Category: mortgage

North Carolina Mortgage Foreclosure Process – Lost Loan Notes

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Categories: borrower, Deed in Lieu, foreclosure, Foreclosures & Mortgage Loan Relief, Jason A McGrath, loan note, lost note, mortgage, Mortgage Loan Modification, North Carolina
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In this video, focusing on the North Carolina foreclosure process, attorney Jason McGrath discusses how a lost loan note can affect a foreclosure proceeding.

It is important to note that foreclosures can vary greatly depending on the smallest detail. An experienced real estate contract lawyer in Charlotte NC should be able to access your particular situation and guide you toward the best possible resolution.

If you are facing a foreclosure situation in North Carolina, please fill out our confidential client intake form for legal assistance. We have staff available to assist with real estate and mortgage matters in Tennessee, North Carolina, South Carolina, Georgia, Florida, and even Ohio.

Mortgage Loan Loss Mitigation Application – Financial Ratios – Be Careful

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Categories: borrower, financial ratios, foreclosure, income, Jason A McGrath, loss mitigation, mortgage, Mortgage Loan Loss Mitigation Applications, Mortgage Modification, mortgage relief, uniform borrower assistance form
In this video, attorney Jason McGrath, who handles many mortgage dispute and foreclosure matters, discusses an important loss mitigation issue. Persons filling out their mortgage loan loss mitigation applications need to be very aware that the financials they are listing may make or break their chances of obtaining a modification, and need to know what ratios matter most and what the banks / loan servicers / government is looking for.

These applications are referred to by various names, such as the “Request for Modification and Affidavit” (“RMA”), the “710 Form”, and the “Uniform Borrower Assistance Form”. Regardless of what it’s called, or even if the information is being provided verbally, gross monthly income (“GMI”) and the total monthly expenses (“TME”) have to be provided accurately but also with an understanding of what can, and what should, be included and excluded. If you think the loan servicer is going to advise you properly on this, or if you think it’s a no-brainer, you’re almost definitely wrong. Also, did you know that it may not only be the borrower’s income which can be considered…?

https://youtu.be/Jkp048OTBnc

We’ve heard of Freddie Mac; what is it?

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Categories: florida, georgia, Government, homeowner, Life and the Law, loan, mortgage, North Carolina, Ohio, south carolina, Tennessee
Freddie Mac was created by the United States Congress in 1970. Its publicly stated mission is to stabilize the nation’s residential mortgage markets and expand opportunities for homeownership and affordable rental housing. Under Federal law, Freddie Mac’s mission is to:

  1. provide stability in the secondary market for residential mortgages;
  2. respond appropriately to the private capital market;
  3. provide ongoing assistance to the secondary market for residential mortgages (including for lower income families); and
  4. to promote access to mortgage credit.

Freddie Mac does not loan money to would-be property owners the way that banks do. Rather, it participates in the secondary mortgage market by purchasing mortgage loans and mortgage-related securities for investment and by issuing guaranteed mortgage-related securities. The secondary mortgage market consists of institutions engaged in buying and selling mortgages in the form of whole loans (i.e., mortgages that have not been securitized) and mortgage-related securities.

Due to the housing/mortgage crisis in America, Freddie Mac currently focuses on “meeting the urgent liquidity needs of the U.S. residential mortgage market, lowering costs for borrowers and supporting the recovery of the housing market and U.S. economy.” Specifically, Freddie Mac states that it is working toward reducing the number of foreclosures; making homeownership and rental housing more affordable; and helping families keep their homes.

McGrath & Spielberger, PLLC provides assistance to borrowers in need of mortgage relief services, such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions. These professional services may include dealing with mortgage loans owned or securitized by Freddie Mac.

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We’ve heard of Fannie Mae; what, exactly, is it?

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Categories: Collections, Credit, Debt, florida, georgia, Government, homeowner, Life and the Law, loan, mortgage, North Carolina, Ohio, south carolina, Tennessee
Fannie Mae was created by the United States Congress in 1938 to support liquidity, stability, and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold. Fannie Mae itself has stated that it has “a mission to expand affordable housing”.

Fannie Mae does not originate loans or lend money directly to consumers in the primary mortgage market because Federal law prevents it from doing so. However, it does purchase mortgage loans and mortgage-related securities. In other words, while you can’t get a loan from Fannie Mae, Fannie Mae might end up owning your mortgage loan.

Fannie Mae also often securitizes mortgage loans originated by lenders into Fannie Mae mortgage-backed securities (called Fannie Mae MBS)  and makes other investments which are intended to increase the supply of affordable housing.

McGrath & Spielberger, PLLC provides assistance to borrowers in need of mortgage relief services, such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions. These professional services may include dealing with mortgage loans owned or securitized by Fannie Mae.

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