Understanding Short Sale Transactions | A Guide to Short Sale Facts & Myths - 07/29/10 08:29 PM
Via Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty):
Understanding Short Sale Transactions | A Guide to Short Sale Facts & Myths
A short sale unfortunately has become a common buzz word in the Real Estate industry. For those that have been hearing the term "short sale" and don't quite understand what it means, a short sale is a legal lender approved solution designed to assist a home owners who is financially strapped to get out from under their mortgage debt.
A short sale is negotiated through the mortgage holder of an owners home where by the … (2 comments)
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House of Cards... amazing report on how the mortgage market went nuts - 07/29/10 12:45 AM
If your in financial trouble we can help... No Income Needed.... you dont even need a job!
CNBC presents the defining story of our time. Correspondent David Faber investigates the origins of the global economic crisis and the events leading to the most devastating financial collapse since the Great Depression.
This video may make you mad, may make you sick, may say I told you so, may even make you cry.... when you gather all the information from this video you have to scratch your head and wonder are we even close to the bottom yet?
Simply amazing.... and you know … (2 comments)
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Think Loan Modification is being Policed by the Gov't? You gotta watch this. - 07/28/10 06:17 PM
I just found this video of Barney Frank (of all people) addressing a Chase executive regarding home loan modifications. You just have to see this video to believe it....
… (3 comments)
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You are more influential than you think - 07/28/10 08:43 AM
Fast Company is searching for 2010's Most Influential Person Online. You are more influential than you think. How influential are YOU? Check out Fast Company's "Influence Project" - http://fcinf.com/v/b8xq Fast Company magazine is searching for people who are influential online. Discover how influential YOU are. Find out how influential other people are by visiting The Influence Project at: http://fcinf.com/v/b8xq
After clicking on http://fcinf.com/v/b8xq you can join the project and share with your Linkedin Network, Facebook friends, Twitter followers, fans or group members.
If you are in Real Estate, Mortgage Banking, marketing, public relations or sales, you will find the project's visual description of … (1 comments)
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Don't Screw Up Your Loan With Untraceable Deposits - 07/25/10 11:01 AM
Via Sally Dunbar Fair Oaks Homes for Sale (Lyon Real Estate, Fair Oaks ('burb of Sacramento) CA):
Dang! It just happened again! My buyer's daughter transferred $20K into their account, because they're really buying the condo for the daughter with her money. (The daughter has bad credit, but a wad of money, so Mom and Dad are making the purchase for her).
Now we need to show proof of where the money came from - which means copies of the original check, copies of the cashed check, copies of her birth certificate, marriage license, and dog's vaccination. OK... I jest about the last 3, but DON'T MAKE … (2 comments)
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I have a dilemma...How much is too much? - 07/19/10 09:46 AM
I had a client call me this weekend who wants to pull some cash from her house. The typical loan officer here in Annapolis, Maryland would be happy with this call as she has 700+ credit scores and plenty of equity left. But as I started a new file in my loan origination system I became confused.
Confused you ask? Well yes.... you see I have done two other cash out refinances for her in the past three years and I don't like the pattern I am seeing.
So I have a dilemma... refinance her and eat up yet more equity from a client … (2 comments)
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Get out your permanent markers, HUD seeks public comment on three main issues for FHA loans - 07/17/10 12:49 PM
Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):
You can make a difference - you have 30 days to comment against FHA's proposals
With a difficult economy and possibly some new FHA mortgage changes coming in the new future, this could be time to make your voice heard. HUD made this announce back in January 20th, 2010 - FHA announces policy changes to address risk and strengthen finances - I parlayed this announcement into layman's terms. - FHA loans and some possible mortgage changes.
… (0 comments)
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South Maryland Little League wins District Title - 07/17/10 12:20 PM
South Maryland Little League
The South Maryland Little League 11-12-year-old All-Stars won the Maryland District 4 tournament in South Baltimore last weekend. The tournament included teams from Baltimore City, Anne Arundel, Baltimore and Prince George's counties.
The team is now one of eight that will compete for the Maryland State Championship July 24-30 in Salisbury, vying for a chance to make it to the Regional Championship in Bristol, Conn.
South Maryland players hail from Annapolis, Bowie, Crofton, Davidsonville, Edgewater, Gambrills, Harwood, Mayo, Riva, South River, and elsewhere.
Read more about the title here
Maryland Youth Baseball Rankings click here
Best of luck … (0 comments)
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A great construction loan - 07/17/10 10:36 AM
Are you thinking of remodeling?
Want to purchase a fixer upper and get money to fix it up?
Rehab a Home w/HUD's 203(k)
The section 203(k) program was designed by HUD to help in community and neighborhood revitalization and for expanding homeownership opportunities. The program requires just one mortgage and one settlement. It may be used for a purchase or a refinance. The mortgage amount is based on projected value enabling funds for improvements.
Eligible properties are one to four family dwellings that have been completed for at least one year. Homes that have been demolished are also eligible … (1 comments)
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Remember the Option Arm? - check out this blast from the past video - 07/14/10 05:23 PM
Ahhh the 1% pay option arm... remember those loans the reputable mortgage bankers warned were time bombs. And nobody paid attention as they were lured by the opportunity to save a few hundred dollars a month. The not so well known issue with those loans is that they recast after five years and your payment could double. And do you know what happens when your payment doubles when those 5 years are up in say 2010 or 2011 AND your income is down and your credit is bad? Well if you can't qualify for a refinance you have three options - Strategic Default, … (1 comments)
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One Year in Jail and a $10,000.00 fine? - 07/14/10 02:24 PM
Via Colleen Craig (Southern California Mortgage Professional):
One Year in Jail and a $10,000.00 fine?
You heard it! That is the price for mortgage fraud.
I don't know about you, but my red hair clashes with orange!
This is serious folks! How many of you have had clients who were CLEARLY buying an investment property, but obtained financing as an owner occupied home? Ok none of us want to admit it, but let's be honest. This happened ramp-idly in the past, but NO MORE! If caught, it comes with a mandatory $10,000.00 fine and one year in jail.
… (1 comments)
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Stuck in a Quagmire again... - 07/14/10 09:14 AM
*according to Webster
Were stuck in a quagmire again...
Sounds like the opening of a country tune. But it is much more serious than that. I am talking about the economy. And to micro target just a bit, I am directly focusing on the real estate environment as we speak. I believe that sharp declines in property values led the United States into this economic crisis and before any recovery begins, before we even see the bottom, real estate is going to have to carry us on its back out of this mess.
But things are looking up ---
Yep … (6 comments)
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Washington DC just made the Top Ten list of best cities for the next decade! - 07/13/10 11:17 AM
Via Stanley Barsch, REALTOR® 240.882.8512 (Long & Foster Realtors):
Washington D.C. ranks #3 out of 10 cities, best to live in for the next decade!
As a native of Washington DC, I take great pride when articles like this comes out. Kiplinger announced the Ten Top Cities to live in for the next decade, and many great cities from the East Coast to the West Coast made the list.
Washington D.C.. was ranked #3 by Kiplinger, saying that "every tourist knows postcard D.C.". The article cites great job prospects, entertainment, and great neighborhoods that makes the area so wonderful. … (1 comments)
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Credit Reports Sink to New Lows - 07/13/10 09:39 AM
Credit Scores sink to new lows - According to FICO, as of April, 25.5% of consumers - nearly 43.4 million people - now have a credit score of 599 or below. A score under 620 makes it very difficult to secure a home mortgage, not to mention a car loan or even a credit card.
Do credit scores tell the whole story? Absolutely not. Credit scores are developed by statisticians based on formulas, assumptions and scenarios even the statisticians themselves hardly understand. Many times I have reviewed a credit report with no lates ever yet because of the number … (5 comments)
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What the heck is HAFA? - 07/13/10 09:20 AM
HAFA - Are you in trouble with your mortgage? Do you understand the options besides foreclosure?
HAFA - Home Affordable Foreclosure Alternative was created for homeowners who can no longer afford their mortgage. The goal is very simple - to keep as many homeowners out of foreclosure as possible.
Check out this very informative video that explains two options to a foreclosure, short sales and deeds In lieu.
… (1 comments)
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Mortgage Myth Busters goes "Live" TODAY!!!!! - 07/12/10 09:03 PM
Check out this new website Mortgage Myth Busters
I know this team of professionals and highly recommend everyone of them... if you have any mortgage related questions do yourself a favor and check out www.mortgagemythbusters.com
When I need a mortgage question answered or help with a loan scenario, this is where I go...
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Via Larry Bettag - Cherry Creek Mortgage:
Finally, a solution exists for realtors and consumers alike. A long time in planning and processing, a great group of originators has launched Mortgage Myth Busters. As one of the original members, I've seen the work that the great leaders … (1 comments)
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Another 2 Maryland Banks close their doors... - 07/10/10 12:32 AM
Bay National Bank of Lutherville and Ideal Federal Savings Bank of Baltimore were shut down by federal regulators Friday. Check out Baltimore Sun financial columnist Jay Hancock's report - click here.
Check out Baltimore Business Journal's story on these closings - click here
Bay National Bank's website posts the following message:
On Friday, July 9, 2010, Bay National Bank, Baltimore, MD was closed by the Office of the Comptroller of the Currency. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. The Bay National Bank will reopen as Bay … (8 comments)
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Is your mortgage specialist really just a marketing specialist? - 07/09/10 10:26 AM
Words of wisdom from ActiveRain pro and marketing guru Ken Cook.
Via Ken Cook, 678-439-8683:
They call their selves "mortgage specialists" or "mortgage professionals". They are definitely everywhere inside the real estate industry and you see their ads all over real estate centric websites, at real estate events and even in your email. They admittedly buy articles to publish which were written by others and since they have the rights to them they publish them as their own.
Then something strange happens - you see them on news feeds and being interviewed on news channels. Oh, they may indeed have been in the … (5 comments)
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After you apply for a mortgage.....Don't move til after close! - 07/08/10 02:21 PM
Via Larry Bettag - Cherry Creek Mortgage:
Here's the deal Your credit will be re-pulled prior to closing! Book it! Bank on it! Expect it! Last month we had about 1500 closings and two issues came up prior to closing. One person had new credit because of a recent purchase and the other person had just "looked" into obtaining credit. The real issue is this. Don't do anything once you've applied for a loan. After you've gone to closing,
then you can go purchase items til they come through your wazoo, but until then....
Fogettaboutit! Recently, I've seen companies getting bit in … (0 comments)
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I need advice...please help me out - 07/08/10 01:32 PM
Is there a price you can stamp on expert knowledge?
In my opinion, as bad as the economic landscape is today, there may never be a better opportunity in our lifetime to either start up a business or grow an existing one.
Take the mortgage industry for example... high quality loan officers, branch managers and producing owners are all jockeying to join the right team as they face uncertainty in today's market. To add a new branch or even bring on producing loan officers to an existing team could result in immediate revenue. But a wrong decision could spell … (2 comments)
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LENDERS ARE GOING AFTER BORROWERS POST-SHORT SALE - 07/07/10 11:16 PM
Via Derik N. Lewis, Attorney & Broker (Saris Realty, Inc. / Lewis & Associates):
LENDERS ARE GOING AFTER BORROWERS POST-SHORT SALE
July 1, 2010
By Derik N. Lewis, Esq.
Financially distressed borrowers may think that a foreclosure or a short sale means their mortgage troubles are over. That’s simply not the case.
The Washington Post reported last week that “over the past year, lenders have become much more aggressive in trying to recoup money lost in foreclosures and other distressed sales [e.g. short sales], creating more grief for people who thought their real estate headaches were far behind.” Also, the … (2 comments)
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Anne Arundel County Cooling Centers to Help Survive Record Breaking Heat - 07/07/10 10:45 PM
Great information provided by June Piper-Brandon, Broker - Advance Realty Anne Arundel Inc.
Please spread the word... the heat can be a silent killer
Via June Piper-Brandon, CRIS, ePro, Broker (Advance Realty Anne Arundel Inc.):
Anne Arundel County Cooling Centers to Help Survive Record Breaking Heat
Anne Arundel County cooling centers are now open for those who do not have access to air conditioning.
Yesterday we experienced record breaking heat, it was 105 F yesterday, and there is more of the same forecast for today.
North County
Pascal Senior Center, 125 Dorsey Rd., Glen Burnie - 8am-4:30pm M-Fr
Anne Arundel County Police Station, 939 Hammonds … (0 comments)
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Buyer Beware - Banks Are Attempting to Sell Foreclosed Homes They Don't Yet Own!!! - 07/07/10 10:42 PM
Via Stephen Howell, Associate Broker, Annapolis, Maryland (Coldwell Banker Residential Brokerage):
Buyer Beware - Banks Are Attempting to Sell Foreclosed Homes They Don't Yet Own!!!
Yesterday I received a call from my buyer's title attorney and the call went something like this ...
Title Attorney: We won't be able to close the on the sale of the property at NNN ABC STREET in Baltimore, Maryland tomorrow.
Agent (that's me): Why not?
Title Attorney: Because Bank of America doesn't have clear title to the property.
Agent (that's me): Why not?
Title Attorney: Because the court in Baltimore hasn't yet ratified the sale of the … (1 comments)
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How Hot is it you ask??? - 07/07/10 12:47 AM
How hot did it get in Annapolis Maryland today? - 95 but...
Well it was not a record breaker but it sure was hot... According to Yahoo weather the hottest day on record in Annapolis was 103 set in July 1991 and again in August of 1983.
The record high temperature for the State of Maryland, according to USA Today was 109 on July 10th, 1936.
Today - Just a few miles down the road from Annapolis at Baltimore-Washington International airport, temperatures reached 105 making it the second hottest day on record in Baltimore according to Baltimore Sun reporter Frank Roylance.
Forecast for tomorrow call for increased humidity to enter the … (0 comments)
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Budget and Family Friendly Cruisin' Night Every Saturday this Summer at Marley Station Mall, Glen Burnie, MD - 07/06/10 11:23 PM
Via June Piper-Brandon, CRIS, ePro, Broker (Advance Realty Anne Arundel Inc.):
Budget and Family Friendly Cruisin' Night Every Saturday this Summer at Marley Station Mall, Glen Burnie, MD
If you like classic cars and hot rods this is a great way to spend your Saturday evening. Bring the whole family out and enjoy a snowball or a hot dog with the kids and take in the gorgeous classic cars of years gone by. Reminisce with some of the owners and check out the craftsmanship of some of the restorations and the hot rods. Lost in the 50's Classic Car Club and Marley … (0 comments)
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Wordless Monday - Annapolis 4th of July - 07/06/10 10:18 AM
One of my favorite hobbies is taking pictures. Although the fireworks were obviously the main attraction in Downtown Annapolis last Sunday night, I prefer to photograph the wonderful people in the streets.
Hope you enjoy these pics of Annapolis fourth of July 2010
pre fourth in the streets of Annapolis
how nice would it be to have this seat for the fireworks
how photogenic is this kid??
yours truly waiting on the big show....
old glory waiting on the show...
it was a great night
ok - had to throw in one fireworks shot
… (3 comments)
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Fourth of July In Washington, DC - The Nation's Birthday Bash! - 07/02/10 11:48 AM
Via Patricia Kennedy (Evers & Company Realtors):
Washington, DC’s July 4th Celebrations
In our nation’s capital, we really know how to do the 4th of July. Over the weekend, residents and visitors alike will paint the town red, white and blue. The celebrations will include everything from great food and music to amazing fireworks. And most of the action centers around the National Mall.
The country’s birthday bash starts off with a parade, complete with floats, marching bands and lots of flags. It starts at 11:45 and runs along Constitution Avenue from 7th to 17th Streets NW.
Then you can walk … (0 comments)
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Fourth of July Festivities Annapolis Maryland - THINGS TO DO - 07/02/10 11:28 AM
Annapolis Maryland was founded in 1649 by Puritan exiles from Virginia.
Situated on the Severn River just off the Chesapeake Bay, Annapolis was once the temporary capital of the United States.
The United States Naval Academy makes it's home in Annapolis. The academy was founded in in 1845 on the site of the Severn River, situated just off the Chesapeake Bay.
Annapolis Historic Lodging
The rich history and colonial backdrop makes Annapolis a great choice to spend the fourth … (3 comments)
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VA Loan Basics: Eligibility and Entitlement - 07/01/10 10:24 AM
Via Bruce Reichstein (VALoans.com - Nationwide Expert VA Loan Officer - Dr. VA ):
When an active duty military member or veteran wants to apply for a VA home loan, the first step in the process is to apply for a Certificate of Eligibility from the Department of Veterans Affairs. The certificate tells the lender two basic things—eligibility and entitlement;
The veteran has served long enough to earn VA home loan benefits. The veteran has X amount of entitlement to use for the home loan. Vets and active service members are eligible when they meet certain general rules:
The applicant must have … (1 comments)
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He speaks... everyone listens! - 07/01/10 09:20 AM
This morning former Fed chairman Alan Greenspan said on CNBC "there is clearly a short term fear factor that is preventing small business from hiring".
Greenspan suggests that if the regulatory system is going to squeeze the financial industry and the profitability of Wall Street we may find problems emerging on Main Street.
He asks the question, "will we overdue the regulatory structure" and tells us "All our risk management systems broke down".
When this guy talks people take him very, very seriously. This video is worthy of several replays which really help you dig into what Greenspan is really saying...
… (1 comments)
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