Category Archives: Borrowers

MN Lender, Britni Price of Envoy Mortgage, releases her new Facebook page: Pride Mortgage Center- Gay Community Mortgages of Minnesota

https://www.facebook.com/pridemortgagecenter

With the exciting launch of the new Pride Mortgage Center Facebook page, Britni Price of Envoy Mortgage, is providing an easy answer for mortgage solutions for everyone. As an equal-opportunity local lender, the Pride Mortgage Center Facebook page looks to be an added resource for the Gay Communities of Minnesota, in addition to anyone looking for mortgage solutions.

“As a gay-supporting and gay-oriented local loan officer I am proud to reach out to the gay communities and their mortgage needs,” Britni said. She continued, “Everyone deserves an equal opportunity at achieving their goals and dreams.” Britni Price enjoys working hard to help anyone with their goals of homeownership.

Supported by the helpful and experienced team at Envoy Mortgage in Blaine, Minnesota, one of Minnesota’s leading home loan providers, the Pride Mortgage Center has easier processes than most big banks and most often faster closings. “I am excited to reach out to gay couples and families during such an exciting time of their lives as obtaining homeownership,” Britni said. The Facebook page provides Britni’s direct contact information and also links to the online application so she can start helping with anyone’s mortgage needs.

Experienced with new home purchase, refinance, conventional loans, VA loans, HARP, USDA, FHA and other programs, Britni Price works hard and personally to help each of her clients.

Contact Britni today for more information at 651.503.1213, visit her Facebook page at www.Facebook.com/PrideMortgageCenter or her direct Envoy site at www.PrideMortgageCenter.com

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Bower Welcomes the ReLaunch of SHIP

Bower Retirement Services, winners of the 2011 Equity Release Awards, welcome the relaunch of Safe Home Income Plans (‘SHIP’) as The Equity Release Council (The Council). Bower welcome also the decision of the trade body to broaden its membership to include financial advisers, solicitors, surveyors and other interested parties.

SHIP was established in 1991 by the major product providers as the body to safeguard the interests of consumers entering into equity release plans. Over the past 20 years, SHIP has been very successful in improving the reputation of equity release and in promoting consumer awareness of the products available. The main focus of the Equity Release Council will be to protect consumers and increase education, awareness and understanding of how equity release works, the options available and the consumer safeguards that are in place.

Geoff Charles, Managing Director of Bower commented:

“We welcome the new organisation and look forward to joiningand supporting the Equity Release Council. The changes are excellent news for elderly homeowners who are seeking to release capital from their homes in order to raise a lump sum and/or to supplement their retirement income. The extension of the membership and SHIP standards to all participants in the sector will strengthen consumer confidence and reinforce the message that equity release plans are now mainstream retirement products.”

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Heather Gennette Earns Real Estate, Short Sale Designation to Help Homeowners in Danger of Foreclosure

Heather Gennette of Vernazza Realty has earned the prestigious Certified Distressed Property Expert® (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales. At a time when millions of homeowners are struggling with the possibility of foreclosure, the skills and education amassed by Gennette will help benefit South Orange County area residents and communities.

Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.

“The CDPE designation has been invaluable as I work with homeowners and lenders on complicated short sales,” said Gennette. “It is so rewarding to be able to help families save their homes from foreclosure.”

Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that agents such as Heather Gennette, with the CDPE Designation have valuable perspective on the market, and training in short sales that can offer homeowners real alternatives to foreclosure, which can be devastating to credit ratings.

“These experts better understand market conditions than the average agent, and can help sellers through the complications of foreclosure avoidance,” he said.

The Distressed Property Institute provides live and online courses to train real estate professionals how to help homeowners in distress, with a strong focus on handling short sales.

“Our goal is to help as many homeowners as possible, by educating as many real estate professionals as possible,” Charfen said. Heather Gennette has demonstrated a commitment to struggling homeowners, a commitment that can provide much-needed stabilization to the community.”

For more information about CDPE Designation, visit www.cdpe.com. For more information about Heather Gennette visit www.heathershomesoc.com.

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Mortgage Network of Ohio Plan to Assist Ohioans Everywhere Find That Perfect Mortage

Unlike banks, the Mortgage Network of Ohio believes that when it comes to finding the perfect mortgage, there is always more than one option. They’d now like to pass this message onto Ohioans everywhere.

The company, one of the State’s leading Mortgage Lenders and mortgage Cincinnati, are currently doing business across the area. So much so that they’ve recently worked hard to improve on what they specialize in, in order to offer an even better service to buyers.

“At The Mortgage Network of Ohio, we believe that our clients should have more than one option on a Mortgage. We will take their application, work every possible scenario, then offer them options of loan programs available to meet their needs. Our objective is to maximize the profitability of the homeowner’s experience by eliminating the hassle of shopping.” – says Jeff Steinacker, president of the Mortgage Network of Ohio.

The company has a long history of helping thousands of families in the Ohio, Kentucky and Indiana region find their perfect home financing option – and have a strict process they adhere to with each application. This expansive service and investment in time ensures that each client finds a financing option that suits their needs, timeline and budget.

“Essentially, our ultimate goal is to help everyone get the keys to their dream home as quickly as possible. We can also assist them with refinancing, debt consolidation, home improvement, home loan Cincinnati, FHA and reverse mortgages” they say.

To find out more about the services that the Mortgage Network of Ohio offer, to speak with one of their experiences and skilled staff and to get yourself on the road to that set of shiny new house keys, please visit them online at:themortgagenet.net/

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Think Money has welcomed news that repossessions fell sharply in 2010

Financial solutions company Think Money has welcomed news that repossessions fell sharply in 2010, compared with a year earlier, commenting that it suggests the financial circumstances of homeowners may have improved despite difficult economic conditions.

But the company warned that there are still difficult times ahead for many homeowners, especially when interest rates rise.

The Council of Mortgage Lenders (CML) said there was a 24% drop in the number of repossessions in 2010, compared with 2009, down to 36,300. Meanwhile, the number of households with mortgage arrears amounting to more than 2.5% of the outstanding balance fell by 13%, down to 169,600.

An expert at Think Money commented:

“Any drop in repossessions and arrears is a good sign. Although the economy is still in a difficult position, it’s likely that a lot of homeowners have taken steps to improve their finances, whether that’s through keeping to a tight budget or entering into a debt solution such as a debt management plan before repossession becomes a possibility.

“Leniency from lenders may have also helped, but equally the troubles of the last couple of years will have prompted many homeowners to be more cautious with their money.

“However, it must be noted that there are a lot of people who are only coping with their mortgage repayments because of low interest rates. When interest rates rise – which could happen this year – we may well see many more homeowners in trouble.

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Luxury Home Sales Outperform Other Price Ranges This Summer

Gloomy news that July sales of existing homes dropped 25.5% year-over-year has overshadowed new statistics showing summer sales of million dollar plus homes significantly outperformed other price ranges.

“Luxury home buyers have been buying this summer,” said Patty Da Silva, Broker – Owner REALTOR® of Green Realty and member of The Institute for Luxury Home Marketing . “After waiting in the wings, many affluent buyers spent the summer shopping for value and snapping up trophy properties.”

Statistics would indicate that he’s right. According to The National Association of Realtors (NAR), for 2009 million-dollar and above home sales were just 1.2% of total sales or about 61,500 sales nationally. In July 2010, million dollar plus market share was up to 1.9%. While sales of homes in the $500,000 and above range rose dramatically in June, the million-dollar-plus market segment was the only price range in July showing positive growth compared to last year. “The mix of what is selling has shifted in favor of homes priced at $750,000 and above,” said Christopher Green, CDPE, REALTOR® and Manager of Green Realty.

NAR’s report that July’s median sales price increased 0.7% year-over-year may be more a function of increasing sales of expensive properties relative to other price ranges than an indicator of across-the-board home price appreciation.

According to the Institute for Luxury Home Market (ILHM) National Luxury Market Report — which does a weekly analysis of luxury homes for sale in more than 30 major markets — after a dramatic rise in upper-tier inventory, which started in January of this year, the numbers of luxury homes for sale has declined about 5% since the beginning of July. Along with a decrease in inventory, there has been a decline in asking prices. Forty three percent of luxury homes currently on the market have had at least one reduction in asking price over the last 90 days. An additional 19% have been pulled off the market and subsequently relisted.

“While I wouldn’t say the luxury market is in recovery,” said Da Silva, “the growing market share of luxury sales relative to total sales, a slight downward trend in inventory, and sellers who are more realistic about price are factors shifting the affluent into a buying mode.”

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Green Realty Has Announced Their Goal To Have ALL Of Their Agents Earn The CDPE Designation

Millions of U.S. homeowners are in need of real solutions. With our industry vision and agent education, Green Realty looks forward to our continued work to help alleviate the current South Florida foreclosure crisis. Green Realty has announced their goal to have ALL of their agents earn the Certified Distressed Property Expert® (CDPE) designation. In March 2009, Green Realty Broker and Owner Patty DaSilva ambitiously promised that all Green Realty agents would be in line to earn the CDPE designation in an effort to help stem the rising tide of foreclosures by the end of the year. Fifty percent of Green Realty agents have met that goal, and now Green Realty is promising to sponsor all of their agents who register to become CDPE’s! Patty DaSilva states, “Green Realty is aiming to sponsor 100% of all Green Realty agents in the next year.”

“After earning the designation myself, I quickly realized that CDPE training equips our agents with the skills they need to help homeowners facing foreclosure; in fact, agent surveys prove that’s the case,” DaSilva said. “CDPE training is invaluable in this marketplace and has provided the skills and resources that have made many agents successful during a difficult time.”

“This promise is recognition of the dedication Green Realty has shown to the Davie, Cooper City, Southwest Ranches and Plantation real estate industry, and also to their agents’ knowledge base,” Christopher Green, Manager and Marketing Director of Green Realty, said. Chris continues, “Millions of U.S. homeowners are in need of real solutions. With our industry vision and agent education, Green Realty looks forward to our continued work to help alleviate the current South Florida foreclosure crisis.”

The CDPE designation trains agents in foreclosure-avoidance alternatives, including short sales. A short sale is a real estate transaction in which a home is sold for less than the amount owed on the mortgage. According to the Mortgage Bankers Association’s National Delinquency Survey, 15% of all U.S. mortgages in the fourth quarter of 2009 were either delinquent or in the foreclosure process ; this translates to approximately 1 in 6 homeowners nationwide facing financial hardships.

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Christopher Green, Certified Distressed Property Expert And Realtor, Earns Prestigious Designation To Help Homeowners In Danger Of Foreclosure

Christopher Green of Green Realty Properties, Inc., has earned the prestigious Certified Distressed Property Expert (CDPE©) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Chris Green tells his clients in Davie, Cooper City, Southwest Ranches and Plantation that a Short sale will allow the cash-strapped seller to repay the mortgage at the price that the home sells for (current market value), even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. Lenders are receptive in considering short sales because they are much less costly than foreclosures.

In Davie, Cooper City, Southwest Ranches and Plantation alone there are hundreds of homes in danger of foreclosing. It is happening in all price ranges including the luxury home market. Local experts say that high-priced luxury homes are now going to be the biggest wave of foreclosures but the home owners should contact a luxury short sale expert to explore their options. The Broker of Green Realty in Davie, Florida, Patty Dasilva is the leading luxury short sale expert in South Florida.

“This CDPE© designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Chris Green, CDPE©. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Patty Dasilva, Broker-Owner of Green Realty in Davie, Fla., said that Realtors® such as Chris Green with the Certified Distressed Property Expert (CDPE©) designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These CDPE© experts like Chris Green also may better understand market conditions and can help sellers through the emotional experience, he said.

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Today Is The Best Time To Buy A Home – Rates Are At Their Lowest Ever And Qualifying For A Mortgage Is About To Get Real Tough

Essex Mortgage Bank is Happy to announce that the average interest rate for a 30-year fixed-rate mortgage averaged 4.69 percent, with an origination fee of 0.7 percent, in the week ending June 24, according to the latest Freddie Mac Primary Mortgage Market Survey. That’s the lowest ever recorded since Freddie Mac started keeping track in 1963. If you are looking for a home the supply is endless and the prices are at a all time low.It is definitely a buyers market and a wise man would be either buying or refinancing their home mortgage right now!!

Secondly the freewheeling days of no-money-down, liar loans are dead. Instead you’ll find more paperwork is needed to prove you truly can afford to make the payments.

If the final bill passes both houses of Congress — still not a certainty, since Republicans are likely to try to block it — homebuyers seeking a mortgage will face new minimum underwriting standards for home mortgages. The details of those standards are not yet available, but you can be sure that no-money-down loans will no longer be available, even in the private mortgage marketplace.

These no-money-down loans that were approved using stated income — in other words, borrowers did not have to prove income — will be history and against the law. Instead, lenders will have to verify borrower income to make a loan. Self-employed people will definitely find it much harder to buy a house, especially if they don’t have two years of income tax filings to prove their income.

Also gone from the marketplace will be those commissions for brokers that reward them for steering borrowers into more expensive loan packages with higher interest rates. That’s good news, since many borrowers were steered into more expensive subprime loans — even though they could afford a prime loan — because brokers often made higher commissions off the subprime option.Call us today we have many loan programs available to fit your needs and are friendly crew is more then happy to get you pre-approved for your next home purchase.Jeffrey Martino Young Branch Manager for Essex Mortgage Bank in Santa Rosa,Ca.95404 toll free 1-877-870-2676.

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Traditional Selling Methods No Longer Work for Austin Real Estate

Homes in Austin, TX are still selling but traditional methods no longer suffice.  Realtors and sellers alike now need to spend a lot more time preparing and marketing the home to attract the largest buyer pool possible.

Traditional Selling Methods No Longer Work for Austin Real Estate

Austin Real Estate Group AustinRealtyConsultants.com of JB Goodwin Realtors prove new systematic approach to selling homes in Austin.

Gayle and Jack had a home in Sun City (North of Austin) that was listed with a “Sun City Expert” for 1 year prior to meeting Farrah and Robert Guice.  Needless to say, their home did not sell and when their listing expired with the other realtor they immediately hired Farrah and Robert from AustinRealtyConsultants.com to market their property.

The Guices advised for pricing to be slightly tweaked based on historic and projected market trends, made a few low cost high-impact changes to their home in conjunction with targeted marketing and received an offer 2 weeks after listing the home.

Everyone was a pleasure to work with and all sides were extremely happy with the outcome.

Here is what Gayle and Jack had to say about their experience selling their home with Farrah and Robert:

Farrah and Robert,

Miracles of miracles!  EVERYONE – sellers, buyers, buyer’s realtor, title company – all enjoyed working with you both and had nothing but good things to say.

As much as we miss Stefan and Martha, we are thrilled they found you and shared [you] with us [before they moved away].  We too, will be recommending you.

Gayle & Jack
Austin, TX – Avery Ranch

Farrah and Robert can’t promise to sell your home in 2 weeks but can promise to utilize proven strategies/systems to price, prepare and market your home.  Remember, promises don’t sell homes, processes do.  The process used by AustinRealtyConsultants.com consistently allows their clients to sell their home for the maximum value in the quickest amount of time.

If you are thinking about selling your home in Austin, start by requesting a free, no obligation Austin House Value report or take a look at current inventory of Austin TX homes for Sale.

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‘Shut Down Fannie Mae and Freddie Mac,’ says James Boswell, Award-Winning Public Risk Manager and Author of Crush Depth Alert

In the early 1990’s James Boswell managed risk for Ginnie Mae’s $500 billion portfolio of mortgage-backed securities during the Savings & Loan crisis. A hands-on manager, Boswell used his unique analytical skills to help rescue the U.S. mortgage banking system and to save taxpayers billions of dollars during those years, for which he received a Vice-Presidential Hammer Award.

Today, housing is once again the linchpin to a financial crisis. In his new book, Crush Depth Alert: Solutions for Supplying Power to American’s Distressed Financial Systems, Boswell brings to the current mortgage debt crisis his insider’s view on the risks and operations of mortgage-backed securities. Using statistical data and qualitative analysis, he shows why Fannie Mae and Freddie Mac cannot be allowed to continue in their current forms. They dominate the housing market touching 90% of all new loans by some estimates; they set home mortgage interest rates while having the option to cherry-pick what they will sell from their portfolios; they have manipulated consumer dynamics to create family and national debt while paying dividends to shareholders.

Taking aim at these Government Sponsored Enterprises—not as an academic or political pundit, but as a risk manager—Boswell recommends an immediate shut down, but he goes further. “Fannie Mae and Freddie Mac should be replaced with a simple program that rewards responsible homeowners, who have excellent credit and significant equity, with a fixed 30-year mortgage at a 4% interest rate on any home up to $500,000. People who are paying down their mortgages are the real heroes in this economy and should be treated as such.” Boswell also adds, “This new program should be under the Federal Reserve where other interest rates are handled. Such a move would do much to stimulate our economy and reward the deserving. I’m working on these figures now.

Continuing as we have maintains the same weaknesses and encourages another housing crisis down the line.”

A Fannie Mae/Freddie Mac shut down is just one of the solutions covered in Crush Depth Alert, the only book written about this financial crisis by a manager who has successfully navigated a previous one.

Look to Crush Depth Alert—
* to understand the incentives and poor oversight that led to this crisis,
* to understand the role of panic in accelerating a crisis rather than solving it,
* for actions to strengthen institutions that are working well, such as the FDIC, and to eliminate those that are not, such as Freddie and Fannie,
* for monitoring the health indicators in financial systems through an effective perfor- mance ranking and rating system (detailed in Chapter 8). Prevention is the best solution!

James Boswell, B.A., M.P.A., M.B.A., worked in the late 1980’s to the late 1990’s as a Risk Manager at the public accounting firm, Coopers & Lybrand (now PricewaterhouseCoopers). He guided Ginnie Mae and its $500 billion government-guaranteed portfolio through a Savings & Loan crisis in which more than 700 financial institutions collapsed. He received a Vice-Presidential Hammer Award for his efforts and significant industry recognition, including publications with Mortgage Banking Monthly and The Handbook of Mortgage Banking. He is a product of Admiral Rickover’s highly regarded Nuclear Submarine program and holds graduate degrees from Indiana University School of Public and Environmental Affairs and the University of Pennsylvania Wharton School. He resides in Culver. Indiana, working as Executive Director of his company, Quanta Analytics, which provides consulting services and a list of 374 U.S. Banks in trouble for 2010.

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JB Goodwin Realtor Rocky Breon Says Drop In Mortgage Rates Is Good For Real Estate

Home mortgage rates dipped to their lowest point all year the second week of May 2010. Greater Austin area JB Goodwin Realtor Rocky Breon says this lower rate should make homes more affordable just in time for the busy Summer selling season.

JB Goodwin Realtor Rocky Breon Says Drop In Mortgage Rates Is Good For Real Estate

“People who are planning to buy a home in the Cedar Park and Leander area this Summer should take advantage of these lower mortgage interest rates,” Breon says.

The most commonly used loan, the 30-year fixed-rate mortgages, averaged 4.93 percent for the week of May 13, down from the week before of 5 percent, according to a survey released by Freddie Mac. Reuters reported that this is the lowest the rates have been since December 2009.

“With the homebuyer tax credit now over, this is a welcome reprieve for individuals looking to buy now,” adds Breon. “Summer is a widely-known as a busy time for the real estate business here in Austin. The drop in mortgage rates is an added benefit for both buyers and those looking to sell their homes.”

The deadline for apply for the homebuyer tax credits was April 30 and those who signed contacts before that date still have until June 30 to close on the sale.

“The federal tax credits gave the housing market a shot in the arm, and now lower home mortgage rates should help the real estate market recover even more. I am optimistic about the future of the real estate market, especially in the Cedar Park and Leander area.”

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US Loan Auditors Applauds California Attorney General Jerry Brown’s Crack Down on Phony Loan Audit Scammers

US Loan Auditors announced today that they are endorsing California Attorney General Jerry Brown’s crack down on “phony loan audits” and “loan modification” scam artists by warning California families that scammers are out to steal their hard earned homes and money.

“It is a shame that people would setup a storefront and call themselves a foreclosure relief agency just to steal from local families,” said Shane Barker, one of the founders of US Loan Auditors. “It is absolutely critical that consumers do their research into the company they are working with and extensively check references before assuming a firm has experts. We have never done, and will never do loan modifications. Our audits are specially designed for attorneys to take right into court.”

US Loan Auditors is not a loan modification firm, but instead is specialized in using the science of forensic loan auditing to help victims of predatory lending, and their legal counsel, uncover violations during the loan documentation or loan origination process. Customers can rest assured that the principals of the firm have extensive mortgage industry experience and the company backs up its expertise by offering a free upfront consultation for their forensic audit services.

“Our audits are not performed with a loan modification in mind,” Barker said. “We do the forensic loan audit to help give homeowners the leverage they need in court, not for a loan modification. Beware of companies promising big results after illegally collecting a large upfront fee.”

Along with a large upfront fee, scam artists may request the transfer of the title of the house to the “rescue” firm; making the mortgage payments to the scammer instead of the lender; and even prey on people that sign paperwork without carefully reading the documents or having an attorney review them.

“Unfortunately, some people are becoming victims twice,” Barker said. “Please be aware of the warning signs of a scam artist and take steps to protect yourself, your home and your family from further risk.”

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A Simple, Flexible, Non-Recourse Lending Alternative Without Liquidating The Borrower’s Assets

Securities Based Funding, Inc. announces a unique financing advantage to borrowers against the value of their securities portfolio at below-market, simple interest, fixed rate loans ranging from 2.5% to 4.5%.

These   non-recourse   loans will assist Domestic and international buyers, sellers and developers of properties worldwide. The loan proceeds can be used for any purpose except to buy securities or carry securities in a margin account.

Despite the credit crunch and while access to liquidity through traditional capital markets is difficult in today’s uncertain economy, security-based loans enable borrowers to access liquidity at below-market rates by pledging the securities they own as collateral for the loan. Securities based loans offer residential and commercial real estate owners and developers, a viable alternative, that are being frozen out of the market, by their banks and traditional sources of financing.

Eligible securities are publicly trades stocks, bonds, tradable mutual funds, unit investment and real estate investment trusts as well as foreign positions on international exchanges. Ineligible securities include, privately held stocks, securities held in retirement accounts, such as, IRAs and 401Ks. The borrower retains all upside market appreciation and receives any dividends or interest to which the securities are entitled. Loan to security values (LTV) range from 35% up to 80%. The more liquid and actively trades the securities, the higher the LTV.

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Scottsdale Real Estate Demand Surges as Tax Credit Got a New Lifeline

The Scottsdale real estate market is again soaring high, thanks to Pres. Obama, and his decision to extend the tax credit deadline on the home deals for the first time home buyers till April 30, 2010. The original deadline for the $8,000 tax credit break was November 30, 2009. The Obama administration has also made some changes in American Recovery and Reinvestment Act of 2009 to enable existing home owners avail the tax credit on the purchase of a bigger primary residence.

The updated version of the tax credit has announced a tax break of 10% of the total purchase price of the home amounting to maximum $8,000 for the first time home buyer. It also includes a tax break of $6,500 for the existing home owners who want to shift to a bigger primary residence. To qualify for the first time home buyers’ tax credit, the applicant has to show that he or she has not owned a home in last three years. To qualify for the existing home owners’ tax credit, the applicant needs to show ownership and occupancy of a primary residence for at least 5 consecutive years in the last 8 years.

“In Scottsdale, since the news came, we are seeing a significant rise in the inflow of buyers,” said Morgan H Hodges, a managing partner of MoJo Realty Group. He further added, “The first phase of the credit break pulled the first time home buyers into the market, and this new extension worked as a magnet to pull those who always wanted to move into a bigger and better house. Scottsdale real estate is hot now.”

Any single tax payer or married couple filing joint return can apply for the tax credit. The single filer should have gross earnings of less than $125,000, and joint filers should have gross earnings of up to $225,000 to avail a full tax credit under the updated American Recovery and Reinvestment Act of 2009. A single filer earning between $125,000 and $145,000, and a joint filers earning between $225,000 and $245,000 will be eligible for the partial tax credit only. Any single filer earning more than $145,000, and any joint filers earning more than $245,000 are not eligible for any tax credit.

One should keep in mind that a property of more than $800,000 sale price will not qualify for the tax credit, and to qualify for the tax credit, the property contract needs to be signed on or before April 30, 2010 and the sale should be finalized on or before June 30, 2010.

“Everyone in Scottsdale is happy with this extension and inclusion of existing home buyers in the tax credit,” said Josh W. Hintzen, managing partner of MoJo Realty Group. “These changes have brought many buyers into the market. The demand for single family homes is one the rise, and the home prices are steady. As of now, we are not seeing any sign of decline in the Scottsdale real estate market in the coming months.”

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HomeTelos LEO Program Achieves Market Success as Foreclosure Alternative

HomeTelos Loan Exit Option (LEO) program has demonstrated market success as an effective approach in avoiding foreclosure for borrowers, investors, and mortgage servicers. The LEO pre-foreclosure home sale program is faster and has significantly higher closing success rates than traditional short-selling programs. The HomeTelos LEO system aligns the interests of borrowers, servicers and other interested parties through its unique workflow management system, which qualifies properties for pre-foreclosure sale. When qualified, LEO then facilitates property sales through its dynamic online marketplace that brings motivated sellers & buyers together. Mortgage servicers can better help borrowers avoid foreclosure through HomeTelos’ integrated and streamlined LEO system and processes. Costly, frustrating, and ultimately unsuccessful sales efforts are avoided without heavy staff demands being imposed on servicing operations. HomeTelos LEO Program Achieves Market Success as Foreclosure Alternative

Since LEO’s launch last year, LEO properties upon listing have averaged 37 days on market, 4 offers per property and sales prices that average 96 percent of list price. A key to this success is real-time communication between real estate brokers, servicers and investors, allowing LEO to average only 3 days from buyer’s offer submission to servicer’s acceptance or rejection. According to a Florida borrower, “we were getting nowhere, losing our job then our home. We appreciated the quick action in getting our short sale resolved in this market”. LEO provides loan servicers with assurance that the property is widely marketed, offers represent real market value and that closing issues are resolved in advance. Borrowers avoid foreclosure proceedings, critically damaged credit ratings and the threat of lender recourse for loan payment shortfalls.

According to HomeTelos President Stephen Polley, “LEO’s success is driven by its breakthrough combination of innovative technology and re-engineered workflow processes for achieving the combined critical objectives of servicers, borrowers and other interested parties. LEO provides a way for families under financial stress to have a mortgage option that allows them to relocate with dignity.”

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Self Directed IRA Holders Find A Silver Lining To The Foreclosure Crisis

With foreclosures at all time highs and the stock market still not quite on solid ground, investors are focusing their activities on other markets, especially stable commodities and real estate. According to the latest indicators, it seems certain that the unprecedented level of foreclosures is set to continue even as the housing market slowly recovers. For many, it’s a tragic situation – and for others, a time of unparalleled opportunity.

There are quite a few IRA holders who are also interested in making investments in real estate given the sheer number of homes either in the foreclosure process, or already owned by financial institutions. However, traditional IRAs don’t allow the holders of these accounts the freedom to decide that they would like to take advantage of current market conditions to make investments in this very exciting market.

The answer may lie in something known as a self directed IRA, which as the name implies, is a retirement fund, which allows for the holder to make decisions about where their contributions to the account are invested – including in real estate, as president of the Austin firm Truly Self Directed, Josh Moore explains:

“Unfortunately, it does not appear that the current wave of foreclosures is going to subside anytime soon. Many investors are uncertain about the stock market and a lot of people are turning to what they know versus the unknowns of the stock market.”

“People with IRA / 401ks are looking for something they know can provide them a return on their investment – and that’s real estate. Investors who purchase real estate with IRA funds may actually be an important part of a viable free market solution to a less than ideal situation,” adds Moore.

About Truly Self Directed:
A self directed IRA such as those offered by Moore’s firm allow investors to take funds earning very low returns in traditional investment vehicles and put them to work as they see fit, including profitable sectors like real estate and development.

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The Approaching Tax Credit Deadline Is Pushing The First-Time Home Buyers Into The Market

There is a panic in the real estate market, but it’s no longer the panic driven by falling prices. The approaching tax credit deadline is creating the panic, and pushing the first-time home buyers into the market. The current rise in the demand for the Scottsdale real estate can be credited to this change in regulation.

As the November 30 deadline is closing in, the prospective home owners are trying hard to secure a deal before it is too late. The nationwide tax credit of $8,000 has worked as a catalyst in bringing the first-time home buyers to the Scottsdale and Phoenix real estate market. “The Scottsdale real estate market is hot and has been since spring, especially homes price under $400,000,” said Josh W. Hintzen, managing partner of MoJo Realty Group. He further added, “And with the November 30 deadline on the horizon, we’ve seen the Scottsdale real estate market gain momentum.”

As estimated by IRS, since February when the tax credit came in effect, in Arizona alone 38,000 taxpayers have taken the benefit under this plan, and around 1.4 million people nationwide have applied for the tax rebate. It is worth noting here that the U.S. median home price plummeted by 28 percent over 3 years in January. At that time, the market sentiment was at the lowest in 7 year.

It was only after the Congress approved American Recovery and Reinvestment Act of 2009 that the market started to recover. The first-time home buyers have been responsible for 43 percent of the home sales since the law came into effect. In a survey conducted by a leading market research company, 70 percent of the first-time home buyers said that the $8,000 rebate played a role in their purchase decision.

“The government stimulus package, falling interest rates, and well priced homes have brought buyer’s back into the housing market in Scottsdale, Phoenix and nationwide,” said Morgan H Hodges, a managing partner of MoJo Realty Group. “Supply has gone down and demand has gone up. We are in a much better market than we were 2 years ago. The numbers don’t lie.”

Realtors are divided on whether this surge and excitement in the housing market is temporary or here to stay. Some believe that the increase in home sales is mainly due to the stimulus package. Others believe that home buyers and investors have shed their fears and are back in the market regardless of the tax incentive.

Lately, there has been a lot of speculation in regards to the deadline of the first time home buyer’s tax credit. Will the government extend the cut-off date? If extended, will the credit be increased to $15,000? Will it be available to all buyer’s and not just first time home buyers? At this point, the tax incentive is set to expire November 30th and buyers should take advantage of the $8,000 while they still can.

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US Loan Auditors aids US Legal Advisors in filing Legal Action for Predatory Lending Against American Home Mortgage

Based on the results of a forensic audit done by US Loan Auditors, US Legal advisors announced that it has filed a lawsuit against American Home Mortgage Servicing on behalf of Karen Gardner-Johnson because of our intensive forensic loan audit of American Home Mortgage Servicing documents, indicated potential mortgage loan fraud and predatory lending abuses.

US Loan Auditors aids US Legal Advisors in filing Legal Action for Predatory Lending Against American Home Mortgage

“We have conducted numerous forensic loan audits of American Home Mortgage Servicing mortgage documents and have recognized several common potential predatory lending indicators such as prepayment penalties, product steering, kickbacks, forgery, and overstated income abuse” said Jim Sandison, one of the founders of US Loan Auditors.“Many of these violations are a direct violation of the Federal Government Consumer Protection Acts such as RESPA, HMDA, ECOA and TILA.

The lawsuit was filed today in US Federal Court, Eastern District of California on behalf of Karen Gardner-Johnson. The first court date in this legal action is a Joint Status Conference. Because these cases are filed in Federal Court the Magistrate/Judge that is assigned at the time of filing the complaint will rule on all matters pertaining to this case, until this case either settles or is set for trial. The compliant calls for American Home Mortgage Servicing to stop the foreclosure based on potential evidence of subprime or prime lending abuse.

“We really want to stand up for local homeowners that may have been taken advantage of by predatory lenders” Sandison said. “We seriously hope that all borrowers who believe they may have been victimized will contact our office as quickly as possible for a free no-obligation consultation.”

US Loan Auditors is not a loan modification company, but instead, specialize in the science and art of forensic loan auditing to help victims of predatory lending.

US Loan Auditors offers a free preliminary consultation for homeowners that believe they may have been taken advantage of during their home mortgage process. Research indicates up to 90 percent of homeowners with one or more of the following loan programs: adjustable loans; pick-a- payment; or are a non English speaking or limited English speaking, or stated loan transactions, may have been victims of predatory lending.

Upon completion of the audit and verification of the abuse, US Loan Auditors (www.usloanauditors.com) forwards the borrower’s case to US Legal Advisors (www.uslegaladvisors.com), a sister Company.

US Legal Advisors is a legal services firm that acts as a liaison and case management to support the private Attorney, who will represent the borrower throughout the legal process and negotiations.

For more information about US Loan Auditors, or to get a free initial consultation for your mortgage loan, please call 888-55-AUDIT or visit them online at: www.usloanauditors.com.

Here you can see Karen Johnson’s testimonial.

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Shouldn’t Foreclosure Always Be The Homeowner’s Last Resort?

Many families are in financial trouble because of a declining economy and an unstable real estate market. Numerous families are finding it increasingly difficult to pay for their mortgages and are in jeopardy of losing their homes to foreclosure*. Unfortunately, homeowners are not aware of the options that are available to them, or whom they can turn to for help.

First and foremost, a homeowner who is about to be or already is in financial distress should contact their current lender(s) to find out if there are options available for their particular situation. In some cases, a loan modification can be arranged directly with the lender, at no cost.

Regrettably, a significant number of home loans were poorly written; therefore, loan modification is not an option for a large portion of borrowers in distress. Homeowners may seek counseling; counseling is offered free of charge, by calling the U.S. Department of Housing and Urban Development, HUD, toll free at: (800) 569-4287.

Homeowners should stay away from and beware of paying any fees to ANYONE, including so called, “counseling agencies”, as they are not regulated and offer little to no help. Most states have also set up toll free numbers to counsel their residents, so check with with your State of residency.

More and more homeowners, who have been unsuccessful in getting any assistance from their lenders and/or government agencies, are turning to a CERTIFIED DISTRESSED PROPERTY EXPERT© (CDPE©), a Licensed REALTOR® who specializes in helping distressed homeowners who are “upside down” on their equity, late on their mortgage payments or who are already in the foreclosure process. A CERTIFIED DISTRESSED PROPERTY EXPERT© will see the homeowner through their distressed situation by successfully negotiating a short sale with their lender(s).

Lenders are now more willing to accept a short sale offer for a property’s true value, even if it is less than the amount owed. However, lenders are receiving thousands of short sale offers per month (most of the offers are incomplete packages that get tossed away or to the side) so a complete and well-prepared short sale offer package, sent by a CERTIFIED DISTRESSED PROPERTY EXPERT©, has the highest chance to be expedited quickly through a lender’s full log.

The end result of a short sale is minor when compared to the consequences of a foreclosure. Foreclosures have a devastating effect on credit history, job security, employment opportunities, security clearances, military and law enforcement careers, and the ability to purchase a home in the future; these are just a few examples of the damaging consequences of a foreclosure. Additionally, a foreclosure becomes public record, which is searchable by anyone, and can NEVER be removed.

We have all been bombarded lately with new creative ads, mailers, door hangers, TV and radio commercials promoting “foreclosure delay experts”. These ads are an example of how advertising is being misused to confuse vulnerable homeowners. Some ads claim to provide a service whereby they guarantee a homeowner will stay in their home for one year. Another example of how deceitful information targets already distressed homeowners. The average time for a foreclosure proceeding in Florida is in excess of 200 days, free of charge; so these less-than-forthcoming advertisers are charging money, when people need it the most, for a service that homeowners, in essence, already have.

Please do not pay, or let anyone you know pay money to anybody claiming they can stop foreclosures, including attorneys. Attorneys cannot stop foreclosures! The new “fighting foreclosures” and “foreclosure defense” ads attorneys are now broadcasting are an additional example of how the manipulation of information is being used to confuse and mislead the targeted distressed homeowner. Attorneys will “fight” a foreclosure until the homeowner is out of money. The only “defense” to a foreclosure is payment. The attorney, however, for a considerable fee, can prolong the legal process of a foreclosure until the homeowner is completely broke or all legal extensions have been exhausted. Nevertheless, in the end, the homeowner will still lose their home to a foreclosure and and face all the disastrous consequences that a foreclosure brings.

If a homeowner has the available money to pay for these deceitful services, he/she should use that money to make their mortgage payments.

If the borrower can pay the total amount owed to the lender, even up to the sale date, the lender will stop foreclosure. No one but the lender can stop the foreclosure process, and they will do so when either the homeowner pays the mortgage, bringing the loan payments up to date, or there is a successful negotiation of a short sale. These are the ONLY two ways for a foreclosure process to end. The homeowner will then be able to move on with his/her life, and in many cases, be eligible to own a new home in two years.

If you (or anyone you know) are about to miss a mortgage payment, have already defaulted on a home loan, or have been served foreclosure papers, a CERTIFIED DISTRESSED PROPERTY EXPERT© is able to help. The sooner you seek help the better but help is available even up to the last phase of a foreclosure, so please do not refrain from seeking help, because you might think it is “too late”. A CDPE© will not charge the homeowner. The CDPE© gets paid by the lender, at the end of the foreclosure proceedings, due to the successful sale of the home.

I cannot emphasize enough that no money should ever leave a distressed homeowner’s hands, ever.

This information barely scratches the surface. Mortgage delinquency and foreclosures are complex issues. Each and every case has its own unique set of facts and challenges. In most cases, homeowners are experiencing this overwhelming stress alone, without help of any kind, from anyone. It does not have to be that way. Families all around the country are in desperate need of proper guidance.

Not only do homeowners feel uncomfortable seeking the help of strangers, but a good amount of distressed homeowners might not feel comfortable asking delicate, private financial questions to people they do know. As a result, they do not ask anyone, falling deeper in trouble and are more vulnerable to scams. The Short Sales Message Board is a venue that was created specifically for distressed homeowners to ask Experienced Real Estate professionals questions, while maintaining total privacy.

A foreclosure is a devastating financial and emotional process for any family to endure and recover from and it should hardly ever happen. Foreclosure IS the last resort.

* In Florida, a Judicial State, a foreclosure happens when a lender files a lawsuit in State court against a borrower.

More Information can be found at the following web addresses:

http://www.PattyDasilva.com
http://www.hopeforhomeownersact.com/

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