Sunday, September 19, 2010

10 Reasons To Buy a Home -  
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Friday, September 17, 2010

Cash is no longer King!

So here we are, ready to close a home loan refinance in which the Borrower has 50% equity in his home and several hundred thousand in stock. This should be a lay down, easy peezy lemon squeezy, knock out of a loan.

But nooooo! The Lender has decided that the want the Loan Amount lowered by $20,000 to bring his Debt to Income Ration below 30% (which makes no sense). The Borrower finally gave in and stated that he would $20,000 out of his safe deposit box and bring it in at closing. Lender said "No" because the cash cannot be sourced or seasoned, which means there is no way to prove the money was ever his.

I tell ya folks, it is a strange world we live in when a man or woman that can bring in $20,000 cash from a safe deposit box is considered unworthy of refinancing his/her home at less than half it's current value, yet the Fannie Mae HomePath program allows 1st time home buyers to purchase a wreck of a home without requiring an appraisal - opening the door to over paying for a property.

Calgon, take me away.

Article from bizjournals: Payroll violations soar with down economy

the Sacramento Business Journal

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Sender's comment:
Joe Archambault at Equity Builders was telling me about this on Tuesday.

Payroll violations soar with down economy

Published: September 13, 2010

Cindy Mitchell, a contractor in the tile business for 20 years, had a hunch her competitors hadn’t been playing by the rules when she discovered some rival companies bid half the amount she did on recent projects.

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Thursday, September 16, 2010

Brett Mills Loan Parody

Why oh why??

Why is it that these Banks just can't seem to understand that speed of processing the Short Sale is of the utmost importance. Is it really that hard to understand that when we are down to funding, and a change needs to be made on the Sellers side, that they can't take two weeks to make the change and then demand that the Buyer pay per diem penalties?

My kingdom for a decent Transaction Coordinator!