hard money: Sub-Prime Mortgage Market Alive in San Diego County - 04/21/08 10:03 AM
The sub-prime mortgage crisis has hit San Diego County especially hard. Declining housing prices and an erosion of alternative mortgage products leaves many San Diegans high and dry when looking for a "quick" loan.
Homeowners with solid equity positions can breathe a sigh of relief; sub-prime mortgages are still available, today. Some … (1 comments)
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hard money: The Epicenter of Real Estate Blogging - 01/06/07 01:55 AM
A light rain couldn't spoil the excitement and enthusiasm I felt this morning as I drove into the heart of the City of Phoenix. Papa Joe Brady, my able seminar assistant, retired sales executive for First American Real Estate Solutions, and proud Luddite negotiated the streets of the boom town as … (47 comments)
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hard money: Hard Money: Beware of the Brokerage "Daisy Chain" - 12/26/06 02:46 AM
Principals or agents? What's the difference?
Private mortgage lenders are typically high net-worth individuals or pension funds. They are principals or people with money. Sometimes those principals delegate certain loan origination functions to loan brokers (who are agents). Some of the common functions we perform for our private mortgage investors are: due … (12 comments)
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hard money: "Hard Money" makes sense for good credit borrowers - 12/14/06 01:10 AM
Why would a borrower with a 736 FICO score get a hard money loan?
I'm deviating a bit from my earlier blog, So you want to be a California Hard Money Broker? I know I promised more detailed information about the disclosure process in California Hard Money transactions and I will. Tonight, … (22 comments)
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hard money: Borrow Money Like You Would Buy A Cell Phone - 12/09/06 05:49 PM
How is borrowing money like buying a cell phone?
I'm going to share a funny personal story with you. I just bought a cell phone the other day. Now, read on because it has a LOT to do with how to get good mortgage terms.
This was a big thing for me … (26 comments)
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hard money: A Realtor's Guide to the Power of an Annual ARM - 12/08/06 12:53 AM
Why should you ALWAYS get a one year ARM rather than "locking" into a 30 year fixed rate loan? The easiest answer is that you will NEVER be able to accurately predict interest rates. Did you know that Wall Street gurus are wrong over 60% of the time with their interest … (25 comments)
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hard money: A Realtor's Guide to Correspondent Lenders - 11/13/06 10:15 PM
Correspondent Lenders are a hybrid between a direct lender who sells loans to Wall Street and a mortgage broker. We (in the industry) sometimes refer to them as "Super Brokers with Big Credit Cards" because they perform all the origination functions like a mortgage broker but fund the loan in their … (18 comments)
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hard money: Investing in California Mortgage Pools - 11/11/06 04:09 AM
I am a private mortgage lender which means I make real estate loans (non-bank loans) to individuals who can't qualify for bank financing. In California, this is sometimes referred to as Trust Deed Investing because the security instrument (how you secure the collateral) we use is called a Deed of Trust. … (8 comments)
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hard money: High Noon in Long Beach, CA - 11/02/06 05:45 PM
The California Association of Mortgage Brokers, the same organization that sponsored the trade show that featured completely irresponsible lending practices, has drawn a line in the sand with this statement that all loan originators need to be licensed.
"We believe there should be a barrier to entry besides being able to … (12 comments)
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hard money: How Mortgage Originators Lie to Borrowers - 11/01/06 09:00 AM
Mortgage originators constantly advertise that they will find "the perfect loan for you" and that they will "work hard to find you the absolute best terms". You may find, after reading the compensation agreement, ....that is bunk.
It has been said that the "devil is in the details" and in mortgage origination … (4 comments)
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hard money: Do Lenders Have a Fiduciary Responsibility to a Borrower? - 10/13/06 09:44 PM
I have been enjoying this banter about fiduciary capacity in the real estate transaction as it related to lending. Clearly, this has been a fun "academic discussion" for me today and probably a pain in the patootie for many other posters in the Active Rain Real Estate Community.
A brief history: Lenn … (24 comments)
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hard money: There is no such thing as the "best" or "lowest" rate - 10/10/06 01:18 AM
I am continually amazed at the misrepresentations mortgage brokers use on their advertising:
Lender411.com uses terms like "best" and "lowest" rates for their mortgage shopping portal.
AAXA Discount Mortgage offers the "best rates possible" and tells us that if we're "searching for the best possible rate, our search ends right there"
LoanSnap is my … (26 comments)
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hard money: Did you receive a Notice of Default? - 10/09/06 03:06 AM
If you receive a notice of default (NOD) for your mortgage, you need to act quickly. A NOD is a notification given if you have not made payments by the predetermined deadline (usually specified in your Deed of Trust). It spells out repayment (sometimes called curing) schedules and spells out the … (9 comments)
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hard money: So, you want to be a trust deed investor? - 10/05/06 07:57 AM
So, you want to be a trust deed investor and earn double digit returns? Let's see what I can tell you about investing in trust deeds in 3-4 paragraphs. a more detailed explanation can be found here.
A trust deed is what we call a deed of trust or mortgage in California. … (5 comments)
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hard money: New website - 09/25/06 11:44 PM
Tonight I released the beta version of our new website about trust deed investing.
I built it through register.com with their 5-page now website kit. I have no doubt that it looks amateurish to all of you e-pros out there but I got it upand running within 2 hours. I had nothing … (3 comments)
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