Lenders are promising a “quick response” to distressed borrowers’ applications for assistance: 45 days. 45 days is fast? 45 days is glacial. What is slow? 45 days is long enough to get 2 additional 30-day late payments on your credit report. It takes two days to underwrite a loan; a hardship package is virtually the same material, so [...]
Archive for June 17th, 2008
Fox: I’ll Fix the Chicken Coop
Posted in Foreclosures, Mortgages, Selling, tagged mortgage crisis, Short sales on June 17, 2008 | Leave a Comment »
Assigning Blame for the Mortgage Mess
Posted in Mortgages, tagged mortgage crisis on June 17, 2008 | Leave a Comment »
This comment on this blog post at ActiveRain resonates. My question is more succinct, but needed to be asked. Activerain, by the way, has a fair amount of good content. There is plenty of blame to go around, from brokers to agents to appraisers to Wall Street, and, of course, borrowers themselves. However, the large lenders [...]
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J. Philip Faranda Broker-Owner (914) 723-8900
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