Assumable Mortgages - Is an Assumable Mortgage Your Savior Or the Wolf in Sheep's Clothing

If you are in the process of purchasing a new asset and want to know what options you have, you need to be made aware of assumable mortgages. This type of mortgage has many benefits but it can also have its drawbacks.

What is an assumable mortgage?

An assumable mortgage is a type of refinance where the buyer takes over the terms of the mortgage from the jobber with the client's bank. It used to be that the buyer in the past never had to qualify for mortgage. Banks fast found out that this was not good as the buyers sometimes could not unquestionably afford the asset and would walk away from the mortgage.

There are any advantages to this refinance so let's take a look at why this refinance is so attractive.
One huge benefit of taking over someone's terms is the interest rate. Economists have advised that interest rates could go as high as 7 percent next year, with rates so high now would be a great time to get an assumable mortgage.

If you are a jobber and are not sure if you can sell your house by way of an assumable mortgage then you should experience your bank or lender. Mortgages former to 1989 can still be assumed and the buyer does not have to qualify. The downside for the jobber though is that should the buyer default the loan is still their accountability unless you get a letter of release.

Assumable mortgages used to be unheard of as the mortgage rates were already so low that a buyer could get a low mortgage rate refinance on their own. Since the housing market debacle though the interest rates have been on a steady climb and qualifying for a new mortgage can be highly difficult.

Assumption mortgages used to be a great deal for the buyers because of the lower interest rates and the fact that they did not have to qualify. Seeing that this has changed it can be highly difficult for a man to qualify for an assumable mortgage as they now have to apply with the seller's bank to take over the mortgage terms.

Another disadvantage is when the asset value of the house has decreased below the actual mortgage amount. What can happen here is the buyer will need to come up with the unlikeness between the sale price and the current mortgage balance. If you were going to apply a down cost then this should not influence you at all if not then it could put a strain on your refinance.

Assumable Mortgages - Is an Assumable Mortgage Your Savior Or the Wolf in Sheep's Clothing

The Wolves

Assumable Mortgages - Is an Assumable Mortgage Your Savior Or the Wolf in Sheep's Clothing

Assumable Mortgages - Is an Assumable Mortgage Your Savior Or the Wolf in Sheep's Clothing
Assumable Mortgages - Is an Assumable Mortgage Your Savior Or the Wolf in Sheep's Clothing

The Wolves

Beware of the Wolf in Sheep's Clothing

Last night I went to bed peacefully as I normally do after doing my affirmations (I believe in them) and some quiet time with my Lord. While sleeping I was reminded of what I have been straight through recently and how I emotionally have dealt with it, I should share this process with others. I believe one should institution journaling and affirmations to stay in touch with reality.

You see, at the starting of 2009 I had to file for personal bankruptcy; it was time to admit I could no longer deal with all the debt I had incurred over the last 20 years. This was troubling, mostly to my ego, but my feelings about my worth remained in tact - it is what it is! Get the advice of a good lawyer when going down this track.

Now allow me to back up a bit in time. I was the controlling partner in a large building Company, that primarily built upscale homes. I handled the building side and my partner handled the money and financial issues. My partner passed away on New Years day of 2008. He had lung cancer, not a nice way to die, he smoked (that stuff should be illegal). As he began to fail, we hired another employee, my partner prime him as he came extremely recommended by two population we respected a lot. This young man was on parole but we felt every person deserves a second opening and we could help him. For those reading this you should always do a background check no matter who recommends that you hire someone.

That is where the biggest question began - we had hired a wolf in sheep's clothing without doing a background check. Since my partner liked him and I would trust my partner with my life - the new guy got an automated pass into trust. We felt collect in the structure of our finances, it had been created so there would never be a interrogate as to where the money went. When a turn such as this occurs, an audit by an accountant should be conducted. always do your due diligence, we did not. He began stealing from the company in October of 2007 and never stopped until all of our money was gone in October 2009. This issue has been turned over to the police.

He devised methods, covered his trail, and built lies into truths, a sick young man. I was crushed, a company I had personally built and nurtured since 1988 was destroyed. I went into a funk, I felt wholly hopeless, totally defeated, he had broken my heart. I never trusted whatever that much.

Thankfully, I read a lot and was currently complicated with a book written by Zig Ziglar, this book convinced me to go back to my affirmations and that "I am legitimately what I think". I began putting new obvious thoughts into my brain replacing the old negative ones. I began helping others, sharing me new beliefs with people. This was working but something still was missing.

I was spending more and more time talking to my Lord. Then it hit me, do what my Father always wanted me to do, read the Bible. I asked my wife for a Bible for Christmas - the New Testament. Well the Lord took over and I got a King James Version of the Bible, not just the New Testament but the Old Testament as well, the lord guides. I have since read the Bible from one end to the other, all 1461 pages at times, it was trying, but I knew I was being tested.

In the short few weeks since putting the Bible down, I have new passion. I have found a new career. I have put a team together and have more friends. I am truly just a great person. When in personal problem reach out to the Master. He is always there.

I am not pleased with how I got to where I am but I do know that out of every situation comes something good, if you look for it, yes, if you look for it. Effect me and I will keep every person updated, I am so excited I can not wait to get out of bed every morning and begin my new day.

Beware of the Wolf in Sheep's Clothing

The Wolves

Beware of the Wolf in Sheep's Clothing

Beware of the Wolf in Sheep's Clothing
Beware of the Wolf in Sheep's Clothing

The Wolves

Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing

We've all been affected in one way or the other by the whole mortgage mess (or for many of us, we've been affected in many, many ways). For the most part, I think it's safe to say that most of the effects the average someone has felt from the mortgage meltdown over the past few years has been nothing short of devastating. The whole world is still reeling from the catastrophic financial implosion caused by irresponsible lenders who were more than ready to make a loan to just about whatever who could fog a mirror, so long as they got their commissions.

And did they ever get their commissions! To the tune of billions and billions of dollars that went straight through the mortgage commerce in the way of fees, commissions and bonuses. In the meantime, a huge chunk of the normal collective has found themselves forced into foreclosure and homeless. Not a pretty photo at all, and certainly not one to be proud of or that whatever should want to repeat. It's no wonder that there has been such a strong push for mortgage reform advent from all angles.

Thankfully, many of the lenders who robbed Peter to pay Paul (while taking a very kind slice off the top in the process, thank you very much), have gone belly up. They weren't too big to fail, apparently, and so they are no longer around. What we have now are many of the top names in the banking world who are clearly no fly-by-night operations. Lenders such as Bank of America, Wells Fargo and Chase, to name a few (actually, there certainly aren't a whole lot more to name anymore anyway!)

However, between these monster banks and the ever decreasing estimate of mortgage brokers who remain (one has to fantasize their days are numbered), we are beginning to find a few new names popping up here and their to fill the gaps as mortgage bankers (somewhere between a bank and a broker).

In theory, this is a good thing. After all, you don't want just 2 or 3 fellowships controlling all the mortgage lending in the country, right? On the other hand, one has to wonder who these "new" names are, and are they new faces too, or just the same old wolf in sheep's clothing?

One of the new names that you might not have heard about yet is Caliber Funding Mortgage. They promise to be the next great thing in the residential mortgage world, being backed by a multi-billion dollar fund out of Texas. They claim to have the latest and greatest technology to make the process smooth, quick and easy. Sounds pretty good, right? But who exactly is production these claims?

If you look into who is behind the operations at Caliber Funding, you might be surprised. (Then again, maybe you Wont be surprised...)

Running the enterprise is William "Bill" Fruit. Prior to becoming President of Caliber Funding, Llc, Bill was Managing Director of Finance for Countrywide Home Loans, and prior to that, Svp - department Finance Officer at Washington Mutual (ie: WaMu).

Greg Sayegh is the Director of National yield at Caliber Funding today. Previously he worked as Evp at Countywide Home Loans and before that he had the title of Svp, retail Loan yield at... (can you guess?)... Washington Mutual.

Linwood "Lenny" McNeill, is currently in charge of growing yield for Caliber Funding, Llc on the West coast. Can you guess his two prior employers? If you guessed Countrywide and WaMu, you win a cookie!

Now, one might look at all this feel and think, "Wow! This relatively new, unknown enterprise called Caliber Funding, Llc has all this experience. They must know what they're doing!" And that is certainly one way to look at it. However, there is another.

According to an April 16th, 2010 record on Cnn.com, WaMu's executive management's feel might not be what you're finding for. "The demise of Washington Mutual, the biggest bank failure in U.S. History, was due largely to a high-risk lending strategy pursued by the company's management, agreeing to a government record released Friday. "

I perceive that finding in the rear view mirror is no way to move forward in this life, but nonetheless, when it comes to my home, my future, and the time to come of those I care about, I always think it's wise to know exactly who I'm dealing with, and what kind of track record they bring along with them. Either Caliber Funding Mortgage is the new deal in a new era of mortgage lending, or just the same old wolf in new sheep's clothing has yet to be determined. Stay tuned.

Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing

The Wolves

Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing

Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing
Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing

The Wolves