Moishe Alexander’s Blog

Moishe Alexander has found that Federal authorities have accused Wall Street’s premier firm Goldman Sachs of perpetrating major fraud during the mortgage boom which prefaced the recent crash. This would mark a critical moment in the effort to reveal scams in one of the worst financial crisises in decades.

The fraud charges against this industry leader allege that the company broke numerous laws when it sold an intricate housing-related investment that was obvious would fail, costing $1-billion in losses.

The scam charges are the most serious blasting to date of the firm’s behavior in the leading up years to the most recent financial crisis, and since they arrive just as lawmakers are deciding on how to change the way the banking system operates, they could also drastically change the debate now happening in Washington.

News of the lawsuit, filed by the SEC, sent the firm’s shares diving almost 13% and destroyed $12.4-billion of its market value. Other bank’s shares, such as Citi and Bank of America, also paid a price as investors freaked out about the possibility of increased investigations and stronger regulation of the market.
Read the rest of this entry »

Advertisements

Before this most recent economic downturn, the mortgage market was an absolute free-for-all. Brokers would look high and low to find anyone whom they might be able to scam away as a good borrower.

These fraudulent brokers would heap excess amounts of money to the loan to cover all household purchases including furniture.

When Barack Obama took office in November 2008 he vowed to fight this scam and fraud head on with strongly regulated borrowing laws. He failed to deliver on these promises and turned out to be a closet Liberal who wants everyone to own a home regardless of whether or not he can afford it.

Back to the drawing board. The following are 5 tips I strongly advise for easy preapproval of a mortgage:

1. Shop Everywhere…and Early On

Speak with various lenders to help decide which package will suit you best, Since no one person will have the best solution for you, make a point of shopping around a lot. Though, you must ensure you begin shopping early, as when you are pressed for time you will end up with terrible advice and will end up with a package you are unhappy with.

2. Prepare your Financial Bio

In order to be preapproved, the lender is going to want to assess your file very well. Have all the information of your past written down and written well. The easier it is for the lender to understand, the higher chance you have of being preapproved nice and early.

Check of the following as you prepare them:

  • W2’s from the past two years
  • The last two months bank statements
  • Proof of income from investments
  • Last 2 years worth of tax returns
  • Recent proof of income

3. No ONE lender can obligate you

4. Watch your Credit Score

The credit score is a crucial part of the lending process and as we explained earlier, this is now becoming something you will not be able to play around with. Bad credit score, no loan.

5. Watch the Expiration Dates

The preapproval letters from various lenders usually tend to have expiration dates usually around 90 days from the date issued. Ensure you have not passed the date, as you risk losing the quoted rate.

Wishing you luck on your mortgage!

Read the rest of this entry »

Loan.com wants to make your mortgage refinance process as straightforward as possible for you by arming you with the tools that will help you to make informed choices when looking for a mortgage refinance rate and terms. These tools include:

  1. The Borrower’s Bill of Rights – Our Borrowers Bill of Rights helps you avoid unethical lenders and get the most from ethical lenders.
  2. Truth about Loans – Our in-depth library of helpful articles tells you what to expect at every step of mortgage process.
  3. The Ethical Lender Rate Directory – The Truth about Loans section allows consumers to search for mortgage rates while at the same time flagging those mortgage lenders that abide by the Borrower’s Bill of Rights and are in good standing with the Better Business Bureau.

read more

Not much is expected to change with interest rates in the coming month. There have been predictions from several major sources in recent weeks of an end to the current recession before the year is over, but then again, those type of forecasts were circulating in previous months as well and rates have not been much affected. As the economic recovery is believed to be slow, movement in interest rates will likely be slow as well. Its a great time to buy with Moishe Alexander.

To read more click here

Another advantage of home refinancing is that you can shorten the term of your mortgage. Let’s say, for example, that you originally had a 30-year mortgage and have been paying it for eight years. Thanks to mortgage refinancing, you can switch to a shorter term of either 10, 15 or 20 years. This can save you thousands of dollars of interest. Also, if the refinance rate is lower, but you maintain the same monthly payment, you will build up equity in your home more quickly, because more of your payment will be going towards principal.
Exchange an Adjustable Rate for a Fixed Refinance Rate

When interest rates are low, adjustable rate mortgages (ARMs) are the housing market’s darlings. However, as interest rates increase, that adjustable rate may not look as sweet. It’s also possible that you opted for an ARM because your financial future was less secure, or you weren’t sure how long you’d stay in your home. If, however, you’ve become financially stable and know that you’ll be staying in your home for several years, it may be beneficial to swap that . You’ll have more security knowing that your monthly payment will remain steady, regardless of the current market environment.
Access to Extra Cash – Cash-out refinancing

One way to put more money in your pocket is to tap into the equity you’ve built in your home and do a “cash-out” refinancing. In this scenario, you can refinance for an amount higher than your current principal balance and take the extra funds as cash. This can provide money for remodeling your home, paying off high-interest rate bills, or sending your kids to college.

for more from Moishe Alexander click here

A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land. The mortgagee, usually a financial institution, is the provider of the loan or other interest given in exchange for the security interest. Normally, a mortgage is paid in installments that include both interest and a payment on the principle amount that was borrowed. Failure to make payments results in the foreclosure of the mortgage. Foreclosure allows the mortgagee to declare that the entire mortgage debt is due and must be paid immediately. This is accomplished through an acceleration clause in the mortgage. Failure to pay the mortgage debt once foreclosure of the land occurs leads to seizure of the security interest and it’s sale to pay for any remaining mortgage debt. The foreclosure process depends on state law and the terms of the mortgage. The most common processes are court proceedings (judicial foreclosure) or grants of power to the mortgagee to sell the property (power of sale foreclosure). Many states regulate acceleration clauses and allow late payments to avoid foreclosure.

Three theories exist regarding who has legal title to a mortgaged property. Under the title theory title to the security interest rests with the mortgagee. Most states, however, follow the lien theory under which the legal title remains with the mortgagor unless there is foreclosure. Finally, the intermediate theory applies the lien theory until there is a default on the mortgage whereupon the title theory applies.

to see more from Moishe Alexander click here

Moishe Alexander from Canadian funding corp watches the Mortgage news. http://www.youtube.com/watch?v=UcjjE43hhR8