Marc's Mortgage Matter's

The economic downturn has more Americans shifting to smaller homes. For example, Bernie Madoff just traded a 3,500 square foot penthouse for a 9 x 10 windowless studio in lower Manhattan.

I have rejoined Fairmont Funding after a short 6 week stint at Wall Street Mortgage. I know I'll miss the folks at Power Express as they are a damn good bunch, just wasn't a match for me though at this time. Fairmont was an easy choice after spending over ten years there up to around two years ago when the mortgage mess just started to hit everyone.

Thanks Michael, Emmy, Leslie, Barbara, Tony, Dale and of course Keith. You guys (and I probably missed a few - sorry) were very accommodating to me :)

Anyone trying to modify a mortgage, and then having the borrower (who misled the broker during the original process) mislead them is in a difficult position. So what would you call a modified loan to a borrower who exaggerated (lies) about how little he/she makes (and has) to get a loan modified after lying to get the loan in the first place? A reverse-liar loan? An inverted-liar loan? A double-prevaricator loan? A pathological liar loan? A serial falsifier loan? A storyteller loan? A fibber note? A reverse truth loan? Stay tuned…

If you have not heard from me in the last 30-60 days - call to inquire if rates are low enough to make a REFI worthwhile at this time. Last week rates were not so good - as were the few weeks prior - but this past week rates fell alot! If I told you to wait abit call me or email me is probably best at mpreger@fairmontfunding.com . You may still not qualify due to stringent underwriting, credit and/or appraisal value issues but at least it never hurts to try. :)