Sunday, March 30, 2008

FHA refi over 100%

Refinance the fha loan over 100% and you have a cltv problem unless you can have the second subordinate to reduce the loan amount of the first mortgage going fha. This is an fha rule. Do not exceedthe maximum cltv for fha. There is no maximum cltv for fha on a refinance with a second mortgage above 100% as long as the fha first mortgage is underitten correctly to fha standards.

FHA refinance cltv and FHA lending seconds requirements


Friday, March 28, 2008

Short Sale and CWBC or CW

CWBC short sale is with invetment properties. This CW deal is a short sale with countrywide. Is loss mitigation ever going to answer the phone and explain the short payoff with countrywide (CW) or do I need to talk to CWBC? Or is that CNBC?

Either way the short sale on investment property is the question of the day.

Foreclosure and short sales is a new policy for short sales at countrywide on invetsor loans. This has not been confirmed with loss mitigation and is just a rumor at this point. The short sale deal may or may not be with countrywide and you must pay the loss mitigation fee prior to entering the tanning salon. Foreclosure awaits the loss mitigator.


Sunday, March 16, 2008

FHA Mortgage Loans, Appraisals, and Property Flips

You can buy a property FHA and that property can be a flip. There are a few things ot watch out for if you do buy a flip and get an FAH loan. One thing to look for is the length of time that the property was owend by the previous owner. This is importnant if the previous owner hasn't owned the proeprty for a long time and you are getting an FHA loan.

The FHA loan requires the apprisale meet certain requirements when you are buying a flip. This is to protect HUD and to protect the FHA buyer who is the borrower on an fha loan. You do not want to get an fha loan on a flip unless you make sure the fha requirements for a flip are met.

FHA requirements fo appraisals on flipped properties.

Locate FHA loans and lenders that offer fha loans on real estate at good prices.

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Saturday, March 08, 2008

Short Sale Problems at Litton Loan Services

This post is a means of collecting information on potential problems with short sales at Litton Loan Services. If you have an information regarding troubles at Litton Loan Service Short Sale Department then please enter a comment. Why is the Litton Loan Services Short Sale department have a telephone where you have to stay on hold for so long. That is one potential problem that there is with Litton Loan Service SHort Sale and loan workout in loss mitigation.

More infromation on Litton Loan Services Loan Workout and LOss Mitigation Departmnet


Sunday, March 02, 2008

Money Pays the Rent on a SHort Sale

Teh short sale can't rent for too ong becuase the property will be sold. They are watching the developments at Litton Loan Services loss mitigation department and I am not too optimistic either.

Sind teh Chase loss mitigator and then you can short sale the COuntryiwde mortgage loan through the supervisor of loss mitigation. Or at leas that was the way it was explained to me through loss mitigation. I was on hold for almost two hours with them.