Pam Marron Home Lending

Pam Marron

Pam Marron, Sr. Loan OfficerPhone: (727) 375-8986 Mobile: (727) 534-3445 pam.m.marron@gmail.com

I have originated FHA, VA, USDA and conventional loans in Florida since 1985… and still love it! In today’s economic climate, it is necessary to not only qualify the buyer, but to also qualify the home you are looking at for a compatible fit to meet your family financial needs! I have all automated mortgage engines available to me, and I can help you with all residential mortgage needs! Quick and smart processing is key to my service. Obtaining a mortgage loan in today’s market is not a simple task, and it is my committment to make this process as smooth as possible… so that you feel comfortable referring future friends and family to me!

Why I Help Those Considering a Short Sale, Who Were Involved in a Past Short Sale, or Are in an Underwater Property and Want to Stay

I live in Pasco County, Florida and experienced the bottom falling out of the housing market in December 2007. Though I had gone through upswings in market value in the past, they were short and usually corrected themselves. This swing took on momentum, was unusually long, and many of us were wondering how the market sustained as long as it did. When the faucet turned off, we were left with massive home inventory, and values plummeted when the scale of supply and demand tipped the other way.

The Tragedy of Underwater Value… Seeing it first with elderly.

The reality was that ALL of us saw something bad coming. A frenzy occurred, where 6 buyers deep lined up for one house available, and the quickest closing got it. Many got caught in the ease and quickness of sub-prime mortgages. Most thought that equity borrowed against, often from bridging one home to the next, would compensate for the risky mortgage they were taking. No one seemed to have the time available for an extra two weeks for a good loan.

Many elderly folks were caught up in the financial crisis. Some had remortgaged their homes with risky sub-prime mortgages, assured that the risk was minimal. If it wasn’t a purchase, it was to take out equity for other family members to buy with.

The elderly, on fixed incomes, were the first to get hit. When values rose so quickly, so did taxes, and insurance went through the roof in Florida when sinkhole scams popped up across the state.

In April of 2007, while investigating merits of the FHA Secure refinance that allowed for a refinance up to 115% of the value, to my horror I found that the extra 15% equity came no where close to covering the loss of equity for most clients. I started investigating how far reaching this problem of dramatically reduced values was… local only? In other Florida counties, or other states? When I went to a HUD meeting in Orlando in May 2008 and explained that the FHA Secure program at 115% was not nearly high enough to help, the room of over 400 resounded the same. It was not just Florida, and the problem was mammoth.

Short Sellers Wanting to Buy Again Grows…

The number of calls from past short sellers picked up around April of 2011. Because I had closed a few mortgages for  previous short sellers since 2009, and promoted the ability to provide this financing, I was inundated with these calls.

On the very 1st loan I closed for a past short seller, the homeowner showed no late mortgage payments prior to the short sale closing. The short sale lender had been CitiMortgage and the borrower had a “STIP Plan” loan, where a short sale  had to be closed within 150 days. During this time, the homeowner had to pay 50% of their mortgage payment. I believe this is the reason why the homeowners’ credit was not negatively affected. His credit score did plummet, the mortgage was put in the “COLLECTION ACCOUNTS” part of the credit report, but no late payments showed up on his credit. This borrower did not receive the “FORECLOSURE” code when I ran his loan through Fannie Mae, and his findings were “Approve/Eligible”. However, it still took us four months to close his loan, and the discrimination of underwriters towards short sellers was loud and clear. Three submissions were done at different lenders, and finally the loan closed at Flagstar, who agreed to accept the Fannie Mae Approve/Eligible. This was only the beginning of problems to come.

Hubb STIP loan

www.8Problems.com

The problems surrounding underwater homeowners have grown in the last 3 years. 8Problems.com is a website with video that shows as simply as possible what the 8 most common problems are. Deep thanks to my son, Jake, who painstakingly went through these problems with me and made the videos that depict each of the problems.

 

HARP 2.0… helping underwater clients refinance across the U.S.!

HARP 2.0, a refinance available to those that have an underwater FNMA or FHLMC home loan, is available now! This mortgage will allow lower rates for on-time paying current mortgage holders, and I will show you how you can reduce your term and gain equity back in your home! Call me for details now!

USDA, Homepath, Renovation and Neighborhood Stabilization Program Financing

The USDA 100% financing mortgage is a favorite loan of mine, and is available in most of Pasco County! Click here to see if your desired address qualifies for USDA financing, and call me for details!

HomePath loans, FNMA owned REO properties are foreclosed homes that are typically already repaired prior to a homebuyer purchase. Many short sale and foreclosed properties on the market are in disrepair and lenders do not normally cover the cost of repairs. FNMA DOES cover this on a HomePath property, and we also are one of the few lenders that can originate the FNMA HomePath Renovation loan! Ask your realtor about HomePath properties in your area, or go to www.HomePath.com for homes in your area!

Though I work with SHIP programs in all counties throughout Florida, I have worked extensively with the Pasco County NSP (Neighborhood Stabilization Program) to offer down payment and closing cost assistance to qualified buyers of foreclosures and short sales.

Traditional Neighborhood Development

I also specialize in Traditional Neighborhood Developments, (commonly called TND’s) and developed www.TraditionalNeighborhoods.net (currently undergoing updates). I have a fondness for these unique front porch communities and lived in Pasco counties’ premeire TND, Longleaf, for 10 years.

I Understand Community Development Districts Benefits and Disadvantages

I can also help you with the questions about CDD’s, or Community Development Districts, which are common in Pasco, Hillsborough and Hernando counties.

 Personally…

In my personal life, I am the co-director of the Suncoast Arts Fest (www.SuncoastArtsFest.com) and president of Fine Arts of the Suncoast, Inc., a  501(c)3 not for profit corporation, whose mission is to support the “Arts for Kids”. I am also part of Suncoast Arts Advocacy, which promotes arts education for students in Pasco County, Fl.

Happily married for 28 years, with two sons.