding COuntrywide's new policy not to permit a short sale of an invetsment property. This has yet to be substantiated about countrywide and the short sale of a non-owner investment property. Loss mitigation at countrywide reportedly did not confirm or deny the rumor that countrywide will not do a short sale of an inevtsment property.

there seems to be a big discussion regarding short sales and countrywide's loss mitigators are unhappy with the news.

Sunday, March 16, 2008

Locating Deep Discounted Distressed Properties

You can lcoate deep discounted distressed properties if you look for real estate in teh right place. Real estate is for sale at deep discounted prices on real estate websites and also for sale by owner or with realtors. You have to look to find cheap sales prices on real estate and this is not usually easy to find such discounted or distressed properties. Let me explain deep discounts this way.

Who is going to give you the deep discounted sales price? Is the seller of a deep discounted property (cheap real estate of course) going to sell to you at a discount. The obvious answer is yes, the ddiscounted price is from the seller. The less obvious answer is that the real estate is so discounted that the discounted real estate i sbelow the mortgage balance. This means that the mortgage lender must be the one to accept the deep discounted sales price and the seller may agree to the deep discount but the lender must accept the deeper discount. This is called a short sale of real estate.

Make sure you have accurate information if facing foreclosure get straight answers before making a foreclosure decision.

You can find short sale ral estate in many places. The problem is tha not every short sale will be successful. Ocwen does not do short sales at the moment. The short sale with Ocwen will not be approved by Ocwen at the moment. Therefore you can not get a short sale or a deep discount on real estate when Ocwen is holding the mortgage on a short sale.

Ken Lewis the CEO of Bank of America will allow a short sale of real estate with Bank of America. This is also made possible with Countrywide of which Angelow Mozillo is the CEO and this is what may be known as the tan man short sale CEO. Whether ot not Angelo is short I do now know. His compensation plan is not short I can tell you that much. Back to the short sale of real estate at a deep discount.

You can learn more about selling real estate at a deep discount and locate such real estate at many places. Whatever you do, make sure that the short sale of real estate is at a deep discount and if you do a short sale with Countrywide then make sure you bring some suntan lotion with you.

The Loss Mitigation department in Florida lost the Lis Pendins today...again!

Florida short selling and locating the loss mitigation side of short sales is tricky.

FHA short sales in Floirda are called preforeclosure sales and involve the FHA connection with a CHUMS number of the DE Underwriter in a mortgagee letter dated in 2005. For more information on the preforeclosure FHA short sale please see contact the Homeownership Center of HOC in your area for clarification.

Standard real estate definitions for real estate glossary of terms and terminology real estate related - a useful guide to learning real estate definitions.

Whoop! Whoop! The credit repair alarm has sounded.

Larry Linkler is in Orlando examining the short sale crisis in Orlando Florida.

Saturday, March 8, 2008

I Was Fired Today From My Loss Mitigation Job at JP Morgan Chase

It was a nice job that I had as a JP Morgan Loss Mitigator. I would drive to work and perform a short sale analysis for the loss mitigation department. Then one day I started having all of my short sales approved and I was closing short sales left and right. I was commended by the supervisor of Jp Morgan Loss Mitigation not once but twice. The director of Jp Mortgage Chase Loss Mitigation gave me an award for best Jp Morgan Chase Loss Mitigator.

Then it all fell apart. On one sad Monday morning. After two months of setting records for closing the most short sales at Jp Morgan Chase, they realized that my calculater was busted. The number seven didn't work on my loss mitigation calculator so any short payoff that included a digit of 7 was short by one decimal place. That means I closed 700 short sales for JP Morgan Chase and lost them tens of millions of dollars.

I really though everyone at JP Morgan Chase Loss Mitigation Department really liked me and the job I was doing. Now I realie that all of my loss mitigation work at JP Morgan Chase was for nothing. I;ve loss JP Morgan Chase Loss Mitigation Department tens of millions of dollars on short payoffs that were missing a digit of seven on each payoff.

I did manage to save my secret directory of phone numbers for JP Morgan Chase Loss Mitigation Department and can give the numbers out next week in a blog post.

This post is a parady of JP Morgan Chase Loss Mitigation Department. In reality, my calcukator works just fine and I do not work at JP Morgan Chase Loss Mitigation Department. Next week, however, I will give the secredt phone numbers to Chase Loss Mitigation deprtment out in a blog post.

Sunday, March 2, 2008

Chase Loss mitigation Department

Working your short sale with JP Morgan Chase is easy if you have the contacts with thei rloss mitigation side. The key is to bring coffee to teh loss mitigator that was fired by Angelo Mozillo at the loss mitigation picnic at Countrywide. The supervisor went to work at IndyMac Loss Mitigation Department but they still keep in touch and skip trace with loss mitigation loan modification files.

Larry talked with both loss mitigators before approving the short payof request for the second mortgage at Chase. the file had to be approved for Litton Loan Services to allow a short sale on the first mortgage with Chase.

Don't drink coffee and work with the CEO of Countrywide unless you are a really talented loss mitigator. Even then I wouldn't recommedn you did that with a Chase short sale package.