Today was my first day at Litton Loan Servicing Loss Mitigation Dept.

Today was my first day at Litton Loan Servicing loss mitigation department. I woke up early and went in to the office to get ready to help people avoid foreclosure with a loan modification. The days tarted off ok when I was given a few short sale and forbearance manuals to read. I read them and then I was instructed to talk to the angry people that called in for loss mitigation. They said that I should try to help them and then put then back on hold again. I kept doing this and we were all passing the people that were on hold at Litton Loan Servicing around one to another. Finally I had to talk to people becuase I could no longer put them on hold. I asked someone who has been there for six months how she handles it and she said that she hums the hold music and pretends that the people are still on hold. Apparently that works well for her because she has been there six months. Tomorrow is my next day at Litton Loan Servicing and I will report back about how that went too. Goodnight!

Short Refinances with FHA

The housing bill and hope for homeowners has made much to do about the FHA short refinance. The FHA short refinance should help borrowers to renegotiate the mortgage payoff to a lower amount that can be refinanced through the FHA loan program. Let's take a look at who is eligible:

1. The individual must be the Homeowner who actually lives in the house, and not be an investor. In other words, no rental properties are eligible to receive a new mortgage.

2. Homeowners must certify that they have not intentionally defaulted.

3. Homeowners must have a mortgage debt of more than 31% of their monthly incomes as of March 1, 2008.

4. Homeowners incomes must be verified.

5. The troubled loan must have been no later than January 1, 2008.

Well as you can see from the above, many borrowers should qualify for the fha short refinance. It should be noted that the program is voluntary and in that regard there may not be as much hope for the hope for homeowners program when the fha short refinance is voluntary.

Stay tuned for more information on fha short refinances through the Hope For Homeowners program.

FHA Short Refinance

The FHA short refinance has been in the news lately. The Housing Bill has sparked more discussion on the FHA refinance short option. The fact is that lenders have a loss severity level that is a function of market values and delinquency level. In many cases, the highest net present value for a mortgage refinance is realized when the lender accepts a short payoff to settle the mortgage debt.

The result can be called an FHA short refinance.

Commenting on Hope For Homeowners Act

THe much anticpated Hope For Homewowners Act will become an FHA foreclosure refinance reality soon. The text of the FHA Housing Bill called Hope For Homeonwers can be read here. It remains to be seen whether the servcing lener will chose a loan modification over the new FHA foreclosure refinance.

We will be posting more on FHA's new Foreclosure avoidance refinance and the general guidelines for FHA Hope Fore Homeowners can be viewed at your liesure.

FHA Hope For Homeowners will hopefully provide some hope for homeownership.

Short Sales Approved in Advance

This is an interesting phenomenon in short sales of real estate in Florida. Florida short sales are preapproved in advance. The short sale of real estate is advanced approval and can close quickly.

The quick close is helpful to the seller of reale state that is a short sale. The short sales are not normally short and they are not normally quick, however the preapproval of a short sale allows both. This is taking place in Florida real estate and helps selelrs to avoid foreclosure.

Foreclosure is not helpful of people in Florida. When someone has a florida foreclosure financing is difficult at that point. You may have to find the short sale preapproval in florida prior to the florida foreclosure. I am still checking into this and have provided some links to relevant articles on short sales of real estate in Florida that are preapproved. Clay County Florida short sales and their respective financing are also discussed in more detail.

Where can you find FHA 4155 in PDF form?

I just found the answer to that from a direct endorsement underwriter's perspective. As an fha loan officer you should have the fha handbook memorized for fha rules and fha lending. Maybe someone can decipher for the FHA direct endorsement underwriter what the fha rules are so that they are not arbitrary.

Yoru FHA rules in PDF form are helpful to all borrrowers in or outside of florida mortgage lending. This is a message for fha rulemaking and it is not from the fha directly although the fha 4155.1 is written by HUD, this blog is not owned by the FHA. You probably knew that already.

Listing Deficiecny Judgment Websites

Here is the best list of deficiecny judgment websites that I could come up with. Let me know your thoughts and feel free to post a comment on any deficiency judgment issues having to do with judicial foreclosure in Florida.

• Study a Deficiecny Judgment Inside and Out
• The Deficiency Judgment in Florida
• Meet Me at the Florida Courthouse for a Foreclosure Action
• Default Judgment
• Florida Judgments from Foreclosure
• Judicial Foreclosure and Deficiencies
• Deficiency from a recourse or non-recourse mortgage
• Florida Mortgage Loans
• Florida Deficiency Mortgage Loans
• Judgement is not spelled Judgement
• There is no 'e' in Judgment
• Deficiency, Deficiency Judgments, and Default Judgments in Florida

Thanks for checking out the list of deficiecny judgment website and stay tuned and be sure ot check back for more updates on the florida foreclosure refence site. You may post a comment and add a website to our list and please check back frequently for further updates on thi smost imprtant subject. Have a great day!