Kurt Mitstifer's Blog

Saving Money in this economy!

Kurt Mitstifer (Mitstifer and Sons) — Mon, 21 Dec 2009 15:02:14 -0800

Tired of spending your hard earned money on over priced products and services?

ABOUT US "Because it is all about ME!"

LowerMyBills.me is part of Mystifire Marketing LLC and a premier, free online service for consumers to compare low rates on monthly bills, services, purchases there by reducing the cost of living. Service providers will bid on your business and give you the best deal! It is as easy as 123 Lower My Bills for ME!!!!!

LowerMyBills.me is the one-stop destination that offers savings through relationships with more than 500 service providers across multiple categories, including home loans, credit cards, auto and health insurance, and long-distance and wireless services and many more.

This Is How It Works
By logging on to www.LowerMyBills.me, consumers can easily lower many of their monthly bills, free of charge. The free service works by enabling consumers to enter particular information which then is used to match them with companies that can meet their needs. LowerMyBills.me offers savings via hundreds of service providers across multiple categories, including home loans, credit cards, auto and health insurance, and long-distance, wireless services and many more.

Loans Mortgage Products and Services
At LowerMyBills.me, consumers can be matched with up to five licensed providers that will then contact them with competitive rates and terms. Through its relationships with hundreds of companies, LowerMyBills.me helps consumers reach the provider that suits their needs:

<a href="http://lowermybills4me.webs.com/">Visit My Website</a>

Saving Money in this economy!

Kurt Mitstifer (Mitstifer and Sons) — Mon, 21 Dec 2009 15:01:41 -0800

Tired of spending your hard earned money on over priced products and services?

ABOUT US "Because it is all about ME!"

<a href="http://lowermybills4me.webs.com/">Visit My Website</a>

Saving Money in this economy!

Kurt Mitstifer (Mitstifer and Sons) — Mon, 21 Dec 2009 14:55:50 -0800

Tired of spending your hard earned money on over priced products and services?

ABOUT US "Because it is all about ME!"

Debt Management pit falls!

Kurt Mitstifer (Mitstifer and Sons) — Thu, 10 Dec 2009 17:59:54 -0800

WARNING!!!!!! Debt Management can have a negative impact on your credit long term because a third party is listed on your credit report. Many lenders consider this as bad as a bankruptcy since you have given up on paying your bills yourself.

Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.

Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house. The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan. The risk to the lender is reduced so the interest rate offered is lower.

Sometimes, debt consolidation companies can discount the amount of the loan. When the debtor is in danger of bankruptcy, the debt consolidator will buy the loan at a discount. A prudent debtor can shop around for consolidators who will pass along some of the savings. Consolidation can affect the ability of the debtor to discharge debts in bankruptcy, so the decision to consolidate must be weighed carefully.

Debt consolidation is often advisable in theory when someone is paying credit card debt. Credit cards can carry a much larger interest rate than even an unsecured loan from a bank. Debtors with property such as a home or car may get a lower rate through a secured loan using their property as collateral. Then the total interest and the total cash flow paid towards the debt is lower allowing the debt to be paid off sooner, incurring less interest.

Because of the theoretical advantage that debt consolidation offers a consumer that has high interest debt balances, companies can take advantage of that benefit of refinancing to charge very high fees in the debt consolidation loan. Sometimes these fees are near the state maximum for mortgage fees. In addition, some unscrupulous companies will knowingly wait until a client has backed themselves into a corner and must refinance in order to consolidate and pay off bills that they are behind on the payments. If the client does not refinance they may lose their house, so they are willing to pay any allowable fee to complete the debt consolidation. In some cases the situation is that the client does not have enough time to shop for another lender with lower fees and may not even be fully aware of them. This practice is known as predatory lending. Certainly many, if not most, debt consolidation transactions do not involve predatory lending.

Help your clients reestablish credit with debt settlement.

Kurt Mitstifer (Mitstifer and Sons) — Thu, 10 Dec 2009 16:49:02 -0800

Once your accounts are settled you can bring your credit back by using small cards such as gas cards and pay them on time and off every month. If you are behind or in collections and the damage is already done settlement is the fastest and cheapest way to reestablish your credit without a bankruptcy. This common information avalible on the web and at book stores.

How credit card debt settlement works - An example

Let's say Mary owes a total debt of $100,000 on 5 credit cards. She is finding it difficult to keep up with the minimum payments. She has earlier consulted a credit counseling agency but the monthly payments they negotiated with her creditors were too high for her to pay. Mary doesn't want to file bankruptcy as she does not want to involve the court. So, finally Mary ends up working with a credit card debt settlement company XYZ. Here are the 4 steps on how Mary could settle credit cards and pay off her dues.

Stop payment to creditors: The representative at the credit card debt settlement company asks Mary to stop paying her creditors and deposit a certain amount monthly into a savings account (i.e. a trust account that XYZ creates for Jesse).
No more handling of collection calls: While Mary starts falling behind on her payments, she may receive collection calls, which are effectively handled by the representative. Mary doesn't have to handle such harassing calls on her own.
Negotiation starts soon after: As Mary accumulates good amount of dollars into the trust account, the representative at the credit card debt settlement company starts negotiating with her creditors one by one.
Debt is reduced by 45-55%: Finding that Mary won't be able to pay enough, her creditors agree to accept a reduced amount, say around 45-55% of her outstanding bills.

While Mary pays off one debt, she waits for better offers from other creditors. She makes sure that any extra money coming in would be used to pay off her bills. Finally, after a period of 2-3 years, Mary is able to settle credit cards debt with all her creditors.

Whether it's a credit card debt settlement program or one which includes other dues, you should stop paying your creditors initially. Instead, send in those payments to your settlement company. Otherwise, you cannot gather enough funds to settle credit cards dues and other bills.

Once you have enough funds deposited into your account, debt settlement (or credit card debt settlement) companies negotiate with your creditors/CA and attempt to stop all collection efforts.

Debts you can settle

Credit card debt settlement is quite common. Other than unsecured credit cards, medical bills, gas/store cards, personal loans etc can also be settled. But tax debts, alimony, child support, mortgages, car loans and federally insured student loans are excluded from a settlement program.

How much to pay for settlement

Debt settlement companies charge 10-15% of the debt balance that is forgiven under the program. The fees are based on:

How much you owe in total
Number of debt accounts you have
How much you'll save by settlement

How long it takes to settle debts

It usually takes 2-3 years to complete a credit card settlement program or settle personal loans, medical bills and other dues. The period of completion depends upon your total debt amount.

Creditors may not sue after settlement

Once you negotiate debt settlements with your creditors/CAs, they may not come after you for the balance. It is illegal in many states such as Arkansas, Texas, Georgia, Michigan, Washington etc. However, in other states such as Alabama, Delaware etc, the creditor retains his right to sue you under certain conditions.

WARNING!!!!!! Debt Management can have a negative impact on your credit long term because a third party is listed on your credit report. Many lenders consider this as bad as a bankruptcy since you have given up on paying your bills yourself.

<a href="http://www.mitstiferandsons.com/">Visit My Website</a>

Contact Us at (561)-236-1402

FHA Licensed Loan Modification

Kurt Mitstifer (Mitstifer and Sons) — Thu, 05 Nov 2009 17:16:13 -0800

Save Your Home!

If you are having trouble and/or behind on your payments, you have several different options available to you:

	Loan Modification - A modification occurs any time any term of the original loan contract is permanently altered. This can involve a reduction in the interest rate, forgiveness of a portion of principal or extension of the maturity date of the loan.
	Short Sale - You sell your property for less than you owe but your lender accepts it as payment in full.
	Repayment Plan - The lender will add on an extra amount onto each payment for a set period of time to catch up on payments that are behind.
	Loan Workout Plan - Either a Loan Modification or a Repayment Plan.
	Forbearance Agreement - The lender negotiates a repayment plan and may force you to list your home for sale.
	Pre-Foreclosure Sale - You sell your property before foreclosure takes place.
	Deed-in-Lieu of Foreclosure - You sign your property back over to your bank and walk away.

Call Us Now! 561-236-1402

Funding Alternative

Kurt Mitstifer (Mitstifer and Sons) — Mon, 26 Jan 2009 13:42:45 -0800

Let's face it everyone is looking for money and can not find it or not enough to fund theirr real estate ventures. One way I have found to get funding is to do asset based loans for business's to get the owners the funds they need to get them the capitol to fund working capital for their business's and real estate. Using institutional investors to secure stock portfolios, cash accounts, equipment, accounts receivable, inventory, factoring etc. is a way for people to raise the funds they need. Cross colateralizing with both personal and corporate assets will help your clients achieve their goals.

Hard Money may be your best option!

Kurt Mitstifer (Mitstifer and Sons) — Mon, 07 Apr 2008 14:25:25 -0700

When trying to fin funding in this tight credit market, hard money may be your best option. Private financing of residential, comercial, construction, land and business loans. Back to basics lending with Full Doc availble for great rates! Give me a call with any questions or comments regarding Hard Money in your state. 561-236-1402

Hard Money on land and Commercial

Kurt Mitstifer (Mitstifer and Sons) — Sat, 17 Nov 2007 09:34:59 -0800

In today's lending environment there are few resorces for cash out on land. I have found a resource with up to 60% LTV 150K to 3.2M on Land And Comercial property. When you consider that you have low taxes and no insurance on raw land the an interest rate of 10-14% with an APR of 12-16% on a three year balloon amoritized over 30 years it is not that bad a deal! If you have any questions let me know. Call Kurt @ 561-236-1402

Have a great weekend!

Energy Investments

Kurt Mitstifer (Mitstifer and Sons) — Wed, 24 Oct 2007 09:02:59 -0700

With the price of a barrel of oil fast approaching $100.00 a barrel a friend of my turned me on to an oppertunity to invest in new drilling projects in Oklahoma. These guys are going down 3 miles! I had know idea that these types of deals existed in this country. You buy units in these wells and if it comes in you get paid every month for the life time of the well. Which can be as long a fifteen years! These wells can produce 3 million barrels. That is 300 million in fifteen years that is crazy money. Face it high energy prices are here to stay for a long time with world demand growing at the rate it is. Some thing to think about.

LAWYERS GUNS AND MONEY! lol!

Kurt Mitstifer (Mitstifer and Sons) — Tue, 23 Oct 2007 15:30:33 -0700

Hey! Did you know that Lawyers, Doctors and CPA's can get 100% financing on owner occupied office condos at great rates! Not only can they get 100% financing on the purchase, but 100% on the build out and on equipment leases!

That is amazing just think a brand spanking new facility with new furnishings and everything else, only paying closing costs! What could that do for a biz with a new better address and state orf the art equipment. Smells like more $$$$$$$$$MONEY$$$$$$$$$$ to me!

Spread the word and because this is commercial I can pay big money in referal fees ,you have nothing to lose here.

You heard it from Kurt 561-236-1402

$$$$$$HARD MONEY, FAST MONEY $$$$$$

Kurt Mitstifer (Mitstifer and Sons) — Tue, 23 Oct 2007 15:15:27 -0700

With the mortgage melt down what it is, in alot of cases HARD MONEY may be a better option for funding purchases and foreclosure bail outs. If you need to move fast this private money financing can close faster than any other form of funding.

-NO FICO SCORING

-NO INCOME, ASSETS OR EMPLOYMENT

-FAST CLOSINGS ONE WEEK IN SOME CASES

-UP TO 65% LTV

-GREAT FOR REHAB PROPERTIES

-DIVORCE SETTLEMENTS

-COLLECTIONS DO NOT HAVE TO BE PAID

These loans come with points there is no way around that that is how the are paid for no lender is paying YSP. if you need creative ideas how to structure loans please feel free to call Kurt at 561-236-1402.

Stop!!!Bait and Switch Poser's

Kurt Mitstifer (Mitstifer and Sons) — Fri, 19 Oct 2007 06:11:44 -0700

I am running into increasing problems with competitors that are offering interest rates that are not possible unless the borrower pays GIGANTIC fees. On the GFE's that are being provided they don't disclose this. At some point during the underwriting or maybe not until the closing either these fees or or the interest rate will be changed.

This is not only unethical but maybe ILLEGAL without properly disclosing this. In the case of a purchase this is despicable. Putting the buyer against the wall at the end of the contract where he may lose the house or his down payment. It is not just brokers, it is bank loan officers and Internet loan officers doing this. I never do this to my clients! Ever! One, I never will get a referral and two, I run the risk of an audit with fines and possible criminal charges!!!!!! These guys are the ones giving my profession a bad name and frankly I hate them. They are to weak to compete on fees and rates. To lazy to do their due diligence. Yes it is true that banks cancel loans all the way up to the closing if they find out that some aspect of the application does not qualify. But to do this with the intention to switch the loan is just plain wrong!

How do I deal with this? I show you the loan lock with the rate and prepayment terms on it directly from the lender. If my competitor will not do this or provides a bogus lock (I can Tell!!!) then he is playing games. Bring me your best deal in writing and I will tell you if it is real and if I can beat it ,I will!!!!! Don't let your clients get the shaft. We are coming back sooner than later in this market if we work together and make it happen.

Good luck and make it happen out there!!!!

Regards,

Kurt "Mike" Mitstifer

561-236-1402

@@@Jumbo and Super Jumbo's Down .125%@@@

Kurt Mitstifer (Mitstifer and Sons) — Thu, 18 Oct 2007 13:08:18 -0700

Great news everyone loan amounts from 100K to 2.5M dropped today! Barrowers with 680 plus FICO's going Stated/ Verify and Full Doc can get conforming rates on Jumbos. Restrictions do apply.

We may be turning the corner soon on the credit crunch. It seems that lenders are slowly getting back in the game. Remember no one makes money in the Biz unless loans get closed. So keep the faith we are going to come back from this down turn.

If anyone needs my help just let me know!

Kurt "Mike " Mitstifer

561-236-1402

Jumbo Loans

Kurt Mitstifer (Mitstifer and Sons) — Wed, 17 Oct 2007 10:45:53 -0700

Many people are having problems with Jumbo Loans for two reasons.

First, the secondary market is basicly gone. Second, the rates are very high if you find a lender to do them.

I have done a lot of research and found lenders that are offering rates at or below conforming rates! If anyone needs my help in securing funding for loans amounts between $417,000 and $2,500,000.00 please don't hesitate to contact me. We can work out a deal that will make it happen for everyone!

That is a Win Win in my book! Have a fantastic day!!!$$$$$$$

Regards,

Kurt "Mike" Mitstifer

561-236-1402

My First Blog

Kurt Mitstifer (Mitstifer and Sons) — Tue, 16 Oct 2007 11:19:05 -0700

I just want to say a hearty HELLO! to everyone here at Active Rain! I am sure I know some of you from working in Palm Beach County for the last nine years. I want to give a special thank you to Matt Blum for inviting me to the web site. I can tell you that Matt has been a great friend to me and a great inspiration to me in the mortgage biz ever since I have been in it. No one has higher ethics or concern for his clients well being than Matt. I have learned a lot from him over the years. If anyone has any ideas for me or any questions please comment or ask. Have a great and profitable day!

Regards,

Kurt Mitstifer