Mortgage industry changes as Mortgage Companies continue to fall
Tuesday, April 3rd, 2007It’s been a while since I have posted anything here. I almost gave up the idea of blogging just because it takes so much time to keep up with it, but I figured I would rather give something rather than nothing.
Lot’s of change has taken place over the past several months in the industry and even with Consumers Advantage Mortgage. We are in the process of partnering with another firm to best serve our clients as the industry has really taken a downward turn. We are also launching our real estate division, and in particular seeking to serve those that are facing foreclosure as so many are.
Mortgage delinquencies and defaults are at a high which has lead to the demise of several mortgage companies. Most recently, New Century Mortgage filed for bankruptcy and they were certainly not the first mortgage company to go down this road. They actually owe us some money and I am not sure if we will ever see it, but more than that, they were one of our premiere providers (on top of being one of the top sub prime lenders in the industry). I won’t bore you with the list of companies that have fallen or have cost us thousands of dollars, but I will say this - the industry is changing, and even seemingly strong companies aren’t surviving. In this regard, being a smaller company is a benefit because we can change with the market a lot more rapidly than a major corporation.
It is now harder to get a mortgage for those that have had credit challenges. This is due to many sub prime lenders closing their door and/or filing for bankruptcy and the remaining companies offering few options for those that have had credit challenges. It is now more important than ever to know what underwriters are looking for, and one way to do this is to buy my book, “How to get a home mortgage after a bankruptcy or other financial mishap”. It is the same book that was originally titled, “The Bankruptcy Mortgage Book”, but I decided to change the title to make the message more clear. Visit www.thebankruptcymortgagebook.com to get an electronic or print copy. This isn’t just a shameless plug for my book, but rather it’s why I wrote the book - to help people that have had credit challenges get approved in a shorter amount of time, while getting the best rate and fees.
If you are looking to sell your home, you may find that there are fewer qualified borrowers now in the market because of the tightened lending requirements. If you are looking to buy a home, now is an even better time to buy a home because there are so many more of them sitting on the market. Even if you have poor credit, there are options for you including the “lease-purchase” (a.k.a. lease-option” which I will write about next.
On closing, if you or some you know is facing a foreclosure or having trouble paying your mortgage, please have them contact me: www.atozlender.com/real-estate-services.cfm
Make it a great day!
Anthony
Original post by AnthonyK