Saturday, August 30, 2008

Short Sale Pre-Approvals, A Quandry of Sorts...

I found this short sale and mortgage approval letter or argument persuasive. A mortgage pre-approval letter is a step above pre-qualification. A short sale pre-approval involves verifying your credit, down payment, employment history, etc. Your loan application is submitted to an underwriter and a decision is made regarding your loan application. If your loan is pre-approved, you are then issued a pre-approval letter. Getting your short sale or loan pre-approval allows you to close very quickly when you do find a house. A pre-approval can help you negotiate a better price with the seller, since being pre-approved is very close to having cash in the bank to pay for the house!

Now, let's contrast that with a short sale preapproval and the short sale preapproval letter. You can see that the various short sale approvals and short sale preapprovals offer a stark contrast to what is otherwise considered a mortgage preapproval.

Florida short sale pre-approvals

Sunday, August 10, 2008

FHA 4155 and the FHA Handbook

Study the FHA rules for the 4155 and the FHA manual. This is helpful for FHA loans in Florida as well as the rest of the Country. Having the FHA Manual (the 4155.1) enables an FHA borrower to understand the FHA rules for FHA mortgage lending.

I hope this post has been helpful for those who are seeking the FHA manual orthe FHA handbook which of course contains the FHA rules for mortgage lending.

Once upon a time the fha wrote the 4155.1 and updated the fha rules in it and called it the fha manual. Some refer to it as the FHA handbook or simply as the fha 4155.1 You can call it what you want but if you are going to close an fha mortgage loan then you will have to go by the rules in the fha book.

Sunday, August 3, 2008

An Intelligent Article Explaining Florida Deficiency Judgments

It all starts with a Florida Mortgage Loan. Please make sure you make ALL of your mortgage payments on-time. If you can not make your payments on-time, then contact your mortgage lender and ask for a mortgage workout. That is the subject of a future article. For now, I will discuss what happens when a borrower does not make the mortgage payments on-time.

The lender will bring a lawsuit in a judicial foreclosure state such as the state of florida. The borrower must respond to the lawsuit by answering the complaint. If the homeowner does not answer the complaint, the foreclosing lender wins a default judgment. Default judgment is a separate issue than a deficiency judgment. The deficiency judgment in florida is possible through a judicial foreclosure in the florida courts.

The debt collectors are waiting for deficiency judgments so that they can collect through garnishing wages and levy of bank accounts. Imagine going to the ATM and not being able to withdraw funds because of the deficiecny judgment in florida that a debt collector got a hold of.

Look at florida deficiency judgments as a means for the florida foreclosure to enforce their rights under a recourse loan. When the loan payments can not be made and florida forecosure ensues, the deficiency judgment is not far behind.

This not a solution that anyone is looking for. You may avoid foreclosure and avaoid the deficiency judgment whenever possible. This is what everyone would like to see, except for the debt collection industry. They of course want florida deficiency judgments and the pusuit of florida homeowners through default judgments. No one likes debt collectors and no one (else) likes deficiency judgments in florida.