Loan Company Tries Cutting Mortgage Principal

 At least one loan servicing company is retooling mortgages to lower the loan balance as well as the rate in order to keep borrowers in their homes. Reducing the principal on mortgages is “a last resort,” says Paul Koches, executive vice president at Ocwen Financial Corp., a West Palm Beach, Fla., loan servicer. Ocwen has reduced the amount owed on 10,884 delinquent mortgages as of Sept. 30. That’s about 25 percent of all loans modified by Ocwen this year. Dropping the principal has looked like a last resort to many lenders and servicers because they fear investor backlash. Ocwen says the writedowns are generally less than the company’s average loss of $122,000 on a foreclosure. Ocwen is the nation’s sixth-largest subprime-mortgage servicer, according to Inside Mortgage Finance, with about $45 billion of mortgages under management.

Source: The Wall Street Journal, Ruth Simon

Mortgage Lenders

I’m always asked “Are you closing anything in this market?- Are your buyers getting funding?” Thankfully I can say ” YES, YES,YES”!… I owe this to the wonderful, hardworking, knowledgable lenders I continue to work with.   If you are considering buying a home, your first step will be to obtain a Pre-Qualification letter. I suggest contacting a few lenders and comparing interest rates. I’ve had great success with those on my list below. 

LIST OF LENDERS

Mortgage Lenders

Renovation Mortgage Plus

Mario E. Boles/ Diego Hodge

FHA/203K/Fannie Mae (Homestyle)/Freddie Mac (Renovation Mortgage)

2475 Northwinds Parkway, suite 200

Alpharetta, GA 30009

Office: 770-753-6239 

mario.boles@renovationmp.com

diego.hodge@renovationmp.com

*Vonda Henry, Loan Officer (West End Resident)

Advertent Mortgage 

 404-374-3557 

*Bank of America Mortgage

Darren Smith

Mortgage Loan Officer

Assistant Vice President

6075 Roswell Rd

Atlanta, GA. 30328

 404-256-6326  Phone

 866-517-8923  Right Fax

404-358-6883 Cell

 

*Sam Thompsonread my blog:  http://samthompson.thewrittenblog.com

Home Mortgage Consultant

Home Services Lending, LLC

An Affiliate Of Wells Fargo Home Mortgage

MAC M2046-030

3391 Town Point Drive, Ste 325

Kennesaw,  GA  30144

(678) 355-0785 Tel

(770) 301-0527 Cell

1-866-737-9015 E-Fax

sam.thompson@hsl-ga.com

 

web address to apply on-line:

www.homeloans.com/sam-thompson

 

 

*Jayson Duff (can also do FHA loans for 550- 580 credit score!)

Mortgage Banker- REMN, Inc.

500 Town Park Lane Suite 145

Kennesaw, GA. 30144

Office:  770-373-5410 

Cell:  678-360-1969 

jduff@remn.com

www.remn.com

www.jaysonduff.com

 
*Countrywide Bank, FSB

Brian Rains

Home Loan Consultant
4531 Olde Perimeter Way, Suite 200
Atlanta, GA 30346
Cell:   (404) 964-4803

Email: Brian_Rains@Countrywide.com