Archive for June, 2010

The Skinny On Foreclosure Notices

There are things you can do to avoid the foreclosure notices from appearing in your mailbox. Getting one is usually attributed to getting behind on your mortgage payment, but you can take steps to avoid losing your home.

You should speak to the bank long before you are several payments behind. When you know you will be late, start a conversation with your lender. This is the best way to avoid foreclosure, since they will work with you to keep you from defaulting on the loan, but time is of the essence.

At the point that you do get the notice of default, you can lose your home. This is generally given about 3 months after you miss a payment. Many banks do send a letter of intent, and if you get one of these you have about 15 days to make the payments to stop the foreclosure proceedings from starting.

If you do get a notice, then you can talk to the bank. They can work with you to set up a a partial repayment schedule of back rent along with the current payments or even a modification to the mortgage to stay in the home and still be able to pay for it.

You will be kicked out of your house if you do absolutely nothing. Sometimes this can happen in as little as 90 days. It is also a good idea to make a point of attending all the hearings, since it may be able to slow down or stop the foreclosure. This gives you a chance to speak to the judge and tell your side of why you have defaulted, and it may work in your favor.

You can find help from a foreclosure specialist, since there are several things you can do to stay in your home and they will be able to help you do this quickly and easily. Many of these can be found online and they can help you start the process of keeping your home very quickly. The point is to make sure you take some kind of action as soon as you know so you can keep your home.

Foreclosure notices do not have to be devastating and it does not mean you even have to lose your home. You need make an effort to avoid the process and clear communication with the bank can be a key element in not losing your house. Take action as soon as you know there is a problem, and you can save your home and credit.

Choosing A Lender

Choosing a lender is a very important part of the process of re-financing a home. Understanding the different re-financing options and knowing how each of these options work is very important but none of this matters at all if the homeowner is cannot find a lender who is willing to offer them the rates and terms they are seeking. Choosing a lender can be a long and difficult process but there are some ways to make it easier. One simple way to make it easier is to request for advice from friends or family members who recently re-financed. Additionally, homeowners can do their own research to determine which lenders are able to offer them the best rate. Finally the homeowner should determine whether or not the finances should be the governing factor in choosing a lender. Surprisingly enough, in most cases it is not.

Ask for Advice from Friends and Family Members

Friends and family members who recently refinanced can be a homeowner’s most valuable resource in the process of selecting a lender. These friends and family members are so valuable because they will most likely be willing to offer you a quite candid opinion of the lender they used. This opinion may be either positive or negative but in either case it is useful to the homeowner. If the opinion is negative the homeowner can remove this lender from their list of lenders to consider. Conversely if the lender comes highly recommended, the homeowner may consider this lender more carefully.

Comparison Shop

Homeowners who want to know which lender is offering them the best interest rate and financial terms should do a great deal of comparison shopping. The homeowner may even consider requesting quotes from each and every lender. This should make it perfectly clear which lenders are willing to offer the homeowner more favorable rates. When comparing these quotes all of the factors should be considered to ensure the quotes are being compared fairly. For example each quote should be broken down to determine the monthly savings, total savings, etc. All of this statistical data will make it much easier for the homeowner to make a wise decision when the time comes.

Consider More than Finances

Finally, while interest rates, loan terms and other financial matters are all certainly important none of these are more important than being treated fairly by the lender. For this reason, the homeowner should carefully take into consideration all of their lenders and should determine whether or not they feel as though the lender is responsive to his needs. For example, a lender who does not return calls in a timely fashion or answer questions truthfully and accurately may not be the ideal lender for a homeowner even if he is the lender who is offering the most favorable rates.

Additionally, homeowners should trust their instincts regarding their trust in the lender. Some lenders simply do not appear to know what they are talking about. Homeowners might be inclined to avoid these individuals because they may end up doing more harm than good during the re-financing process. Conversely some homeowners may be immediately impressed by the honesty and intelligence of another lender. In most cases, the homeowner would likely choose the second lender as long as the rates offered by each lender were comparable.

Who Is A Qualified Candidate For A Trust Deed Mortgage Modification?

Of the 7 tools available for homeowners to renegotiate the terms of their mortgage, loan modifications are by far the most widely applicable, and the most useful in the type of hard economic times America faces today. The rules about who can qualify for a loan modification are simple:

 

  • Anyone with an adjustable rate mortgage at a high interest rate;
  • No one with a fixed-rate mortgage at an interest rate lower than today’s prevailing market rate;
  • Just about everyone else between these two extremes, provided you navigate the approval process correctly;

 

Naturally, most homeowners fit into the third category. These homeowners can in turn be divided into two sub-groups:

  • Homeowners qualifying for government assistance programs, like the Obama Administration’s Home Affordable Modification Program (HAMP). These homeowners must have a total unpaid mortgage debt on all properties that is less than $729,750.
  • Homeowners not qualifying for government assistance programs, who have a total unpaid mortgage debt in excess of $729,750.

 

 

mortgage modification simple rule for pursuing a loan modification with your lender is this: If you qualify for government assistance programs, than your best course is to pursue the modification yourself. If you do not qualify, than a loan modification is still possible, but you’re probably need some help. Using a professional team like the one at Able Financial Solutions, we can provide you with all of the tactics you need to obtain a strong bargaining position with your lender, and we’ll then use that leverage to create new terms, much lower rates, extremely low monthly payments and a completely manageable, modified mortgage.

 

 

Keep in mind that, even if you do not qualify for direct government assistance…. Many policies at the state and federal level have created powerful incentives for your lender to accept your request for a loan modification. Just because it is best to tap a professional firm like Able Financial Solutions for help negotiating with your lender doesn’t mean that you don’t have a strong argument. The Obama Administration has stated as policy that “No one should spend more than 38% of their total monthly income on mortgage payments,” even if that’s just on investment properties, and many experts acknowledge that most mortgages in the America are at interest rates up to 2% higher than they should be.

 

To put it simply, you have room to negotiate, and the conditions are right for you to succeed. Get started today bylearning about the loan modification process.

Apply Best Practices To Be A Success With Short Sales

Short Sale Power Hour

Today was unique as Group 4610 got to meet a special guest. Jay Papasan is the co-author of the Millionaire Real Estate series of books and the head of Keller Williams University. Essentially, Jay is an expert at best practices in the real estate business. Many of the books that he has written focused on the shared qualities of the top 27 real estate agents in the nation. Keller Williams University does much the same by teaching real estate specialists. By interviewing remarkable people who have discovered success in a range of areas of real estate, Keller Williams University takes the best practices of a few professionals and teaches them to all specialists.

In his investigation, Jay has found a few things to be veritable in relation to short sales. 1st, it is difficult work but it is very pleasing. Two of the most satisfying things a real estate specialist can do are help people discover their first residence and help people save their house from foreclosure. So, the short sale is well worth the struggle.

Secondly, the skills that make you a quality sales person may not be the same skills that you need to close short sales. So mull over either getting some instruction in short sales or take on a person that can carry out short sales for you. You can also think about referring your clients to someone more practiced in short sales. In this way, you would be keeping your customer and aiding them at the same time.

In summation, if you have a longing to get into short sales, Jay recommends that you first get well-informed in the short sale routine. There are some great mentors out there. Kevin and Fred offer one of the finest classes accessible to learn the short sale process.

Short sale FAQs and more.

Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona

The Best Way To Sell Your House

In these most testing of times it can be very difficult to sell your house. Not only are potential buyers going to struggle to obtain a mortgage in this current credit crunch they may also find it hard to sell their own house. One thing is for sure; you need to ensure that you have done all that you can to make sure that your house is attractive to a buyer. In this article I will be providing free tips that will help you to sell your house.

To start with I would like to point out that I am by no means an estate agent; as a career I am an SEO specialist; I also provide people with a quality DVD authoring service as well as fostering solutions on a part-time basis.

De-clutter

The majority of people who view your house are likely to be “turned off” if it is full of clutter. De-cluttering your house is an essential part of selling a property in the current market.

Garden heaven

It may seem trivial but it is prudent to ensure that your garden is in tip top shape. Ensure that hedges are trimmed and that the lawn is cut, after all a garden can the deal clincher.

De-personalise

We want to appeal to as wide an audience as possible – we do want to sell the property after all. You may love Madonna or tiger skins but other people will not. Let’s face it the new owner of your house will want to put their own stamp on the property therefore it is a good idea to de-personalise it as much as possible.

Decorate

Some would say that you should decorate the whole house before attempting to sell it. This however is not always possible and therefore it is often prudent to only decorate the rooms that are in most need of modernisation. The main two rooms to concentrate on are the kitchen and bathroom.

Property Is A Great Retirement Fund.

Sometimes a question is asked as to why people buy another property. The idea is that investment houses give you one of the best retirement incomes you can have. By purchasing income properties now will get you a good retirement fund over the next ten or so years time.

Here is an instance. Let’s say the average person owns their own home that they reside in and they are paying a mortgage on it. There will also be other bills to pay out as well such as the council tax and bills on electricity and gas. The homeowner will need to work to stay on top of the bills and keep up with the mortgage payments. Income tax also needs to be paid from your job which also eats into your income. On all the bills you have to pay as well as your income tax can be as much as two thirds of your income. Leaving a person with only a 3rd of their wage left for normal living cost and lifestyle.

Many hang around for the end of the mortgage term to just pay off their own mortgage. Nevertheless that still means there are the other bills left to pay. This means you still have to keep your job to pay the bills.

So the answer is to have another passive income source. The source will get you money repeatedly all the time. This is why having income producing properties is essential. Even if you have a mortgage on the income properties, you just have to make sure that the rent that they are producing is more than the cost of the mortgage.

Over the years your rents will go up with inflation and the properties could gain in value. With an extra three or four extra properties all pad off at the end of the repayment term will pay you a good income. The cash earned from these properties should be sufficient to pay all your utility bills and give you a lavish liifestyle

The reason for using properties for passive income rather than other traditional businesses is that there is very little hands on work to keep it running. Maintenance folks and agents can do all the renting for you. This means the cash can roll in while you are not there. I am capable of being in some accommodation in Barbados and still earn money. Maybe you fancy that sort of situation too, that you be lying on the beach on a Barbados All Inclusive holiday, while your properties are providing your income.

Are You Protected With Proper Hurricane Insurance?

Every year, there are many homeowners that do not consider hurricane insurance coverage until being devastated by a hurricane – destroying home and valuables, however it is supposed to be part of a thorough procedure that is reviewed on a yearly basis. Assuming that your homeowner policy will cover the damages brought by hurricanes may surprise you unpleasantly as it is not always the case. Often, if you check the homeowner’s insurance policy that you are holding at the moment, it might cover the wind damage to the roof and walls or your contents, but it won’t include the subsequent flooding that can transpire, unless you have flood insurance.

For homeowners that reside on coastal parts, there are lots of matters to consider when it comes to preparedness for hurricane season and your hurricane insurance coverage should be an utmost priority, just below water and food. You never tell when a storm might happen, but you will get sense of peace if you have sufficient replacement cost insurance to cover your house and belongings and flood insurance is on hand, if you don’t have this coverage. When you want to be aware whether you are secured with the appropriate hurricane insurance, you should seek professional help, if you’re unsure of an affirmative answer.

Some home owners will do all deemed as needed to be ready for hurricane season, but they overlook the value of their economic security and their family’s well-being in regards to the right hurricane insurance coverage. Many insurance experts that deal with the coastal zones will counsel you on the best kinds of coverage to take into account, but you bear the responsibility to have the suitable hurricane insurance coverage, updated inventory lists and insurance papers that can be easily accessed in the incident a catastrophe happens. This can create the difference in one’s daily routines after the disaster and the emotional unrest is enough for most people to bear without the financial burden that comes with an overwhelming hurricane. For this reason, you must be certain of your insurance needs.

It is not complicated to get the appropriate hurricane insurance coverage, it’s normally a matter of reviewing the kinds of insurance you have ready. Because replacement cost insurance can be an essential coverage, in the occurrence of total loss, you should be certain your hurricane insurance provides for this. Moreover, insuring specially for floods or flooding can be crucial because more damage is brought by such catstrophe and following storm surges than most people would anticipate. There’s no reason to be concerned if you have insurance for the storm.

Every year, prior to the hurricane season, it’s highly advised that you review your hurricane insurance and make certain it fits your existing requirements and provides enough cover. Furthermore, inventory lists and photos are supposed to be updated to reflect your recent valuables and any upgrades you have done to the house. This is the superlative manner to make certain that you’re protected, in the event of a hurricane because otherwise, it can be a difficult event to recover from, both emotionally and financially.

Bear in mind, whether it is hurricane insurance, park home insurance, or just common homeowners insurance, make certain that you do a home insurance comparison first before signing and spending your hard-earned cash.

Ensuring Appropriate Safety On Construction Sites

It’s undoubted that wherever you are in the world, Safety On Construction Sites is essential to any kind of construction work. Not only will you be liable for any number of legal issues, but more importantly, you put your workers at risk.

With this in mind, far and away the best way toimprove safety on any site is to make sure everyone involved in the building works is enrolled on the appropriate Safety On Construction Site training. There are a number of places that will ensure your entire team is trained to an excellent standard. It is, after all, a very lucrative business. Further details can be gained from your government’s Health and safety executive.

It’s amazing to think we work in as dangerous an industry as anyone. The figure of fatalities in our industry can be reduced significantly with the appropriate training. Accidents always seem to be drawn to those with little common sense. Just make sure they have the appropriate Safety On Construction Sites.

The most common cause of accidents to any construction worker are parts and materials, floor conditions, worker movement, hand tools and machinery. Simply concentrating on those elements would reduce the fatality rate, but any decent Safety On Construction Sites should include some of the points below.

First aid is essential for any Safety On Construction Sites. People have accidents, we all know that, but if the nearest person doesn’t have the right first aid training, they can cause even more damage. Supported scaffolding should feature for the same reason. The chances are that whoever is working on a scaffold didn’t put it up. In situations like that, you need to know that it has been erected correctly.

We use tools every day, but do we really know how to handle them as safely as possible? Probably not. If you’ve been injured by work you’ve done in the industry, you may have more respect for the dangers now. Makes sense doesn’t it. Make sure you treat power tools with respect, before you have an accident. Do you have enough of an understanding of working at heights? Even if you are experienced in height work, you should understand all the issues around this. While it’s true that if you’re more confident at heights, you’re less likely to have an accident, but a training course will show you the most common dangers, and how to spot badly implemented safety regulations.

Basic on-site safety is absolutely essential. We may already know about the dangers on any given construction site, but a good course of training will allow you to become much more aware of those dangers by giving you concrete advice and tricks to spot the specific dangers around you. The legal side of health and safety is also an increasingly important aspect. Any Safety On Construction Sites course will make you aware of all the pertinent information about Australia’s occupational health and safety regulations.

Looking Out For The Residence Owner

Short Sale Power Hour

The whole group is available today. With F’ed up Friday on the schedule, Kevin, Fred, and Coach Collard would like to inform you about some other practices that are a little bit underhanded. So, today’s class can be valuable for the brokers that are doing stuff that could be considered shady and also for the professional that is attempting to do everything right, but might run into an broker that is not working with the best practices.

A member of Group 4610 was writing a fully executed proposal. The addendum allowed the other broker to accept multiple offers (while Group 4610 does not work that way, they sometimes run across other brokers that do) Still, there had been a earlier contract on this house that had been cancelled. So, it just needed to be reapproved.

One day after the contract was signed an addendum was sent over that states the the initial buyer wanted $3000 from the second buyer because the initial buyer withdrew from the deal. Because the second buyer has a fully executed contract stating that the initial buyer previously withdrew, the primary buyer is not owed any cash.

There are several parties working in their own best interest here. Real estate specialists, investors, and others caught up in this transaction are all attempting to capitalize on the cash to be made. While that is certainly tolerable, it does appear that the money is largely overriding the more essential slice of this deal, specifically, the house owners. From the outside looking in, there appears to be nobody looking out for the house owners greatest interest.

As real estate agents, we need to keep an eye on these stuff. At the end of the day, you aren’t really assisting the house owner because profitability should come after the home owner.

Short sale FAQs and more.

Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona

Build Success As A Buyer Agent

Short Sale Power Hour

This week has been about the clients. We want you to generate results for your consumers. So, if you missed the last three days of episodes, stop at this time and check out the other episodes from this week.

Now we would like to leap in and show you what this process looks like for a buyer. It is essential to us that we have a meeting with the purchaser before we ever show a house. Please comprehend, we want you to acquire jurisdiction for the buyer’s advantage. This is about advocating for our customers. Doing a conference in the car on the trip to look at a residence is kind of second rate. You are in effect telling them that they are not worthy enough to sit down with you prior to looking at a home.

With our consultation, we go through a roll of questions that we ask a buyer. What characteristics do you value in this matter? How hastily are you hoping to close? What are you looking for in a property? And the most critical question is How can i win with you? Make note of that exact quesiton.

Many people do not spend the time up front to save the time and energy afterward. If you can decide what the main things are that need to be accomplished in this transaction, you can figure out whether or not you are a match. At the finish of this method we desire to pair off the buyer with a buyer agent. Yet, between primary meeting and assigning a buyer agent there are some things that have to happen.

Between the begin and the end we feel that it is our obligation to educate the buyer on the state of the market. They ought to know about foreclosures, REO’s, and Short sales and recognize that they all function in diverse ways.

There are a number of other tidbits to draw from this video and the entire week of client support. Stop and view the rest of the week’s videos for more information.

Short sale FAQs and more.

Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona