Expletitives from a Florida Foreclosure Attorney

Pinellas County had a story this weekend in St Petersburg, Florida and it had to do with a foreclosure defense strategy implemented by an ex-realtor. The realtor said that there was a short sale in process and the borrower had made all of the apyments on time. I asked the real estate agent why a short sale in Pinellas County Florida or St Petersburg for that matter had anything to do with Pinellas County foreclosure dfense attorneys and he was dumbfounded. Then out of nowhere, a real estate attorney with a successful foreclosure defense strategy emerged and shouted: “Florida short sale and avoing foreclosure with the recoupment and uniform commercial code provisions of the Florida Supreme Court!”.

We had the same reaction that you did in reading this and namely it was to be dumbfounded that the Florida realtor did not have a license to issue foreclosure defense attorney opinions. We decided to avoid foreclosure in St Petersburg and Pinellas County Florida anyway. The defense pleadings were required to be submitted to the Pinellas Clerk of Court timely to avoid default judgment. Some people spell judgment with an ‘e’ as judgement. Actually that is two e’s but I’m sure you haven’t read this far anyhow.

Extreme Foreclosure Defense in florida

FHA Loan Defaults Soar!

Once considered among the safest loans available, government-insured mortgages issued last year have performed worse than the subprime loans that kicked off the collapse of the nation's housing market, according to data from a research firm....huge level of defaults on loans insured by the Federal Housing Administration, which analysts called "stunning," raise the specter of further market turmoil and more taxpayer funds sent toward fixing the mortgage crisis.

"Frankly, I wouldn't be surprised if you called me up in a year from now and asked, 'What do you think about the FHA bailout?' " said Norm Miller, a professor at University of San Diego's Burnham-Moores Center for Real Estate.

First American CoreLogic ... reported this week that 20.7 percent of all FHA loans issued in 2008 were at least 60 days late by 10 months after the origination date. By the same metric, 14.1 percent of subprime loans issued in 2007 were 60 days delinquent.

The main problem with the delinquent FHA loans was low down-payment requirements, said Sam Khater, senior economist for First American CoreLogic.

FHA Training

I was wondering if there is a place where I can get FHA training on HUD guidelines? Does anyone know of such a place for FHA learning and FHA training?

Please leave a comment if you know where a place for FHA training is and if it is free well then al the better. FHA training is what we need today. Thanks you.

Will Someone Explain to Larry How the FHA Refinance Program Works

Larry has the FHA streamline refinance program all wrong. He is saying that it is helpful becuase the FHA streamline refinance program can be done without an appraisal. The loan officer who compares the FHA refinance to her dog food is suggesting that the fha lenders do not know how to calculate and FHA rate at the 5% payment amount without an appraisal. I will have to revist the FHA guidelines soon to determine that the FHA refinance is a helpful program when an appraisal is not required. Please post a comment to let me know if I am understanding the FHA refinance program correctly and if 5% is a nice rate or should I wait for a 4% rate on teh FHA streamline refinance program?

Today was my first day at Litton Loan Servicing Loss Mitigation Dept.

Today was my first day at Litton Loan Servicing loss mitigation department. I woke up early and went in to the office to get ready to help people avoid foreclosure with a loan modification. The days tarted off ok when I was given a few short sale and forbearance manuals to read. I read them and then I was instructed to talk to the angry people that called in for loss mitigation. They said that I should try to help them and then put then back on hold again. I kept doing this and we were all passing the people that were on hold at Litton Loan Servicing around one to another. Finally I had to talk to people becuase I could no longer put them on hold. I asked someone who has been there for six months how she handles it and she said that she hums the hold music and pretends that the people are still on hold. Apparently that works well for her because she has been there six months. Tomorrow is my next day at Litton Loan Servicing and I will report back about how that went too. Goodnight!

Short Refinances with FHA

The housing bill and hope for homeowners has made much to do about the FHA short refinance. The FHA short refinance should help borrowers to renegotiate the mortgage payoff to a lower amount that can be refinanced through the FHA loan program. Let's take a look at who is eligible:

1. The individual must be the Homeowner who actually lives in the house, and not be an investor. In other words, no rental properties are eligible to receive a new mortgage.

2. Homeowners must certify that they have not intentionally defaulted.

3. Homeowners must have a mortgage debt of more than 31% of their monthly incomes as of March 1, 2008.

4. Homeowners incomes must be verified.

5. The troubled loan must have been no later than January 1, 2008.

Well as you can see from the above, many borrowers should qualify for the fha short refinance. It should be noted that the program is voluntary and in that regard there may not be as much hope for the hope for homeowners program when the fha short refinance is voluntary.

Stay tuned for more information on fha short refinances through the Hope For Homeowners program.

FHA Short Refinance

The FHA short refinance has been in the news lately. The Housing Bill has sparked more discussion on the FHA refinance short option. The fact is that lenders have a loss severity level that is a function of market values and delinquency level. In many cases, the highest net present value for a mortgage refinance is realized when the lender accepts a short payoff to settle the mortgage debt.

The result can be called an FHA short refinance.