Why you should fear HOA type ownership when you are deciding on purchasing a community type property. This article was very good so all interested new buyers sure read this before purchasing in this type of community.
Do You Know How Hotel/Motel Financing Work January 19, 2011
Did you know how hotel/motel financing works? If not let me enlighten you to a few things you need to know when seeking financing. First – is the property a flagged or non-flagged, if flagged that is good due to the property has a recognizable name and that means that you may be able to get better rates and terms and larger appraisal value than similar non-flagged properties. Second – who is in charge, if you have no hotel property management skills you need to make sure that the property income would be sufficient to cover you hiring a full-time hotel experience management team to run the property. Third – Done waste your money ordering an appraisal because the lender will handle that process. The appraiser will analyze the documents received from the current owner and compare the information with comparable properties to determine value. The value that the seller,buyer,investor comes up with are of no interest to the lender they are going to lend on a percentage of the value derived by the appraiser only.
Foreclosure is Not Your Only Option October 23, 2010
I have 6 tips that you should consider before foreclosure:
1)Do Nothing – If you do nothing your property will be foreclosed. Your credit will be ruined, and you will not be able to purchase another home for at least 3 years.
2)Reinstate the loan – The lender is willing to cease foreclosure proceedings if you bring all back payments current, plus any interest and penalty charges.(call for added tips on how to raise funds)
3)Renegotiate with the lender – Explain to the right person at the lender that you went through a rough patch, but have now gotten financial ability back. If your property has equity the lender may be able to add your pass due payments on the back of your loan and you start making regular payment again.
4)Refinance – The government has come off with some home affordable programs that you may be able to qualify for.
5)Appeal an error – Lender can make errors. If the lender claims an amount is owned that is not correct, the foreclosure process may be delayed. Ask your lender for a detailed account of the amount they believe you owe.
6)Sell Your Property – If you are going to lose your house to foreclosure, it may be in your best interest to sell it while you still have the chance. You can do this by hiring an experience Short Sale Realtor or you can attempt it by yourself before the foreclosure sale.
Will America stay Free or will we join the Socialist world October 17, 2010
I believe that the President is moving America closer to Socialism. When you see that the administration is not listening to the America people. If you were one to the voters that did not want the government to pass the health bill without reading it. This administration believes that they know what is best for the america people. The founding fathers did not want the government to control our life that is why our Constitution of The United States states; WE THE PEOPLE of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
REMEMBER; any vote for a democrat is a vote for the Presidents agenda. When you go to the posts vote for FREEDOM OR SOCIALISM.
Where Are Lenders/Investors For The Self-Employed May 26, 2010
In the 1990’s Fannie Mae, and Freddie Mac came out with Stated Income program to help the small business owns in qualifying to purchase a home for their family. As a small business own they had the right to write off expenses that they had to pay throughout the year, so they did not pay any taxes on that money. However, because of writing off those expenses the net income is reduced and in some cases the income may not be enough to qualify for a home loan. When Fannie and Freddie came out with the Stated Income and Verified Assets program we were able to qualify alot more self-employed borrowers.
In 2003 the market slowed down and Fannie and Freddie decided to open this program up for everyone with less qualifying documentation to help the housing market to more again. The programs that were created like Stated Income and No Verified Assets, No Ratios, No Documentation type programs is what really hurt the real estate market when the balloon burst and full payment became due on these types of loans. We had alot of people who were told that they would be able to refinance this loan to a new loan with little problems, of course this statement was not true, because a new loan would require them to verify income that they never earned.
Now that we are in a down market and these programs are no more Fannie and Freddie have reduced the number of self-employed borrowers from qualifying for a loan because of having to show income from tax returns. We need to have so lenders/Investor that believe in the small business own and go back to allowing loan programs like to Stated Income and Verified Assets for self-employed borrowers only so they can purchase again for their families.
Why do Listing Agents accept offers over the property value April 6, 2010
I do not understand why listing agent accept offers over the properties estimated value when they know that the property would not appraise. The underwriting guideline for determining loan to value or LTV is the lesser of the sale price or the appraised value. In today’s climate the Banks are not allowing the buyer to pay more than what they determine value to be. I believe that the reason for that again is based on today’s climate that the consumer is the victim and the banks are the villain, with that being said the banks do not want to be accused of allowing a consumer to purchase a property for more than its determined value. I believe that the banks are hoping that a cash buyer would purchase the property so there would be no financing. This is why some of these short sale and bank owned properties are on the market for a long time.
Economic Crisis March 11, 2010
We as Americans have allowed our government to deindustrialize the US. If America does not become industrialized again we will not recover from this economic crisis. The government has never been a job provider. Our forefathers believed that a free people would create a better government and a productive country. I believe at one time America was self – sufficient and did not need to import products from other countries. I believe that our government decided to share our wealth with other countries by stopping Americans from producing certain products and allowing other countries to make the same products and import them to us. As you can see today the US produces very little and imports a lot. We need to get back to producing and creating in the US again. There are governments that have educated their people to dislike Americans, and their countries produce products that we need to purchase from them, because we are not allowed to make the same products here for ourselves any longer.
As Americans we need to stop counting on the Elite of America to take care of the rest of us. (that is the European and Asian philosophies). In America we are free to determine our life’s goals, if we have the Desire, Belief, and Perseverance we can be as wealthy or financially content us we want to be. We should start by electing new legislators who believe in American exceptionalism in 2010.
Banks Recognizing Theyre Better off Approving Short Sales February 11, 2010
Posted on February 5, 2010 in mortgage news, short sales with no comments
A December 4 Bloomberg article on bank Short Sale approvals is another mainstream report documenting that Short Sales are becoming commonplace as a solution to the flood of bad loans on Lenders’ books.
In the past few weeks Wells Fargo, Freddie Mac, and other major players have started defining the terms that are acceptable for Short Sale flips, all practices that fall within the range of the methods I teach. So, expect to see even more Short Sale activity in the coming months using the flip as the method of choice.
The Bloomberg article points out Lenders have not had structures in place to incentivize staff for making decisions about taking losses on property leading to major foot dragging among certain Lenders when it comes to accepting Short Sales. Lenders have also been reluctant to accept losses while second mortgage holders and other lien holders have been stubbornly holding out for their payments. Now secondary lien holders are beginning to accept reality and settle for pennies on the dollar so that the Short Sales can be approved with greater overall reductions for Investors and their end Buyers.
Lenders also have been working on software to track Short Sales more effectively and they are adding staff, both components necessary to deal with the flood of foreclosures in the current and expected pipeline over the next few years.
JP Morgan has doubled the number of officers trained to handle Short Sales, adding 5,000 people just since January 1, 2009. As of October 2009 Bank of America had established a “cooperative short sales” program, and has also added staff to handle the flood of applications both for loan modification and Short Sale. Over all, according to Laurie S. Goodman of Amherst Securities Group, Short Sales save between 10 and 15% for Lenders compared to foreclosure. Both are significant losses for Lenders, but the Short Sale is less of one.
New Treasury guidelines set to go into effect April 5 will require Lenders to consider homeowners for Short Sale within 30 days after missing two monthly payments. While there are things about the new government program we do not like, getting Lenders to make decisions quickly about the appropriateness of a Short Sale is a good thing and may increase the numbers of Homeowners who are helped.
Mortgage license for loan originators January 31, 2010
Just venting; As of this year due to greed and wanting like the Jones’s ( buying more than you know you could afford) we the mortgage loan officers are require to have a Mortgage origination license, Not a real estate license. I guess this is how to solve the problem of people purchasing a property that they know was not in their income limits. Yes, I know there are some very bad loan officers as I am sure you have seen in the newspaper’s that was committing fraudulent acts toward homeowners, however that is not the majority of professional loan officers that practice this business as a career not a job. Due to the government not speaking to the professional that are in the field every day as to what happen to cause this housing problem, the people in Washington talk to each other and that is the reason we as the American citizen can not get them to do anything. I am out of time now so look for my next article on how we as American citizens are to take back our country and how to be debt free from Washington.
Tired of REO’s and Short Sale Offers not being accepted December 19, 2009
I have investors that are purchasing bulk properties direct from some banks that are happy to sale a large number of REO properties at one time. When they purchase these properties from the bank they need to find qualified buyers with at least 20% down payment to purchase the properties. If you are tired of waiting for your offers to be accepted or you are a Realtor with clients that have the 20% down payment you need to e-mail me today @ jcploans@gmail.com .
Jazz5719's Blog 