Mortgage Market News - Phoenix, AZ

This is the least often talked about side of the foreclosure crisis.  Imagine having a sheriff knock on your door and tell you that you have a week to get out of your house because it was foreclosed?  Well, it's happened to over 200,000 renters this year alone according to Market Watch.

So what can you do if you are a renter?

You could ask your landlord where they stand, but I doubt most of them would be up front with you knowing that they have no intention of giving you your deposit back, and knowing that your rent payments are not being used to pay the mortgage.

Personally, I would consider whether or not it's the right time to for you to buy a home of your own.  There are lots of deals out there, and although some speculate that prices will continue to fall, historically they have to recover. Not to mention you have to pay a housing expenses anyway, so you might as well have a write off.

Secondly, there is a website called RentalForeclosure.com that will allow you to check and see if your landlord is in foreclosure. I have spoken with Dave Madam, one of the principals who says that while they currently only serve a few markets (they are rapidly growing), anyone can send them a request via their contact form and they will check out the property for them.

Now is a great time to talk to your mortgage professional about whether or not you can qualify for a home. There have been many changes in the lending world, but we are still making loans.

I look forward to helping you or anyone you would like to refer in any way that I can.

Have a great weekend!

~ Anthony

Call Consumers Advantage Mortgage at 800-757-9704. Serving all 50 states.

If you have not seen or heard Les Brown speak, let me tell you this is a great opportunity.  I have heard Les speak on several occasions and he always has a positive outlook onlife and will help you transform your thinking into a success mindset.  I will be there and I look forward to meeting you there.  I will be working at the event, but if you let me know that you are coming, I will make sure to try and connect with you.

It is free, but you need to register. If you want to lear more about Les Brown, visit his website.

The other day my wife and I were getting ready to go to bed and I said "hon, you're not gonna belive this, but there is a scorpion in our living room." She said "right... I'm going to bed." Again, I retirated, "hon, seriously, bring me a big shoe... I am not taking my eyes off of this thing."  Now, some of you might realize why practical joking can backfire... I am known to be a joker.. .but not this night.  She came out and screamed when she saw I was not kidding.

She got me a shoe and I took care of it, but it had me thinking. "Were there others?" "How did it climb to the second story to our condo?"

For the next few days, I would walk looking at the floor, but I guess I will get over it. My wife grew up here and had never seen a live scorpion, and never expected to see one in Mesa.

So Arizonans... check your shoes, hats, and gloves before putting them on!

We have always been committed to educating consumers and what we are now sharing with customers does not sit well with the big mortgage companies.  We are sharing with consumers how to pay off their mortgages WITHOUT REFINANCING and in many cases WITHOUT SPENDING ANY MORE MONEY OUT OF POCKET.

The mortgage companies don't want you to know this stuff because the sooner you pay off your mortgage, the sooner they lose their monthly revenue stream AND they realize that you may never need them again!

If you are interested in learning what the mortgage companies have been keeping from you and specifically how you can use this information to pay off your mortgage in 1/3 to 1/2 of the time, please call Consumers Advantage Mortgage at 800-757-9704.

For those that are wondering, this is not a bi-weekly mortgage program.

Wishing you financial freedom!

This just in from my underwriting department:

Fannie Mae announced a information regarding their policy on renting out a previous home to purchase a new home. The only way rent will be allowed (at 75%) is if that property has 30% in equity as determined by an appraisal. So, to use rental income on a property that was the borrower's previous residence, an appraisal is required on that property. If there is equity of 30% - a lease can be obtained and 75% of it will be used to help offset the payment.

I hope that helps.  Probably not the news people want to hear, but it's better to know up front than after putting a deal together and sending it to an underwriter.

Let me know if I can assist you with you mortgage needs.

~ Anthony