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Monday, August 25, 2008

Free Bees for Delinquent Borrowers Thanks to the FDIC

In a blog report by Dan Caplinger he brought attention to more help that the FDIC/Federal Deposit Insurance Corporation would be bringing to current mortgage delinquent borrowers all over the nation. It appears in Dan's report that "thousands of IndyMac borrowers who are delinquent or in default on their mortgage loans could expect to see their loan terms modified in the near future." It appears that the target purpose of this mortgage modification is to make the mortgage payments affordable to these borrowers to help make these loans what are called "performing loans".
The cap rate on these modification loans will be 6.5%, and for those borrowers that can't afford the payments at even the 6.5% rate, there will be additional opportunities for them where the rate will start off even lower, but over the short future rise back to that 6.5%.
We'll see how this turns out. It always seems like the relief opportunities that come out come with strict guidelines that cut the majority of the needing population out on qualification points.

1 comment:

BWHazelwood said...

Great post Mr. Lynch! You keep bringing new hot topics to the fore front almost every day. On that note...Service First Mortgage is able to do many things that most other Mortgage companies can not do. I've worked with Service Frist on a number of deals and love it when I have the chance to work with you guys. Keep it up!

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Frisco, Texas, United States
In 2002, Brad Lynch began energetically consulting families in finding the right mortgage plan for their needs. In the beginning years, he was trained by a mentor who led by example, and this example was the epitome of integrity. Brad learned in the beginning by his mentor that many prospects may not consciously see what good intentions he has for them, do to the “wrap” many have caused w/in this industry, but always do what is right for the customer and in the end it will payoff. Integrity coupled with an energetic nature to nurture relationships, Brad has created clients for life. Through these clients for life, referrals have become the lifeblood of his business.