Ok - let's talk about this one more time.  All of us want this situation to go away but it's not going away so this post is for all of you who have already asked and those who haven't.  Early in August a number of large sub-prime lenders closed their door or quit making sub-prime loans.  Just so you know - most of you don't have a sub-prime loan.  Just because you didn't't have a down payment or got help from the seller when you bought does not make you a sub-prime borrower.  Unfortunately, when this shakeup occurred it eliminated some borrowers from the mortgage market. 

We certainly didn't need LESS buyers in the marketplace now did we?  We, and you, will be seeing more FHA and VA loans since those loans will still be available for low or no down buyers with maybe not perfect credit.  There are still many loan products available and you'll just need to update yourself to find out what is out there for you.

Do you have a Countrywide Mortgage?  All the news about this huge lender has been pretty dismal lately.  If you have a mortgage with Countrywide don't worry.  Even if they go out of business or get bought up by another company it won't affect your mortgage.

We work mostly with GMAC Mortgage and LaSalle Bank (soon to be Bank of America) for mortgages.  Both of these lenders are still alive and kicking and happy to help you with your mortgage needs. 

So - what happens now?  Well, if we had a crystal ball wouldn't't that be nice?  Life goes on and so does the real estate market.  People will always need to buy and sell to achieve their life goals and dreams and as always, we're there to help you in any way we can.  If you have immediate needs, questions, problems, concerns, want to tell us about your new dog...whatever, give us a call!

Tomorrow, let's talk about short sales and foreclosures....