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What is a jumbo mortgage?

Posted by Moe Bedard on September 7, 2009 · Leave a Comment 

A jumbo mortgage is actually a mortgage with an amount that is above what the industry considers the standard definition of more conventional loan limits. These standards are pretty much set by two of the biggest secondary lenders on the market, Fannie Mae and Freddie Mac. Loans that go above these pre-set limits are called jumbo mortgages, and can be obtained either through seller services of these institutions, or from conduits on Wall Street who provide warehouse financing.
   
The Housing and Economic Recovery Act of 2008 helped to expand Fannie Mae’s definition of a “conforming” mortgage. In November 2008, general conforming loan limits, and high-cost area conforming loan limits were changed to reflect current real estate markets. Read more

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What happens if I stop paying my mortgage?

Posted by Evan Bedard on September 4, 2009 · Leave a Comment 

Many homeowners are struggling paying all of their monthly expenses and are wondering to themselves “what will happen if I stop paying my monthly mortgage payments?”

First off before we begin, I must say that if you just stop paying your mortgage payments all together and do not try to resolve your mortgage struggles, your home will go into foreclosure. If your home forecloses, you will have to find another place for you and your family to reside.
The main factor as to how long and what type of process the foreclosure undergoes, will always depend on the state’s foreclosure laws. Different states will all pretty much choose there own way to foreclose, either it be done through the judicial or non-judicial process. Read more

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The Loan Safe Report – Countrywide Voted Worst Mortgage Servicer in America

Posted by Moe Bedard on November 25, 2008 · 6 Comments 

CORONA, Calif.: 25 November 2008 — In the current mortgage and foreclosure crisis, the data and feedback from actual homeowners in regards to outreach and customer service by mortgage servicers during the loan workout process is crucial. Improving communication, customer support and timely resolutions for struggling borrowers are critical components to easing the foreclosure crisis.

This independent survey of non-incentivized homeowners clearly shows that this is simply not happening according to LoanSafe.org’s Loan Safe Report – 2008 Mortgage Servicing Survey. Read more

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