Finance Articles

Walnut Creek Real Estate Lenders Show How a Little Known Secret Helped a Retired, Disabled Grandmother of 37 Never Make Another Mortgage Payment

Walnut Creek, CA (PRWeb) February 20, 2007 -- It was November 2005 when the bright yellow postcard came in the mail. It was similar to many others except that something about this one made her call. Betty Morris picked up her phone and called the 800 number to request some information from the sender. A little more than a year later, Betty doesn't have to make any mortgage payments.

"The Lord is good" Ms. Morris said as a tear ran down her cheek. "You have no idea what this will do for me and my family." Betty was in dire straits that cold November day. Her roof was leaking through into one of the bathrooms in the house and the floor in the bathroom had rotted from all the moisture. In addition to that, Betty had her bankruptcy dismissed only a few weeks earlier and her mortgage was in default. She was about to lose her home. You see, Betty is retired and permanently disabled. Her only income is Social Security and doing a little babysitting here and there. She did not have the means to fix her roof or pay back any of her debts included in her bankruptcy.

"This is not an uncommon story" said Ed Jeffry of Peregrine Lending. "Betty is very similar to many of the people who come to us for advice." The only problem was that Betty's home was no longer in good enough shape to have a conventional lender extend financing. Her home was "un-lendable". Top that off with Betty's low income and poor credit, she had all the rights in the world to give up hope. She didn't do that however and today she has a new roof, a new bathroom and never has to make a payment on her home again.

"We had to be very creative with her financing" says Luke Currier of Peregrine Lending, business partner of Mr. Jeffry. "Betty wasn't old enough for a reverse mortgage yet so we had to bridge the gap with a different loan." A reverse mortgage has no income, employment or credit qualifying restrictions, therefore the perfect fit for Ms. Morris. The unique plan was to borrow enough money from the equity in Betty's home to do the repairs needed so her home would be lendable again and give her some cash to help make the payments for 1 year. The trick was not to borrow so much that she could not qualify for a reverse mortgage when she became eligible. "It took some serious planning but thankfully we have great partners in our business who helped Betty through this plan." Mr. Jeffry was referring to Joan Silva of Siva's Financial Solutions and Celia Mason of BWC Mortgage.

Joan Silva helped Betty traverse the year with solid money planning. "I only ask that people come to me with a willingness to accept responsibility for their current financial successes and failures, an open mindedness to new or different ideas for achieving abundance and prosperity and a deep sense of commitment and dedication to achieving financial success and understanding. Betty had all of these." People interested in Joan's services can find her on the web at www.SilvasSolutions.com or by phone at 925-682-2005.

It was through Joan that Luke and Ed found Celia Mason. Celia specializes in reverse mortgages and is an independent insurance and financial services consultant and can also be found on the web at www.CeliaMason.com or by phone at 925-998-4678. She works exclusively with BWC Mortgage in San Ramon California. "You'd be surprised how many applications I take where my prospective clients are in the same shape as Ms. Morris or even worse" said Celia. "More times than not, a reverse mortgage is the only possible solution for people. The good news is that these loans have become much more consumer friendly. The stigma that is associated with a reverse mortgage is no longer valid." Reverse mortgages used to require signing over your home to the bank that issued the loan. That is no longer the case. Heirs can still inherit the property and whatever equity is in it at the time of the owners passing. "Celia is an advocate for the senior community and she deserves a lot of recognition for her work on this loan because we had a few curveballs that were thrown our way that only Celia could have handled" says Luke Currier of Peregrine Lending.

This loan would never have funded if not for Celia Mason and her connections with the funding lender. There were, as Luke expressed, curveballs that Celia handled with great expertise. There was a time when Ed, Luke and Celia thought this loan would have resulted in any of them receiving a penny for their efforts. In fact, it looked as if they might have to pay out of their own pockets to close the loan.

The company who helped Ms. Morris out by lending her money back in December of 2005 had a small clause in their paperwork that ensured them of a pre-payment penalty. That penalty was only supposed to be for 12 months but somehow that was changed from the time Ed and Luke set up the loan and when the loan papers made their way to the closing table. That penalty was more than $8,000. That's $8,000 more than Betty Morris had. But wait, there's more. A judgment had appeared on Betty's title from a collection company who had sued Ms. Morris and won. Betty says she never received notification and had no idea what the collection was for. Be that as it may, the judgment was on title and for an additional $6,400. "Between those two bills and paying off the loan on the house, we were in trouble" said Ed Jeffry. "We gave up everything we were earning on the loan, and when you split a commission on a $200,000 loan, we're not talking about a ton of money. We asked our title company to waive whatever fees they could and asked the lender to waive whatever fees they could as well." "Everyone involved saw the writing on the wall...If we don't fund this loan, Betty is going to lose her house."

Ed Jeffry and Luke Currier went back to work. They called the collector and got the judgment reduced by 20%. "We made an outstanding argument" said Luke Currier "and got them to see the light." After securing that reduction, they went to work on the mortgage holder but this time they hit a brick wall. "We went as high in the company as we could but after much negotiation they told us that she signed the paperwork and there was nothing that could be done." After that disappointment, Ed and Luke called Celia Mason of BWC Mortgage.

Celia put in a call to one of the Senior Vice Presidents of the reverse mortgage company with whom she had chosen to place Betty's loan. She explained the situation to him and he let Celia know about a new product coming out next month. After hearing the circumstances surrounding Betty Morris and all the work done to help her stay in the home she loves so dearly, he made an exception and placed Betty into that program while still honoring the rate she had secured two months earlier. This subtle change made all the difference. Changing to this program made it possible for the judgment and the pre-payment penalty to be paid and still have some money left over to give to Betty. Now you understand why if not for Celia, this loan would never have funded. "The public needs to understand that there are great people in this industry. People who care about their clients and who want to educate others about the opportunities that exist" said Celia. "It's not all about the money for me, Ed or Luke; it's about the people. That's where we draw our sense of accomplishment."

Needless to say Betty Morris agrees. "I'm doing everything I can to tell people about my experience with these fine people." "They saved my home, my family and my life."

Walnut Creek, California-based mortgage experts Ed Jeffry and Luke Currier specialize in providing information to consumers that allow them to make informed decisions about their mortgage financing options. They are experts in helping people who have had a bankruptcy or other credit challenge achieve financial security through home ownership and are available for interviews and will welcome all your mortgage related questions.

Call 925-627-2649 for a free no-obligation consultation or visit http://www.BayAreaLoanAdvisor.com for additional information.


###

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

Rise Of The Interest Only Mortgage
In the wake of increasing interest rates, interest only mortgage products have become an increasingly popular tool for home owners to control their monthly expenses. Applications of this type of home loan generally rise in number when interest rates begin to increase as home owners fear becoming victims of rising borrowing costs. Mortgage costs are typically the highest expense of the average UK household and it is therefore important for many borrowers to control this cost.

What is a Current Account Mortgage?
Current account mortgages are fairly new to the sector. They are quite different to other types of mortgage as they enable you to set off all your savings and debts in one single account.

Key Things To Consider When Purchasing Investment Property
When considering purchasing investment property, whether it be for residential or commercial purposes, it is essential that the investor looks carefully at more than the price on the property The demographics, median income and shopping habits of the people in a given area are crucial to the investor being able to rent out the property for a descent price, to a good tenant, and on a long term basis, with minimal voids

Receivables Financing - How to Self Finance Growth
Do you own a company that is growing quickly? If your company were a car, do you feel like you are pressing on the accelerator while at the same time stepping on the brake? Or worse, that your growth is stuck in neutral?

Home Mortgage Refinancing ? Knowing And Following The Steps
Home mortgage refinancing is often selected as an option when circumstances change financially Whether the homeowner is in need of substantial cash or just wants to adjust the mortgage payment level, choosing a refinancing option makes a lot of sense

Getting a Mortgage For Dallas Real Estate
Are you ready to buy some Dallas real estate Buying Dallas real estate can be very fun and exciting but in order to make the process of buying Dallas real estate easier there are some things that you should do before you start looking at Dallas real estate to make it easier for you to get a mortgage to buy a piece of Dallas real estate once you find a piece of Dallas real estate that you love

Imperial Finance & Trading, LLC Hires Graham Clement as Director of Retail Financial Services
Imperial Finance & Trading, LLC announces the appointment of Graham Clement as Director of Retail Financial Services. He will oversee a team of seasoned Wall Street veterans dedicated to the marketing of alternative financial products to the retail client.

XIGroup Launches Customer Advocate Program to Increase Dealers' Return on Investment
XIGroup, a division of Dominion Enterprises, announced today the launch of a customer advocate program designed to help its dealer customers get the most out of their web solutions. XIGroup customer advocates proactively monitor dealer web site usage and other metrics, then call to offer dealers suggestions, methods for improving results, training tips and ways to stay effectively engaged in the internet marketing process.

Sage Credit Mortgage Company Announces New Executive Vice President: Paul Rodriguez Promoted to Executive Vice President of Sage Credit
Sage Credit Company, Inc. announced today that Paul Rodriguez has been promoted to Executive Vice President. This is a new position within the rapidly expanding Sage Credit Company which achieved $1 billion in closed loan volume in its first year of operation in 2006.

Mortgage Refinancing Companies -- Choosing The Right One
Searching for a mortgage refinance company can be a daunting task. In a moderately sized city, there could be at least several major refinancing companies and several smaller local refinancing institutions.

Exploring Colorado and Its Home Finance Options
There are many people interested in residing in the state of Colorado and this means getting hold of the Colorado home finance options to be able to stay here permanently.

Premier Gathering of Sustainable Investment Professionals Anticipates a Banner Event
The 19th annual SRI in the Rockies Conference is expected to draw a record 700 sustainable and responsible investment (SRI) industry practitioners and professionals from related fields in the United States, Canada, and around the world October 26-29, 2008.

Do You Think High Yield Investment Plans Are Scams?
Ask any experienced investor and the first thing you would hear from them is that high yield investment programs are scams. Do not utter the name of the company you are talking about, the reaction will be the same.

Types of Investment
The word 'investments' is one that most of us are familiar with hearing in financial context. For many of us, it may make us thing of big business and vasts sums of money, but there's much to the world of investments than multi-million dollar deals.