2020 Apr 13th

Big Change in Mortgage Situation – Hoboken Condo Buyers Need to Know

JP Morgan Chase has announced that it is raising requirements for mortgage loan products to require the buyer have a FICO credit score of 700 and a minimum 20% down payment.

Other lenders are sure to follow.


Posted by Lori Turoff | Currently No Comments »

2020 Apr 12th

The March Hoboken Condo Sales Numbers

Surprisingly, the big hit in price has not yet happened, though there is a downturn apparent. There is a time lag – these deals were negotiated back in January. Let’s see what happens going forward. If people don’t have to move, I suspect they are not. Number of homes listed and number of sales has fallen significantly.

Here are the numbers. Rolling average chart down below (sorry about the formating – can’t figure out how to fix it):

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2020 Apr 10th

Sample Mortgage Forebearance Letter for Businesses

Dear {BANK},

I would like to formally request a forbearance in mortgage payments and stop the accrual of interest on the mortgage for the following months (ENTER MONTHS) equivalent to ninety (90) days for the following account:

Mortgage account number:

Mortgage Holder: Payment Date:

Payment Date

Forbearance and Non-Interest Accrual Period:

I would ask that you forbear my mortgage for the next three (3) months and add those payments on to the back of my mortgage making them due at the end of the mortgage as opposed to presently. I am respectfully requesting this forbearance as a result of the coronavirus and the economic impact that it has had on my business. Due to the virus and the associated business closings, we have lost significant revenues that have made it difficult to pay our bills. While we have worked on alternate revenue generating options, the cash is not available at the moment, and paying our mortgage would cause us to not have the funds needed to continue to generate revenue. I do not make this request lightly, and I understand that we entered into a mortgage agreement with your institution. I know that if we work together, we will come out of this together.



Posted by Lori Turoff | Currently 4 Comments »

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