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Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
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Letter to Kansas City Home Buyers: National banks are losing local Kansas City mortgage business to local mortgage lenders and banks I feel compelled to advise local homebuyers to think carefully whom they select when applying for a home loan. If you don't think who you choose to get your mortgage loan, read on . . . Over the years I have referred home buyers to national banks like Bank of America, Wells Fargo, U.S. Bank and so forth. As a real estate team with over 30 years of real estate experience, we have seen another side of the national banks that most mortgage customers don't see. I addition, we have noticed something alarming the past few months that we have never seen: Getting a loan from even a national bank is often a nightmare and increasingly unachievable for customers with great credit. Many local banks are not much better. We had a home buyer with nearly perfect credit (810 credit scores) and over $100,000 in cash reserves after putting down 20% on his new home. He was confused with the hoops and hurdles he had to go through with many of the national and eventually local banks he applied for a mortgage. This is one of 15 reasons why we have advised Kansas City home buyers in the past few months to steer clear of the many large national banks and local banks as well. The national and local banks have confusing operations, non-accountable representatives, numerous mistakes and delayed closings. Until recently, if our customers still wanted to use a national or local bank, we still had some regional and local banks to recommend — some who underwrote and serviced their home loans locally — so this was an option for our customers. Up to this past month, we were down to one local bank and one local mortgage company that have consistently performed well for our customers. Kansas City home buyers should ask their real estate agent, business associates or friends for mortgage lenders they can recommend. Home buyers still need to make sure they are getting good rates and fees when using a mortgage lender or a local bank. If they choose a reputable one, they can get good rates and significantly increase their odds of actually getting to the closing table. The Dowell Taggart Team recommends the following two lenders to apply for a mortgage in Kansas City: Ronnie Yarbrough from the Bank of Kansas City (913) 579-4939
Offers exceptional zero down first time home buyer programs, physician loans, and great jumbo mortgages. Bank of Kansas City is a local bank that originates and services their own mortgage loans. Dennis Moser from Prime Mortgage Lending (913) 481-7212
Offers great rates on conventional and jumbo mortgages. Prime Mortgage Lending is a mortgage broker. RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
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Question: I currently live in Des Moines, IA and will be relocating to Kansas City this summer. I have a mortgage company that I have used in Des Moines, but they don't do mortgages in Kansas City. How do I find a mortgage company in Kansas City?Clayton R. from Des Moines, IA
Answer: Great question, Clayton. A few years ago I would probably say a mortgage company would be a great source for obtaining a mortgage in Kansas City. Times have changed and unless you go with a top mortgage company, there are many risk. I recommend going to a bank like Bank of Kansas City. They offer very good loan programs, awesome rates and most importantly, they service their own loans.
Why is it important to deal with a bank that services their own mortgage loans? First, you deal with one servicer during the life of the mortgage loan. Second, you will not be dealing with a servicer who will offer lousy communication and service. Thirdly, the bank will watch over your loans and offer help.
I recommend Ronnie Yarbrough from the Bank of Kansas City:
Bank of Kansas City Serviced Mortgages Ron Yarbrough – NMLS # 263379
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
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Mortgage Bank Financing Programs Available
Luxury Home Financing Friday, May 04, 2012
90% Jumbo Mortgage Loan | 10/1 ARM | 3.75% |
| 30/15 Balloon | 4.000% |
| 7/1 ARM | 3.25% |
| 15 Yr Fixed | 3.625% |
| 5/1 ARM | 3.00% |
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| 80% Jumbo Mortgage Loan | 30 Yr Fixed | 4.50% |
| 15 Yr Fixed | 3.50% |
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| Physician Mortgage Loan 100% | 7/1 ARM | 3.75% |
| 5/1 ARM | 3.50% |
***Above Quotes are for loan amounts from 417K to 730K for Fixed Rates and 417K to 625K for ARM Products.
Conforming & Government Financing
30 Yr Fixed | 3.875% | 20 Yr Fixed | 3.625% | 15 Yr Fixed | 3.125% | 10/1 ARM | 3.50% | 7/1 ARM | 3.125% | 5/1 ARM | 2.875% | 30 Yr Fha | 3.75% | 15 Yr FHA | 3.250% | 5/1 Fha ARM | 3.250% | 30 Yr USDA | 3.75% | 30 Yr VA | 3.75% | 5/1 VA ARM | 3.250% |
Offering a 60 day lock and shop program. Also working with MHDC, CHIPS, Johnson County Bond, and Native American Loan.
Bank of Kansas City Serviced Mortgages Ron Yarbrough – NMLS # 263379
All rates and programs subject to change without notice. This information is for Real Estate Professionals only and not intended for distribution to the general public. For exact rates and programs including APR please contact the loan officer.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:
Comments are appreciated! Go ahead and add your 2 cents . . .
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Our Physician's Loan Program recognizes the special financial needs of our clients in the medical field.
Benefits of this Loan Program include:
- 100% Loans
- No Private Mortgage Insurance (PMI)
- Fixed or Adjustable Rates
- 15 or 30 year amortization
- Special consideration given on student loans
- Available to medical doctors, medical residents, full time medical instructors and, more
Contact one of our experienced Mortgage Bankers for more details or to discuss the benefits of this program.
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This letter is for information purposes only and is not an advertisement to extend customer credit as defined by Section 226.2 Regulation Z.
Program rates, terms and conditions are subject to change at any time.
© 2012. Bank of Kansas City, a division of BOKF, NA. Member FDIC. Equal Housing Lender
This email was sent by: Bank of Kansas City,
7500 College Blvd Ste 415 Overland Park, KS 66210
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RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Luxury Home Financing Wednesday, April 25, 2012
90% Jumbo Mortgage Rates | 10/1 ARM | 3.875% |
| 30/15 Balloon | 4.250% |
| 7/1 ARM | 3.500% |
| 15 Yr Fixed | 3.750% |
| 5/1 ARM | 3.250% |
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| 80% Jumbo Rates | 30 Yr Fixed | 4.500 |
| 15 Yr Fixed | 3.875% |
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| Physician 100% Mortgage Loans | 7/1 ARM | 4.000% |
| 5/1 ARM | 3.750% |
***Above Quotes are for loan amounts from 417K to 730K for Fixed Rates and 417K to 625K for ARM Products. Mortgage Rates provided by Ronnie Yarbrough of Bank of Kansas City (BofKC). Bank of Kansas City offers low rates on jumbo mortgage financing and they offer a 100% LTV, Zero Down Physician Mortgage Loan.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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My banker from Bank of Kansas City just shared some great mortgage interest rates with me, including the 0 Down Physician Mortgage Loan.
Luxury Real Estate Home Financing
90% Jumbo | 10/1 ARM | 3.875% |
| 30/15 Balloon | 4.375% |
| 7/1 ARM | 3.500% |
| 15 Yr Fixed | 4.000% |
| 5/1 ARM | 3.250% |
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| 80% Jumbo | 30 Yr Fixed | 4.625% |
| 15 Yr Fixed | 3.875% |
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| Physician 100% | 7/1 ARM | 4.000% |
| 5/1 ARM | 3.750% |
***Above Quotes are for loan amounts from 417K to 730K for Fixed Rates and 417K to 625K for ARM Products.
If you're interested, lets connect. Ronnie Yarbrough is a great choice for a banker for jumbo and physician mortgage financing in Kansas City.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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I went out to lunch with one of my banker friends yesterday. We discussed what was new in the banking world and his new move to his new bank.
He was excited about zero down physician mortgage loan that his bank is offering to medical doctors. His bank is licensed in many states and offers the physician mortgage loan to many of the states that they have a brick and mortar building.
When he looked up the program during lunch, the zero down physician mortgage loan is offered to medical doctors. There is also no cap at just a million dollars, so it is a great mortgage loan for luxury home buyers who have a medical license. The interest rate on the zero down physician mortgage loan was 3.625% up to $417,000 and 4% for loans above $417,000 to a million plus. At the time there was no pmi insurance.
What a great mortgage loan for physicians looking to buy a Kansas City luxury home. Interested in buying or refinancing a luxury home, lets connect. I will refer you to a friend of over 10 years who works at a very stable bank. The service you will receive will be unbelievable.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: When I graduated from medical school I got a physician mortgage loan to buy my first home. I'm now moving to Overland Park or Leawood, Kansas to work with a medical group. The PR department told me that Kansas does not have any physician loans. Do you know of any physician loans in Kansas?Dr. Harry K. from Dallas Texas
Answer: Great Dr. Harry K. Although, many banks like Bank of America have stopped doing Physician loans, there are quite a few banks that still do Physician loans nationally. Most of the national banks do not do physician loans in Overland Park and Leawood, Kansas. I do have a banker who offers a zero down physician mortgage loan with a low interest rate in Kansas and Missouri.
Lets connect and discuss your particular needs.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: Can I secure a Jumbo mortgage loan to buy a luxury home in Kansas City with 20% down and a credit score of 690?Kenny D. from Kansas City
Answer: Yes, Kenny, you can qualify for a jumbo mortgage loan to buy a home in Kansas City with 20% down and a credit score of 690. I would contact a mortgage company of bank. Most credit unions from my experience will want 710 credit scores.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I am looking at buying a short sale in Overland Park. The problem is I want to borrow more than what I'm paying for the home and my real estate agent and mortgage lender say that is impossible. They said I would have to get a separate home improvement loan. Is this correct?–Jackie from Overland Park, KansasAnswer: Not sure about the particulars of your financing and contract, but I I have had several homebuyers get a FHA 203K home loan. This loan allows the borrower to borrow over the purchase price to complete repairs/renovations. It will depend on the projected improved appraisal amount. With a FHA 203K home loan a borrower can not do the renovations/repairs themselves. They must be completed by a licensed/bonded contractor. The lender will require a copy of the contract up front between the borrower and the contractor doing the work to show amount of cost and what it is that will be done. The contractor gets paid as the items get finished, not ahead of time…so they need to be aware of that also. These types of loans only allow for certain types of repairs/renovations, so you will need to talk to the lenders that do these types of loans to see if the work you want to do fall within those perameters.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I had a friend buy a home with the USDA Rural Development mortgage loan in Gardner, Kansas. They really liked the process and the zero down aspect. I'm in the process of buying a home and wander if I could use the USDA Rural Development mortgage loan to buy a home in Liberty, Missouri?Janice from North Kansas City
Answer: The USDA Rural Development mortgage loan is a great mortgage loan product, Janice. Many home buyers like the Zero Down and mortgage flexibility of the USDA RD mortgage loan. Unfortunately, according to USDA, the Rural Development mortgage loan is not available in Liberty, Missouri. Communities north of the river that are available for the USDA RD mortgage loan according to USDA are Platte City, Smithville, Camden Point, Kearney, Excelsior Springs and Lawson.
Hope this helps, Janice.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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New FHA Change may affect nearly 35% of the Kansas City Home Buyers who Obtain a FHA Mortgage
A little known change that took affect this April with approving a FHA mortgage may affect home buyers buying a home in Kansas City
The change is FHA says it will no longer approve a mortgage loan application for borrowers who have an outstanding or disputed account that equals to $1,000 or more in unpaid bills.
Under its new rule, when collection items total $1,000 or more, the accounts will need to be paid off over a period of several months or be paid in full at or before the closing. For an easier approval it is recommended to have the accounts paid off prior to submitting a loan application. In cases where the collections or disputed debts are attributable to identity theft, credit card theft or unauthorized use of the applicant's credit — or when collection accounts total less than $1,000 and are at least 2 years old — the new rule may be waived. Borrowers who have encountered "life events" such as death, divorce or loss of employment may also provide documentation to their lenders to support a waiver, according to a policy clarification issued by the agency.
The recent change is expected to affect nearly 35% of the home buyers who obtain a FHA mortgage this year. RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: My fiancee and I have been planning on buying a home this spring before we get married this summer. Both of us are professionals and make good money. The problem is that although my fiancee has avoided a bankruptcy when he closed a business 2 years ago, his credit is poor. Should I see if I could qualify on my own so we could buy a home in Overland Park, or would the extra income be better? What do you think?Cathy G. from Overland Park, Kansas
Answer: This is a great question that I get asked frequently, Cathy. Without knowing some specifics, it will be hard to answer your question. I would recommend contacting a mortgage lender like Dennis Moser from Prime Mortgage Lending. Dennis will ask some great questions and pull up a credit report so he could give you a professional answer.
Dennis Moser can be reached at 913-481-7212.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: My boyfriend and I are looking to purchase a home in the Johnson County, Kansas this spring. We have a small down payment and will probably need down payment help for a conventional home loan. We need to stay in the area because of our jobs and would like to put our hard working money into a home. As first time home buyers, are there any down payment assistance programs?–Janice from Olathe, Kansas
Answer: Great question, Janice. If you have less than a 5% down payment for a conventional mortgage don't worry. There are some other loan programs that you may qualify in order you can buy a home in Johnson County, Kansas.
First, if either you or your boyfriend are veterans, you may qualify for a VA home loan. a VA loan will allow you to buy a home with nearly zero down.
If the VA option is not available, you may qualify for a FHA home loan. With a FHA home loan, a borrower could buy a home with less than 5% down. In addition, the requirements are a little looser for FHA versus a conventional home loan.
If you buy a Fannie Mae foreclosure, you may qualify for a Fannie Mae Home Path home loan. This home loan program will allow you to buy a qualifying Fannie Mae foreclosure home with $100.
If you want to buy a home in a USDA area, you may qualify for a USDA Rural Development home mortgage. A USDA RD home mortgage allows a home buyer to buy a home with nearly zero down. Areas in Johnson County that qualify for a USDA home loan are Gardner, Edgerton, DeSoto and Spring Hill.
Hope this helps, Janice.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I was recently contacted by mail from the Litigation Law Group out of California offering to reduce my house payment and lock in a low interest rate. I am currently not behind on my mortgage. I called them and after answering a few questions about our finances a representative called me back in less than an hour and said they could knock my house payment nearly in half. He also added that he could do this because he was knocking my mortgage interest rate to below a 2% interest rate. All he needed was $2995 upfront to get started. It sounded great to my wife and I but what made us hesitate is that he wanted the money and other documents within 48 hours. If we waited we would not get such a great deal. It is called the Homeowner and Stability Program. Do you know of this program and is it a scam?–Jim L. from Overland Park, Kansas
Answer: Sounds like a scam to me.I would not send them any money until I saw some type of committment letter. Most banks do not ask for more than $500 upfront to negotiate a loan modification or to approve a refinance. Try calling the state banking hotline to see if this is a legitimate lender. Good luck!
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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