Mortgage Information for Fort Wayne, IN & Northeast Indiana

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Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Sat, 17 Oct 2009 14:33:08 -0500

I have partnered with HBMII to be able to offer a unique service FREE to all my customers. It is called the Home Buyers Scouting Report & it is like an MLS home search but on steroids! The amount of information a customer can see when they use it is incredible plus the map features are so inclusive that it becomes addictive! This is just one more way we set ourselved apart from the competition & we continue to be THE mortgage company for Fort Wayne & Northeast Indiana!

We promise NO unwanted sales calls and NO spam... All for FREE & simply the opportunity to earn your business!

Simply click on the link below to immediately start searching for homes in the Fort Wayne/Northeast Indiana area for FREE!

Buyers Beware of Steve Branham or Brian Tracy (motivational speakers)!!!

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Fri, 16 Oct 2009 19:21:21 -0500

***ALERT***

***BUYER BEWARE!!!***

If you are considering attending any real estate or mortgage related motivational speaking engagements by either Steve Branham or Brian Tracy of the "Not Satisfied Tour" doing business as "Not Satisfied LLC", DON'T BUY A TICKET UNLESS YOU ARE 100% SURE YOU CAN MAKE IT!!! They mean it when they say, NO REFUNDS, NO EXCEPTIONS!!!

Read the quote (in fine print) on their seminar ticket & tell me if you think this is a good way to do business: "NON-REFUNDABLE - NO CASH REFUNDS, NO EXCEPTIONS. IN THE EVENT OF SICKNESS, DEATH, WAR, GOVERNMENT RESTRICTIONS OR CIRCUMSTANCES BEYOND THE CONTROL OF NOT SATISFIED, THE RIGHT TO REVISE THE FORMAT OR DATE OF SEMINAR IS EXPRESSLY RESERVED BY NOT SATISFIED LLC. THE HOLDER OF THIS TICKET ASSUMES ALL RISK AND DANGER RELATING TO THE EVENT WHETHER OCCURING PRIOR TO, DURING OR AFTER THE EVENT. THIS TICKET IS A REVOCABLE LICENSE AND MAY BE WITHDRAWN AND ADMISSION REFUSED AT THE DISCRESION OF NOT SATISFIED LLC."

Unfortunately, I gave in to Steve Branham's HIGH PRESSURE sales tactics when he came to my company's office in 6/09 & I paid $315 (face value $499) to attend a seminar on "Maximum Achievement & Superstar Selling" on 8/09. Around 7/1/09, I found out my regular babysitter was going to be out of town that day & I had no babysitter for my 5 month old son so I would need to work from home that morning until my wife got off work. I then called the Not Satified LLC office & notified them of my problem & asked for a refund. That is when they told me I should have read the fine print on the "registration form" when I originally paid becuase they have never made an exception to their no refund policy in the history of their company for ANY REASON. They said, you can go to another seminar instead so I asked when the next one was & she said 12/09 in Sacramento, CA! I live in Fort Wayne, IN & the original conference was in Indianapolis (120 miles away). I then was told they only have 2-3 conferences per year spread around the country & that I could wait approximately 3 YEARS until they came back to Indianapolis!!! Obviously, this is ridiculous! I was offered no apology or sympathy because they arleady had my money!

Four of my colleagues from my office did go to the seminar & they were so disappointed with the quality of it they even left at lunch & didn't believe it was worth their time to stay for the afternoon session even though they also paid $315 each for their tickets! I asked repeatedly & Stephanie Branham (the CFO at Not Satisfied LLC) said they have no satisfaction guarantee in addition to their no refund, no exception policy... DOES THAT SOUND LIKE A BUSINESS THAT IS PUTTING OUT A QUALITY PRODUCT TO YOU???

I have since filed a complaint against their company with the Better Business Bureau. Does anyone else have any suggestions on how to deal with this greedy company that doesn't care about their customers once they have your money???

I told Stephanie that she may have my $315 on a technicality but it is a VERY poor business practice from an ethical perspective. I could NEVER get away with charging someone in my business if I did not render a service to them in the end. Furthermore, I would CHOOSE to refund the money back to my customer if I never rendered a service to them because it is the right thing to do, something that seems to be escaping the employees & management of the "Not Satisfied Tour".

In summary, I encourage everyone to beware when dealing with the "Not Satisfied Tour" or Not Satisfied LLC. Keep in mind that they literally don't even care if you or a family member DIE, they will not give you a refund to one of their seminars? And they apparently do not have a satisfaction guarantee either. It can be an unpleasant experience but you're just out of luck on the $315+ you spent on the ticket. Just remember, if you buy a ticket to a seminar there are "NO REFUNDS NO EXCEPTIONS"

***Am I off target for being so frustrated in this case???

Sincerely Frustrated,

Nathan

Get your $8,000 first time homebuyer tax credit before it's gone!

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Fri, 21 Aug 2009 12:45:09 -0500

We are HIGHLY recommending first time homebuyers have an accepted purchase agreement NO LATER THAN 10/15/09 so you can get closed by the end of November & not miss out on the federal $8,000 tax credit! NOW is the time to be looking for your first home!!!

Nathan Gaier of The Gaier Team one of few Lenders in Fort Wayne offering MCC

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Fri, 21 Aug 2009 12:31:21 -0500

Nathan Gaier & John Gaier of The Gaier Team at Hallmark Home Mortgage continue to be one of the few lenders in the Fort Wayne area still offering the MCC (Mortgage Credit Certificate) program! It can be used with FHA loans, conventional loans & USDA loans! Please contact me at ngaier@hallmarkhomemortgage.com for more details on any of these programs!

Have a great weekend!

Listen to Nathan Gaier on WOWO AM 1190 on Mon. morning, 10/6, at 7:05am!

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Fri, 03 Oct 2008 16:11:48 -0500

I wanted to let you know I will be making another radio guest appearance on WOWO AM 1190. It will be on this Monday morning, 10/6, at 7:05am with Charlie Butcher & the topic will be "How difficult is it to get a mortgage today?"

I hope you have a chance to listen live!

Have a great weekend,

Nathan J. Gaier

The Gaier Team

Senior Mortgage Consultant &

Contact Conversion Specialist

7421 Coldwater Road, Fort Wayne, IN 46825

Office: 260-469-0917 or 888-490-1428 (receptionist)

Cell: 260-615-9676

Fax: 888-719-2706

www.HallmarkHomeMortgage.com/ngaier

Hallmark Home Mortgage expands in down market (where did Waterfield go?)

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Tue, 26 Aug 2008 17:51:13 -0500

Hallmark Home Mortgage www.HallmarkHomeMortgage.com has recently added Mortgage Consultants in Indianapolis, IN to our team! We now have approximately 50 employees with 6 offices & an average of 16 years of mortgage industry experience per employee! Somehow we have found a way to grow when everyone else in the market seems to be cutting back.

Where did the core employees of the old Waterfield Mortgage Company go? They are still in Fort Wayne, IN but now are working for Hallmark Home Mortgage which celebrated it's 1st anniversary in business in the summer of 2008.

We now have offices in Fort Wayne IN (corporate office), South Bend IN, LaPorte County IN, Mount Pleasant MI, Indianapolis IN, and Evansville IN.

A Letter From Deborah Sturges

"Change always comes bearing gifts." ~Price Pritchett

Sudden change is seldom welcome, but one day in 2006 I found myself in the midst of great change. Not only for me, but for my friends and co-workers who had worked so hard for me and beside me everyday.

Waterfield Mortgage, a longtime Fort Wayne based company where I was senior vice president, was sold. 650 people, including me, lost their jobs. We were suddenly faced with many challenges both professional and personal.

At first I was devastated, but with time I realized it was an opportunity for positive change. After taking a couple of months to reflect, I decided that Fort Wayne still needed the type of home finance solutions we had been giving at Waterfield and that I wanted to be the one to continue that TRADITION OF SERVICE. The foundation for Hallmark was in place.

I set out to create a new and different mortgage company. The name had to express my desire to create a company made up of the best people in the industry, who share my commitment to always put YOU, our customer, first. The dictionary definition of Hallmark is: 1. A mark indicating quality or excellence. 2. Any mark or special indication of genuineness, good quality, etc. The name Hallmark Home Mortgage fit my vision for the company.

My next step was to begin assembling the team that was going to help me realize my dream. The market was rich with talented people. Most of them, I had worked with for years and they were currently unemployed. So in the spring of 2007, with great people onboard, the ability to make all decisions in-house, and strong local financial backing, Hallmark Home Mortgage was born.

As a Fort Wayne native, I care deeply about our city. Community involvement has always been a high priority for me. I have served as the Chairman of Parkview Hospital, a member of the Board of Directors of Parkview Health Systems, a Board Member of the Fort Wayne Chamber of Commerce and of Anthony Wayne Services. I have also chaired the Indiana Health Facility Finance Authority for 8 years, have been on the Fort Wayne-Allen County Airport Authority Board, served as Chairman of the Board of United Way of Allen County and was their 1999 Campaign Chair and Co-Chair of the Tocqueville Society. Through these associations, I know how rewarding service can be; I believe everyone has the ability to make a positive impact on their community. Hallmark Home Mortgage is a place where community service is supported and encouraged.

I feel privileged and blessed to be surrounded by the exceptional group of professionals that make up Hallmark Home Mortgage. I am equally honored to be in a business that makes the dream of homeownership a reality for people everyday.

We look forward to the opportunity to earn your business. I invite you to experience the Hallmark Home Mortgage difference.

Deborah Sturges
President & CEO of Hallmark Home Mortgage

Seller Funded DPA on FHA... Friday 8/29 is the last day to find a property!

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Tue, 26 Aug 2008 17:32:00 -0500

As of today, we only have 2 investors left that we can still lock loan with that are getting the 3% downpayment paid for by the seller. One of these investors says the loan must be locked by this Friday 8/29 & the other investors says it just must be registered (with a property address) by this Friday 8/29.

Any buyer that is already pre-approved needing to get their 3% FHA from the seller needs to act quickly or they will have to come up with the downpayment themselves or get it as a gift from someone.

The elimination of the DPA programs on FHA loans will be rough for the market in the short term but it should help stabilize the market long-term since buyers will start to have to put money down on their house again.

For more information, you can call me at 260-469-0917 or visit our website at www.HallmarkHomeMortgage.com/ngaier

Have a great day! Nathan

How the Housing & Economic Recovery Act of 2008 Impacts the Fort Wayne Housing Market

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Fri, 01 Aug 2008 18:51:55 -0500

I have just had an opportunity to review a summary of the new housing bill that was put together by the Mortgage Bankers Association. It appears that we will still be able to utilize the Down Payment Assistance (DPA) programs for all loans "credit approved" prior to 10/1/2008. So now we know our window of time is 60 days. It is very important to get this word out to potential buyers, especially if they are already pre-approved using a DPA! I see this as a HUGE opportunity for us to create a sense of urgency and get some buyers off the fence in the next 2 months!

Even after the 10/1 date, I still see some positives in this whole situation. The FHA down payment requirement does increase from 3 - 3.5%. However, it now allows for not only gifts from family members but also loans from family members, provided the loan is subordinated and the total CLTV does not exceed 100%. Seller concessions remain untouched at 6%. HOME & HOP funds (locally using mainly "Community Connections") are still allowed although please keep in mind that the City of Fort Wayne grant money is already gone for 2008. We do, however, highly encourage all First Time Homebuyers to apply for the MCC tax credit that can still save them up to $2,000 year and is very inexpensive, not to mention relatively simple for us to process here at Hallmark. All in all, we believe this new bill will ultimately bring forth a stronger, more prepared homeowner which will benefit all of us in the long term. Those who are serious about homeownership should be able to find a way to save, borrow or be gifted their 3.5% and be more committed to making house payments because of it. There may be a short lag time for the public to change their mind set of 100% financing, but it will happen.

One question we have already been asked a few people is, "What is the $7,500 tax credit we have heard about?" The following can be found in the attached file under "Division C - Tax-Related Provisions" on page 9:

"TITLE I - HOUSING TAX INCENTIVES (Division C, Title I)

• First-Time Homebuyer Tax Credit: Makes a qualifying individual or a couple, who is a first-time homebuyer of a principal residence in the United States from April 9, 2008 through April 1, 2009 eligible for a tax credit not to exceed $7,500 (to be paid back over 15 years) Credit will begin to phase out if single taxpayer's income exceeds $75,000 per year or the couple's income exceeds $150,000. "

I am sure you are thinking the same thing we are about are the details relating to the tax credit having to be paid back over 15 years. We haven't seen any more details than that as of yet but it appears that it isn't free money!

We all need to stay positive and see this as a short-term opportunity to get some of our on the fence customers to buy sooner instead of later and a long-term opportunity to strengthen the entire housing market in Fort Wayne!

Have a great day & visit my website www.HallmarkHomeMortgage.com/ngaier

Nathan

My first posting of my radio interview on short sales

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Fri, 11 Jul 2008 15:59:31 -0500

The following link is of my recent radio interview on WOWO 1190 in Fort Wayne, IN. The interview was primarily about short sales and possible Freddie Mac/ Fannie Mae new rules on how long someone has to wait to be able to get a mortgage. The interview was on 6/23/08. boomp3.com Enjoy! Nathan Also, you can find more mortgage related information at my website www.hallmarkhomemortgage.com/ngaier

I have a radio appearance on WOWO AM 1190 on Monday morning 6/23

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Fri, 20 Jun 2008 11:48:52 -0500

I wanted to announce that I will be on Fort Wayne's WOWO AM 1190 on Monday morning 6/23 at 6:35am to talk about mortgage interest rates, short sale information and general mortgage related information specific to the Fort Wayne, Indiana market. Charlie Butcher, the morning talk show host, invited me to make an appearance when I ran into him this morning. I am very excited about this opportunity & I hope many of you will have an opportunity to listen in!

Nathan

Indiana Mortgage Credit Certificate (MCC) income limits change effective 5/20/08

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Tue, 03 Jun 2008 12:34:53 -0500

IHCDA announced a few weeks ago their new income limits for the MCC tax credit available to first time homebuyers. The limits vary from county to county but for Allen County the income limits actually went down a little.

1 to 2 person = $59,100/year

3+ person = $67,965/year

This is needed to update the MCC information I posted in my previous blog.

Nathan GaierNathan J. Gaier

The Gaier Team

Senior Mortgage Consultant &

Contact Conversion Specialist

7421 Coldwater Road, Fort Wayne, IN 46825

Office: 260-469-0917 or 888-490-1428 (receptionist)

Cell: 260-615-9676

Fax: 888-719-2706

www.HallmarkHomeMortgage.com/ngaier

MCC Credit is an amazing First Time Home Buyers tax credit program!

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Wed, 14 May 2008 16:52:41 -0500

I made up this flyer to explain a great first time home buyer's program that give tax credits to buyers. Hallmark is one of the few lenders approved in Indiana to offer this program. It generally only takes about 6 months to make up for the upfront fee & every month after that is pure savings! This is truly a great government program that not enough people know about!

You can also go to Indiana Housing's website for more information about the program: http://ihcda.in.gov/buyers_faqs.aspx

7421 Coldwater Road

Fort Wayne, IN 46825

Phone: 260-469-0917 • Fax 888-719-2706

Mortgage Credit Certificate (MCC)

Offered by:

Indiana Housing & Community Development Authority (IHCDA)

Did you know that your 1^st time home buyers could qualify for a tax credit on their federal income taxes? There are only 3 requirements:

Must be a 1^st time home buyer: Anyone who has not had ownership interest in a home during the past 3 years.
Household Income Limit (Fort Wayne & surrounding area)
- 1-2 member household: $60,600
- 3+ member household: $69,690
Acquisition Limit (Fort Wayne & surrounding area)
- New or existing home sales price limit: $237,031

Reservation Fee = 0.50% of the mortgage amount
- Example: $100,000 mortgage x 0.50% = $500 one-time fee up front
How does it help a customer qualify?
- FHA: The monthly MCC credit can be subtracted directly from the buyer's proposed PITI before the ratios are calculated.
- Conventional: The monthly MCC credit should be added to the borrower's income before ratios are calculated.
- VA: The borrower's federal tax liability should be reduced by the MCC credit. This will only improve the buyer's residual income position and will have no impact on the buyer's ratios.
Reservations are being accepted on a first come, first serve basis
Takes no extra time to close & requires no additional inspections

MCC Credit Chart

Loan Amount MCC Tax Credit %

$90,001 + 20%

$70,001 to 90,000 25%

$50,001 to 70,000 30%

$0 to $50,000 35%

Example Yearly Tax Credit Calculation

If a customer bought a home with a $100,000 loan amount at 6.500% interest rate, they would get a tax credit of $6,500 (annual interest) x 20% = $1,300! That equals $108.33 every month for the first year!

For more information please contact:

Nathan J. Gaier

The Gaier Team

Senior Mortgage Consultant

Hallmark Home Mortgage

7421 Coldwater Road, Fort Wayne, IN 46825

Office: 260-469-0917 or 888-490-1428 (receptionist)

Cell: 260-615-9676

Fax: 888-719-2706

e-mail: ngaier@HallmarkHomeMortgage.com

www.HallmarkHomeMortgage.com/ngaier

FHA Introducing Risk-Based Pricing on 7/14/08

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Mon, 12 May 2008 17:28:31 -0500

This was sent to me by our TB&W Account Executive:

"FHA Introducing Risk-Based Pricing

The Federal Housing Administration will start charging upfront mortgage insurance premiums based on the borrower's credit score and downpayment starting July 14, according to the Department of Housing and Urban Development. Upfront premiums paid at closing will range from 1.25% to 2.25% under the new pricing schedule that will apply to all FHA loans. Currently all FHA borrowers pay a 1.5% upfront premium regardless of risk. By charging slightly higher premiums based on credit risk, HUD expects to create a more financially sound FHA program and reach more borrowers struggling to keep up with their payments on high-cost subprime mortgages. Risk-based pricing will also be used for refinancing delinquent borrowers under the FHA Secure program starting in July. HUD is expanding the FHA Secure program so that borrowers who have missed two or three payments in the previous 12 months can be refinanced into FHA-insured mortgages. The risk-based pricing notice and a mortgagee letter with the underwriting standards for the expanded FHA Secure program are posted on the FHA website, which can be found at http://www.fha.gov. <http://www.fha.gov./>"

This is VERY noteworthy & will have an impact on many FHA loans in the near future. It was only a matter of time before FHA decided to do this since it has been standard on most conventional loans for a while now.

This is probably not a bad thing. Customers with lesser credit should reasonably expect to pay a higher interest rate since they are a higher risk.

Nathan

Short Sale Information... You Don't Have to be Behind to Benefit

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Fri, 09 May 2008 12:29:52 -0500

Did you know that many investors WILL work with you on a short sale even if you are not behind on your mortgage payment as long as you are persistant?

I recently was made aware of a situation in which a customer had a life event occur & ended up with 2 homes. The second home became a burden on the couple & they were not able to sell their home for anything close to the amount of money they had into it even though it was on the market for a full year. They had never gotten behind, but when they first contacted the lender they were told that because they were not 4 months behind, they could not speak to them about any short sale options.

Two months and many calls later, the customer finally got someone at the investor that was willing to speak with them. Come to find out, they were able to work out a deal in which a short sale offer was finally able to be accepted & the home was sold. The lender agreed to "forgive" the deficiency balance on the account without it affecting the customer's credit.

The only negative was that the lender said they would have to send the customer a 1099 for the "forgiven debt" which they would then have to count as taxable income next year. I then found the article that I posted in my last blog that talked about how they are going to fall into the time frame in which they will NOT have to claim that 1099 on their taxes. What a blessing!

It is amazing what a little persistance can do! Also, keep in mind that we are in such a unique market that almost everything can be negotiated with lenders right now from the servicing end.

Nathan

Short Sale Tax Consequences... Will the IRS Forgive the 1099 Income?

Nathan Gaier, Northeast Indiana's Mortgage Team (Hallmark Home Mortgage) — Fri, 09 May 2008 11:57:10 -0500

The following useful article was forwarded to me by Steve McMichael:

The IRS Forgives Until December 31, 2009 Thursday, May 01, 2008 - By Thomas M. Mitchell

If being in default and the threat of foreclosure aren't troubling enough, the thought of the IRS coming around after the fact is sure to keep sellers up all night. They have all heard the stories of being tracked down by the tax man to pay taxes on "forgiven debt." To them it's like a bad dream turned into a nightmare, all summed up and justified by a bunch of letters and numbers. But not every code section is necessarily a 4 letter word.

Code Sec 108(a)(1)(B),(C) - better known as 1401, means everything to some homeowners in today's market ... but it only has meaning in light of HR 3648. Then again, Section 163(h)(3)(b) is really the key to the whole thing. Make sense to you?

It doesn't to your homeowners either. Staring foreclosure in the face they want to know if there is anything they can do. Can you sell their house before the deadline? In most cases your answer would be no because they are completely "upside down" but there are cases in which a short sale could work. And when you broach that subject one of the first questions they may ask is "what is our tax liability if we agree to a short sale?"

While the correct response is that you are neither a tax lawyer nor a CPA, you need to be able to let them know that if they qualify there are some options that may resolve that issue. And it all ties back to December 20, 2007, when President Bush signed into law a new measure giving tax breaks to homeowners who have mortgage debt forgiven. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.

Why is this so important? In most instances, debt that is forgiven or cancelled by a lender must be included as (ordinary) income on the seller's tax return and is taxable. There are a number of terms within the bill that are central to the issue, such as "Acquisition Indebtedness" - and you need to know them.

And don't forget December 31, 2009. That's the date when this tax break expires. It only applies to debts discharged from January 1, 2007 to December 31, 2009. And tell your sellers that "being insolvent" as a result of bankruptcy doesn't count. The Short Sale is a powerful tool in the hands of a qualified real estate professional.

To learn more about the Short Sale process and how you can successfully move into this lucrative market, consider taking the new Certified Short-Sale Professional (CSP) from RealtyU. The course has captured 11 years of "in the trenches" experience and put them into a first class, interactive, online format. To overview the course and find out more about Short Sales, you can visit www.realtyu.com.

Thomas M. Mitchell :
Tom is a seasoned professional in the real estate industry with extensive experience in the creation and development of offline and online courseware. He has wide-ranging 30-year background in all phase of the real estate industry. Tom manages the Home Staging Council, the Luxury Home Council and the RealtyU School Network, all part of the RealtyU Group of companies.
Mitchell@realtyu.com
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