Why This Blog Was Started.

The main reason I started this blog was so that any home owner (or potential home owner) could land here and get helpful and understandable information about home mortgages. The financial industry is full of terminology and acronyms that do nothing but confuse the borrower and complicate the home buying process.

On top of that we had a few unscrupulous Brokers and Agents who screwed over their clients and gave the industry a bad name.

Buying and owning your own home is the American dream. The last few year it has become the American nightmare. With “the recession” and the job losses and “rate adjustments,” we see home owners struggling to stay in their homes. They are trying to refinance or modify their mortgages through loan modifications. This has not always been possible, and that is why we have seen a flood of foreclosures in the last several months.

The home buying process does not have to be complicated. It has been made that way on purpose by the lenders. Oh, and the reason that it is so hard to get a loan modification? For one reason, the lenders lose money if they do that. Since the government can’t force the banks to loan modify their borrowers, the lenders let the homes go into foreclosure and then they build up “losses.” Once they hit a certain threshold in losses, they are reimbursed by the government. It’s just greed. But I have a potential tool to help people along that line. It’s called a Forensic Loan Audit, and it will be the subject of another post.

My intent with this blog is to demystify mortgages, and hopefully help some people along the way. I’ll do this by explaining the loan process step by step, defining the terms and acronyms used, and by explaining the options that borrowers actually have. That last part, “the options that borrowers actually have”…these are options not usually disclosed by the lender, the agent or the Broker.

I’ll bet most of you didn’t know you had options. And the reason you were not told? Greed of course. Check back for more posts and write down any questions you have for me. I’ll do my best to answer or explain things.

copyright 2010 Donna J Ferreira