authorize a limited number of modifications
- but only when they are in the best interests
of the loan owner. How could a modifica-
tion benefit a loan owner? As one example,
it might be cheaper to modify a loan than fore-
close, given that a typical foreclosure costs
lenders about $40,000.
The job of the ser vicer is to consider
each modification individually - thus the
need for financial information. You must
provide an accurate discussion of your
finances and why, specifically, a modifica-
tion is necessary. Also, the lender will want
to know if your property is for sale or will be
sold and
whether you
have equity.
The servicer
may then con-
sider a number
of options
including a rate
reduction, prin-
cipal forgive-
ness, forbear-
ance, a shor t
sale or foreclo-
sure.
Three
points: First,
you might do
best having an
attorney work
with the servicer. Second, look into the cred-
it ramifications associated with any loan
modification. This can be negotiable. Third,
consider selling the property after any pre-
payment penalty period ends.
Q: Where can I find assumable mor t-
gages?
A: Long ago there used to be three kinds
of mortgages, those which were freely assum-
able, those that could be assumed with per-
mission of the lender and those that could
not be assumed at all.
Today, it is virtually impossible to find a
freely assumable loan. As examples, FHA
loans originated after December 15, 1989
and VA mortgages started after March 1,
1988 are no longer freely assumable.
The reason lenders no longer make freely
assumable loans is because they worry that
a mortgage may be taken over by someone
less qualified than the original borrower -
someone who will default. As to qualified
assumptions where lender consent is
required, that's OK for lenders because they
can qualify the new borrower, modify the
loan terms and extract additional fees and
changes. Lenders also can say "no" if they're
unhappy with the new borrower's finances
and for other reasons such as a decline in the
value of the underlying property.
Given that we have low interest rates at
this writing, it might be best to skip thoughts
of loan assumptions and move directly to
new financing. There's no sense assuming
many of the loans that have been made in the
past few years because their terms are toxic.
Instead, get new financing with a fixed rate
and better terms.
(c) CTW Features
Need real estate advice? Peter G. Miller, author of "The
Common-Sense Mor tgage," would like to hear from you.
Send your questions to peter@ctwfeatures.com. Due to the vol-
ume received, not all letters may be answered.
New Office Location
72 Walnut Street
Mickey Gower Homes & Real Estate
Mickey Gower, Broker/Owner · soldmg@yahoo.com
Phone: 315-255-1024 Fax: 315-255-1058 Cell: 315-729-0357
"Making All The Right Moves Since 1994"
Open Sun. April 20
th
11:30 -1pm
8092 Shepherd Rd.
Gorgeous Sennett ranch on 1.7 acres
A show case!
Dir: Weedsport Sennett Road to Shepherd
Open Sun. April 20
th
1:30-3pm
77 Seymour St.
Old world charm with hardwood floors &
trim. 4 Bdrms., 1
1
/
2
baths, large yard, 2
car garage.
Dir: North St. to Seymour
9 Benton St.
2216 sq. ft. of beauty. 4 Bdrms. & 1
1
/
2
baths, 1st floor laundry, eat in kitchen
formal dining room.
7 Westlake Ave.
Total Remodel & everything new in
2000. Comfortable floor plan, offering
4 Bdrms, 1
1
/
2
baths
OPEN HOUSE TODAY 1-5PM
40 Green Links Turn, Owasco
In Brookside Trace next to Owasco Country Club
NEW CONSTRUCTION
3 BED, 2.5 BATH-1.67 ACRE LOT
1ST FLOOR MASTER SUITE
Directions: RT. 38A (Owasco Rd.) to
Stryker Ave, Rt. on Hidden Brook Way,
Rt. on Green Links Turn. (3rd house on rt.)
FOR MORE INFO OR A PRIVATE SHOWING
CALL SUSAN AT 315-246-5600
14
Sunday, April 20, 2008
Real Estate.
The Citizen. Auburn, New York
MORTGAGE RATE MONITOR
N O T E S : A R M - A d j u s t a b l e R a t e M o r t g a g e ; C O - A R M - C o n v e r t i b l e , A d j u s t a b l e ; B - B a l l o o n P a y m e n t ; C - C o n v e n t i o n a l R a t e ; F - F i x e d R a t e ; F H A - F e d e r a l H o u s i n g A d m i n ; F, C - F i x e d , C o n v e r t i b l e ; S , F - S O N Y M A , F i x e d ; R - R u r a l H o u s i n g ; VA - V e t e r a n s A d m i n i s t r a t i o n -
S e l l e r c a n p a y c l o s i n g c o s t s . I n f o r m a t i o n s u b j e c t t o c h a n g e w i t h o u t n o t i c e . O t h e r p l a n s a v a i l a b l e , c o n t a c t l e n d e r s f o r d e t a i l s . R a t e s c a n c h a n g e b e f o r e c l o s i n g u n l e s s g u a r a n t e e d i n w r i t i n g . C u r r e n t n e s s o f i n d i v i d u a l i n s t i t u t i o n 's p o s t e d r a t e s v a r y. * P M I I n s u r a n c e R e q u i r e d
LENDING INSTITUTIONS: HAVE YOUR RATES IN THIS MONITOR WEEKLY WITH WEEKLY UPDATES. FOR FURTHER INFORMATION CALL DEBBIE AT 315-253-5311 EXT. 212
KEY BANK, N.A.
Cathy Faulkner: 315-252-8692
Felix Melendez: 315-470-5022 or 315-254-0989
HOMESTEAD FUNDING CORP.
Bob Padula: (315) 252-2781 *rpadula@homesteadfunding.com
PRODUCTS TO SUIT EVERY NEED
Toll Free 800-724-1329 ext. 766 *www.homesteadfunding.com
6.375
FHA
MIN
30
0
6.668
6.000
FHA
MIN
15
0
6.330
6.250
CONV.
0
30
0
6.500
6.125
CONV.
0
15
0
6.500
6.750
HOME ASSIST
0
30
0
6.922
6.250
HOME ASSIST
0
15
0
6.538
LENDER
LOAN RATE
LOAN TYPE % DOWN
TERM POINTS FEE
APR
COMMONFUND MORTGAGE CORP.
Kim Gage: Loan Officer, gagek@commonfundmtg.com
255-2911, after hours 258-8002 · 0% Out-Of-Pocket · Purchases · Refinancing
24/48 Hour FULL Approval, Qualify On Line www.commonfundmtg.com · CALL FOR DETAILS!
5.175
1YR ARM
3
30
0
7.214
5.175
3/3 ARM
3
30
0
6.679
5.675
5/5 ARM
3
30
0
6.903
5.250*
C/F 3
15
0
5.280
5.750*
C/F 3
20
0
5.780
5.750*
C/F
3
30
0
5.780
SENECA FALLS SAVINGS BANK
Local servicing and a no monthly PMI option. New construction financing with 1 closing, rate locked at the time of applica-
tion and up to 12 months to complete. Call John Nicandri today @ cell 246-2943 or 315-255-0147 (Auburn Office) or e-mail
john.nicandri@senecafallssavings.com. *Not applicable to refinances of existing SFSB mortgage customers.
5.750
C,F
5
15
0
5.849
5.000
C,F
5
15
3
5.565
6.250
C,F
5
30
0
6.311
5.625
C,F
5
30
3
5.966
LYONS NATIONAL BANK
Local Decisions - Local Servicing
Jordan Office: Bill Dungey (315) 689-9530 · Main Office: Tim Lead (315) 946-8264
HOME CONSULTANTS, INC.
Every Type of Home Mortgage, One Hour Approval By Phone
FHA CONV VA NO INCOME. Damaged Credit Programs
Dennis Guzalak: 252-5700, Voice Mail 374-5540
CALL
FHA
MIN.
30
0
CALL
CALL
CONV.
3
30
0
CALL
CALL
VA
0
30
0
CALL
CALL
CONV.
5
15
0
CALL
Single family home
mortgage rates
available locally.
5.875
C,F
5
30
0
6.000
5.100
C,F
5
15
0
5.250
3.250
C, ARM
5
30
0
5.250
5.500
FHA,F
MIN
30
0
6.375
TOMPKINS TRUST COMPANY
Your Community Bank for Mortgages. In House Servicing & Approvals.
Contact Lisa Giannone: 255-9078 or email at lgiannone@tompkinstrust.com.
86 North Street, Auburn, NY.
5.500
SONYMA, ATD
3
30
0
5.501
5.750
15/1 ARM
5
20-40
0
5.645
4.875
5/5 ARM
5
5-30
0
5.289
5.500
CONV FIXED
5
15
0
5.547
6.000
CONV FIXED
5
30
0
6.027
5.500
CONV FIXED
5
15
0
5.619
6.000
CONV FIXED
5
30
0
6.072
4.750
1YR ARM
5
15-30
0
-
4.875
3/1 ARM
5
30
0
-
5.500
5/1 ARM
5
30
0
-
5.750
7/1 ARM
5
30
0
-
6.250
CONV FIXED
5
30
0
CALL
5.875
CONV FIXED
5
15
0
CALL
6.125
FHA
3
30
0
CALL
5.000
SONYMA, ATD
3
30
0
CALL
FIVE STAR BANK
Life just got easier. www.five-starbank.com
Contact Margaret Bauchey (315) 787-3253 mrbouchey@five-starbank.com
OPEN HOUSE SUNDAY, APRIL 20
TH
1-3PM
12 LINN AVENUE, AUBURN
Totally updated in great location.
New furnace, windows, roof, paint, and
hardwood floors throughout.
3 bedroom 2 bath charming home in move in
condition. Beautiful family room with gas
fireplace. Lovely eat-in kitchen, formal living and
dining room. Detached 1 car garage. Appliances
and window treatment included in price.
$164,900
Directions: Pass Hoopes Park, right off Genesee.
For more information
call 315-255-0404.
Crystal Currier
q
(315) 255-1127 x 135
729-0616
q
www.crystalcurrier.com
Builders Special! Huge savings on 2007 Model Homes,
Don't miss this opportunity to own a Kasper Built Home.
3284 Barrington Way, Sennett
Was $271,111 Now $259,900
29 Greenlinks Turn, Owasco
Was $314,900 Now $305,900
Plus $2000 in seller concessions!
The Citizen. Auburn, New York
Real Estate.
Sunday, April 20, 2008
3
F o r Pe a c e O f M i n d , C a l l
P O L C O V I C H R E A LT Y
( 3 1 5 ) 2 5 2 - 8 8 3 6
Bill Polcovich, Lic. Broker, 252-8836 · Ron Polcovich, Lic. Slsp., 252-4104
- Locate Your Dream Home
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