Cash is King – Upside Down Mortgage Solutions

March 6, 2008

FHA New Loan Limits

If you haven’t heard the news you should look at the new higher loan limits for FHA loans.The HUD website posted the new limits so enter in your county and state and you will see what the new limits are in your area.  HERE is the link!  I am preparing a more detailed analysis but this is a great start:


Obs   prop    county_nm        med_price   FHA_1unit      

185   CA    Alameda County    995000   729750     

186   CA   Alpine County    438000   547500     

187   CA    Amador County    355000   443750    

188   CA    Butte County    320000   400000     

189   CA    Calaveras County    370000   462500     

190   CA    Colusa County    318000   397500     

191   CA    Contra Costa County   995000   729750     

192   CA    Del Norte County    249000   311250     

193   CA    El Dorado County      464000   580000     

194   CA    Fresno County    305000   381250     

195   CA    Glenn County    230000   287500     

196   CA    Humboldt County    315000   393750     

197   CA    Imperial County        260000   325000     

198   CA    Inyo County    350000   437500    

 199   CA    Kern County    295000   368750     

 200   CA    Kings County    260000   325000    

 201   CA    Lake County    321000   401250    

 202   CA    Lassen County    200000   271050    

 203   CA    Los Angeles County   710000   729750   

 204   CA    Madera County    340000   425000    

 205   CA    Marin County    995000   729750     

 206   CA    Mariposa County       330000   412500     

 207   CA    Mendocino County     410000   512500     

 208   CA    Merced County    378000   472500     

 209   CA    Modoc County    125000   271050     

 210   CA    Mono County    370000   462500     

 211   CA    Monterey County       599000   729750     

 212   CA    Napa County    615000   729750     

 213   CA    Nevada County    450000   562500    

 214   CA    Orange County    710000   729750    

 215   CA    Placer County    464000   580000    

 216   CA    Plumas County    328000   410000    

 217   CA    Riverside County    400000   500000    

 218   CA    Sacramento County   464000   580000    

 219   CA    San Benito County 790000   729750    

 220   CA    San Bernardino    400000   500000    

 221   CA    San Diego County   558000   697500    

 222   CA    San Francisco      995000   729750    

 223   CA    San Joaquin County  391000   488750    

 224   CA    San Luis Obispo    550000   687500    

 225   CA    San Mateo County    995000   729750     

 226   CA    Santa Barbara Cnty  615000   729750     

 227   CA    Santa Clara County   790000   729750     

 228   CA    Santa Cruz County    719000   729750     

 229   CA    Shasta County    339000   423750     

 230   CA    Sierra County    228000   285000     

 231   CA    Siskiyou County    235000   293750     

 232   CA    Solano County    446000   557500     

 233   CA    Sonoma County    530000   662500     

 234   CA    Stanislaus County    339000   423750     

 235   CA    Sutter County    340000   425000     

 236   CA    Tehama County    250000   312500     

 237   CA    Trinity County    200000   271050     

 238   CA    Tulare County    260000   325000     

 239   CA    Tuolumne County    350000   437500     

 240   CA    Ventura County    599000   729750     

 241   CA    Yolo County    464000   580000     

 242   CA    Yuba County    340000   425000  

I wanted to get this to all of you ASAP because I know this is of great

interest.  Stay tuned for more information.


If I can be of any assistance, please do not hesitate to contact or comment below.




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:

November 6, 2006

Simple Credit Questions and Answers to Improve your Score

It’s always good to share the information you have with anyone who needs it because you may never know the impact you have on their lives.  Here are some questions and answers to some very common credit inquiries.

 A Client wrote:

 Hey Brent!  Hope all is going well.  I have a credit question and-thought you’d be able to help on my quest to better my credit scores.  On the credit report/scores that I obtained on-line – the
suggestions to improving your credit scores section – it suggests that I open
another account(credit card).
        Question 1:
        Is it bad to pay off a small credit card of $300 with another credit card?
        Question 2:
        Will opening another credit card increase my credit scores only if there
        are major purchases and then I pay them off immediately?
        Question 3

        Is it bad to keep the $300 credit card open with no activity?

Appreciate any assistance or if you of know of a website that will talk more about credit do and don’t.  Happy Holidays to you!! See you in the Spring.

My Answer:

I can help you with your questions.

#1.  It’s never bad to pay off a credit card unless the account is a
collection account or charge off or anything of that type.  If you want
to pay a card off of that type be sure to know that it will have a
negative effect of the credit.

#2.  If you open a new card and it reports to the credit bureau then you
are in better credit shape.  You don’t have to make any purchases to
have an immediate bump in credit score BUT if you go out and use it all
it will bring down your scores lower than before.  Rule of thumb- keep
credit usage to 30% of balances or if you have a $1000 credit limit keep
the balance under $300 unless you plan to pay it off immediately.

#3.  No activity has a little to do with decreased scores but know this,
limiting usage is a good thing because you are controlling your spending.
Use it from time to time but do what is comfortable.  If you let it sit
there for a very long time then the company could discontinue you line
of credit.

I have a detailed book that I will send you going over all aspects of
credit and how to best use it and I will send you a CD with this
information as well.

I hope things are going well and I let me know if you have more

Be in Touch!

Brent Lane

It’s important to have all your questions answered so you know what to expect as you make changes to your credit because any change can show up in your score either good or bad.  I just want to be sure it’s good! 

To get your copy of my Credit Workbook please email me with your address and I would be happy to send it to you, unfortunately it only comes in hard copy.  Also if you have anything to add, ask or delete please feel free to leave a comment.

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