Private mortgage insurance (PMI) tips & how it can determine how much house you can afford. Find out how in this video on buying a home.
Expert: Brett Staggs
Bio: Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks.
Filmmaker: Dana Glover
Duration : 0:1:36
Clip of Nationally Syndicated Consumer Advocate Dave Ramsey, Discussing Money Merge Account Equity Accelerator Mortgage Fraud.
Duration : 0:3:44
Welcome to TriCounty Mortgage Corporation. We are here for you, to answer any questions about Florida Mortgages, and to be the Mortgage Corporation to make a difference in the community and the lives of our clients.
Duration : 0:1:6
A first time home buyer should have a checklist that includes obtaining a credit report, gathering income documentation, finding a mortgage broker and identifying a loan scenario. Find a Realtor that has worked with first time buyers using advice from a mortgage specialist in this free video on real estate.
Expert: Stetson Lowe
Contact: stetsonlowe.typepad.com
Bio: Stetson Lowe is a credit repair expert. Known as the “mortgage insider,” Lowe assists increasing credit scores for the most challenging of clients.
Filmmaker: Paul Kersey
Duration : 0:2:29
Jeff Sargent of ONB Bank discusses the difference between VA loans and FHA loans and why they are important to first time home buyers.
Duration : 0:4:4
http://ProspectCallingSystem.com Have your sales message to 1000’s in just minutes!! Amazing Marketing System That Has LEADS CALLING YOU!!!
Duration : 0:1:40
Amidst the Real Estate & Mortgage Meltdown; Foreclosure Fraud & Scams; Real Estates Future is Great. First Time Home Buyers, FHA Loans & Seller Paid Closing Costs. Go To http://RealEstateMarketingThisWeek.com
Part 4 (Excerpt)
Mortgage Backed Securities, Collateralized Debt Obligations and Tranches Oh My!
Now, I put the colorful title on How to Screw the Bank that Screwed You for no other reason than to get people to click on it to get the information, because frankly, a lot of people were given really bad loans, were given really bad advice, and sometimes you have to fight back.
Here is one of the things and again Ill try to make this as uncomplicated as possible. Let’s say you bought the house and you got the loan through a mortgage broker. Well that mortgage broker didnt really give you the loan. They bought that loan from a wholesaler of mortgages. That wholesaler of mortgages, in turn bought that loan from one of those big huge Wall Street banks, most of which are out of business right now.
Important thing to point out if I may, Velocity Financial is a mortgage broker, we do get our money from several wholesale banks, I just wanted to point that out because we’re glad were a broker.
Just to continue the analogy. So the broker buys it from a wholesaler, who buys it from the Wall Street bank, and like I said, most of them are out of business now. And what the Wall Street bank did with thousands of these loans worth billions of dollars, they put them all together into what is known as mortgage backed securities. That is the stuff you hear like Fannie Mae is selling and there is an interest rate put on them, and what happened to these mortgage backed securities is they in-turn were bought up by other Wall Street banks, combined with other mortgage backed securities and they were called collateralized debt obligations.
Well then these brainiacs on Wall Street decided to chop these collateralized debt obligations up into what is referred to as tranches. So let’s say you had your best quality AAA borrowers in the top tranch . And obviously your ZZZ borrowers were in the bottom tranch. Each one of them was given a specific interest rate, each one of them was rated by a bond rating firm, and each one of them was given insurance.
Well, what happens is as these got split up and sold over time the notes on the mortgages go with the debt itself. So CDO over in Bangladesh owns your mortgage now, but here is the problem, they dont have the paperwork.
So the reason I went through this whole story is in case your bank comes to you and says were going to foreclose what you want to do is go and get yourself an attorney and you want this attorney to go to this bank and say we want you to prove to us that you have standing, that they have the legal right to come after you and foreclose on you. And here is the thing, if they dont have the paperwork, if they dont have the note on the property, they cant prove that they have standing. So whether its the wholesaler, who is foreclosing on you, whether its the servicer, whoever it is, chances are very good that they dont have this note.
So again, he got a little complicated. You want to go to the website http://mortgageanswerman.com and there are several articles there, and a lovely little chart that I drew up, except that it will be much nicer than this piece of paper, and I will have all the information there. I had a friend just recently who was in foreclosure and she made the phone call, and she said, you cannot foreclose on me without the original note. Now eventually it got foreclosed on, but it delayed it several months until they were able to find that note. Chances are they may never be able to find that note.
And in many states, including Florida and Ohio they are very successful at using this tactic to stop or completely do-away-with the foreclosure sale. We dont necessarily want to encourage people to go down this path, right? Were looking for a stall essentially?
Well, hopefully no one will ever have to get to that point. But if you believe that your servicer, your mortgage company is not being nice to you. Especially if you call them up and want to do a loan modification, and they are dragging their feet, filing foreclosure and coming after you, you have to protect yourself. And this is one of the ways you can protect yourself by hiring an attorney and suing them for lack of standing
That is one of the things that I want to talk about that Velocity Financial is involved with a national network of attorneys who do this sort of work. Velocity Financial does not charge an upfront fee for these types of loan modifications, we do hire an attorney and they work with the national network of attorneys to work on your behalf. They do charge a retainer, of course, if they are going to fight for you they need to be paid, however, there are no upfront fees…
Duration : 0:6:36
David Bach helps you understand the basics about your mortgage; how much you can afford, how to get qualified, what term is best for you and much more. You’ll learn how to find a lender of integrity to help you make these important decisions and prepare you for the homebuying process and serve you after you’ve bought your home.
Remember, homeownership is still the single most important investment you can make in your lifetime. Look for other webisodes in this series by searching for “Smart Homeowners” or visit finishrich.com
Duration : 0:5:15
Get money from leads your throwing away!
As a mortgage professional, you’ve got to put up with lots of borrowers seeking your help but are just not qualified yet. Perhaps they need more money to put down on a home… or they need to get their credit scores up… before they can qualify.
Now what if you could convert some of those turndowns into commissions? How would you like to collect fees on your non-deals? Would you like to get more referrals and repeat business by successfully helping more of the borrowers no one else can touch?
I’d like to help you cash-in on more of the borrowers coming to you right now without spending another dime or another minute on getting new leads. Let me explain… Do you have pre-qualified borrowers at 80% or 90% LTV but lack the 10% to 20% to put down? You might be able to close their loan immediately if you had a flexible seller willing to carry back a second, right? Good news. We are that seller.
With our trademarked EZhomebuyers Program we can turn your ‘turn downs’ into cash. Call 260-436-5000 or online www.EZCashAwards.com.
To see our current home rent-to-own listings go to www.RentToOwnListings.com
Duration : 0:4:21
Mortgage Brokers have access to hundreds of lenders and also get Wholesale Rates for your Loan. Thus, you can save hundreds if not thousands of dollars for your home loan.
If you have questions or need a second opinion regarding your Home Loan, contact me at:
Dat Huynh, MBA
askdat@gmail.com
408-221-1305
Home Loans
Refinance
Home Equity
Mortgage Refinance
Cash Out
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Wholesale Rates
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Duration : 0:2:21