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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Now that you have actually stated the question... Posted by CC in OC on November 16, 2008 at 9:43 AM In Reply to: Geesh! Just answer the question. posted by alfred on November 16, 2008 at 8:30 AM ...I will attempt to answer from my vantage point as (1) a mortgage broker; (2) a short sale negotiator and (3) a foreclosure investor. Opinion alert! 1. As a mortgage broker, the pendulum has indeed swung wildly in the other direction. I can barely get 700 FICO score/20% down loans approved conventionally. FHA still accepts 580 FICO score but the rest of the file had better be neat 'n tidy and, of course, full doc. 2. As a SS negotiator, I read horrific hardship letters every day. Most of them I must shorten from 2-3 pages to 2-3 paragraphs. If you can prove your income, lenders will offer loan modification; otherwise, you're going to be a renter. To prove the point to the distressed homeowner, I take a loan modification application and run the calculations. 3. I also market for pre-foreclosures, most of whom desire to remain in their homes. In that case, I do a loan modification application but the practical reality is that despite recalculating the principal balance/interest rate, many of these folks can no longer afford the payment because they've been affected by the slow down in the economy. Alfred, have I responded to your satisfaction to your question? Follow Ups: To some extent. alfred 10:57 AM, 11/16/08 (1) Bill Gatten's Equity Holding Trust CC in OC 2:11 PM, 11/16/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : ...I will attempt to answer from my vantage point as (1) a mortgage broker; (2) a short sale negotiator and (3) a foreclosure investor. : Opinion alert! : 1. As a mortgage broker, the pendulum has indeed swung wildly in the other direction. I can barely get 700 FICO score/20% down loans approved conventionally. FHA still accepts 580 FICO score but the rest of the file had better be neat 'n tidy and, of course, full doc. : 2. As a SS negotiator, I read horrific hardship letters every day. Most of them I must shorten from 2-3 pages to 2-3 paragraphs. If you can prove your income, lenders will offer loan modification; otherwise, you're going to be a renter. To prove the point to the distressed homeowner, I take a loan modification application and run the calculations. : 3. I also market for pre-foreclosures, most of whom desire to remain in their homes. In that case, I do a loan modification application but the practical reality is that despite recalculating the principal balance/interest rate, many of these folks can no longer afford the payment because they've been affected by the slow down in the economy. : Alfred, have I responded to your satisfaction to your question? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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