David Haley

It has been awhile since I have written a blog posting, so if it appears rusty it is... we are beginning to do more of these short sales here in the Seattle area so thought I would let everyone know as tough as they are we are having successes with our new systemized process. With one of our deals we received an approval in less than 49 days on the first and the second mortgage...

This has been an interesting learning curve on how to put short sales together and actually have them get closed! Understanding what the LM is looking for right away is critical, this is just one of the many items we have learned in this process, anb believe me there are many!!!

Having an understanding in this process is essential, we have learned the right way and the wrong way to put these deals together and what a great experience this has been. As all who work in the genre, you know that we have to stay on top of all the banks that change their tactics, so having a full team that have the knowledge, experience and professional systems are critical.

Working with Margo Christophilis and her team has been very rewarding... I am thankful of all the skill sets she brings to negotiating these transactions to get them to close and the seller can feel relief being saved from a foreclosure, also the buyer has purchased a home at a great deal.

We know in some states it is a little easier due to the economic situations in those areas, but here in Seattle, WA., we are seeing some major accomplishments!

I hope others are having the success as we have been.

If we can be of help drop us an email at davidahaley@hotmail.com look forward to hearing from you!

New Fed Fund Rate and other News! October 30th, 2008 2:48 PM

Wow! The Federal Reserve has lowered the rate down to 1%. We have not seen this low of a rate since the technology bubble in the beginning of the the decade. There is talk that they might again lower in the ending of the year. This will help anyone that has a home equity loan on their home(s). With this move the Asian Stock Markets have rallied quite a bit from this downward move with our lowering of the Fed Rate.

We just received a Bulletin in regards to VA Loans... any person who is eligible for a VA Loan and wants to refinance to pull cashout can now go to 100% of the appraised value. Where before you could only have a max of 36,000 cashout. This will help alot of people out there that needed this help. So depending on which county you are in varies for the " new loan limit increase" that Freddie Mac has for conforming loan limits. On October 10, 2008, the President signed S. 3023, the Veterans' Benefits Improvement Act of 2008. Following are the three major impacts to the VA Home Loan Guaranty Program:

1. Authority to guarantee adjustable rate mortgages (ARMs) and hybrid adjustable rate mortgages (HARMs) has been extended through September 30, 2012.

2. The maximum guaranty for cash-out refinance loans has been made the same as purchase loans - they are no longer limited to $36,000. In addition, cash-out refinance loans may now be made up to 100% of the appraised value of the home.

3. The temporary increase to the maximum guaranty has been extended through December 31, 2011. When combined with new locality-based Freddie Mac conforming loan limit in January 2009, VA's maximum county "loan limit" will be $1,094,625 ($1,641,937.50 in Alaska, Guam, Hawaii, and the Virgin Islands). This results in unique county "loan limits" for VA.

Please watch for other mortgage news as it becomes available.

Have a Happy Halloween!

Posted by David Haley on October 30th, 2008 2:48 PMPost a Comment