Hi All,

It’s my pleasure to inform you that one of the MortgageFit members, Ken Lambert just received US Patent status for his mortgage product – Alternative Mortgage Fund (AMF) which would hit the market in the next 6 months.

The AMF was created and developed by Ken Lambert Mortgage Enterprises LLC.  This mortgage product would not only benefit the consumers but also the lenders by helping them expand their market, share revenue and profits.

Alternative Mortgage Fund is considered as a challenge to the 30 year conventional loans. It is a mortgage product which would help borrowers to pay off their loans faster than the conventional mortgage. Also, it would not result into any kind of additional costs for the borrowers and would help increase equity in their homes. According to the U.S. consumer direct surveys, around 19% of the current mortgage customers are willing to switch over to AMF if it is available in the market.

When compared to bi-weekly mortgage plans, AMF would help borrowers to save around  $15,000 under normal market situations. This product is also being considered as less volatile than the other adjustable mortgages available in the market.

Ken Lambert Mortgage Enterprises LLC is presently looking for potential lending partners (banks or mortgage companies) for the licensing and sales of AMF. However, the said LLC would be the exclusive user and seller of the AMF.

President Barack Obama had announced Home Affordable Refinance and Loan Modification program in order to help homeowners avoid foreclosure. These programs compensated lenders who lowered the loan payments of borrowers and most of the big lenders agreed to participate.

However, the initiative taken by the government did not work as expected. Most of the borrowers complained that they cannot reach a lender who would help them with this plan. Moreover, with a large number of people losing their jobs, most of them have become ineligible for this program. Some people who were fortunate enough to get a modification later found out those modifications were offered on a 3-month trial basis. This has left some of the homeowners with mortgage dues which they can’t afford now.

So why isn’t the federal initiative working?
Most homeowners blame lenders for the failure of Obama loan modification. There are borrowers who’ve complained that lenders have not responded to their loan modification request. The lenders who agreed to participate in this program did not develop their own plans for loan modification. Most of the lenders are taking more than a month to respond to the borrowers regarding this plan. A recent study has revealed that most of the lenders do not want to modify the loan as they would lose money in such a deal.

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After years of overbuilding, over-investing, quick-flipping, and credit over-extension, we are now facing the real estate crisis - a crisis which has been created due to our own faults. As a result, the real estate market has been re-priced. Now, it’s high time that we go back to the fundamentals of mortgage and follow them to save ourselves from further crisis.

Here are 5 tips which you may consider before you take a mortgage for your dream home:

Down-payment: If you are planning to buy a property, it would be a smart move if you start saving from today. A large down-payment of around 20% will help you in getting better interest rates and lower payments. You will also be able to build some quick equity in your property and thus can refinance the loan at a lower rate in the future.

Long term loans: This is not a good time for buying a property for quick flipping. No one knows when the real estate market would be revived. Venture into the real estate market only if you want to stay in that property for a longer period of time.

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Hi all,

For the first time in MortgageFit, we have a member making more than 4000 posts!!

It’s my pleasure to announce that George M Akerley, one of our moderators have reached this mark.

George has been an active participant of the community since 2007. It’s been a long participation with the community and lots of members and visitors have received his help and support while dealing with mortgage issues.

Though George is a moderator of the Mortgage Know-How Forum, he actively participates in all other forums and even makes sure that no one violates the rules in our community forums.

We believe such a level of participation will inspire other members and visitors to come forward and help others take wise financial decisions or get over financial/mortgage crisis.

Here’s a feedback on George from one of our community members:

Im Glenn Jackson i recently had a very pleasant & rewarding conversation with Mr. George Ackerly George was not only very understanding & informative but gracious i was pleased with the results of our conversation consultation & when we were finished Mr. Ackerly said something in a beautiful tone of voice that made me feel wonderful he said (God Bless you) i love an try & walk within Jesus all day & when & how he finished with those words it felt like two Christians having an understanding.

Congratulations George!!! And let’s hope you’ll enjoy your stay in our forums.