Cash is King – Upside Down Mortgage Solutions

February 28, 2008

Mortgages in 2008: What is Different this Year

With the new economic stimulus package officially through we are now looking at a unique opportunity for homeowners in several different categories.  Here is a small list of niche products that could save you money and even your home in 2008:


  1. FHA loans now have guidelines that will STOP FORECLOSURE and allow you to refinance your home regardless of what you owe.  There are specific rules you need to follow but if your scenario fits you may be staying in your home and avoiding foreclosure all together.
  2. New loan limits will eliminate your JUMBO RATE and put you in a conforming loan amount.  This is up to $729,950.00 in some parts of the country and other areas.  This would mean that someone with a loan amount of $100,000 would get the same rate as someone with $729,950.  Now that is some significant savings!
  3. HOMEBUYERS will also be seeing a substantial difference this year because home prices area extremely low.  The increase in the conforming loan limits and the increase in the FHA loan amounts will be positive for purchases.  First Time Home Buyers will now be able to buy a more expensive home using better loans with nothing out of pocket.  Financing is available up to 103%.
  4. INVESTORS are out in droves buying up everything they can get their hands on.  They see opportunity to become the next Real Estate Millionaire. 


You have to see the opportunity through all the mess.  Some people face foreclosure, short sales and other financial strain but there is even opportunity for them if they plan accordingly.  The time is right to make the call to see how we can help you with your financing needs.  See what others are saying about me HERE!  Contact me anytime via email at




February 8, 2008

My Mortgage ARM Adjusted and I Can’t Make My Mortgage Payments!

“This article has been out for several months now and this are constantly changing. Find More information at my new home page Refinance an Upside Down Mortgage”

If the title hits close to home than you need to know that there is an option out there that you may be missing. The Federal Government put together a loan program to help people with this exact scenario but of course you need to meet the exact criteria. Here is some additional information about this FHA mortgage program:

  1. This loan is ONLY available to those who currently have a non-FHA adjustable rate mortgage (ARM) and you MUST be behind or missing your payments. If you are not delinquent or behind then you have another options but different criteria apply. (Update: If you need an upside down mortgage refinance 2009 and it’s FHA or Fannie Mae both now have options available to you)
  2. Most importantly, your late payments must be due to the mortgage interest rate adjustment. The six months leading up to the adjustment month should show payments being made on time.
  3. This loan is a way to STOP FORECLOSURE and can be done at anytime before the house is taken away. The loan can pay for all foreclosure fees.
  4. Your home can be upside down BUT must have a second mortgage or line of credit. Certain rules apply to second mortgages; most importantly to include the payoff of your second in the new first mortgage, the second loan must have been part of the purchase loan transaction and not afterwards to be included. If you open a second after your home purchase then you fall under a different set of rules.
  5. The first mortgage has to be 95% or less of the homes current value and the second mortgage can have any balance. ( Update : new rules will allow unlimited CLTV on the FHA upside down mortgage refinance and will allow up to 125% LTV on the Fannie mae upside down mortgage refinance)
  6. Borrower can have up to $500 cash back as a result of the no closing cost refinance but rules apply.
  7. This loan program is only available to those borrowers who can verify their income. If you did a stated income or no doc mortgage previously then chances are you may not qualify. That said different rule apply and we may have alternate solutions for using your verifiable income to qualify.
  8. Golden rule! Your first mortgage must equal no more than 95% of the value of your home or you will not qualify. That will mean that the fees and the any interest owed will have to fit into this payoff amount.  This is considered a no closing cost refinance.

These eight points will give you a general idea but I’m sure there will be several of you that need additional assistance to determine if you qualify for this loan. If you read through these and find you don’t qualify for this, contact me anyway there are other options. I am just glad that there is something out there that can actually help some people who need help because they are either behind in their mortgage payments or they could be facing Foreclosure. If you need help I am willing to look at what you have and give you the best advise possible. Contact me at Brent[at]


Refinancing SECRETS for an Upside Down Loan that Banks Don’t Want You To Know because it will Cost them THOUSANDS of Dollars!”

“This article has been out for several months now and this are constantly changing. Find More information at my new home page Refinance an Upside Down Mortgage”

February 2, 2008

Short selling your home while facing this difficult Real Estate Market

 An interesting email just came in today and I thought it would be important to share my thoughts.  What do you do if your home is worth less than what you owe on your home? SHORT SALE!  Good Question and even more difficult to handle without damaging your credit.  From what I have seen with all those folks I work with those that concentrate on solution not the problem are the ones that have the most success.  If you want to sell your home you can easily do that by contacting a Real Estate Agent and listing the house for sale but who you choose is the most important thing. A good Real Estate Agent is one who is experienced and knows exactly what to do to get you out of your home in a short sale situation.  They should have 15 other listings in a similar situation, they should have a negotiation team that deals directly with the banks and has experience dealing with them on an ongoing basis and they should have a team of people to help sell your home.  Often times I see people listing their homes with Agents they used in the past finding out too late that they didn’t have the right experience to do a Short Sale.  It isn’t easy because of all the negotiations that need to take place with the bank and the buyers who are looking to buy these properties.  Remember one thing when reading this EXPERIENCE IS THE KEY TO A SUCCESSFUL SHORT SALE. One quick note on credit, I have heard of banks negotiating on payoffs without missing any payments but I have yet to meet anyone who has done that.  Know going into a short sale that you may have to miss payments on your mortgage to make that happen.  If you have two mortgages you may only have to miss payments on the second but that is an entirely different article.  For more insight or a referral to experienced Real Estate Agents around the country you can contact me directly using this form. Just enter a quick message and your contact info to the form below:

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