Martin Wareing's Q&A

Have you tried to simply apply with your servicer?  Check with makinghomesaffordable.gov  to see which entity might own your loan.  There is good information there.  Mods are works in progress and require patience and diligence.  If you want to stay, you need to be prepared to work for it.  I am not sure if you are too far gone from your writings, but "hiring" a firm if your lender is taking the home back within weeks would not be wise.  Mod companies are good in some ways but the "fad" of them is bigger than what they accomplish.  The modified loans are really very small percentages according to recent releases from some of the larger banks.  Good luck to you.

Sorry to hear of the tragic stories. TBW is only 80 miles from me and I have never done biz with them; however, their demise and problems do not surprise me as they were "expanding" during the sub prime meltdown when all other companies were contracting.  It never made sense and now we will find out why.  I know it is difficult for LO's as well as borrowers, but it was coming.  Hang in there.

709 and 720 are the same pricing wise.  The high ground for No penalty is now 740...  There is not a mortgage person who can really answer the exact formula for raising credit scores with paying off or down cards.  1) you have to pay them,, 2) they must cycle through to show paid in full and 3) who knows what the results will be.  You will need 31 points to escape the potential of any price hits, even at 80%.  Good luck to you.

Golfer,I live in FL.... married to an MI gal... now that that is on the table... If you asked me to help you/take a loss or mod to save you, yet would not provide me the proof your are in hardship.......  do you know how silly that sounds...??? We would ALL do it...  The MI company is most wanting to help cuz, if not... they get billed from the BANK for a pretty big chunk of the loss...  However, they must justify the request AND believe your friend has a Puncher's chance to make it through this.  HOWIE!!!!!  TAKE THE DEAL!!!...  Now, regardless of the MOD... if your friend was an overstater (not a full doc loan) and misrepresentations are proven, the MI company (would find  out anyway) would not pay the claim possibly to the bank in the event of a foreclosure, but that is a totally separate issue.  The MI companies are your best friends here.... Cough it up and get a lower payment and try to survive.  Good luck to you  :)

Danny,The main problem that a 600 score represents is that the borrower does not repay the loan basically. You may posses assets and have a job, but something has not worked properly to reflect a good pay history.  I am unsure about VA and score requirements, but I would urge you to be more patient and get any and all lingering/outstanding collections paid in full and wait 6 months and pay the existing bills well to proved 2 things:1) You can pay your bills on time2) Your score will rise and you will get a much better rateWhy get hammered on a home loan for previous sins?  makes no financial sense.  I wish you well.

It sounds like your son is wanting you to REFI his home...  is that correct?  meaning you are the ones on the NOTE... If that is the case, it is usually a little more complicated than that.  Good luck.

Does not make sense that your rate was "locked" without your consent.  Recourse that you have because I take it, rates are better,...  Go above the LO... If it is a brokerage shop... you would have gotten some type of disclosure from the Wholesale lender... If the LO does not give you satisfaction.. go to the wholesaler.  Policy is not to speak with you directly.  Might make an exception about this particular...  What is the "locked" rate and points and what are you thinking you should be getting instead.  Principle is one thing, but real money is another.  Here to help.  :)

OB "1",You should read the lender code of ethics... If you were Warren Buffet pimpin's Wells incorrectly here, you would get nipped on the bottom.  We don't really quote rates... some idiots forecast them here, but that is a different spanking as well.  We answer questions.  So, we will let this one slide with you and Bobby (pictured left/below) stick to the 1/2 hour DVD infomercial on Saturdays right before CBS Golf.. :) 

bmgfl,Most FL sales are REOs.  Good to know you have the updated statement ready and available for your LO.  Hopefully they have it all covered... Since it is an REO... the Settlement agent is known.. They get closing instructions from Lender when loan is cleared... The settlement agent prepares the HUD-1/Settlement Statement for the lender to review/approve... they do.... they email to you/Buyer agent....  That's how it rolls... on Settlement day... Usually Deed is signed (many times in REO deals) by some Power of Attorney... You sign at the title agen't office  or if not local... a courtesy agent's office or notary.. You either bring certified funds/cashier's check  or wire the funds to close..  I prefer the wire method the night before....  In the event the final numbers to the penny are not known... overwire by $300-$500....  go to closing.. sign.. get refund for difference with keys, go to new home, fire up BBQ pit and enjoy.  Good luck.

bo,From reading it all, you are the seller and the deal collapsed.  I am not taking a lender side at all, but it is their money and it was their appraisal and their decision to only lend a certain amount based upon the valuation opinion given to them.  You have already done what you can do which was say "No" to selling it for that price.  That is your right.  If the appraisal follows the home for 6 months.... you will have issues with any Buyer who wants your home and needs an FHA loan within 6 months.  If the buyer obtained a CONV loan... the new laws about HVCC (AKA Hands Off The Appraiser) will again bring out an appraiser who is paid win-lose-or-draw (I actually like the filed being leveled, but it will be painful getting there for many) and he/she may come up short as well.  I would strongly suggest you using non-biased math for yourself to see what the gap is (if the deal can/coudl be salvaged) and what your carry costs will/would be trying to get a new Buyer.  I do not know where you are, but I am in FL and pricing is not necessarily crasing, but it is surely not going up.  I wish you well.