Comments for Hawaii Mortgage http://www.satcheck.net Fri, 12 Mar 2010 05:36:59 +0000 http://wordpress.org/?v=2.9.1 hourly 1 Comment on Do I still own the house for the second mortgage, but the first was foreclosed? by mcmufin http://www.satcheck.net/first-mortgage/do-i-still-own-the-house-for-the-second-mortgage-but-the-first-was-foreclosed/comment-page-1#comment-1758 mcmufin Fri, 12 Mar 2010 05:36:59 +0000 http://www.satcheck.net/first-mortgage/do-i-still-own-the-house-for-the-second-mortgage-but-the-first-was-foreclosed#comment-1758 You don't own any portion of the house. The first mortgage company also foreclosed onthe second mortgage compnay when you were sued. Your homeowners association was also probably foreclosed, just in case you owed assessments at the time of foreclosure.<br><b>References : </b><br>I'm a real estate attorney. You don’t own any portion of the house. The first mortgage company also foreclosed onthe second mortgage compnay when you were sued. Your homeowners association was also probably foreclosed, just in case you owed assessments at the time of foreclosure.
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I’m a real estate attorney.

]]> Comment on What is the future for mortgage brokers? by TruthMastaT http://www.satcheck.net/wholesale-mortgage/what-is-the-future-for-mortgage-brokers/comment-page-1#comment-1762 TruthMastaT Fri, 12 Mar 2010 05:28:59 +0000 http://www.satcheck.net/wholesale-mortgage/what-is-the-future-for-mortgage-brokers#comment-1762 The future is NOT GOOD for mortgage brokers! The National Association of Mortgage Brokers (NAMB) is having to do some fast talking to convince everyone that these are capable, honest and competent professionals. One of the actions that the NAMB is working on is to adopt a Code of Ethics that all licensed brokers would be expected to adhere to. I'm afraid this might be the classic example of "too little too late." I'm sure there are many excellent brokers out there. However, with the subprime boom, people were coming out of the woodwork to become mortgage brokers to make some fast money. Unfortunately (but not surprisingly), many of these new brokers had no idea what they were doing and just cared about making a lot of money. They didn't care whether their clients could actually make the payments or not or whether the latest loan product was right for them. Unfortunately, I think that most major mortgage companies will dump their Wholesale operation (as Washington Mutual announced yesterday) because Retail is less risky (since you're not relying on the integrity of a third party). With all the scrutiny mortgage companies are under, they're doing everything they can to reduce or eliminate risk. Taking loan origination completely "in-house" is one way to do it. Maybe the NAMB will be able to save the day by rehabilitating (to some extent) the reputation of mortgage brokers. However, I am not very optimistic about this. If the major mortgage companies pull up the "welcome mat," then the brokers will have no choice but to go out of business. If a mortgage broker asked my advice, I would recommend that they try to get a job as a Retail Loan Officer with a major mortgage company. I'm sure the Wholesale Market will come back eventually but I doubt it will be anytime soon. The good ones will survive but this situation will definitely separate the "wheat from the chaff" (which is a good thing). Thanks!<br><b>References : </b><br>20 years as a Management Consultant and Project Manager in the Mortgage Banking Industry. The future is NOT GOOD for mortgage brokers! The National Association of Mortgage Brokers (NAMB) is having to do some fast talking to convince everyone that these are capable, honest and competent professionals. One of the actions that the NAMB is working on is to adopt a Code of Ethics that all licensed brokers would be expected to adhere to. I’m afraid this might be the classic example of "too little too late." I’m sure there are many excellent brokers out there. However, with the subprime boom, people were coming out of the woodwork to become mortgage brokers to make some fast money. Unfortunately (but not surprisingly), many of these new brokers had no idea what they were doing and just cared about making a lot of money. They didn’t care whether their clients could actually make the payments or not or whether the latest loan product was right for them.

Unfortunately, I think that most major mortgage companies will dump their Wholesale operation (as Washington Mutual announced yesterday) because Retail is less risky (since you’re not relying on the integrity of a third party). With all the scrutiny mortgage companies are under, they’re doing everything they can to reduce or eliminate risk. Taking loan origination completely "in-house" is one way to do it.

Maybe the NAMB will be able to save the day by rehabilitating (to some extent) the reputation of mortgage brokers. However, I am not very optimistic about this. If the major mortgage companies pull up the "welcome mat," then the brokers will have no choice but to go out of business. If a mortgage broker asked my advice, I would recommend that they try to get a job as a Retail Loan Officer with a major mortgage company.

I’m sure the Wholesale Market will come back eventually but I doubt it will be anytime soon. The good ones will survive but this situation will definitely separate the "wheat from the chaff" (which is a good thing).

Thanks!
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20 years as a Management Consultant and Project Manager in the Mortgage Banking Industry.

]]> Comment on Do I still own the house for the second mortgage, but the first was foreclosed? by bostonianinmo http://www.satcheck.net/first-mortgage/do-i-still-own-the-house-for-the-second-mortgage-but-the-first-was-foreclosed/comment-page-1#comment-1757 bostonianinmo Fri, 12 Mar 2010 04:58:59 +0000 http://www.satcheck.net/first-mortgage/do-i-still-own-the-house-for-the-second-mortgage-but-the-first-was-foreclosed#comment-1757 No, you and the 2nd mortgage holder both lost out when the 1st mortgage was foreclosed. The 2nd mortgage holder's only way to protect their interest would be to pay off the first mortgage holder. Obviously the numbers were not in favor of their doing that so they simply decided to cut their losses and let it go. Any public record that shows you as an owner is in error and will probably be corrected shortly. Truth is, with an 80/20 mortgage, your personal ownership position was 0%. And since it appears to have sold for less than the combined outstanding loans, your equity position was less than 0%. Where do you get the idea that you hold a 20% interest??<br><b>References : </b><br> No, you and the 2nd mortgage holder both lost out when the 1st mortgage was foreclosed. The 2nd mortgage holder’s only way to protect their interest would be to pay off the first mortgage holder. Obviously the numbers were not in favor of their doing that so they simply decided to cut their losses and let it go.

Any public record that shows you as an owner is in error and will probably be corrected shortly.

Truth is, with an 80/20 mortgage, your personal ownership position was 0%. And since it appears to have sold for less than the combined outstanding loans, your equity position was less than 0%. Where do you get the idea that you hold a 20% interest??
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]]> Comment on What would you do if you won $200,000 (after taxes)? by BikerChick http://www.satcheck.net/hawaii-home-loan/what-would-you-do-if-you-won-200000-after-taxes/comment-page-1#comment-1749 BikerChick Fri, 12 Mar 2010 04:58:59 +0000 http://www.satcheck.net/hawaii-home-loan/what-would-you-do-if-you-won-200000-after-taxes#comment-1749 Pay off my bills, buy some property in other states, TRAVEL, and put some in savings for my kids.<br><b>References : </b><br>54 YEARS LIFE EXPERIENCE Pay off my bills, buy some property in other states, TRAVEL, and put some in savings for my kids.
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54 YEARS LIFE EXPERIENCE

]]> Comment on What is the future for mortgage brokers? by Steve L http://www.satcheck.net/wholesale-mortgage/what-is-the-future-for-mortgage-brokers/comment-page-1#comment-1761 Steve L Fri, 12 Mar 2010 04:56:59 +0000 http://www.satcheck.net/wholesale-mortgage/what-is-the-future-for-mortgage-brokers#comment-1761 Walmart greeters?<br><b>References : </b><br> Walmart greeters?
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]]> Comment on How can I legally erase credit card debt and/or home mortgage? by Tara M http://www.satcheck.net/home-mortgage/how-can-i-legally-erase-credit-card-debt-andor-home-mortgage/comment-page-1#comment-1767 Tara M Fri, 12 Mar 2010 04:52:59 +0000 http://www.satcheck.net/home-mortgage/how-can-i-legally-erase-credit-card-debt-andor-home-mortgage#comment-1767 You can look into filing bankruptcy. It will be a huge negative mark on your credit report and can remain for up to 10 years. However you can still get credit after your bankruptcy. It will be harder, but not impossible. <br><b>References : </b><br> You can look into filing bankruptcy. It will be a huge negative mark on your credit report and can remain for up to 10 years. However you can still get credit after your bankruptcy. It will be harder, but not impossible.
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]]> Comment on Can my mortgage lender come after me if I short sale my house? by My Take on It http://www.satcheck.net/mortgage-lender/can-my-mortgage-lender-come-after-me-if-i-short-sale-my-house/comment-page-1#comment-1753 My Take on It Fri, 12 Mar 2010 04:50:59 +0000 http://www.satcheck.net/mortgage-lender/can-my-mortgage-lender-come-after-me-if-i-short-sale-my-house#comment-1753 First off, you cannot unilaterally short sale your house! You need to get the go ahead from the lender to even do it! Therefore, the lender is in the loop. Your lender may not approve a short sale for your home. You have to ask them first, then, ask them if they are going to come after you for the deficit or issue a 1099 for the forgiven part of your debt that you would have to report to the IRS as income and pay taxes on possibly.<br><b>References : </b><br> First off, you cannot unilaterally short sale your house! You need to get the go ahead from the lender to even do it! Therefore, the lender is in the loop. Your lender may not approve a short sale for your home. You have to ask them first, then, ask them if they are going to come after you for the deficit or issue a 1099 for the forgiven part of your debt that you would have to report to the IRS as income and pay taxes on possibly.
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]]> Comment on How do I become a mortgage broker or mortgage agent in California? by Mudisfun http://www.satcheck.net/mortgage/how-do-i-become-a-mortgage-broker-or-mortgage-agent-in-california/comment-page-1#comment-1746 Mudisfun Fri, 12 Mar 2010 04:48:59 +0000 http://www.satcheck.net/mortgage/how-do-i-become-a-mortgage-broker-or-mortgage-agent-in-california#comment-1746 You have 2 options available to you. First option is to go work for a direct lender as an originator. This will allow you to get to know the business and you will work under their DOC license. If licensed under the DOC then the individual employees do not need to be licensed. Second option is to go to work for a Broker. To be a loan officer (originator) you will need to enroll and complete a real estate princiapals course, then schedule with the Department of Real Estate for your sales persons license exam. Once you pass and pay the state their due you will then have a real estate license. This will allow you to originate loans and represent buyers and sellers in Real Estate transactions. The above poster is correct in pointing out that the market is difficult right now. Many lenders and brokers are closing their doors due to slowing in the industry. However, people are still buying and selling homes and there will always be a need for agents and loan officers. Best of luck to you! Kevin 949-375-2380 kruorock@sbcglobal.net<br><b>References : </b><br>Realtor/Loan Officer You have 2 options available to you. First option is to go work for a direct lender as an originator. This will allow you to get to know the business and you will work under their DOC license. If licensed under the DOC then the individual employees do not need to be licensed.

Second option is to go to work for a Broker. To be a loan officer (originator) you will need to enroll and complete a real estate princiapals course, then schedule with the Department of Real Estate for your sales persons license exam. Once you pass and pay the state their due you will then have a real estate license. This will allow you to originate loans and represent buyers and sellers in Real Estate transactions.

The above poster is correct in pointing out that the market is difficult right now. Many lenders and brokers are closing their doors due to slowing in the industry. However, people are still buying and selling homes and there will always be a need for agents and loan officers.

Best of luck to you!

Kevin 949-375-2380
kruorock@sbcglobal.net
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Realtor/Loan Officer

]]> Comment on How can I legally erase credit card debt and/or home mortgage? by Stephen T http://www.satcheck.net/home-mortgage/how-can-i-legally-erase-credit-card-debt-andor-home-mortgage/comment-page-1#comment-1766 Stephen T Fri, 12 Mar 2010 04:43:59 +0000 http://www.satcheck.net/home-mortgage/how-can-i-legally-erase-credit-card-debt-andor-home-mortgage#comment-1766 Yes, you can file for bankruptcy which protects certain assets of yours from seizure. However, certain things like cars and TVs can be reclaimed by the credit card companies and school loans and back taxes can still be taken out even if you file for bankruptcy because those belong to the government. The problem with bankruptcy is that you CAN NOT gets loans for the next seven years. No car loans, home loans, boat loans, etc. <br><b>References : </b><br> Yes, you can file for bankruptcy which protects certain assets of yours from seizure. However, certain things like cars and TVs can be reclaimed by the credit card companies and school loans and back taxes can still be taken out even if you file for bankruptcy because those belong to the government.

The problem with bankruptcy is that you CAN NOT gets loans for the next seven years. No car loans, home loans, boat loans, etc.

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]]> Comment on Do I still own the house for the second mortgage, but the first was foreclosed? by tenacious 1 http://www.satcheck.net/first-mortgage/do-i-still-own-the-house-for-the-second-mortgage-but-the-first-was-foreclosed/comment-page-1#comment-1756 tenacious 1 Fri, 12 Mar 2010 04:38:59 +0000 http://www.satcheck.net/first-mortgage/do-i-still-own-the-house-for-the-second-mortgage-but-the-first-was-foreclosed#comment-1756 no.when the home was foreclosed by the lender in the first position the second lenders position was wiped out.YOU did not own any 20%.The lender in second poosition did and their equity position was wiped out in the foreclosure process.By what flawed thinking did you assume that you had a 20% position of ownership in the property when you obviously obtained a 2nd mortgage and had NO equity yourself in the property?<br><b>References : </b><br> no.when the home was foreclosed by the lender in the first position the second lenders position was wiped out.YOU did not own any 20%.The lender in second poosition did and their equity position was wiped out in the foreclosure process.By what flawed thinking did you assume that you had a 20% position of ownership in the property when you obviously obtained a 2nd mortgage and had NO equity yourself in the property?
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