Recent content by Erik Sandstrom

  1. Erik Sandstrom

    Refinancing with a 2nd mortgage transferred to Real Time Resolutions.

    I'm doing my best right now @chasegame, it's a little hectic on the origination side with how low the interest rates are. If you can report any spam on the website it would help me clear out some of these guests that keep posting links to men's growth supplements and such. Lol!
  2. Erik Sandstrom

    Refinancing with a 2nd mortgage transferred to Real Time Resolutions.

    If you'd like - give me a ring and I can let you know what the typical options they provide are. 619-379-8999. I do apologize about the late response I didn't know I had a reply. Also feel free to reach out here if you haven't already: [email protected]
  3. Erik Sandstrom

    Closing Costs & Loan Servicing

    Hi Giacona, Sorry about the late response, it sure has been a busy few months to say the least in our world. When it comes to each transaction there are different ways to structure it depending on the borrowers overall goals. Also interest rates do vary depending on each unique borrower...
  4. Erik Sandstrom

    2nd mortgage with citi

    Would you mind giving me a call about this? Here's my number: 619-379-8999. I'm very recognized when it comes to satisfying 2nd liens that are old and charged off and I have some questions because I've never seen a 2nd lien holder garnish wages before. Here's my e-mail as well...
  5. Erik Sandstrom

    Home Loan Refinance

    Hi Brayden, Thank you for reaching out, what are you looking to accomplish with the refinance? Assuming of course a better interest rate/payment and such. Are you asking what you should do to prepare your property for refinancing or what type of documentation I would need. I'll list that below...
  6. Erik Sandstrom

    Fannie Mae & Freddie Mac affects Refinances

    Recent announcement from FNMA & FHLMC, they will not be assessing the risk based pricing adjustment until December! There was a lot of push back on all sides of the real estate community and it looks like they listened!
  7. Erik Sandstrom

    HAMP and PMI

    That honestly doesn't make much sense to me because the principal balance didn't increase dramatically from what I can tell. Do you think they could have made a typo and said August 1, 2019? PMI required to have for 5 years and it sounds like you already have already researched PMI elimination...
  8. Erik Sandstrom

    Fannie Mae & Freddie Mac affects Refinances

    Recently, Fannie Mae & Freddie Mac have put on a risk adjustment to all refinances being done. Does that mean they are expecting a possible reduction in value and preparing for a large number of defaults? That's just about the only thing that I can assume but at this time we don't know. We have...
  9. Erik Sandstrom

    Tax Return Income

    Hi Faroff, For new self employed businesses or income we would average the past 2 years of tax returns through the Fannie Mae Schedule C income calc. Depending on what you write off can affect what income we will be able to use or not use. A new business unfortunately you may not be able to use...
  10. Erik Sandstrom

    2nd was written off but re-appeared years later for twice as much

    Hi Mkt3474, Back in the time period when you received the modification you were part of a very large group of people that stopped paying on their 2nd liens which in turn were charged off. The lien holder deemed the debt as noncollectable however the lien remains on the home. The question you're...
  11. Erik Sandstrom

    Help with credit before home shopping

    Hi There, I'm the resident lender/loan officer here at LoanSafe and would be happy to help you. I have access to what is called a credit simulator that can tell you what the best actions to take would be to improve your score. It would unfortunately be a hard pull but if you haven't pulled your...
  12. Erik Sandstrom

    Refinancing with a 2nd mortgage transferred to Real Time Resolutions.

    I don't know what your real name is, but was it us here at PrimeLending that took care of that for you? These scenario's I do quite often and is something that I'm known for. Either way it sounds like you were able to get it taken care of. What I would look into doing in the next 6 months is...
  13. Erik Sandstrom

    Refinancing AFTER Covid-19 Forbearance Plan

    Hey Everyone, I thought I would update you as to the most recent rules in regards to what happens after covid related deferral or forbearance. Please see below new information released: Late yesterday, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac are...
  14. Erik Sandstrom

    Mr. Cooper wholesale division shuts down!

    Housing Wire just announced: "Mr. Cooper, the nonbank formerly known as Nationstar Mortgage, is shuttering its wholesale lending program, which Mr. Cooper acquired when it boughtPacific Union Financial last year. According to the company, wholesale lending was a small part of its overall...
  15. Erik Sandstrom

    Bank retained house in forclosure

    I'll keep an eye on things, we've had a number of spammers try and join the forum. It's endless having to scrub through, when you guys see things and report them it helps me get through them quickly so I do appreciate it!