Chris's Real Blogs

Consider foreclosures and short sales

CHRIS DURAN (TREASURY MORTAGAGE) — Mon, 06 Apr 2009 21:37:18 -0500

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.

HELOC's : Is your Heloc ready to expired??

CHRIS DURAN (TREASURY MORTAGAGE) — Wed, 11 Mar 2009 22:01:56 -0500

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

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

Overdraft Mortgage Protection "The Future of Mortgages"

CHRIS DURAN (TREASURY MORTAGAGE) — Tue, 10 Mar 2009 19:25:47 -0500

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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"What is wrong with People" Bush is the pitcher, Bases are loaded and Obama is on Deck to Pitch.

CHRIS DURAN (TREASURY MORTAGAGE) — Mon, 09 Mar 2009 08:58:10 -0500

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?

Making your home recession proof, how is your home recession proof?

CHRIS DURAN (TREASURY MORTAGAGE) — Fri, 06 Mar 2009 20:23:47 -0600

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!!

Choosing the best loan interest rate and loan type can save you more than $100K

CHRIS DURAN (TREASURY MORTAGAGE) — Fri, 27 Feb 2009 21:40:14 -0600

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.

WHAT IS WRONG WITH PEOPLE? WHY ARE THEY SOoo CHEESY!!!!

CHRIS DURAN (TREASURY MORTAGAGE) — Thu, 26 Feb 2009 19:42:44 -0600

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?

Birth announcement!! 9.5 Lbs and 21" long Cristian J. Duran aka Toby

CHRIS DURAN (TREASURY MORTAGAGE) — Sun, 22 Feb 2009 16:47:51 -0600

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?

Foreclosure and Home modification Scams

CHRIS DURAN (TREASURY MORTAGAGE) — Tue, 17 Feb 2009 17:50:54 -0600

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.

www.wix.com/chrisduran/one-stop-mortgage

Having trouble selling your home? Here are some tips

CHRIS DURAN (TREASURY MORTAGAGE) — Tue, 10 Feb 2009 17:03:45 -0600

Don't overprice your house. Your house is not worth what it was this time last year. A couple of years ago, especially in the Phoenix area, homes remained on the market for less than one month and sold at exorbitant prices. One house could sell for $200,000 in a neighborhood while another right around the corner sold for $240,000. Times have changed.
Round up your sales price. Determine your sales price so it stands out in Internet searches. Search engines create categories usually every $25,000 or $50,000. Offering your property for $250,000 instead of $251,000 will generate an additional 7.1 percent number of visitors.
Start on Friday. The day when you will first show your house is important. A study conducted by , an online real estate brokerage firm, has concluded that starting to show a house for sale on a Friday results in a 7.7 percent increase in the number of visitors. The same study has shown the worst day to start showing a house is on Thursday.
Use the Internet. Post an ad on Craigslist. You will increase your visitors by 6 percent.
Be there when potential buyers visit your house. Empty homes have shown a tendency to have to lower their initial sales price.
Wait before listing your home until your are sure the foreclosed homes in your area have been off the market. A foreclosed property reduces the value of a neighborhood, lowering the value of a home about to be listed by an average of $5,000. A foreclosed property affects the price of the other properties in the neighborhood, but with the greater number of foreclosed homes, it has become a challenge to find areas where no homes are being sold at auction.
Give your vistiors financing options www.wix.com/chrisduran/one-stop-mortgage

Here are 5 reasons why is a good time to buy home during a recession

CHRIS DURAN (TREASURY MORTAGAGE) — Sat, 07 Feb 2009 10:19:24 -0600

Here are five reasons why is a good time to buy home during a recession

Home values are dropping, affordability is better than ever
Foreclosure on the rise, you have a large inventory to choose from
Home builders need your business and are offering big discounts
Mortgage rates are historically down, mortgage are more affordability
You can get a federal tax credit of $7,500

P.S. Just remember for all first time home buyer, When the market starts improving, your negotiating powers start to diminish. This is the time when you get almost all what you need and what you want.

Here is another FREE way to advertise YourSelf

CHRIS DURAN (TREASURY MORTAGAGE) — Fri, 06 Feb 2009 05:42:32 -0600

Many of us are looking for ways to be known. Here I provided a website which might come handy for you. In this cruel economic we are looking to saved every penny we can. Sometimes we must alternate our marketing ways. Please lcomment me and let me know if this website help out your business.

Major Jobs Cuts, Why Not Salaries cuts to save more jobs!!!

CHRIS DURAN (TREASURY MORTAGAGE) — Wed, 28 Jan 2009 19:32:31 -0600

America is facing a major employment crisis. Today President Obama gave a speech regarding our economy crisis which inspire me to write this post. Today President Obama made a remarked to the world which made indeed a lot of sense. "Business, not government is the growth engine of this country". These major corporations are slicing jobs left and right. A great solution to reduce unemployment is to have salaries cuts to maintain more people in the work force. If a major corporation has about 50,000 employees, having a salary cut of $1.00 per hour for all current employees can be very beneficial. That's $50, 000 per hour save, $400,000 per day at 8 hours, $2.8 millions a week, $145,600,000 a year saved. If the average person makes $35,000 divide in $145,600,000 that's 4,160 job saved, its not much but it will make a difference. Imagine just even 0.50 cent, that's 8320 jobs saved. How would you react if your company had a salary cut? Or which one you would you take a salary cut or a laid off?

Paulboro home for sale, 08066

CHRIS DURAN (TREASURY MORTAGAGE) — Tue, 27 Jan 2009 21:56:22 -0600

Priced at $125,000


Bedrooms:	3	Bathrooms:	1
Square Foot:	720	County:	Glouscester
Property Type:	Single Family Detached

Property Description

What a great house! Move in condition cape with 3 beds, 1 bath. Everything has been done and it has been done right. The home sits on a 100ft deep lot and the entire yard is fenced in. Seller's are very motivated and have purchased another home already

Foreclosure: A good investment or Waste of time

CHRIS DURAN (TREASURY MORTAGAGE) — Fri, 23 Jan 2009 23:23:43 -0600

The banks have all the control on foreclosure, and the buyers have none. Most banks have no idea about the condition of the house they are trying to sell. Most times they are not even located in the same state as the house. You might think that your offer was reasonable based on the condition of the house, but if the bank is not aware of that condition(meaning they have not visually inspected it), they will consider it a low ball offer and look for a higher offer. I've seen situations where people were only a few days away from closing on a foreclosure, the bank receives an offer for only a $1000 dollars more and they will accept that one, and their current offer gets tossed in the trash. Foreclosures are not the great deals everybody thinks they. Before you invest do your homework, ask questions or move along.

How important is Social Networking!!!

CHRIS DURAN (TREASURY MORTAGAGE) — Tue, 20 Jan 2009 16:49:49 -0600

Social networking is a quick way to increase your business or lead. Dr Robin Dunbar theorized humans have the cognitive ability to maintain stable relationships with 150 people. These 150 people are considered ones Social Network. While other scientists has suggested numbers higher than Dunbar's, 150 is a good enough number to use for our exploitative purposes. Six degrees of separation

We have all heard of the theory called Six Degrees of Separation. Putting Dunbar's theory together with the six degrees theory, we can conclude that every social network will have 25 people in common. While there is incredible value in the value of any one person's social network there is great expense to gaining access to the network. While we ignored the actual time expense value we can conclude the value is number of sales presentations * X (representing time). In our example below, our time expense would be 22X or 22 sales presentations times the amount of time it took to make the sales presentations.

Social marketing is the act of using common relationships as evidence to support expanding access to your social network in exchange for access to the other parties social network.

Most social networking sites automatically report friends in common, but the sharing of unique friends is voluntary on the part of the member. Because of SPAM abuse and predatory horror stories on the internet, the sharing of social networks is reserved for teenagers and other non-business people. A new system of connecting business people together must be developed. One that is more efficient, higher success rate, and less SPAM.

$7,500 in saving! Does your client know about it: First Time Homebuyer Tax Credit

CHRIS DURAN (TREASURY MORTAGAGE) — Sat, 17 Jan 2009 18:43:56 -0600

Every week i help families purchase their new homes. how can you maximize their savings. First time homebuyer have many available programs to unsure a more guarantee purchase and savings. Housing and Economic Recovery act of 2008(Only for First Time Homebuyers) Amount of Credit is 10% of cost of home, not to exceed $7,500. Eligible properties are single family residence, condos, co-ops. It's also refundable and reduces income tax liability for the year. Income limit are $75,000 single and $150,000 joint. The credit must be recapture every year (6.67% of the credit)Effective date April 9, 2008 and July 1, 2009.All your questions are answer about the tax credit. Good Luck and Please email me with any questions or concerns.

blog testing

CHRIS DURAN (TREASURY MORTAGAGE) — Fri, 16 Jan 2009 18:08:55 -0600

this is a test!!!

I m looking to pre qualify your customers!!!!

CHRIS DURAN (TREASURY MORTAGAGE) — Thu, 15 Jan 2009 22:08:11 -0600

Chris Duran, Treasury Mortgage, 856-449-6997, 856-415-7720

TIME BLOCK 101

CHRIS DURAN (TREASURY MORTAGAGE) — Wed, 14 Jan 2009 20:26:01 -0600

In business and in life, it's often just one extra degree of effort that separates the good from the great. Did you know that extremely hot water is around 211 degrees, but it does not boil until it hits 212 degrees. As our technology gets more advanced, some of us gets more slower. In this small paragraph i wanted to talk about time block. Time blocking is scheduling your priorities, rather than prioritize your schedule. Email is undoubtedly one of the most highly utilized technology tool in all of business enterprise, but few people property manage their email system. Take 20 minutes of your working day to answer, delete or save your messages. Take time to set up your email setting (what's spam and what's not). Take the time and acknowledge to someone that your a professional. One easy and optimal way to manage your email system is to keep your inbox empty.

No JOB, umemployed, no future???? 2.8 millions out of work, how can you promote your industry?

CHRIS DURAN (TREASURY MORTAGAGE) — Sat, 10 Jan 2009 00:54:51 -0600

As america reaches almost a record high of 3 millions unemployed, it is a good time to get people to join our profession.? Right now it's a good time to introduce what you do to the American public, try recruiting friends, family and neighbors on what you do for a living. Maybe they will like it, maybe not. But unless you speak up they would not know...Since we are in the real estate and finance industry, most likely people who own their own business or work in a similar field would enjoy what you do....If you going to recruit someone make sure you analyze that person first. Not to be a prejudice, but to select the right person for the ideal job. Help America reduce it unemployment and be leader and a mentor..Good luck and please leave a comment, maybe not here but somewhere else....

Mine your own business America and fix our country first!

CHRIS DURAN (TREASURY MORTAGAGE) — Thu, 08 Jan 2009 19:12:16 -0600

As all you know by now, the stock market is unstable. I often watch the news and get really upset due the factor that America has its own problems and other countries won't come to the rescue. This morning i was watching CNN and for the last week or so the war at GAZA is getting Worth's. I listen carefully on who is helping this small country that is getting beat down by another country 10x bigger. I ask myself, that war is not our problem, why is America making it into our business, when we must concentrate on our own problems, the economy crisis. This is one of the reason why other countries hate Americans because we often get in their business. We have an economic war here in our country and These politician need to stop wasting our tax money and bring those troops back to save a buck or two. We are in a money crisis right now, how come we don't ever see foreign soldiers walking around wall street and watching over our money, have you ever seen a foreign soldier in our country for any reason? I'm starting to loose faith in this country. As President Elect said today, if we don't do anything right now, this crisis can linger around for a few years. But to get to my point, America needs to mine its own business.

Is Purchasing a Home One Your Goals this Year? Are You ready to own?

CHRIS DURAN (TREASURY MORTAGAGE) — Wed, 07 Jan 2009 20:40:25 -0600

Home ownership means you no longer pay monthly rent for the roof over you head. You can do what ever you want to the house. When you sell or leave you house, you can recoup the purchase price and maybe even earn a little profit. But don't kid yourself, home ownership comes with a slew of disadvantages, responsilities and downright headaches. So before you go any further, consider whether your lifestyle and finance make a home buying a smart move.

Tip you should keep in mind

High cost means you should be prepared to say PUT. Staying put for a least 3 or 4 years makes sence. High transaction cost of buying and selling property means you could lose money on the deal. If you make money, you'll pay the gains capital taxes if you in the house less than two years..

DONT LET SMALL STUFF BOTHER YOU AND GET IN BETWEEN YOUR UPCOMING GOALS

CHRIS DURAN (TREASURY MORTAGAGE) — Tue, 30 Dec 2008 22:30:09 -0600

A lot people take things too serious......Out here in New Jersey (EAGLES land) fan are true to the game. For the last 17 weeks of football i seen people depressed and happy, but it would depend whether their team won or lose. For those people who take things so seriously, don't make goals for this year and let a small thing like a game get in between. Matter of fact, make the following goal for this year "WILL NOT LET SMALL STUFF BOTHER ME". I was watching the news over the weekend and heard that a man when into a shooting spree over a movie, over a stupid movie. Feel free to comment.