Jorge Muralles Newport RI Real Estate Market

What if my mortgage lender or servicer goes belly up? The problem is the lender's, not yours. Continue paying your mortgage as before. During the bankruptcy process, your lender will transfer your loan file to a new owner or servicer, and both parties will notify you by letter. If you mistakenly send your payment to the old lender's address, you won't owe a late fee if you're within the federally mandated 60-day grace period after the transfer.

But what happens to my escrowed funds for taxes and insurance? The money belongs to you, held in trust, so it won't become part of the lender's bankruptcy assets. The new servicer will take over making tax and insurance payments from the account. As a backstop, review your monthly mortgage statement and the escrow account analysis that you should receive from the new servicer within 45 days of the transfer. If anything seems awry, call your lender or servicer, the property-tax office or your insurance company.

Article by Joan Goldwasser, Senior Reporter; Kimberly Lankford, Contributing Editor; Pat Mertz Esswein, Associate Editor. Reprinted with permission. All Contents © 2008 The Kiplinger Washington Editors

How to start, I am amazed at what is happened in the financial markets. With beginning of the school year things seem to have slowed down a little bit and I had time to reflect in a few different things.

The market in RI is very similar to it nation wide; there are a lot of foreclosures, many for rent signs, and even more houses for sale.

It is a challenging market, 33% of the agents in RI did not renew their licenses, and I have seen a few mortgage companies go out of business. The mortgage shake out in RI might be due to the new licensing requirements for loan officers.

I have looked for different ways to take advantage of these new market conditions and I believe that going back to the basics can really make a difference.

I spend about 2 hours every day prospecting to past clients and customers, I also call new prospects from neighborhoods where I like to have listings and my office is absolutely busy, the phone does not stop ringing all day.

I have also spent a great deal of time researching and registering with financial institutions to help with the sale of REO's.

I was very lucky to talk to Karen Hurst who helped get started. She gave a list of companies to register with, and this really helped.

I have done a lot of research and I also found a few different places where to register to get started in the REO and BPO business.

Here are the links:

http://www.reotrans.com

http://www.res.net

I can also email the list that Karen gave to anyone interested, email me to request it.

Jorge Muralles

401-849-5323

401-855-1335

http://www.locopro.com

http://www.loco-travel.com

http://www.pronewport.com