Want to hear more about some of the latest hot-topics in the Arizona mortgage scene? Be sure to listen to our podcast with Candace Robinson of PhoenixHousingBlog.com where we talk about many of the things on people's minds including: The $700 billion bailout and what people are saying about it The FHA Hope For Homeowners program What you can do if you owe more than your house is … [Read more...]
FHA Hope For Homeowners Program
When the Housing and Economic Recovery Program of 2008 was passed in late July, we wrote about the Hope for Homeowners Program. Some of the highlights of the program include: The program is a voluntary program for lenders to participate in Lenders will reduce the amount of money that they are willing to accept to pay off your current mortgage (this has become known as a … [Read more...]
What Recent Changes In The Financial Markets Mean To You: Lock. Now.
What an interesting time to "unplug". I have been "out-of-pocket" for about a week and a half and during that time, more happened in the financial markets than could be explained in a single post. But, in case you missed it, During the last couple of weeks, some of the major changes in the financial markets included: Lehman Brothers filed for bankruptcy AIG was bailed out by the Federal … [Read more...]
Mortgage Meltdown Advice. Speak With A Lawyer? $40. Speak With An MBA? Free.
I came across an article where a local lawyer is charging people $40 for "mortgage meltdown advice". I haven't called the number nor spoken with Mr. Harper, but I suspect that he talks to many people every day about their current financial situation and what their options are. According to the article: Around Phoenix lawyers do not do free consultations. The going rate is usually around $200 … [Read more...]
Are You Getting A “Good Deal” From Your Loan Officer?
The media today is filled with stories of people who somehow ended up with a loan that they couldn't afford and now are in serious financial trouble and facing choices that are not pleasant. Were all of these people ripped off by a faceless army of unscrupulous loan officers who have now moved on to other industries to sell other things to unsuspecting victims? Maybe. Maybe not. I … [Read more...]
From The Inbox: “Is Quicken (Rock Financial) A Reputable Lender?”
As our blog continues to grow, we are getting more questions each week -- all good questions and it is fun to meet so many new people who are in so many different financial situations. Tammy and I were talking and we thought that it would be fun to take a question that seemed like it may apply to more than just one person and write our view of "the answer". This question came from … [Read more...]
Creating Fake Paycheck Stubs? Bad, Bad Idea.
I got an email this morning from someone who works in the mortgage industry and they were talking about how they couldn't believe that someone could get away with something like this: Apparently there are software packages that can help a borrower (or anyone else I suppose) create fake paycheck stubs. Is it any wonder that "liar loans" are performing "worse than expected"? On a related … [Read more...]
I.O.U.S.A. Opening In Arizona August 21
On October 21st, Fathom Events is opening a new movie titled "I.O.U.S.A." in a select group of theaters in Arizona and around the country. Following the movie, there will be a live discussion with with Warren Buffett, Pete Peterson & Dave Walker about America’s economic crisis and what we can do to change course. This one night event will be shown LIVE at 8:00pm ET / 7:00pm CT / … [Read more...]
Always Use Multiple Vendors
I was reminded last week to always have "a bunch of friends in the business" -- aka -- use more than one appraiser, more than one title company, more than one home inspector, etc. On Thursday last week, I received an email indicating that the following title companies had ceased operations and we had quite a few deals with one of these companies... American Heritage Title Agency, … [Read more...]
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