Ways To Money

You just heard of a great opportunity. Several people you know are involved with the company and they tell you “This is the one. You need to join now.” You are so excited. It sounds like a wonderful opportunity. People are earning already. You know how much it costs to join and you have the money……halt, stop, do not pass go and do not collect 200 dollars.

Have you..

1. Checked it out?….You can Google the name of the president of the company. Check the company out with the Better Business Bureau and see if the company reputable or if they have been involved in any business scams in the past. If so be wary of dealing with them.

If they have been unscrupulous in the past do not assume that they have regained good business morals or a conscience now. A good company will run their company well and their aim is not to cheat you. They have integrity.

2. Checked out how long the company has been around? Timing is important. It is best to not join a company that has just started up. Most companies fail after two years. Where would that leave you? If they make it to three or four years, join then. It will be just as good or better than what they are hyping it up to be now.

3. Investigated the product? Is it remarkable? You want a product that people want and need or just have to have. Do you have to use it? No. It is for the customer and does not have to be for you.

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Anyone that has successfully closed a short sale in the last few years can benefit from knowing what to expect when purchasing a home in the future.  It’s very likely the borrower had to make late payments during their negotiations with the bank before their short sale closed.  These late payments may no longer be affecting their current credit score; however, the underwriter will review their entire credit history when determining their ability to repay a mortgage loan.  If late payments are reflected within their mortgage history, the underwriter will want a letter of explanation. 

I’ve personally seen a borrower’s credit report reflect a 700+ credit rating after having a foreclosure less than 6 months prior.  Unfortunately, this person was told by a mortgage lender that they would qualify for a home loan.  Once the file was sent to an underwriter, their loan application was denied.  Even though this borrower had a great credit score, they were unable to obtain a mortgage loan because of their previous mortgage disposition or disposition of property.  The guidelines for a FHA loan require a 3 year seasoning period after a foreclosure before utilizing FHA financing to purchase a new home. 

So what is disposition of the mortgage?  Per the IRS, the disposition of a property or mortgage includes the following transactions:

• You sell property for cash or other property.
• You exchange property for other property.
• You receive money as a tenant for the cancellation of a lease.
• You receive money for granting the exclusive use of a copyright throughout its life in a particular medium.
• You transfer property to satisfy a debt.
• You abandon property.
• Your bank or other financial institution forecloses on your mortgage or repossesses your property.
• Your property is damaged, destroyed, or stolen, and you receive property or money in payment.
• Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment.

While underwriting a file, an underwriter looks for reasons the loan may be ineligible to finance.  If there are multiple late payments on a mortgage loan, the underwriter will probably request a letter of explanation as to why there were late payments.  A short sale transaction isn’t always reported with full disclosure on the credit report.  A veteran Mortgage Loan Officer will probably notice the lates and request a reasonable explanation.  However, if you’re working with someone who lacks experience that merely runs the file through Automated Underwriting and assumes the borrower qualifies – your transaction will fall apart.  The reason being once the underwriter asks about the disposition of the property and finds out it was sold for less than owed, the borrower will have to wait the required time period to purchase. 

Be careful, as this will be more common in the next few years.  Working with trusted professionals benefits everyone involved.

Dayton and Miami County Ohio Bank & Court Foreclosure Step-by-Step Process

This is the foreclosure process in Dayton and Miami County Ohio. It’s basically the same process throughout the state of Ohio (and many other states) with time frames varying based on the county that you reside.

What Is The Foreclosure Process In Montgomery and Miami County Ohio?

Foreclosure has unfortunately become a very popular vocabulary term heard by most everyone these days. Even though most have heard about it, many don’t really understand what it really is outside of knowing it’s about loosing your house. A foreclosure is a legal process by which a Dayton mortgage company, mortgage servicer, or mortgage investor seeks to take possession of your home. A foreclosure cannot be started against a homeowner until the owner has defaulted on his mortgage.

How Many Payments Behind Can I be Before Foreclosure?

When the homeowner is behind on payments it’s known as being in default. Many believe that you have to be three months late before foreclosure can be initiated (which is what is typically seen), however a foreclosure can legally start the day after the homeowner misses a payment. Generally, in most cases of foreclosure the homeowner is at least three to four months delinquent. Usually around 30 days before the foreclosure is filed with the court, the owner will receive a notice of default letter from the bank. Sometimes th

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This is a tough market, home prices are down, it’s a buyer’s market… these are just some of the things we are hearing these days. Most homeowners are upside down in the home- they owe more than what the home is worth, which means that there is a chance that they will need to bring money to closing.

It’s true that homes are taking longer to sell than in the past but homes are selling. If you absolutely have to sell, then you must be realistic about the market. No matter what you think your home is worth, if buyers aren’t willing to pay what you’re asking, then you run the risk of your home not selling. The reality is that right now, buyers are determining what the market is doing.

Price is usually the main reason why a home either sells or doesn’t. If you over price then your house will sit while more reasonably priced homes sell. The longer your home sits, buyers & agents begin to question if there is something wrong with your home. Your home becomes & ‘stale’ & you may end up taking less than you anticipated.

Your home must be in pristine condition to get your asking price. Even if you are not in the position to put any more money into your home, you can certainly make sure that it’s clean, organized & smelling good. Remove any clutter, excess furniture & personal affects. Wipe down walls, baseboards, door jams & electrical plates.

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We’ll be live in Austin, Texas at the 2010 Keller William Mega Camp (look for us in booth #500).

We’re saddling up for another show in Galveston, Texas at the 2010 Texas Association of Realtors Convention and Trade Expo.

A bit closer to home (in our own hometown of Cincinnati), we are at the 2010 OAR Convention today. This is the 100th anniversary of the convention, and we’re excited to help OAR celebrate!

We’ll just be getting over our jet lag when it’s back on the road at the Virginia Association of Realtors’ REal Show: VAR’s Convention & Expo 2010 Conference on October 1st.

Whew!