Good news and bad news from the Lender
We’ve gotten some good news and some bad news from the lending department today. Home Mortgage Choices’ Leah Odom explained that FHA has increased its loan limits in the Charleston market from $251,000 up to $335,000. Conventional loans are still at the upper limit of $417,000.
The bad news is that as the lending market tightens, the minimum credit score for mortgage loans keeps rising right along with everything else. But don’t despair. If you are looking for a mortgage loan, Leah says that each circumstance is different and each situation needs to be evaluated on its own merits. There’s nothing cut and dried about the lending market.
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If you or someone you know is having trouble meeting their monthly mortgage payment, please don’t ignore the problem. Get on the phone with your lender and ask for advice. Being proactive at this point is critical, as is speaking honestly and openly to the correct person.
If the problem has gone on too long and you think you’ll be facing foreclosure there are a few items you’ll need to gather ahead of time. According to Realtor Magazine, you’ll need your loan number and payment history. You’ll need to put down on paper what you owe and to whom, including credit cards and car payments. You’ll need to verify your income, probably with your last two income tax statements and W2s. You’ll need to write a hardship letter explaining your situation.
If you want more information, you can email me for a copy of Realtor magazine’s “Learn How to Avoid Foreclosue and Keep your Home”.
Seeking professional help to navigate through this situation is not a sign of weakness, but good sense. For the average person, the laws governing these situations are extremely complex, as is the terminology. Don’t rely on someone’s brother-in-law for advice unless he’s a pro.
Filed under: Business News, Life Tips, Real Estate News on April 4th, 2008
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