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Posts by Scott Schang

The Shocking Truth Behind Mortgage Call Centers

Shocking Truth Behind Mortgage Call Centers

When Telemarketers Compete, You Lose! AVOID!  Fill out their simple online form and be subjected to a never ending onslaught of phone calls and emails. With no option to delete one’s account or stop people from calling, this is a slow death by harassment from lenders. Do NOT use this service.  You will fill out…

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CAIVRS Waiting Period After FHA Foreclosure

CAIVRS waiting period after an FHA foreclosure

The Question The CAIVRS waiting period is important if you had a FHA mortgage on a home that was lost to foreclosure, deed in lieu of foreclosure or short sale. That is the subject of a great question I received this week from Jennifer in Tennessee. Could you please tell me when the 3-year CAIVRS…

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Foreclosure After Bankruptcy Waiting Period

What is the waiting period for a foreclosure after bankruptcy?

The Question I received a great question this week from one of our readers regarding the waiting period when a foreclosure occurs after a chapter 7 bankruptcy. Hi Scott, I had a Ch7 bankruptcy discharged in Dec 2013 and a foreclosure in Sept 2014.  I am looking to refinance and know that I now qualify…

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Disaster Relief Mortgage Offers 100% Financing

Disaster Relief Mortgage Expert Interview

Show Notes On this week’s show, I’ve invited two mortgage veterans to discuss mortgage options that are available to the victims of natural disasters. Offered by FHA, the underwriting guidelines have been expanded to allow those affected by a natural disaster the ability to buy or refinance a home up to 100% of the value…

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Qualify for a Mortgage with Temporary Leave Income

Mortgage with Temporary Leave Income

What is Temporary Leave? Temporary leave from your place of employment is usually short in duration and is most commonly due to maternity or parental leave, short-term medical disability, or other short term leave reasons that are acceptable by law, or your employer. Employment Requirements Your income and employment history must meet standard qualifying requirements.…

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Hurricane Relief Mortgage Allows 100% Financing

Hurricane Relief Mortgage

HUD Hurricane Relief Options In the wake of Hurricanes Harvey, Irma, and Maria this, HUD announced a reminder to participating lenders that the FHA 203(h) is available to help rebuild affected communities. A Presidentially-Declared Major Disaster Area (PDMDA) triggered the availability of the FHA 203(h) which allows mortgage insurance up to 100% financing for the purchase, or…

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Low Rates Inspire Creative Solutions

Low Rates

Low Rates When it comes to paying interest on a mortgage loan, everybody likes low rates, that’s too obvious. We’re going to talk about strategic decisions to take advantage of downward trends in long, and short term mortgage rates. Even with all of the volatility we are seeing in the world today, it’s not unusual to…

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Jumbo Mortgage Options After Financial Hardship

Jumbo Mortgage After Hardship

Longer Waiting Periods A jumbo mortgage is typically much less flexible than traditional financing like Conventional or FHA if you’ve had a financial hardship in the past 5-7 years. Homebuyers trying to buy in higher cost areas after a bankruptcy, foreclosure, or short sale, are often told that there are no options for at least…

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Interest Only Portfolio Loan Options

Interest Only Portfolio Loans

What We’ve Learned Interest only loans were very popular at one time, and were mostly associated with what are now called toxic or subprime mortgages. Now that we are finally returning to a normal real estate and mortgage market, it’s good to see that lenders are making a responsible effort to bring back more creative…

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Do New HECM Rules Hurt Seniors?

Do 2017 Reverse Mortgage Changes Hurt Seniors

2017 HECM Update I would like to extend a special thank you to a lender friend of mine who specializes in Home Equity Conversion Mortgages (HECM) for the following article. This is a topic that I am very interested in, and will continue to explore.  I will interview John in the future for more insight…

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