Stated Income Loans Disappear – Hard Times For Self-Employed Trying To Get A New Mortgage Loan

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The NY Times has written an interesting article about the difficulty that self-employed borrowers are having obtaining financing. Here is the article.

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Mortgage Nightmares

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Here is an MSNBC.com article about mortgage troubles.

Successful Loan Modification With CitiMortgage

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We just assisted one of our firm’s clients in obtaining a loan modification with CitiMortgage. His two mortgage loan payments went from $2,596.00 to $2,120.95 and from $682.00 to $157.83. He is saving approximately $1,001 per month in year one of his modification, which is an effective savings of $12,000 for the entire first year alone. He will save much more in the years to come. His legal fee was relatively small in comparison so this was well worth it and it enabled him to avoid foreclosure and bankruptcy.

Short Sales Can Take A Long Time

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Here is an interesting article about the difficulty of trying to sell real estate short.

SEC Charges Fraud By Goldman Sachs In Mortgage Deal

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The Securities and Exchange Commission has accused Wall Street giant Goldman Sachs of selling garbage mortgages as the housing market began to crumble so a hedge fund client could profit from their failure. Source