ARCHIVED BLOG POSTS
2011
Stockton CA – If homeowner’s have a bill of rights, then bankers must have one as well. We decided to put together the Banker’s Bill of Rights. That way they wouldn’t feel left out. Let me know if we should put this together and petition congress to add it to the constitution. The Banker’s Bill ...
01/10/2011
The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent by the end of the year, according to the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Assistant Treasury Secretary, Herb Allison gave his opinion. “Borrowers were more likely to...
01/10/2011
0
Comments
I am following up on an answer to the following question we received about Stockton Short Sale Deficiencies. “We have a first mortgage with EMC. Just got an approval letter on a short sale. NO language in letter that says ”satisfied in full” or words to that effect. It only says “conditions for...
01/10/2011
0
Comments
I am following up on an answer to the following question we received about short sale deficiencies. “We have a first mortgage with EMC. Just got an approval letter on a short sale. NO language in letter that says ”satisfied in full” or words to that effect. It only says “conditions for EMC’s ac...
01/10/2011
0
Comments
If you can’t afford your house payment, or are in foreclosure, then you should ask your lender for a loan modification. Many Stockton Homeowners are getting their loan modifications approved. However, it takes a lot of work. You may qualify for a loan modification if you are at risk of near defa...
01/10/2011
Many people think you will have a better opportunity of getting a loan modification if you pay up some of your back payments. It all depends on who you are talking to at your lender. When you first get behind on your payments, you will be dealing with the collections department. In my opinion, t...
01/10/2011
0
Comments
Modoc CA – It takes a lender months to foreclose on your house. I have seen some lenders take 2-3 years to foreclose on a house. There are two reasons this is happening. First, there are a lot of people unable to make their payments. Second, the court system is backed up. This gives you plenty o...
01/10/2011
Stockton CA – Shocking Fact: Most banks don’t own the loans they are handling.In fact, one of the “Big Four US Banks” only owns around 20% of the loans they hold. They are handling the other 80% as a servicer. The actual owner might be Fannie Mae, Freddie Mac, a Wall Street Trust, or a pension f...
01/10/2011
Modoc CA – Paying credit cards and other unsecured debts are your lowest priority. An unsecured debt is a debt where they can’t take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value. The most commons unsecured debt is a credit...
01/10/2011
2
Comments
Modoc CA – First off, there are many misconceptions about foreclosure, deed-in-lieu, and short sales. I hope to debunk them here. Common Foreclosure Myth #1: No matter what I do, I’m going to owe money to someone. On most short sales, the seller is able to walk away owing the bank nothing. Of co...
01/10/2011
Rainmaker
596,763
596,763
Ron Cedillo
Helping People and Enjoying Life