If getting a great deal is your main goal, look for foreclosures, which typically sell for at least 20% to 30% less than market value, according to foreclosure-listing website RealtyTrac. Because these homes are sometimes abandoned and stripped, get a contractor to make a free estimate of the time and cost of repairs, and make sure they won't wipe out the amount you'd save.

Another economical option: short sales, in which bankers allow homeowners to sell for less than they owe. They can save you 10% or more. The seller typically still lives in the home, so it's usually in decent shape. One big drawback: The process can take up to six months and can fall apart at the last minute. If foreclosure is 30 to 40 days away, it's very unlikely that the short sale will happen first.

Home equity lines of credit were everyone's best friend just a few years ago. From buying a jetski to remodeling your bathroom, your HELOC was always by your side. Now that home equity line of credit is up for renewal and things aren't so rosy

These days, most borrowers just want the comfort of knowing they have a line of credit available should they need it for emergencies or big stuff like college tuition (which I generally don't recommend).

Home equity lines of credit also used to be fairly easy to get, back in the day. But nothing is easy in the current banking environment, and if you have a line of credit coming up for renewal you should take steps now to make sure you'll be able to keep it.

Know the big 3's

1. It's all about the housing market. You'll need to be realistic about how much your house is worth in this environment. Internal rules have changed -- a credit-line specialist with Wells Fargo said that although they used to finance up to 100% of the home's value, now they are only lending "up to 70% or 80%, depending on what part of the country you live in." If the value of your house has dropped, so has your ability to borrow against it.

2. It's all about the equity. Even if your home value hasn't changed much, many lenders are getting more conservative about the size of line they'll let you have (just like credit card companies these days, too). If you don't have much equity in your house, you might not be able to renew your credit line.

3. It's all about your debt-to-income ratio. Your bank will pull your credit info and look very carefully at the total picture of what you owe. The general rule of thumb is that your total debt (monthly payments on car, student and other loans, mortgages, and credit card minimum payments, etc.) should not exceed 36% of your take-home pay. So, let's say you take home $4,000 a month, then your debt payments shouldn't go over $1,440 (or $360 for every $1,000 of pay). Everything will be scrutinized, along with your current income and your ability to service all of your debt. And no more "stated income" or other "approximations" -- you'll have to show them the goods, so to speak.

My big 3 tips i can give into renewed of your HELOC

1.  Get a clear-eyed view of the value of your home
2.  Pay down your debt
3.  Be proactive and start now

    Just like we have an overdraft protection in our credit cards, why can we have it for our mortgages account? I think that it should be some source of a mandatory escrow account as part of the mortgage plan. A 12 months prepaid cash down payment would be required just in case the home owner default on their account (more like an insurance). Of course rates must be adjusted to meet a affordable payments on the account. In situation like lost of employment, death in the family, divorce, fire, etc. would give the home owner enough time to gather their life together and most likely prevent foreclosure.  This is just an idea.

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 I wanted to know, why is America pounding on President Obama so much? The man just step into his oval office not even two months ago, give him a chance. This mess that we place our self into for the past 8 years can't be clean over night, TIME will be needed.  Many Americans are blaming Obama for the continuous drop of the economy when indeed is not his fault. Just imagine if you were at a baseball game and both team are tied. Bush is the pitcher, bases are loaded and Obama is on deck to pitch. Bush gets relief and Obama gets to the mount, pitches the ball and the batter hits a single. Who is responsible for this run?

  Make your home recession proof. The real estate market is getting hard hit right now. If you need to sell your home right now, doing upgrades to make it stand out and help it sell faster. Right now the economy is going through a recession. Home prices are down and unemployment is up. People have cut back on their discretionary spending and are more cautious than ever about their spending.

This has caused a lot of people to put off luxury renovation work on their homes. They are concerned about the economy and are stalling until things turn around. But there are some really good reasons to do your project right now because of the effects on the economy.

Rates are great!!!

The Fed has slashed interest rates to banks so they are in turn offering better rates as they try to recover and maintain their customer base. So now may actually be an opportune time to do your work. Once conditions turn around the pent up demand will cause rapidly raising prices for renovation work as more people plan their projects. www.wix.com/chrisduran/one-stop-mortgage

Labor price is at all time low

With many contractors  looking for work, you can negotiate much better prices than you could have 2 years ago, making this a great time to upgrade your landscaping, whether you don't have the time and interest to do the work yourself or you just need a competent professional to put in some new hardscaping, irrigation and sprinkler system or other tasks you don't have the skills and experience to so yourself.

But, dont get ahead of yourself. Be smart. (Do One or Two Major Upgrades)

Now, if you are fortunate to be well-employed and have enough "cushion" in your savings account to feel relatively comfortable your finances are sufficient to see you through the current economic slump, you might want to consider going ahead with the renovations you had planned when you originally bought your home.

Given that you may be able to negotiate a lower price with contractors right now, investing in modernizing your home is still a good long term investment and could pay a higher return than some other investments you could make.

If you are going to upgrade your home, what will the upgrade  be? Please comment so others can get better ideas for there future projects.  Good luck!!

Tip 1. Mortgage Loan Interest
The most important thing with getting a mortgage loan is getting the lowest interest possible. You won't believe how one point could save you over 100,000$!! So make sure you check with me before making your decision.  www.wix.com/chrisduran/one-stop-mortgage

Tip 2. Mortgage Loan Type
So how many mortgage loan types do you think there are? 5? 10? 20 ? The truth is there are over a thousand types of mortgage loan programs, so don't feel like you don't have a choice - THE CHOICE IS YOURS. It'll help to go to a mortgage broker ( www.treasurymtg.com) who works with a wide spectrum of lenders.

Tip 3. Mortgage Loan Interest Deduction
One thing you probably don't know is : you can write off you mortgage interest that is paid. A mortgage loan interest deduction is with limits and goes by the following : the deduction can only be on the mortgage for the home you live in. you can't deduct interest applicable to any loan amount above 1 million dollars. you can't deduct any interest paid on a equity loan for an amount exceeding $100,000.

Make sure to speak with your tax professional regarding the latest rules. The above also only applies to federal taxes, not state.

       A few days ago, a friend of mine ask me to help him look for a good real estate agent. I just joint the real estate world about 6 six months ago as a loan officer. I'm looking to establish new relationships with new real estate agents. I told my friend that I could get him a decent one because he is anxious of selling his home. About once a month, I get a postcard from all local agents announcing their recent sales in the neighborhood. Since I'm helping my friend sale his home, I'm hand picking the agent for him. I chose this particular agent because she is very serious and dedicated about her work, though I never met this person. I call her up and introduced myself explaining to her what I'm doing and who I'm. After five minutes of talking, she told me to email her the info of the house so that she can check it out. In the email, I told her that I wanted to try to be the mortgage broker  for this prospect buyers. Now, this is where I say WHAT WRONG WITH PEOPLE?. Obviously, if i send her a lead i expect a return. This lady has big balls to send me an email like the one she did. She return my email the next day with following

"Chris:  I will check this out and contact the seller.  I appreciate the referral and am interested in finding out more about the products your company offers.  I have no problem using you to finance this project if the seller and buyer agree.  Please understand that I have worked with a few mortgage reps/companies over the last many years & I have a very long history/relationship with them.   Talk soon! "  WOW!

   I mean who don't have relationship with others?  I lost the trust for this particular person already.  The seller is going to choose who I recommend him to. Now, because she sound so Cheesy, Im going to get another agent and she is going to miss out $15,000 dollars

What would you do if you were is this situation?

  Cristian Joseph Duran was born on February 5, 2009 in Cooper University Hospital, Camden NJ around 5:09 am at 9 lbs and 4.5 ounces. Aubrey Anna Quinn (My baby) was in labor for about 15 hours. I very proud of her hard work she performed in that delivery room, Cristian is her first child so go figure! Below are a few picture of Cristian. 

P.S. Have you had a new member added to your family, and how are you adjusting your life?

   Avoid Foreclosure Scams

Should you fall behind on your mortgage, it is very common to receive telephone calls, home visits and direct mails from foreclosure "rescue" service. Scam artist often target defendant named in public records.The Scam artist usually inform you that they are " foreclosure specialist" or " Mortgage specialist", claiming that they will save you home from forclosure in exchange for a sum money.

Unfortunately,  many people pay the scam artist, but find out months later that the company has done nothing to stop the foreclosure, and the house is set to be sold at the sheriff sale. Do not let this happen to you

Watch out for  handwritten notes that refer to the details of  your situation, service telling you not to contact your mortgage servicer, services promising to save your house, and large deposits required upfront.

Tips to Avoid Foreclosure Scams

• Contact your Mortgage server as soon as you have trouble making payment. You be able to negotiate a payment schedule.
• Get detailed information about the deadlines you face in resolving your problems
• Be cautious of any claims to stop foreclosure for a fee
• Never make your mortgage payment to anyone other than your mortgage server.
• Take your time and never sign a contract under pressure. Consult a lawyer
• Check companies reputation before doing business
• Never sign away ownership of your home without consulting a lawyer. Especially suspicious of offers to lease back your home.
• Don't sign anything with a blank lines or spaces, as information could b added later without your knowledge and consent.
• If you do not speak English, never use a "rescuer's" translator. Instead insist on using your own translator.

  

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