Eugene Loan Guy

Archive for the ‘Making Homes Affordable’ Category

I was reminded of the number of scammers out there yesterday when my cell phone rang and an automated voice told me that I was eligible for a lower interest rate on my credit card(s), all I had to do was press 9 and someone would help me. Now how do I know this was a scam? Well, I pressed 9 and after hearing the spiel from the guy on the other end, I asked if he was affiliated with my current credit company. His answer? Dead air until he hung up without a response. Read More

OK, I am not a Realtor®, and I don’t play one on TV either. I am a mortgage lender specializing in FHA, VA and USDA loans. However, I do work with several very exceptional Realtors® and do know some of the things going on in the Eugene and Springfield area. I also subscribe to several blogs and other services that keep me up on what is happening in our local market and just received one from Trulia which I found most interesting. Home values can vary widely for a number of reasons, including condition, location and urgency. Read More

I am afraid I have to eat my words. I didn’t think that Congress would have enough common sense to extend the First Time Home Buyer Tax Credit past the November 30 deadline, but it looks like they have. The Senate first passed the measure then the House followed suit and it is now up the the President to sign the extension into law. The $8,000 Tax Credit was not only extended, but expanded. To find out more about the new rules, check out this article from CNBC. Read More

I subscribe to Barry Habib’s Mortgage Market Guide and he has often given me some insight into what is happening in the mortgage market that I was unable to find elsewhere. Today’s installment had some very interesting numbers having to do with the Stimulus Plan and the creation of jobs (and/or the saving of jobs.) It interests me that what Barry has done is break down the amount spent on job creation and saving and put a cost per job number together. Barry has often been a guest on Fox Business News Read More

New rules governing foreclosures that take effect today were announced in a news release from the Department of Consumer and Business Services. The new law is designed “to help families stay in their home during this difficult economic climate.” This law requires lenders to meet with borrowers facing foreclosure, either in person or by phone, and evaluate whether they qualify for a loan modification.A loan modification could help borrowers lower their monthly payments and keep their home. “Oregonians are confronting a number of challenges during this economic downturn, including a growing number of families at risk of losing their home through foreclosure, Said Governor Ted Kulongoski. “By requiring lenders to meet with the homeowners, this law provides Oregonians another avenue to avoid foreclosure and stay in the home they worked so hard to attain.” Read More

I have expressed my opinion before as to what I think about loan modification companies. I have also published instructions in what to do to avoid foreclosure, that doesn’t include calling a loan modification company and paying them money up front to do the same things you should be able to do yourself. Read More