Posts

2.7 Million Borrowers Still In Forbearance; Foreclosure Crisis Coming?

The WSJ reported recently that 2.7 million borrowers are still in forbearance. That is about 5.5% of all borrowers, down from about 8.5% in June, but the number of borrowers in forbearance is no longer falling and many market-watchers are nervous. A weakening economy is exacerbating concerns, as retail sales have been falling, employers have […]Read More

4 Reasons NOT to Fear “The Coming Tsunami of Foreclosures”

Forbes.com recently published The Serious Disconnect Between A Hot Residential Real Estate Market And The Coming Tsunami of Foreclosures. And I thought, here we go again… The author expresses serious concerns about the frothy housing market, with both sales volume and prices increasing at double-digit rates. The market may in fact be overheating, BUT the […]Read More

5 Tips For Buying a Dallas Foreclosure

1. Understand that the purchase process for a foreclosure in Dallas is different. In traditional Texas real estate transactions, Dallas homebuyers work directly with the property sellers and their agents. Homebuyers will typically present an offer directly to the seller and their agents to purchase the property. When homebuyers are planning to purchase a foreclosure […]Read More

JVM Has Never Funded A Mortgage Loan! Here’s Why.

In 13 years of business, JVM Lending has never funded a single mortgage loan. This is b/c there are actually no mortgages in CA and Texas, and JVM is really a “Deed of Trust” lender (as CA and Texas are “Deed of Trust” states). Everyone uses the term “mortgage” generically to refer to any loan […]Read More

Funded Loan For Borrower IN Foreclosure; Sub-Prime’s Back In Good Way

We funded a loan yesterday for a buyer who is in foreclosure, and his rate was 4.875% (he put down 45%). His foreclosure involved a property in Hawaii that he thought he lost 6 years ago, but the paperwork was never processed properly so it lingers to this day (even though it is not on […]Read More

One Day Out Of Foreclosure/Short Sale Loans? Options?

We are constantly asked what options are available for borrowers who do not have the required 3 years of seasoning from their short sale or foreclosure dates. For borrowers with limited down payment funds, there are very few to no options. For borrowers with 20% down and re-established credit, Banc Home Loans is the best […]Read More

Loans for 1 Day Out Of Foreclosure; Loans for LLCs

In 2005, I was at a Christmas party listening to a Lender’s Account Rep brag about his 100% loan-to-value “stated income” and “stated asset” purchase money loan product for investment properties. He expected me to be happy to hear this but I was crestfallen b/c I knew the end was near. And it was. The […]Read More

Missing Floor Coverings & Issues In Foreclosed Property

We have a borrower trying to buy a foreclosure with condition issues that include missing floor coverings, missing cabinet doors, and a missing stove. Whether or not repairs have to be made prior to close has to do with: (1) are the issues “health and safety” related; and (2) is a “built in” item missing. […]Read More