First Time Home Buyers

Purchasing a a first home can be very exciting and also very nerve racking. The excitement may take over and you may find yourself doing things a little out of order. Most people think they should find the home they want then start the mortgage process. Those people would be wrong. 

When I speak with first time home buyers I like to know that I was the first stop on their journey to home ownership. When I speak with first time buyers I can make it clear exactly what they are going to be able to afford and give a very good estimation of what a monthly payment will be. This protects the buyer from the disappointment of house hunting outside of their price range. 

When I have buyers into my office I want to make sure they are getting the entire picture so I request these documents:

·        Most recent two years (2010 & 2011) federal tax returns and W2’s or 1099’s

·        Most recent pay stubs if salaried

·        All pages of your most recent two months bank statements or quarterly statements for investment or retirement accounts, if there are any large and unusual deposits be ready to explain where they came from

The process of getting a mortgage can be very challenging and frustrating without the proper guidance from a professional.

Why Short Sale Over A Foreclosure Defense?

One of the services I offer to homeowners, investors and commercial borrowers is a full review of their current mortgage (sometimes known as an audit), if the mortgage is in foreclosure.  I have had many instances when the borrower has been able to establish a defense or gain leverage to negotiate based on our findings.  To date we have helped borrowers negotiate millions of dollars in reductions.  

However, over time I've also become a big proponent of short sales if they can be successfully closed with a waiver of deficiency.  Statistics show that on average a home sold through a short sale brings a 24 percent greater return to the lender than a foreclosure.  While banks are offering incentives to homeowners and borrowers to short sale, in many cases this 24 percent can be a tool for negotiating more favorable terms for the borrower such as cash for keys or a waiver of deficiency.  

Regardless of the decision you make to short sale the property or establish a foreclosure defense, it is imperative that you have a professional on your side.  I have seen many foreclosure defenses botched by inexperienced attorneys and short sales fall through due to a lack of knowledge on the part of real estate agents and attorneys.  

Due diligence is the key to putting a negative real estate experience behind you.  Should you have any questions or need an introduction to a capable and knowledgeable real estate agent or attorney, please don't hesitate to contact me.

yourbestmortgagechoice@gmail.com

@TheMortgageFirm

Suzanne Morton is a partner in Compleat Consulting Group, Inc. and is a respected consultant in the mortgage field working with  over 50 law firms as an expert in foreclosure defense and compliance.  Additionally, Suzanne is a Senior Loan Originator with The Mortgage Firm originating residential loans.