Mortgage News
Ascot Mortgage Service LLC

Your Best Mortgage Professionals In Dallas
As Published In
D Magazine (Dallas/Fort Worth), July 2013

Your Best Mortgage Professionals In Dallas


HUD Buying Your Home Handbook:


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Refinance Mortgage Rates Are Low!

Quick! While mortgage rates are low. NOW is the time to look into refinancing your home.


FASB Ruling Hits the Mark

- Bonnie Raitt. Better believe that last week's news gave us plenty to talk about.and even a few things to smile about. Here are the highlights.

Foreclosure

Experienced Loan Officers in Texas Project Lifeline Focuses on Foreclosures


Homeowners threatened with foreclosure would in some instances get a 30-day reprieve under an initiative the Bush administration announced recently.

Dubbed “Project Lifeline,” the program will be available to people who have taken out all types of mortgages, not just the high-cost subprime loans that have been the focus of previous relief efforts. The program was put together by six of the nation’s largest financial institutions, which service almost 50 percent of the nation’s mortgages.

Hope Now


President Bush announced that representatives of HOPE NOW have developed a plan under which up to 1.2 million homeowners could be eligible for assistance.  Many individual homeowners feeling financial stress have "adjustable rate mortgages," which typically start with a lower interest rate and then reset to a higher rate after a few years. The HOPE NOW plan is designed to help subprime borrowers who can at least afford the current, starter rate on a subprime loan, but will not be able to make the higher payments once the interest rate goes up. HOPE NOW members have agreed on a set of new industry-wide standards to provide systematic relief to these borrowers in one of three ways:
  1. Refinancing an existing loan into a new private mortgage;
  2. Moving them into an FHASecure loan; or
  3. Freezing their current interest rates for five years.

Foreclosures seem to be abundant for many reasons. The economy, bad loans, increases in property taxes -- whatever the reason -- foreclosures are at an all time high and the statistics indicate that the numbers are going to increase.

If loan payments are delinquent 60 to 90 days (sometimes less depending on the lender) the inevitable is going to happen. The lender will begin foreclosure proceedings. This means that the potential for being homeless can occur in as little as 120 days. With the recent changes and collapse of the sub-prime mortgage market, (borrowers with less than stellar credit history or inability to qualify for a conventional loan) foreclosure bailout loans are scarce, if not impossible, to obtain. The terms of such loans if available, can be worse for the borrower than the original loan, creating momentum toward financial and emotional ruin.

FCB Mortgage Partners, LLC commenced business in 1995. During that time, we have secured close to half a billion dollars in financing for homeowners and real estate investors. This page is dedicated to the real estate investor and the homeowner who is potentially facing foreclosure. The process is very simple. If you have a house that you are going to lose for whatever reason due to the inability to make the payment, call us. We will evaluate your situation on a complimentary basis. If we can refinance you out of the existing lien and place you in a superior situation -- we will do it!

Alternatively, we can put you in touch with one of our qualified real estate investors who will buy the house from you quickly and you can lease it back for less than you are paying due to rate increases on your loan or any other upward adjustments to your payment. A foreclosure will be avoided on the credit report and you will not have to move.

As Certified Mortgage Planning Specialists™, we will provide you with a roadmap to regain your property or purchase another and assist you in making the right financial decisions as you proceed into a more positive future. We will help you evaluate your entire financial plan, savings, budget and goals.

For the investor, this is an excellent opportunity to purchase tenant first properties at a preferred rate of return.

Many homeowners do become homeless because they wait until it is simply too late. A week before foreclosure and the homeowner is pressured out of desperation into doing something with an unscrupulous company that creates a situation worse than the previous one. Do not wait until the last minute. Denial is a terrible, expensive and costly emotion at this time. Understandable, but costly.

For a complimentary, confidential consultation, please call 214-360-9505 or email info@fcbmortgagepartners.com

Sincerely,

Donna Clements
President
Texas License 2415