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Thursday, December 18, 2008

Mortgage application rejected - Doing you a favor?

I was speaking with a mortgage broker recently who, unlike most, takes the position that a loan denial is not always bad. In fact, his position was that he is doing the borrower a favor. He is right.

The problems we are facing today in this real estate market is that too many lenders "stretched" the rules to approve everyone!

Not even car dealers are approving everyone for loans! I still hear them say "all applications will be accepted..." What they are saying is that they will let you fill out an application.

Home ownership is the American Dream. Unfortunately, it is now the American Nightmare for some!

If you are in a position of possibly losing your house, talk to your lender about a short sale. Call the lender's loss mitigation department to check out the options. Perhaps a mortgage modification is in order. Notice I said "you" call your lender. You do not have to pay some company to discuss this with your lender. And you do not have to be behind in payments. Do not wait!

And, if you are in Rockledge, Viera or Suntree Florida and selling is necessary, please call me. Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

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