Eugene Loan Guy

Archive for the ‘Adjustable Rate Mortgage’ Category

In the government’s never ending quest to make consumers safe from “unscrupulous” lenders, the latest activity has to do with new Truth-In-Lending (TIL) requirements, known as Reg Z. Surprisingly, this one appears to be something that will actually help consumers, unlike the recently enacted HVCC (Home Value Code of Conduct). Consumers getting a mortgage loan should not be surprised at closing with additional costs and/or interest rate changes because of the new requirements of the Mortgage Disclosure Improvement Act (MDIA). Read More

I started in the finance industry in a finance company that soon became TransAmerica Finance and progressed to manager with the company. I then started an independent finance company in LaGrande Oregon that was owned by a savings and loan in the 80s. Those that remember the 80s know that almost all of the savings and loans were taken over a lot like the banks are being taken over today. This, in a round about way, is how I came back to the Willamette Valley and into the mortgage business in Eugene/Springfield. Read More

Foreclosures and bank owned properties are getting a lot of play in the media right now and many buyers are focusing on these properties, along with short sales while trying to find a great deal on a house. For a change, I want to switch my focus from the buyer (the one I deal with) to the seller because I think there is some erroneous information out there about the difference between a foreclosure and a short sale as it concerns the owner of the property. Read More

I have written before about the loan modification business and I think it will probably be quite big for the next several months, just from what I have seen so far from the housing plan. The Federal Reserve is telling people that loan modifications can be handled by dealing directly with your loan servicer, but what I am hearing from a lot of people is that the loan servicers are not being very responsive to the request for a loan modification. Additionally, I am being told that some of the “non-profits” are not answering their phone or making appointments up to 90 days in advance to help people that are having difficulty with their payments. Read More

The Mortgage Market Guide® said I could copy and paste the following as I wish. Well, my wish is to share it with my readers on the Eugene Loan Guy Blog. This has some of the very best information that I have seen about the Housing Plan announced by Secretary Geithner last week and answers a lot of questions about loan modifications. Now, one of the things that I have stressed is that you should not need to pay someone to do a loan modification. However, there are times that it is just impossible to get everything done because the lender is being difficult. In that case, you might want to hire a modification company with a good track record. Ask for references! I have added some emphasis. Read More

Tomorrow is the last day of National Consumer Protection Week and the Federal Reserve Board has compiled some items to protect consumers from becoming victims of foreclosure avoidance scams. Reports of mortgage foreclosure scams are on the rise.  Knowing what to watch for and where to turn for help is vital for families who are struggling to remain in their homes.  It’s important for consumers to know that housing counselors and other resources are available at no or low cost to assist homeowners who have fallen behind on their mortgage payments.  One note before we get into the following information, the best and safest way to avoid foreclosure is to make your payments on time. Read More