3 Legged Stool - Whats A Good Loan?
Posted on May 1, 2008
Beginning our series “Industry Checks & Balances” - at it’s core are reliable credit decisions. In an era where most on the origination side know little about how sound credit decisions are arrived at; due to the advent of credit scores and matrix’s of scores vs LTV vs DTI ratios, this issue is critical for the long term survival of individual careers and the industry as a whole. We’ll explore most of the necessary ‘checks & balances’ over the next several months.
Debt Consolidation: What Is A California Debt Consolidation Loan?
Posted on April 11, 2008
California debt consolidation is no different from any other state’s consolidation firms, only that the laws may change slightly.
Many of the debt consolidation loans offered in California are lent to families and individuals to help them payoff their debts. If the money is used for any other purpose, the debtor may face penalties. Many firms–instead of giving the debtor cash–will manage the loan them self, using it to payoff the debts owed. Instead of paying your pending debts, you will now be paying off a loan lent to you by one of the debt consolidation agencies in California.
What To Do When Your Mortgage Lender No Longer Exists
Posted on March 30, 2008
So you’ve paid your mortgage on time every month and have always made sure that you review your yearly mortgage summary from your lender. You stay on top of things and have developed a good working relationship with your lender, even though they may be thousands of miles away. Then one day you wake up to find out that your mortgage lender has been bought or sold, or even worse they have went bankrupt and just closed up shop! Now what do you do and how does this affect your mortgage?
Refinancing Mortgage After Bankruptcy
Posted on March 29, 2008
Sometimes you may get yourself caught in a financial crunch. You may take a loan in a hurry or get stuck with an uncompromising or fraudulent lender. Then you may not be able to repay your loan or you may get stuck with huge interest rates (e.g. credit card debt.) You may default on your loan and go bankrupt. At these times, it is best for you to go in for a secured loan.
Dont Blame The Bailiff, Blame Yourself
Posted on March 11, 2008
For better or for worse, we live in a free society. Everybody knows that. There are great advantages in living in a free world. But not everybody is willing to face the sometimes ugly repercussions pertaining to this freedom.
When a bailiff arrives at your door, it is the consequences of decisions that YOU made that were proven either ill-advised or ill-timed. But YOU signed the papers regarding the heavy mortgage you took on your property. YOU are the one that miscalculated or did not figured a way to prevent the dire consequences of your choices. It all comes back to YOU and YOU alone, because your name and your responsibility appear on various documents that make you a debtor.
Mortgage Lending Still Growing Despite Interest Rate Rises
Posted on February 27, 2008
It appears that rising interest rates have had little impact on the UK housing market as the Association of British Bankers have revealed that mortgage lending in July 2007 increased by £13.6 billion. The figure is almost exactly in line with the preceding six-month average of £13.7 billion and represents a slight increase on the June rise of £13.1 billion.
Understanding The Home Loan Application And Mortgage Approval, The Mortgage Lender Analysis
Posted on February 22, 2008
Do You Pass The Mortgage Lender Analysis? When a mortgage lender reviews a real estate loan application, the primary concern for both home loan applicant, the buyer, and the mortgage lender is to approve loan requests that show high probability of being repaid in full and on time, and to disapprove requests that are likely to result in default and eventual foreclose. How is the mortgage lenders decision made?
Citizens Advice And The Mortgage Industry Lock Horns
Posted on January 5, 2008
Recently the Citizen’s Advice Bureau (CAB) has criticized the Mortgage lending industry for increasing the arrears problems for borrowers due to their arrears management processes. This was backed up by a string of case studies that the CAB had drawn up totalling over 1,200 people’s stories.
The report stated that mortgage lenders are too quick to seek court possession orders against borrowers and that they should negotiate with borrowers as this is a dangerous situation for them as many borrowers when backed into a corner are resorting to the upsurge of leaseback schemes that have resulted in borrowers becoming homeless due to this process.
Wall Street Titanic
Posted on December 20, 2007
The Titanic sank because the Captain did not see the iceberg and he was told the
ship was unsinkable. He and many others believed the builders and went down with the ship.
The Titanic disaster reminds me of the current situation in the subprime mortgage
debacle now going on.
When the first of the bad loans surfaced the “experts” and talking heads on TV were
all of the opinion that this was a small amount of money when considered in the overall
size of the market and would have no effect on the rest of the market. They did not remember
the “iceberg effect”. Only 10% of an iceberg appears above the water. What may appear
small is enough to tear a hole in a very large ship and sink it.
