Tag: Mortgage Lender

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

How to Choose A Mortgage Lender

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There has been a lot of buyer concern the past few years in the real estate market. Even those who have not been greatly affected by the Recession and have the means to buy a house may be stalling due to a lack of trust in mortgage lenders. Now that the housing market is stabilizing and lenders are being monitored more closely, buyer confidence is on the rise. The latest question for those looking to buy is, “How do I choose a mortgage lender?”

Here are a few things to remember when choosing your mortgage lender:

Beware – Mortgage people are salespeople. Following the housing market crash, homebuyers are looking for the most skilled financial mortgage experts out there. However, you have to understand that many representatives you will speak with are not qualified to answer the questions you may ask. You cannot assume that all of the loan officers have proper training and credentials, just because you chose a well-known institution. Work with the most knowledgeable loan officer, not the best salesperson.

Beware of the “In-House” Lender. Many real estate companies have “in-house” lenders that work out of the real estate office. This is mutually beneficial for the real estate company and the lender because of the convenience factor. The “in-house” lenders can be a great choice; however, it is best to do your homework. Make sure the “in-house” lender and the officer have the expertise and credentials to properly handle your mortgage.

Beware of Online Discount Mortgage Financing Options. Although it may be advertised that discounted options are available online that leave out the “brick and mortar” costs associated with traditional lenders, this is not always true. Even if you close online or over the phone, the brick and mortar costs are still a part of the income statement. These “discounts” are simply advertisements and tend to be very misleading.

Word of Mouth Trumps All. A general rule of thumb with any choice in services or goods is to ask those around you about their experience with the product or service. If you know of anyone who has recently purchased a home, ask about their experience. With all of the recent changes to the market, it is best to ask more than one recent buyer. Other great sources of information include: financial advisors, accountants, attorneys or realtors.

Click here to read more on this topic and find out which mortgage lender is right for you:

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, Kingcade & Garcia, P.A.

Credit, Foreclosures, Timothy Kingcade Posts

4 Tips to A Smooth Home Purchase

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Since the housing bubble burst, Americans are wary about purchasing a new home and banks are cautious about lending money, as well. However, there are four things you can do (or not do) to ensure your home purchase goes smoothly.

1. Avoid other major purchases before closing on your home. Banks can pull out of mortgages at any time, even moments before closing. If you buy a new car just before closing, your bank might become concerned and pull out of the mortgage.

2. Try to avoid any big career changes before closing on your home. Your salary and job stability are extremely important to mortgage lenders. The bank may delay the loan until after they are sure your new job is stable, however they may pull out of the mortgage altogether.

3. Prepare your finances for a last minute credit check. Since rules initiated by Fannie Mae went into effect in June, most lenders run a second credit check just before closing. If you mistakenly miss any payments, the bank might pull out of the mortgage. You also want to avoid applying for a new credit card, which could reduce your credit score if you are not approved.

4. Be aware of all of your closing-costs. Many homeowners put every penny into their down payment and do not have enough to pay closing costs. Closing costs can be as much as 3% of the cost of the home. You can lose the home if you do not have enough set aside for closing costs.

To read more on this story visit: http://realestate.msn.com/article.aspx?cp-documentid=26146302

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Bank of America Sued for $1 Billion by Federal Government over Mortgage Losses

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Last Wednesday, the federal government filed a civil lawsuit against Bank of America Corp. The lawsuit alleged that Bank of America misrepresented the quality of loans it sold to Fannie Mae and Freddie Mac, costing the federal government $1 billion in losses. The government is suing Bank of America under the Federal False Claims Act, which has become a popular tool for prosecutors seeking to hold banks accountable for alleged mortgage misdeeds and calls for triple damages when the government can show taxpayers were ripped off.
The government alleges Countrywide, which Bank of America acquired in 2008, dismembered quality control and checks on loan quality from 2007 to 2009, in a process called “the Hustle” that aimed to boost the speed at which it originated and sold loans to the companies. This procedure was created to speed up the selling process of mortgage loans. Wednesday’s suit was also brought under a federal statute known as the Financial Institutions Reform, Recovery and Enforcement Act, which was enacted in 1989 following a wave of bank failures triggered by the savings-and-loan crisis. This action isn’t Bank of America’s first False Claims Act suit. In February, Bank of America agreed to a $1 billion settlement of False Claims Act fraud allegations tied to Federal Housing Administration-backed loans brought by the Eastern District of New York. The bank settled without admitting wrongdoing.
To read more on this story visit: http://finance.yahoo.com/news/u-s–sues-bofa-for–1-billion-over-mortgage-losses-24401588.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Wells Fargo Document Processors Come Forward about ‘Foreclosure Mill’ Work Conditions

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A number of Wells Fargo employees have come forward claiming they were threatened by their employers to prepare sworn affidavits for home mortgages that were being foreclosed on. The employees went on to say they were threatened to meet daily quotas of 10 or 11 files, which was virtually impossible. The employees claimed if they did not meet quotas, they were first verbally warned, then would receive two written warnings, and ultimately lose their jobs if quota was not met. The employees said it was not only difficult to read through and sign between 10 and 11 affidavits per day, but that they were likely making errors due to the pressure to complete a certain amount.
The first document preparer who contacted news outlets with the story disclosed other concerns with the handling of paperwork and procedures at Wells Fargo. The Wells Fargo employee claimed that she witnessed many homeowners being denied loan modifications after just brief interviews. She went on to say that the office fax machine that received the personal information from homeowners, who were applying for help, went unattended for weeks at a time. She also reported that some homeowners’ homes were foreclosed on after not making payments on interest for as little as $1.18. However, the biggest concern to come from this scandal is the fact that loan processors are signing affidavits, in which they have sworn to have read and understood the entire document, and in most cases, they have not. Many of those who have signed off on the documents do not have proper training or experience to be signing off on these documents.
Some of the loan processors who came forward to tell their stories also submitted copies of e-mails they received from management, which showed signs that the managerial staff is more worried about the number of files pushed per day, than dealing with accuracy and details.
To read more on this story visit: http://economywatch.msnbc.msn.com/_news/2012/04/19/11269115-inside-the-foreclosure-factory-theyre-working-overtime?lite
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com