AboutJim Root Expertise Real Estate Financing of all types/styles--Government & Quasi-Governmental loan such as FHA & VA; Conventional "Fannie Mae" & "Freddie Mac"-backed Mortgages & all sorts of "Creative Financing" techniques! Credit Underwriting & Property Value & Condition Requirements of standard Home Loan Programs. Purchase Money Mortgages or Refinancing! Gale, shown with me here, has been a licensed Real Estate Agent & Office Administrator & my Research Assistant over the years!
Experience Over 30 years as a "Real Estate Professional," including Real Estate Marketing & Sales, Mortgage Banking & Residential Appraisal businesses.Past certifications as a Mortgage Co. Manager, Underwriter, Staff Review Appraiser, Compliance Inspector & Loan Officer with a nationally known Mortgage Company. 12 of the 30 plus years of experience was with the Dept. of Housing & Urban Development (HUD) as a Homeownership Program Officer, trained & proficient in all aspects of the Real Estate Sales,Appraisal, Inspection & Financing areas.
Organizations Former Member of Nat'l Ass'n of Realtors (NAR)& Mortgage Bankers Ass'n of America.(MBAA) Currently with National Ass'n of Review Appraisers & Mortgage Underwriters.(NARA/MU)
Publications Published in local, regional & national Real Estate industry magazines & newsletter on various Real Estate-related topics.Co-authored numerous Goevernment Manuals, Handbooks & Panphlets on Home Mortgage Programs while with HUD/FHA.
Education/Credentials Associate Degree with emphasis in Real Estate Studies plus:
Over 20 "Special Courses" relating to Real Estate, including Financing, while in Private Sector & with HUD's FHA Homeownership Division.
Bachelors Degree in Mass Communications &
Masters Degree in Education/Teaching.
Awards and Honors Professional Designations include: Certified Resiential Originator (CRO) with MBAA,Registered Mortgage Underwriter (RMU)& Certified Review Appraiser(CRA) with NARA/MU. Past awards include Outstanding Performance Awards for 10 of the 12 years with HUD/FHA & numerous
Real Estate Sales,Appraisal Reporting & Mortgage Loan Origination
awards while in "private practice"
Past/Present Clients Currently Director of a Company that provides Professional Development Seminars & Workshops to Real Estate Agents, Appraisers & Mortgage Lenders & both free(as needed) & fee-paid (sliding scale)consulting & inspection services to the general public.This "Expert" is a "Disinterested Third Party" who will not try to sell you Real Estate, nor Appraise or Inspect your Home, nor attempt to put you into a Mortgage Loan--all questions will be answered with your best interests in mind!
Expert: Jim Root Date: 7/16/2008 Subject: ch 13, refi, new purchase if missed loan payment
Question
My home is for sale since May, but has not sold yet.
I am in ch 13 for 14 months with no late payments.
I cannot buy it out until April of 2010.
It is a mandatory 3yr plan.
My loan will adjust in 2 months from 2700 per mo to 4600 per month.
My income is 5k per month.
If I miss a payment, or let the home go into foreclos
sure, will I be able to get a loan for another property....
Answer MICHAEL--
You should meet with a Loan Officer and start the application process for an FHA-Insured Refinance of your Adjustable Rate Mortgage (ARM) right NOW!
FHA's loan programs ALLOW for approval of a Borrower who is currently on a Chapter 13 Bankruptcy/Wage Earner Plan
and has "successfully completed a minimum of one year "on the plan"--that is ALL payments to the Chapter 13 Trustee have been made "AS AGREED" (on time) for 12 or more consecutive months.Additionally, the Wage Earner Plan participant's Credit Report must show that his/her Credit Status is "improving" (No NEW "deficiencies" since starting the Chapter 13)
Last-but-not-least, your Chapter 13 Trustee must BE WILLING TO provide FHA/Your Lender with a "Letter of Authorization" to incur the debt.
IF YOU"VE MADE ALL YOUR CHAPTER 13 PAYMENTS ON TIME, HAVEN'T ACQUIRED NEW DEFICIENCIES SUCH AS "LATE PAYMENTS, JUDGEMENTS,FORECLOSURES, REPOSSESSIONS, LIENS, ETC, ON YOUR CREDIT REPORT SINCE GOING "ON THE PLAN"--AND REPLACING THE OLD ARM LOAN WITH A NEW FIXED RATE LOAN WILL I-M-P-R-O-V-E YOUR FINANCIAL SITUATION, THE TRUSTEE SHOULD BE HAPPY TO AUTHORIZE THIS ACTION ON YOUR PART!
So, Michael, don 't wait until you've had the monthly payment double and you can't make your Mortgage and/or your Chapter 13 payments "as agreed!" Take action NOW.
