Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/mers-lawsuit-fouls-up-forec…

Some foreclosures in Ingham County may have just gotten a lot more complicated. Last month the Michigan Court of Appeals ruled that Mortgage Electronic Registration Systems (MERS), a private company, did not have the right to use the state’s “Foreclosure by Advertisement” law to initiate foreclosures. MERS is an electronic registry that tracks servicing rights and [...]

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http://www.lansingmimortgage.com/mers-lawsuit-fouls-up-forec…

Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/lemonade-anyone.html

Government looks to increase the FHA minimum down payment. Last month, on May 25th, in the House Financial Services committee meeting, the discussion resumed about increasing the minimum down payment requirement for FHA loans from 3.5% or $3500 on a $100,000 home to 5% or $5000 on a $100,000 home. This idea is gaining traction because FHA loan performance has [...]

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http://www.lansingmimortgage.com/lemonade-anyone.html

Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/personal-story-on-loan-modi…

This last post on loan modification is my personal story on this topic.

It’s no secret to many of my good friends and clients that the years 2000 through 2006 were very good years for me as a mortgage broker. I was not one who wrote the high-interest-rate sub-prime loans, but even so, many were buying and selling and refinancing in Michigan during those years, and I was able to help many of them…

For more information click the following article source link for the full story:
http://www.lansingmimortgage.com/personal-story-on-loan-modi…

Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/is-modification-like-steali…

One of my more introspective clients asked this question, and I appreciated it a great deal. He said that since he had agreed to borrow the money up front at a certain set of terms, that anything less than those terms could be considered stealing. Hmmm…

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http://www.lansingmimortgage.com/is-modification-like-steali…

Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/important-tips-to-remember-…

Run the numbers first. Know what would be a good scenario for you. Figure out what kind of budget reductions you can make first and then determine what kind of payment you need to make it work. Come up with one or two ways to get there…

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http://www.lansingmimortgage.com/important-tips-to-remember-…

Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/what-is-the-process-of-gett…

In the previous posts we’ve looked at loan modifications from a few different perspectives: the bank’s motivation, a big-picture definition, and a nuts-and-bolts, real-life example. Today I’ll lay out how to make it happen…

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Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/how-do-loan-modifications-w…

When looking into a loan modification it’s important to get a little refresher on personal finance. A simple loan calculator can help you. I would suggest playing around with your numbers before you contact your bank so that you have in mind one or two ways that a modification might help you…

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Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/what-is-a-loan-modification…

A loan modification is not a refinance. There are few, if any, fees involved as a result, and no new mortgage is written. The existing mortgage is simply modified. The modification can be slight or it can be all-encompassing.

The main difference between loan mod’s and refi’s, however, has to do with qualifying. When you apply for a refinance the game is to look as strong as possible financially. The better you look the easier it is to get the refinance approved. The same goes with purchasing a new home…

For more information click the following article source link for the full story:
http://www.lansingmimortgage.com/what-is-a-loan-modification…

Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/loan-modification-the-end-o…

Why do Lenders Modify Loans?

Since we began working with Dave Ramsey’s listeners through our preferred partnership with Churchill Mortgage in November of 2009, I talk with no less than 100 families per month about refinancing their homes. For most, the call quickly becomes a math problem that essentially determines the cost and benefit of the loan and whether or not the person would be better off by simply adding money to their monthly payment and just paying it off more quickly on their own. Refinancing makes sense for some, and for others they should just keep doing what they are doing.

Sometimes though, it’s more complicated and difficult. Yesterday was one of those calls…

For more information click the following article source link for the full story:
http://www.lansingmimortgage.com/loan-modification-the-end-o…

Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/is-now-a-good-time-to-buy-a…

Everyone wants to know: are property values rising or are they declining?

The local real estate news shows that all but one of the cities surrounding Lansing reported an increase in the average actual sale price of homes this past year. That seems like good news.

Robert Schiller, the creator of the Case-Schiller RE Index, said today that all 30 cities he analyzes annually has declined over the past year and that we could see another 15% to 20% decline in the housing market before we reach the bottom! Another 15 to 20 percent…

For more information click the following article source link for the full story:
http://www.lansingmimortgage.com/is-now-a-good-time-to-buy-a…