If you are behind on your mortgage and you’ve tried to reach someone at the bank to discuss your situation, then I am sure you are familiar with the run-around you get when you try to discuss your situation. It almost seems like they don’t want to help—one department doesn’t seem to have a clue what the other does or what is required. You can talk to 5 different people on five days in one week and get five different responses –to the same questions.
It’s enough to make you want to hurt somebody.
Instead of resorting to violence, may we suggest you call the GUARANTOR who insures your loan for some back up? Since they stand to lose the most if there is a foreclosure they have a vested interest in trying to facilitate a workout –if you have reasonable chance of being able to make the payment.
Additionally, if you’re trying to get a short sale approved and the lender/servicer is being unreasonable about the amount which is needed or has set some unrealistic stipulations for a closing, you could get support from this—YOUR SILENT PARTNER—in getting a resolution.
HOM INtro #26: Mortgage Assumption: The Good, The Bad & The UglyMildredWilkins
Having someone to take over your mortgage payments if you can’t sell your home seems like such a wonderful plan. But is it? Really? We’ll cover for you some of the positive aspects and a serious drawback to this as an option. We’re not telling you not to do it, only get informed and make a wise decision to avoid serious heartburn in the future. This is one of those time when an attorney could be valuable to you in making a good housing choice.
HOM INtro #33: Why Are You Behind on Your Mortgage Payments? (At least, what ...MildredWilkins
Yes, I know it is because you don’t have the money… but that is not a reason that the bank wants to hear. The REASON why you don’t have the money is more important than the fact they you can’t pay—in the lenders’ eyes. They are looking for reasons which are acceptable to them: an acceptable hardship or circumstance which triggered your inability to send your scheduled payment. They do NOT want to hear that you had to bail your drunken brother out of jail. Again. Nor it is a good idea to tell them the trip to Vegas was one you had planned for the past 2years so you had to go. I had to buy Christmas presents because I have young kids is also NOT an acceptable hardship. We’ll cover for you what ARE acceptable reasons for being in default. You can be better prepared to defend your position and your need for help when you know what is and IS NOT acceptable. We’ve got you covered.
If you are involved with a short sale attempt, no matter whether you are the person trying to sell a home, the person trying to buy a short sale, or either one of the REALTORS® involved, you’ll be glad you took the time to view this short educational piece which clarifies HOW to know when you have a short sale deal. The short sale process is now commonplace but it has not been a regular part of real estate for very long. It is also totally different from a regular transaction so all parties need to learn the ‘rules of the game.’ “Deal or No Deal?”… You need to watch this…
HOM INtro #75: Your Mortgage Documents...Filled with SurprisesMildredWilkins
Surprises usually make up happy but the potential surprises hidden in your mortgage documents could lead to anything from a mild headache to a full blown heart arrest. Imagine your surprise when you discover that yes, you can sell the house you bought 1 ½ years ago but there will be a $5,000 penalty for doing so if you hold the mortgage for less than 3 years. Imagine your surprise that after you notified the bank that you were moving out since you could not afford to catch up the payments you come home and discover that the locks have been changed and you are locked out of your home.
Surprises—unpleasant surprises—frequently prescribed by your mortgage documents—in language you never understood—but agreed to at closing.
Take a look now—so you can anticipate and make plans to offset the negative impact of potential surprises.
HOM INtro #28: Demand Your Note: A Foreclosure Intervention StrategyMildredWilkins
Show me the NOTE
One of the more successful strategies to avert foreclosure has emerged and is being used around the country by both attorneys who are representing clients facing foreclosure and individual consumers who are defending themselves is demanding that the lender/servicer provide the NOTE which demonstrates the party suing for foreclosure has the legal authority to do so.
So simplistic and yet overwhelmingly successful in case after case when it is has been used. Across the country consumers and attorneys (and the courts where foreclosures are processed) are becoming aware that all too often the foreclosing party has NO legal standing—NO right to foreclose.
Securitization has created scenarios where mortgages have been sliced and diced and sold in pieces so frequently NOBODY has clear, RECORDED, unequivocal ownership of your specific mortgage.
Do the research on MERS and the lawsuits and decisions recently on their right to foreclose. Check carefully your paperwork to see if the person who is threatening foreclosure is, in fact, the note holder of record in the recorder office.
In any case, demand the note. A “QUALIFIED WRITTEN REQUEST” is your most effective way to present this demand. Do independent research or get a copy of Webinar Vol. 13 for details on how to proceed.
HOM INtro #26: Mortgage Assumption: The Good, The Bad & The UglyMildredWilkins
Having someone to take over your mortgage payments if you can’t sell your home seems like such a wonderful plan. But is it? Really? We’ll cover for you some of the positive aspects and a serious drawback to this as an option. We’re not telling you not to do it, only get informed and make a wise decision to avoid serious heartburn in the future. This is one of those time when an attorney could be valuable to you in making a good housing choice.
HOM INtro #33: Why Are You Behind on Your Mortgage Payments? (At least, what ...MildredWilkins
Yes, I know it is because you don’t have the money… but that is not a reason that the bank wants to hear. The REASON why you don’t have the money is more important than the fact they you can’t pay—in the lenders’ eyes. They are looking for reasons which are acceptable to them: an acceptable hardship or circumstance which triggered your inability to send your scheduled payment. They do NOT want to hear that you had to bail your drunken brother out of jail. Again. Nor it is a good idea to tell them the trip to Vegas was one you had planned for the past 2years so you had to go. I had to buy Christmas presents because I have young kids is also NOT an acceptable hardship. We’ll cover for you what ARE acceptable reasons for being in default. You can be better prepared to defend your position and your need for help when you know what is and IS NOT acceptable. We’ve got you covered.
If you are involved with a short sale attempt, no matter whether you are the person trying to sell a home, the person trying to buy a short sale, or either one of the REALTORS® involved, you’ll be glad you took the time to view this short educational piece which clarifies HOW to know when you have a short sale deal. The short sale process is now commonplace but it has not been a regular part of real estate for very long. It is also totally different from a regular transaction so all parties need to learn the ‘rules of the game.’ “Deal or No Deal?”… You need to watch this…
HOM INtro #75: Your Mortgage Documents...Filled with SurprisesMildredWilkins
Surprises usually make up happy but the potential surprises hidden in your mortgage documents could lead to anything from a mild headache to a full blown heart arrest. Imagine your surprise when you discover that yes, you can sell the house you bought 1 ½ years ago but there will be a $5,000 penalty for doing so if you hold the mortgage for less than 3 years. Imagine your surprise that after you notified the bank that you were moving out since you could not afford to catch up the payments you come home and discover that the locks have been changed and you are locked out of your home.
Surprises—unpleasant surprises—frequently prescribed by your mortgage documents—in language you never understood—but agreed to at closing.
Take a look now—so you can anticipate and make plans to offset the negative impact of potential surprises.
HOM INtro #28: Demand Your Note: A Foreclosure Intervention StrategyMildredWilkins
Show me the NOTE
One of the more successful strategies to avert foreclosure has emerged and is being used around the country by both attorneys who are representing clients facing foreclosure and individual consumers who are defending themselves is demanding that the lender/servicer provide the NOTE which demonstrates the party suing for foreclosure has the legal authority to do so.
So simplistic and yet overwhelmingly successful in case after case when it is has been used. Across the country consumers and attorneys (and the courts where foreclosures are processed) are becoming aware that all too often the foreclosing party has NO legal standing—NO right to foreclose.
Securitization has created scenarios where mortgages have been sliced and diced and sold in pieces so frequently NOBODY has clear, RECORDED, unequivocal ownership of your specific mortgage.
Do the research on MERS and the lawsuits and decisions recently on their right to foreclose. Check carefully your paperwork to see if the person who is threatening foreclosure is, in fact, the note holder of record in the recorder office.
In any case, demand the note. A “QUALIFIED WRITTEN REQUEST” is your most effective way to present this demand. Do independent research or get a copy of Webinar Vol. 13 for details on how to proceed.
Presentation on how distressed homeowners can use forensic audits to give them the necessary leverage against their banks to negotiate a successful loan modification or refinance. Forensic Audits are a long-term solution for homeowners who want to keep their home from foreclosure.
Great approach to tailoring financing to financial needs and goals of borrower. Mortgage terms from 10 to 30 years in annual increments. Ditech gives you the program to compete with the Quicken Yourgage
If you or your spouse served in any branch of the US Armed Forces, you may be eligible for a VA home loan. Check out these myths and misconceptions so you have a better idea of what to expect.
Can you lose your tax return in a chapter 7 bankruptcy? Yes you can it is considered money owed there for an asset. Here we will look more closely into the how and why.
With so many people forced to use credit to manage their household and business finances, one of the most commonly asked questions is ‘Does my debt die with me?’.
Or, families of those who experience financial difficulties are concerned that they will inherit any outstanding obligations when their loved one dies.
Credit sweep is a process that will delete all the negatives items off your credit report. Step by step guide will show you how easy this method is. Guaranteed! We all know the power of a 700+ credit score.
There is a lot of chatter about President Obama’s new homeowner mortgage reduction plan. And while it will be helpful to a small number of people, there are some fairly rigid criteria that make it difficult to access for the majority of homeowners who are in trouble.
Top 5 Problems of Self-Managing Homeowners and How to Deal With ThemChuck Hattemer
We recently conducted a survey where homeowners identified the pain points of self-managing their rental properties.
Here’s what we found. We’re also sharing some tips on how you can resolve each of them. https://one.rent/7b283
HOM INtro #37: REALTORS®: Dare to Re-Define YourselfMildredWilkins
Are you wondering how to continue in business with the major shift in the market in the past 24 months? Perhaps sales have slipped to the point where you are toying with the possibility of maybe leaving real estate? May we suggest that you consider the possibly of re-inventing yourself. There are numerous recommendations for specializations which are related to today’s expanding market in REO sales and short sales transactions. You can either adapt to the changing market or be left behind. Which would you like to do?
HOM INtro #32: Partial Mortgage Payments...Where Do They Go?MildredWilkins
If you have ever wondered what happens when you are only able to make a partial mortgage payment, then you need to watch this informative snippet which will clear up the mystery. You will probably be surprised to learn that partial payments are seldom credited to your account—so where do they go?
Tune in and find out...It will also help to explain why the amount you feel is delinquent is different from the amount they say you owe.
This INtro covers the basics of a loan modification. A modification could be a reasonable solution for a large number of folks who are behind on their mortgage but getting the lender/servicer to go along with the program can be a challenge. Learn what the guidelines are so that you are clear on whether or not you qualify.
Having clarity can give you a better chance of getting the outcome you want.
Pay close attention to the cautions mentioned in this informative session.
HOM INtro #5: What\'s a Hardship Package Anyway?MildredWilkins
Don’t you hate it when there is something you have to do and you have no idea how to get started? You would be willing to provide what is being asked for—if you better understood what that was? Providing a hardship package is a requirement for almost all lenders/servicers in order to get any kind of workout. Yet, seldom do consumers feel they have a clear understanding of what is needed, why it is needed or how to put together the information so critical to their housing mess. You’ll be prepared to get the job done once you have reviewed this INtro. Isn’t it worth 15 minutes of your time to get the details you need to do a better job of giving your lender what they need—to give you what you want? We thought you’d agree...
Presentation on how distressed homeowners can use forensic audits to give them the necessary leverage against their banks to negotiate a successful loan modification or refinance. Forensic Audits are a long-term solution for homeowners who want to keep their home from foreclosure.
Great approach to tailoring financing to financial needs and goals of borrower. Mortgage terms from 10 to 30 years in annual increments. Ditech gives you the program to compete with the Quicken Yourgage
If you or your spouse served in any branch of the US Armed Forces, you may be eligible for a VA home loan. Check out these myths and misconceptions so you have a better idea of what to expect.
Can you lose your tax return in a chapter 7 bankruptcy? Yes you can it is considered money owed there for an asset. Here we will look more closely into the how and why.
With so many people forced to use credit to manage their household and business finances, one of the most commonly asked questions is ‘Does my debt die with me?’.
Or, families of those who experience financial difficulties are concerned that they will inherit any outstanding obligations when their loved one dies.
Credit sweep is a process that will delete all the negatives items off your credit report. Step by step guide will show you how easy this method is. Guaranteed! We all know the power of a 700+ credit score.
There is a lot of chatter about President Obama’s new homeowner mortgage reduction plan. And while it will be helpful to a small number of people, there are some fairly rigid criteria that make it difficult to access for the majority of homeowners who are in trouble.
Top 5 Problems of Self-Managing Homeowners and How to Deal With ThemChuck Hattemer
We recently conducted a survey where homeowners identified the pain points of self-managing their rental properties.
Here’s what we found. We’re also sharing some tips on how you can resolve each of them. https://one.rent/7b283
HOM INtro #37: REALTORS®: Dare to Re-Define YourselfMildredWilkins
Are you wondering how to continue in business with the major shift in the market in the past 24 months? Perhaps sales have slipped to the point where you are toying with the possibility of maybe leaving real estate? May we suggest that you consider the possibly of re-inventing yourself. There are numerous recommendations for specializations which are related to today’s expanding market in REO sales and short sales transactions. You can either adapt to the changing market or be left behind. Which would you like to do?
HOM INtro #32: Partial Mortgage Payments...Where Do They Go?MildredWilkins
If you have ever wondered what happens when you are only able to make a partial mortgage payment, then you need to watch this informative snippet which will clear up the mystery. You will probably be surprised to learn that partial payments are seldom credited to your account—so where do they go?
Tune in and find out...It will also help to explain why the amount you feel is delinquent is different from the amount they say you owe.
This INtro covers the basics of a loan modification. A modification could be a reasonable solution for a large number of folks who are behind on their mortgage but getting the lender/servicer to go along with the program can be a challenge. Learn what the guidelines are so that you are clear on whether or not you qualify.
Having clarity can give you a better chance of getting the outcome you want.
Pay close attention to the cautions mentioned in this informative session.
HOM INtro #5: What\'s a Hardship Package Anyway?MildredWilkins
Don’t you hate it when there is something you have to do and you have no idea how to get started? You would be willing to provide what is being asked for—if you better understood what that was? Providing a hardship package is a requirement for almost all lenders/servicers in order to get any kind of workout. Yet, seldom do consumers feel they have a clear understanding of what is needed, why it is needed or how to put together the information so critical to their housing mess. You’ll be prepared to get the job done once you have reviewed this INtro. Isn’t it worth 15 minutes of your time to get the details you need to do a better job of giving your lender what they need—to give you what you want? We thought you’d agree...
Vol. 04: PALM—Practical Applications of Loss MitigationMildredWilkins
It’s hard to make a choice about what to do if you don’t clearly know what your choices are. We want help by providing you with some basic information on the possibilities.
This one hour webinar is designed to give you clarity on the options you might consider if you are in default. Options for retention will be discussed as well the options if you are no longer able to afford your home and need to transition into other housing.
This webinar gives an overview of the most common options. For more details once you think you know which route you wish o take, we suggest you view one of the Intros about that specific option.
• The $8,000 tax credit is available for first-time home buyers only.
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years. If you\'ve owned an investment property that was not your principle residence, you may still be eligible.
• All U.S. citizens who file taxes are eligible to participate in the program.
The Real Estate Investment News is the Monthly Publication of Mid-America Association of Real Estate Investors. This month at MAREI: Tax Planning, Asset Protection, Retirement Fund Growth and Record Keeping with Quickbooks.
The Investment News is the Newsletter of Mid-America Association of Real Estate Investors based in Kansas City Metro. Devoted to Real Estate Professionals
The Real Estate Investment News is the newsletter for Mid-America Association of Real Estate Investors. Based in Kansas City and serving Real Estate Investors Nationwide. www.MAREInet.com / MAREI.org 913-815-0111
The RE Investment News is the monthly newsletter for Mid-America Association of Real Estate Investors. Serving the Real Estate Investor Community in Kansas City Since 2005.
Do you have prospects that are considering buying their first home? What are you doing to keep in touch with them and show them your value as a professional. In this Breakthrough Broker Exclusive series we provide you with a 12 email series which you can customize for you own brand and needs targeted for First Time Homebuyers.
Successful Landlords Arent Wimps By Aleksandra Todorova .docxpicklesvalery
Successful Landlords Aren't Wimps
By Aleksandra Todorova
August 15, 2005
THINKING OF BECOMING A LANDLORD? Join the club. As the real estate market cools, an increasing number of
homeowners are deciding to hold on to their old properties and rent them out until the market recovers.
The appeal is clear. What could be easier than collecting rent and using it to pay off your mortgage, all the while
enjoying some serious tax benefits1 and property appreciation?
But while renting out a property has its perks, there are also many legal and logistical hurdles. "You can put your
stock certificate in your drawer and there's pretty much nothing you can do to make it grow or increase the rate at
which it grows," says Janet Portman, an attorney and co-author of the book "Every Landlord's Legal Guide." "But if
you buy real estate, whether it's going to end up being a good decision is substantially up to you. There's a lot of
work involved in being a landlord, and if you don't do it right, you can end up losing money."
Here's a quick run-down of what every landlord needs to know.
1. Run Your Property Like a Business
You may already have a nine-to-five job. But if you're planning on becoming a landlord, expect your hours to jump to
24-7. Here are the steps that all new landlords should take.
Know the Rules
Getting your business off the ground will involve some paperwork. Some states require that you get a business
license for your property in order to rent it out, says Melissa Prandi, author of "The Unofficial Guide to Managing
Rental Property" and owner of Prandi Property Management. She recommends that first-time landlords consult with
a real estate attorney and a certified public accountant (CPA) before getting started. A CPA can help you figure out
how much rent you should charge in order to make your business profitable, while an attorney can be priceless as
you learn the intricacies of the fair housing laws. (More on these later.)
Second, says Prandi, take care of the "technicalities" of running your business: Open a bank account for the
property and run all bills and rental income through that account. This will simplify your paperwork come tax time.
Small extras like business cards will let your tenants know that you're an accessible and reliable landlord.
Find Reliable Tenants
Finding tenants should be the most time-consuming part of your business. "Where landlords get into trouble,
especially new ones, is that they rent to friends, relatives or people who they feel would be good tenants," says Bill
Moore, founder of Landlord.com3, a professional organization for landlords and real estate managers.
Instead, think of finding a tenant as hiring them into the family business: Check their references (speak with their
previous landlords), pull their credit report and consider running a background check. The National Tenant Network4
and Registry SafeRent5 sell credit reports from the three major credit b ...
1. “ Your Real Estate Advisor” INtro #14 Who You Gonna Call When the Bank Won’t Cooperate? Brought to you by: Home Ownership Matters Training Institute