Welcome to RandyMiguel.com: A California Mortgage Broker and Direct FHA Lender.

As related to all that is real estate, the objective of this space is to make my clients more aware of what I can help them accomplish financially. Here, I commit to delivering the most relevant information concerning home mortgage and our local real estate markets, so you can make the most informed decisions for you and your family. I would be honored if you would visit here often to read my daily postings about our ever changing economy and learn how this volatile credit market may impact you.

Contact me today to find out if an FHA loan program is right for you.

Latest Loan Modification News

November 20, 2009 | RANDY MIGUEL IS NOT OFFERING LOAN MODIFICATION SERVICES AT THIS TIME. Please contact a HUD counselor for mortgage relief.

Making Home Affordable Programs rolling out the week of April 6th!

First thing homeowners must determine is if their loan is guaranteed by Fannie or Freddie. Second, if your FIRST MORTGAGE loan balance is less than or equal to 105% of your home's present market value, you may qualify. 2nd & 3rd mortgages exceeding 105% combined loan to value are allowable. For more information, visit www.financialstability.gov. If you believe you fit the requirements for this government subsidized refinance, I can begin preparing your application now. *Official lender guidelines will be released on April 6th.

you'd like to be considered for this or other available relief programs, please send me an email to randymiguel@gmail.com.

The Nehemiah Corporation believes Congress and President Bush will ban its down-payment assistance "gift" program within days as part of the $300B FHA bailout bill, Nehemiah President and Chief Executive Officer Scott Syphax acknowledged Monday.

What does this mean? NO MORE DOWN PAYMENT ASSISTANCE (DPA). The Nehemiah gift was a way for many first time buyers to purchase homes with no money down. It is unfortunate that this will no longer be an option. HOWEVER, there is an alternative. Right now, participating sellers typically credit 3% towards a Nehemiah "gift" plus an additional 3% towards buyer closing costs (up to 6% total) - where 3% is hardly enough to cover closing costs for an FHA loan. Although DPA is soon to vanish, sellers can still assist buyers by crediting a full 6% to closing costs instead - where a majority of that would go towards a rate buy down on the loan. Although buyers must now come up with 2.5%-5% of their own money, if the "would-be gift" were instead used for such a buy down, the monthly payments on the loan would be substantially lower. Basically, if a seller credits the same amount to the buyers closing costs instead of routing the funds through Nehemiah as a Gift, buyers would save much more in the long run through lower monthly payments and reduced compounding interest.

What to do if you have an adjustable rate and there is little or no equity in your home? In the past, lenders have strictly required that you pay down the principal balance in order for you to refinance. But in this uneasy real estate economy, lenders have now started accepting short payoffs to assist troubled borrowers in "short refinancing" into fixed rate loans. The way it works is to negotiate with your mortgage lender to settle your housing debt for less than what you owe them. Otherwise, most (if not ALL) lending institutions will not refinance a home that is upside down in value. Moving forward in 2008, the term "short refi will" become as prevalant as the "short sale." Like short sales, a short refinance option MUST BE APPROVED by your existing lender(s). Negotiating with your lender is not an easy task. I would strongly discourage anyone to attempt this on their own.

Learn more about short refinancing

September 03, 2009 | New data shows prices are up 8.8% from the previous four-months. The figures originated from a Truckee-based real estate firm called Clear Capital.

July 23, 2009 | 3rd consecutive monthly increase in home sales. Most volume is concentrated on lower-priced homes, as first time home buyers are taking advantage of $8k tax incentive. Market may begin to stabalize sooner than previously anticipated.

Jan 02, 2009 | Happy New Year! Okay, now let's get real: Dismal economic outlook for 2009. Economic data suggests one-year long recession will continue well into 2010. If you are one of the fortunate ones with a little equity left in your home, refinance at record low rates. If not... negotiate.

Nov 24, 2008 | Feds make a point that the big banks won't fail. Citi receives an additional $20 billion and guarantees for troubled assets. Stocks soar 500+ on the news.

Nov 07, 2008 | Ongoing unemployment claims reach 25yr high. October jobless rate increases 6.5% to a 14yr high. Overall economy struggling due to the tightening of credit and a lack of jobs.

Oct 08, 2008 | DOW JONES AVERAGE SEES LOWEST LEVELS SINCE 2003. Government evaluates stimuous packages beyond $700B bailout. As banks continue to avert risk, the Feds may need to step in and lend directly to big business in order to save the economy.

September 29, 2008 | Today, the House reviews the $700B rescue bill, named the "Emergency Economic Stabilization Act of 2008" or EESA. Within the plan are vague requirements for the Treasury to modify troubled loans. Clearly, its primary purpose is help banks NOT homeowners. Opposition to the EESA is seeking revisions to address the increasing rate of foreclosures across the US. Markets are concerned that the resscue plan may not be enough to save the ailing economy.

September 25, 2008 | Jobless claims reach 7-year high. Housing sales at lowest level in 17 years. Talks of the $700 Billion Bailout continue as the markets hold on in hope... Struggling homeowners desperately need a piece of this plan, before there is nothing left to save.

September 19, 2008 | U.S. Government announces plans to take over troubled mortgage assets. We're talking up to a half a trillion dollars in funds to buy up stagnant housing assets of troubled lenders. *If you are thinking of letting your home go, please WAIT. If you are thinking of going late on your mortgage, DON'T. The Feds may give you a good reason to stay in your home.

September 16, 2008 | Lehman Bros. declares bankruptcy; Merrill Lynch is acquired by Bank of America; AIG seeks rescue by the Feds. These are all clear indications that our financial markets remain in utter turmoil. Amidst our ongoing credit crisis, one ray of hope is having the lowest 30yr Fixed Rates we've seen all year.

September 8, 2008 | The U.S. Federal Government takes over Fannie Mae and Freddie Mac. The major role of these two entities has been buying or guaranteeing mortgages made by lenders. Their collapse would have led to an immediate collapse of mortgage lending as we know it. As a result of the Fed rescue, interest rates have fallen as low as 5.5% for 30yr fixed loans in California.

August 29, 2008 | Industry study shows record 192,034 loan modifications in the month of July. Lenders are now taking a proactive stance in loan workouts to curb foreclosures across the U.S.

August 21, 2008 | FDIC releases plans for IndyMac borrowers to adjust their delinquent borrowers to fixed rate loans. Rate conversions are estimated at 6.5%. Borrowers must prove they can make the principal and interest payments and a target debt-to-income ratio of 38%. This can prove to be rather difficult for homeowners who have gone late on their mortgages paying interest only or negam minimums.

August 08, 2008 | Fannie Mae reports 2nd quarter loss of $821 million. Company says housing weakness should continue well into 2009, with a decline in home prices by 7-9% this year. As lenders see losses increasing, they are now more likely to write down balances with easier payment terms for their troubled borrowers.

August 01, 2008 | Jobless rate in America rises to 4-year high.

July 30, 2008 | Today the Hope for Homeowners Act, to rescue 400,000 people from foreclosure, becomes law. President Bush gives his signature of approval.

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He uses a methodical approach to understanding potential customers needs/wants and recommending the most financially efficient solutions. He is extremely creative and knowledgeable of the mortgage market rules and regulations, which coupled with his business ethics produces a unique, combination of value and affordability for his customers and partners. I am always looking forward to doing business with Randy!”

His business savvy and relentless pursuit to provide his customers top notch service they deserve has carried him to much success. This has translated to a long line of satisfied customers, such as myself. Randy got me the best deal possible when I was in the process of purchasing my house and made the whole ordeal as smooth and painless as possible. He broke it down and explained all of my options to me in order to make the most sensible decision with my loan. I would definitely do business with him again and will continue to refer clients his way.

Frank Viloria

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What are you expected to do when you can no longer afford to make your mortgage payments? Call your lender directly to "work something out." Although their hourly customer service agents might truly want to help, facing your lender without expert representation could certainly spell disaster. You can rely on an unblemished reputation and my commitment to negotiate the best possible resolution for your home and family. Before you make that catch-up payment to your lender, please give me a call first to hear how I can help. There is no commitment and absolutely no upfront cost for my services. With office locations in Granite Bay and Los Gatos CA, I can offer local assistance FAST. However, 95% of my consultations are done by phone and 100% of my cases are closed by fax and email. If you live anywhere in the U.S.A., you can benefit from my free advice.

Learn more about Loan Modifcation

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