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Middletown, CT Real Estate News

By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Lending guidelines have been tightening and will continue to tighten for the foreseeable future, and Strategic Defaults are a big part of the problem why this is happening.  Before I go any further I want to give my definition of what I understand a Strategic Default to be: Strategic Default: A foreclosure that results NOT from the Homeowners inability to make his/her mortgage payment, but as a result of the Homeowners CHOICE to not make the mortgage payment, because the property has decreased in value and presently is no longer worth what they paid for it. This blog is written based on that definition and that being MY understand is of a Strategic Default is.  If you understand a Strategic Default to mean something else, then this blog does not apply to you.  So if you are going to def...
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By Matt Listro, Your Credit Repair Expert
(National Credit Fixers - Matt Listro)
When did FICO scores become so powerful? Ranging from 300 to 850, the three digits that make up your FICO credit score carry inordinate power. If your FICO score is at the upper end of the scale, between 700 and 850, your life choices seem limitless. Bankers smile upon you as you walk through the door. Elite credit cards are yours for the asking. Home and auto loans are quickly approved. Credit is never a problem. However, if you are among the majority of Americans who are unfortunate enough to have a FICO score below 700, credit will be hard to come by and you'll have to fight hard for every penny. If you are among the 25% of Americans whose credit scores have dropped below 600 since the recession hit, kiss credit goodbye. FICO scores of 599 and below place you in the high-risk categor...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Assistant Secretary for Housing/Federal Housing Commissioner, David H. Stevens released today a Special Edition Newsletter announcing the expected changes to the FHA Upfront Premium and Monthly Mortgage Insurance Premium (MIP).  In the Newsletter he states: "As I have previously stated in my testimony before Congress, FHA will lower its upfront premium simultaneously with the increase to the annual premium¹. It is our intention that effective on September 7, 2010, FHA's upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years². A Mortgagee Letter will be forthcoming once President Obamasigns the bill into law, but with t...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
It has been a week since I traveled up to Boston with Ed Silva and Valerie Osterhoudt to attend RainCamp Boston.  It was my first RainCamp, but most likely will not be my last.  It would be nice though if the next RainCamp around here was not held in a major city where it cost an arm and a leg to park, and battle through several miles of bumper to bumper trafic.  But even if it is the trip will be well worth it, and I would probably make it again. I took lots of notes, because there was way to much VALUABLE material for me to remember,  A suggestion that I would make for future RanCamps would be to provide a power point of the material, which could be made avaliable for a price, for those who would like to purchase it. I have already began to apply some of what I learned up in RainCamp ...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Former Hospital for Special Care Patient Receives M. Gertrude McCue Award While we at McCue Mortgage are know for our expertise in working with First Time Homebuyers, and our knowledge of CHFA, FHA, VA, USDA, as well as Conventional Loans, we are also known for our community involvement.  One of the areas that McCue Mortgage is involved in communities throughout Connecticut is in recognizing citizens for their community service. In a Press Release today our Vice President of Marketing, Gary Kulick announced that "the most resent recipient of a McCue award for outstanding community service was Dorothy Kijewski of New Britain as the 2010 recipient of the M. Gertrude McCue Volunteer-of-the-Year Award.  Dorothy was presented with this award on Monday, July 26th.  Dorothy is a former patien...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Lenn Harley wrote a blog on Sunday in which she rightfully questioned the accuracy of what was being stated on another blog about Pre-Approval Letter. The writer of the blog that Lenn was questioning, stated that her Loan Officer had informed her that he would no longer be able to provide her with a Pre-Approval Letter for her Buyers because of restrictions imposed by RESPA. This information was incorrect, Pre-Approval Letters are very much alive and well. But before I go any further let me give three very quick definitions of what I consider a Pre-Qualification Letter, Pre-Approval Letter, and a Loan Commitment Letter. Keep in mind that these are MY definitions, and MY opinion.  Pre-Qualification Letter: Loan Officer pulls credit, and inquires about income and maybe bank information. F...
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By Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889
(Johnson Real Estate, Inc.)
ANNUAL ICE CREAM SOCIAL,   THURSDAY JULY 8TH FROM 6:00 PM TO 8:00 PM    THIS IS A BYOB EVENT BRING YOUR OWN BANANA... for your sundae if you wish.   The THIRD CONGREGATIONAL CHURCH on 94 Miner Street in Middletown, CT is holding their annual ice cream social today, July 8th between 6 and 8pm, and again on August 12th.  I can't believe a year has gone by since I went to this ice cream social/fundraiser.  It is an event for the whole family.  You make your own sundaes.. you have a choice of either chocolate or vanilla Hersey Ice Cream and there are LOTS of toppings to choose from.  Here are some that might be there...     Last year I counted over 10 different choices.   To start you have a choice of hot fudge, hot butterscotch or strawberries.. then you have all the toppings.  The price f...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
  ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
This week Congress passed H.R. 5569, this is the Bill that that everyone has been waiting months for to extend National Flood Insurance Program (NFIP).  Unfortunately it only extends it to September 30, 2010, which means that the House and Senate will have to continue to address this issue as we begin to approach that date. The good news is that the Bill is retroactive to May 31, 2010, the day the lapse began. While the issuance of new and renewed flood insurance policies can resume, we can't help but to be concerned about the long term re-authorization of the NFIP and whether the industry will face once again another lapse in a three months. Let's hope that Congress and the Senate wake up to the fact that Buyers will not be able to obtain Mortgages in Flood Designated Areas without Flo...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
It is official the First Time Homebuyer Extension ............. PASSED!!!  And he is our official announcement that we are sending out to all our business partners.     ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com  
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Quik update First Time Homebuyer Tax Credit Extension. The House today passed HR 5623 to extend the closing date deadline for First Time Homebuyer Tax Credit September 30, 2010. Our lobbyists in Washington have advise us that there is a chance that the Senate will pass this bill today or tomorrow. The Conference Committee on the Dodd-Frank Financial Reform Bill reconvened today to address a bank fee provision.  This is an effort to gain the 60 votes needed in the Senate to pass the Bill that the First Time Homebuyer Tax Credit is attached to. The bank fee provision is an important provision to Senator Scott Brown (R-MA).  The plan is to have the House vote on the revised Bill tomorrow and the Senate to vote on it on Thursday, if they are able to determined that they have secured the 60 ...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Today was Flag Day, and in my house that is a day to be proud of what our Flag stands for, and the values it represents.      ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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By Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889
(Johnson Real Estate, Inc.)
THIRD CONGREGATIONAL CHURCH 94 MINER STREETMIDDLETOWN, CT  06457 Strawberry Shortcake Festival (and craft sale) The Third Congregational Church on 94 Miner Street in Middletown, CT held it's annual Strawberry Festival yesterday.  I worked putting containers of either large or small strawberries shortcakes for those who called in, or were going to get delivered.  Thought I'd see some of you there.. but I guess you were too busy. For those of you that could NOT make it, but wish you did.. I thought you would like to see some of the stats on how this event went. To start off, you must have strawberries.. and did they.  Here are some of the empty containers... there were 800 quarts of strawberries in total. These turned into..... Pots of strawberries for the shortcakes.   The Woman's League...
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By Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889
(Johnson Real Estate, Inc.)
THIRD CONGREGATIONAL CHURCH 94 MINER STREETMIDDLETOWN, CT  06457 Strawberry Shortcake Festival (and craft sale)   Thursday, June 10th from 11:30am to 4:30pm (Approx)   The Third Congregational Church on 94 Miner Street in Middletown, CT is holding its annual Strawberry Shortcake Festival, tomorrow, Thursday, June 10th from 11:30am to 4:30pm. This festival has been going on for over 120 years.. yes, you heard me correctly 120 years.  People in the area look forward to this event every year.  The strawberries are native to the area and picked fresh.  On top of fresh strawberries and homemade biscuits.. what tastes better... you got it REAL HOMEMADE WHIPPED CREAM.  My mouth is salvating already. If you haven't been by, tomorrow is your opportunity to do so.. and I bet you'll be hooked for ...
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By Matt Listro, Your Credit Repair Expert
(National Credit Fixers - Matt Listro)
Free Credit Scores In 2003 FACTA (The Fair and Accurate Credit Transactions Act) amended the FCRA (Fair Credit Reporting Act) to mandate free credit reports to every person in the country from all of the consumer reporting agencies. FACTA also mandated, in section 609, that mortgage lenders had to now provide a copy of the consumer's score as part of the homeowner notice. Most lenders were providing this notice as part of the closing paperwork. So, homebuyers have enjoyed access to their FICO scores since 2003. Now, thanks to a Senator from Colorado, more consumers might soon have free access to their scores. Mark Udall (D-Colorado) has proposed the Fair Access to Credit Scores Act (FACS Act). The FACS Act would amend section 615 of the Fair Credit Reporting Act to require the disclosur...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
This past Saturday I posted a blog DEED-IN-LIEU FORECLOSURE and Short Sale UPDATES Fannie Mae about upcoming changes that Fannie Mae will be making to their Deed-In-Lieu of Foreclosure and Short Sale Guidelines.  A few of the people that made comments on that blog requested that I also post a blog with a chart to show what the Fannie Mae Guidelines are for Foreclosures and Bankruptcies.  Below is a chart with that information.  It is longer than the previous chart for Deed-In-Lieu of Foreclosure and Short Sales, but I think that it still provides a quick overview of the Fannie Mae Guidelines for Foreclosures and Bankruptcies. Fannie Mae has not announced any planned changes to their Foreclosure and Bankruptcy Guidelines, but with all the changes that have been happening in our Industry,...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Fannie Mae has announced a new updated.  This time they are revising the waiting period for Deed-in-Lieu of foreclosure and Short Sale on conventional conforming loans effective with applications dated on or after July 1, 2010. Fannie Mae's Automated Underwriting System (DU) will be updated to version 8.1 and implemented during the weekend of June 19, 2010 to include these changes. No changes will be made to bankruptcies or strict foreclosure, so the present guidelines will continue to apply. Below is a breakdown and time periods for the new changes. ****************************************************************************************************************** Info about the author: George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage n...
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By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
It has been a while since I last wrote a blog here on ActiveRain.  A lot has been going on which has kept me from being as active here in the Rain as I have been in the past. The Tax Credit has kept me very busy especially since a major part of my business comes from First Time Homebuyer.  But the other thing that has been taking up a significant part of my time is the National Mortgage Licensing that all Loan Officers, except for Bank and Credit Union Loan Officers, are now required to go through, and be licensed Nationally as well as in the States that they do business in. The National Mortgage Licensing Systems (NMLS) requires each Loan Officer to go through 20 hours of class, plus take a 100 question test, and obtain a score of 75 or better.  Loan Officers will also have to pass a 5...
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By Matt Listro, Your Credit Repair Expert
(National Credit Fixers - Matt Listro)
When it comes to credit repair; I often hear the question: "Does that stuff really work?"  The answer is a resounding yes!  In an attempt to document this claim I will be posting this week examples of successful results as they come in.  Here is another deletion letter from National Credit Solutions!   ☺ MattToll Free: 888-NCFIXER (623-4937)Toll Free Fax: 888-FAX-4020 (329-4020)Local: 860-282-6181330 Roberts Street 4th FloorEast Hartford, CT 06108 credit repair company 
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By Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889
(Johnson Real Estate, Inc.)
 THIRD CONGREGATIONAL CHURCH 94 MINER STREET MIDDLETOWN, CT  06457   As some of you may already know, there was a pot roast dinner last night, that was held at the Third Congregational Church in Middletown CT. I posted this about 4 days ago, and I thought I would follow-up with a review, and some pictures. This meal was a pot roast dinner, and all you can eat for $10.00.  The hall was packed.....                     The meal consisted of pot roast (obviously) homemade potatos and gravy, and mixed vegetables.  Along with rolls, tea, coffee.                       Having a very busy day and not being able to eat for over 24 hours, I was starved and decided to participate in the ALL-YOU-CAN-EAT option.  I went for seconds...     You think this would do me in.. oh, but the flavor, and the ho...
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