Advanced Loan Ground

Are you putting your house on the market to sell? If so, make sure you’ve done everything you can to present your property in a way that will appeal to the broadest range of buyers possible.

Staging your home can allow you to highlight the best features of your home so that you can get it sold quicker. Even if you live in a tough housing market, staging your house could give you an advantage over other homeowners in the area. Keep the following things in mind as you spruce up the place.

• At a minimum you must clean up your property and make obvious repairs. Potential home buyers will automatically be turned off by a house that is dirty, cluttered, and smelly. If the cleaning job is bigger than you can handle on your own, invest a few hundred bucks in hiring a cleaning service. Also take time to repair all those little things you’ve been meaning to get around to that visitors to your home  will notice.
• Staging your home doesn’t require purchasing a lot of new furniture and accessories. You pro

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Refinancing could allow you to take advantage of the some of the lowest mortgage rates ever. Having good credit is important for getting the best deal on a home refinance. But even if you have a high credit score, mortgage lenders will expect you to provide documentation of income and assets.

Having a steady paycheck will work in your favor. You’ll be asked to provide your most recent pay stub and income tax return. The income tax return becomes even more important when you are self-employed. While being self-employed won’t automatically rule out getting approved for a home refinance, lenders are going to scrutinize your finances to make sure you can keep up with monthly mortgage payments. You a

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On monday the American Banker ran a well written story by Jeff Horwitz on the document problems slowing down foreclosures. It focuses on whether document custodians actually have the possession of key documents, including especially promissory notes. The article (subscription requried; 2010 WLNR 21191843) quotes document custodians insisting that they have all the documents they need, but it also includes some scepticism from Diane Thompson, April Charney, and Max Gardner. It is good to see financial journalists paying more carefull attention to consumer rights advocates.

This being said, I think the story is still missing some important points. Because I have a million other things to do today, I’ll limit myself to three thoughts that jump to mind. First, one reason some originators may have been lax in sending proper documentation on to the depositor (and in turn the document custodian or trustee) is a false belief that designating MERS as the mortgagee or deed of trust beneficiary would facilitate quick foreclosures without all the proper documentation. M

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Bank of America said it’s extended its review of foreclosure documents to all 50 states, and will stop all foreclosure sales until the review is completed.

The ongoing assessment, previously confined to 23 states where courts have jurisdiction over foreclosures, “shows the basis for foreclosure decisions is accurate,” Bank of America said in a statement.

Bank of America had identified the 23 states where it is delaying foreclosures as Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.

Meanwhile, PNC Financial Services Group Inc. says it’s halting most foreclosures and evictions in 23 states for 30 days, bringing to four the number of lenders who have publicly acknowledged potential problems in their handling of foreclosure paperwork. PNC sai

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September of 2010 could be the beginning of a foreclosure halt by the Top 7 banks across the United States. Ally Financial, a unit of GMAC has already agreed to halt foreclosures in 23 states. JP Morgan Chase has reportedly halted 56,000 foreclosures as well.

This foreclosure halt was instituted after it was discovered that Ally employees were signing affidavits on foreclosures cases yet having no personal knowledge of the information contained in the files. The Court also heard testimony from a Ally Financial/GMAC employee that they were not signing the affidavits in front of a notary, as required by law.

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Mortgage Loan Modification Answer:by Loan Modification Expert – Dan NorthSun Trust Mortgage is one of the best mortgage companies to work with on loan modifications. They are fast and will deal. You have a better chance at principal forbearance at Sun Trust Mortgage than any other bank.

I am guessing that the mortgage loan modification you arranged was not a HAMP mortgage modification. The 1st mortgage may have been HAMP but the 2nd mortgage interest was not reduced to 1% so is not a 2nd lien modification-2MP under Making Home Affordable. Read more…

In an effort to boost sales of its REO properties, Fannie Mae said it would help pay for closing costs for qualified home buyers. Home buyers will receive up to 3.5% of the sales price for closing costs on a property they will live in as their primary residence. The aid can also go towards a home warranty, if necessary.

What’s interesting about this deal plan is that real estate agents and brokers can also qualify for a bonus. Selling agents representing owner-occupants can receive a $1,500 bonus.

The incentive program is for properties listed on www.HomePath.com, Fannie Mae’s REO Web site. The deal is good for offers submitted on or after Sept. 23, 2010, and that close by Dec. 31, 2010. To qualify for the program, the home sale must close within 60 days of the offer being accepted.