Dan Magstadt's Mortgage Blog

J.P. Morgan announced that it has decided to modify the loan terms for borrowers who are in default on their loans or about to fall behind. When J.P. Morgan took over Washington Mutual Inc. in September. they inherited $54 billion of such loans. Their new loan modification plan will help as many ...

The latest buzzword in the mortgage industry, especially in a select few states, is an “underwater” borrower (where one owes more than their house is worth). It is no surprise that, according to a study done by CoreLogic, the bulk of negative equity mortgages are in six states: Nevada, Michigan, ...

    I'm talking to many people, almost daily, that are saying their 401K or retirement plan has dropped 20%, 30%, up to 60% in the last several months. For me it's tough to see the average hard-working family lose that much of their hard earned savings.  The question now is "What do you do at thi...

Many of my clients ask me frequently what’s the difference between a home equity loan and a line of credit. I usually explain that both are commonly used for major items such as debt consolidation, college educational expenses, unplanned emergencies, home improvements, automobile purchases, and ...

We all have clients that are facing foreclosures these days. For some, mortgage modification may be the answer. I work with several foreclosure defense attorneys, and they have been quite successful in negotiating mortgage modifications as well as getting short sales approved for my clients. For ...

I had a lady ask me over the weekend "Aren't things horrible right now?" My response: No, things are great! Her: Well, aren't mortgages really hard to get & the economy is bad & everything?? Me: No, as a buyer with decent credit & a job you can still obtain a mortgage with a really good rate & th...

On a whim I posted a quick ad on Craigslist this morning with a brief overview of my loan products. I got a call in less than an hour from a guy looking to refinance! He also told me about a friend that has numerous investment properties that he needs to get cash out of. I may get 4-5 loans out o...

I just hit the 10,000 points mark & it's a big milestone for me! I remember when I first joined the community 3,000 points seemed like a long way off, let alone 10,000. I know some of the 400,000+ people are probably rolling their eyes, but this is a big day for me. 100,000 here I come! 

The current economic crisis has retirees really feeling the effects of the recession the most right now. With the meltdown of the stock market and loss of value of many 401k’s, many retirees are seeing their modest, but comfortable investments and retirement savings dwindle, while the costs of li...

Just a quick entry for this GREAT Friday. Don't just sit there and look at the stock market drop & listen to everyone talk about how bad things are out there - Get out & smell the roses!! You can sit in your office & get depressed that the sky is falling, or realize that this too will pass & we'r...