Scott's Dollars and Sense

Network For Free

Scott Blanchard (Mortgage Force ) — Wed, 29 Jul 2009 13:55:42 -0500

We were in the online addition of the newstimes on 7-28-09 and today are on pg A 8 of the Danbury News Times. Here is the link to the article:

http://www.newstimes.com/search/ci_12936848?IADID=Search-www.newstimes.com-www.newstimes.com

Tonight's even we have 92 people that RSVP'd . Contact me for more details in you want to speak at an event or register to be a member of our group. Remember there is no membership fee of any kind other than the event you attend.

I will let you all know tomorrow how tonight's venue went.

Scott

Network For FREE

Scott Blanchard (Mortgage Force ) — Mon, 27 Jul 2009 10:47:10 -0500

I wanted to share some exciting news with all of you. On 6-8-09 I started my own networking group, and the response has been overwhelming.

Our 1st event on 7-15-09 we had 29/30 people show and several informed me of receiving some great leads.

My next event on 7-29-09 will be a huge success from the responses I have received so far. We are planning on 70 - 100 members on attending. We have 70 confirmations so far.

Contact me for more details on location in Newtown, CT from 5:30 - 8:30 PM.

We will also be featured this week in the local paper.

There are no membership fees to join, you only pay for the event you attend.

Networking Event

Scott Blanchard (Mortgage Force ) — Wed, 27 May 2009 10:04:58 -0500

Thursday 5-28-09 from 11:30- 1:30 P.M. in Brookfield, CT.

Contact me for location and cost. The last event we had 40 people attend.

Special Guest Speaker Architect Leigh Overland.

HVCC

Scott Blanchard (Mortgage Force ) — Tue, 12 May 2009 14:33:08 -0500

To: New York Attorney General, Freddie Mac, Fannie Mae and the Office of Federal Housing Enterprise Oversight
The Home Valuation Code of Conduct ("HVCC") stands to be an important step forward for consumers and the Real Estate industry, but in its current form there are some important changes that require your attention.

In its current form, Consumers have a great deal at stake as HVCC will not only require consumers to buy a new appraisal if they decide to change brokers or lenders, but will have to pay for longer rate locks as HVCC will extend the time it takes to close mortgage loans and deprive mortgage brokers and agents of the control that is fundamental in closing mortgage loans efficiently. Ultimately, this means costs are increased for consumers and there is less incentive for consumers to exercise their right to shop for the best deal when acquiring a mortgage as doing so requires purchasing an entirely new appraisal.

The HVCC is also discriminatory against mortgage brokers, appraisers, and real estate agents. The HVCC stands to eliminate independent Appraisers overnight by requiring them to join Appraisal Management Companies (AMC's) in order to continue doing business. After joining an AMC appraiser will be disgorged of 40% or more of their income as a fee required by AMC's. This not only means the end of the Independent Appraiser as we know them, but means that virutally half of Appraiser's incomes will be shifted to unregulated entities, AMC's.

HVCC has great potential, but only if careful consideration is given to the existing flaws that will only serve to hurt consumers, brokers, agents, and appraisers. We humbly ask for your help in helping HVCC live up to its true potential. Thank you.

Sincerely,

The Undersigned

Click link below to sign petition.

http://www.petitiononline.com/hvcc/petition.html

HVCC

Scott Blanchard (Mortgage Force ) — Tue, 12 May 2009 14:32:04 -0500

To: New York Attorney General, Freddie Mac, Fannie Mae and the Office of Federal Housing Enterprise Oversight
The Home Valuation Code of Conduct ("HVCC") stands to be an important step forward for consumers and the Real Estate industry, but in its current form there are some important changes that require your attention.

In its current form, Consumers have a great deal at stake as HVCC will not only require consumers to buy a new appraisal if they decide to change brokers or lenders, but will have to pay for longer rate locks as HVCC will extend the time it takes to close mortgage loans and deprive mortgage brokers and agents of the control that is fundamental in closing mortgage loans efficiently. Ultimately, this means costs are increased for consumers and there is less incentive for consumers to exercise their right to shop for the best deal when acquiring a mortgage as doing so requires purchasing an entirely new appraisal.

The HVCC is also discriminatory against mortgage brokers, appraisers, and real estate agents. The HVCC stands to eliminate independent Appraisers overnight by requiring them to join Appraisal Management Companies (AMC's) in order to continue doing business. After joining an AMC appraiser will be disgorged of 40% or more of their income as a fee required by AMC's. This not only means the end of the Independent Appraiser as we know them, but means that virutally half of Appraiser's incomes will be shifted to unregulated entities, AMC's.

HVCC has great potential, but only if careful consideration is given to the existing flaws that will only serve to hurt consumers, brokers, agents, and appraisers. We humbly ask for your help in helping HVCC live up to its true potential. Thank you.

Sincerely,

The Undersigned

Click link below to sign petition.

http://www.petitiononline.com/hvcc/petition.html

Section 8

Scott Blanchard (Mortgage Force ) — Mon, 13 Apr 2009 10:51:57 -0500

I am looking to meet with agents who have experience with Section 8 housing, willing to do seminars in the Danbury area.

Please email or call with me to set up an appointment and discuss this further.

Networking Sites

Scott Blanchard (Mortgage Force ) — Tue, 16 Dec 2008 12:39:39 -0600

http://www.linkedin.com/e/gis/1436157 Come join me on Linkedin it's another great networking site like activerain.com . Lots of people to network with, I have over 175,000 people in my network and only have been on site for 3 weeks.

Tag Your it

Scott Blanchard (Mortgage Force ) — Mon, 24 Nov 2008 14:37:57 -0600

I got tagged by Bob and Richelle Ward.

Memes come with rules, so here are the rules for this one:

1. Grab the nearest book

2. Open to page 73

3.Find the 7th sentence

4. Post the text of the next 3-7 sentences

5.Don't pick your favorite book, grab the closest one to you.

6.Tag 5 people to do the same. You can't tag the one who tagged you.

7. The one book that you Can't use is the Bible

Playing with paper clip or some other small article. Eyes lowered during discussion.

Whats Happening? Insecure, unsure, prejudging

What to do ? Reassure them. Offer to explainin greater detail. Give recognition. Make them feel important.

Tom Hopkins Act like a Lamb, Sell Like a Lion.

The following are memed:

Jen Esposito
Amy Beck
Jess Rankin
Karen Monsour
Joy McKenzie

My 1st meme

Scott Blanchard (Mortgage Force ) — Mon, 24 Nov 2008 09:59:41 -0600

I got tagged by Bob and Richelle Ward.

Memes come with rules, so here are the rules for this one:

1. Grab the nearest book

2. Open to page 73

3.Find the 7th sentence

4. Post the text of the next 3-7 sentences

5.Don't pick your favorite book, grab the closest one to you.

6.Tag 5 people to do the same. You can't tag the one who tagged you.

7. The one book that you Can't use is the Bible

Playing with paper clip or some other small article. Eyes lowered during discussion.

Whats Happening? Insecure, unsure, prejudging

What to do ? Reassure them. Offer to explainin greater detail. Give recognition. Make them feel important.

Tom Hopkins Act Like a Lamb, Sell like a Lion.

The following are memed:

Jen Esposito
Amy Beck
Jess Rankin
Karen Monsour
Joy McKenzie

Stop Forclosure Letter to Clients

Scott Blanchard (Mortgage Force ) — Thu, 20 Nov 2008 11:46:45 -0600

November 17^th, 2008

Dear Donna,

Are you facing financial difficulties, due to increase in home heating expense, losing your job, your mortgage adjusting because you have an ARM, or you refinanced in the past and now own more than the house is worth ?

With today's market, and people losing jobs, due to corporate downsizing, the price of oil to heat your home, I find more and more people have been calling me and asking about how I can help them avoid foreclosure.

I watch the market daily and find the lowest rate available to help ease the burden so many people are facing not only in the USA, but Worldwide.

Our clients only think about home financing a few times in their lives. I think about it every single day. It's their home and their future, so it's my professional obligation and passion to work for their best interest.

I have several options available for you, but unless you call me, I won't know you need my assistance. I can be reached Monday through Friday at (203)270-6252, or on my cell at (203)312-6910 anytime.

Two of the most commonly used options include Refinancing, or a service called Loan Modification.

Refinancing is the process of attaining a new mortgage loan in order to pay off an existing mortgage with a part or all the money received by the new mortgage.

So why do people do it you ask? The answer is for a lower rate, and sometimes to consolidate debt.

A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, which allows the loan to be reinstated, and results in a payment the mortgagor can afford.

I work hard everyday researching the different products available for my clients. Referrals are the best compliment someone in this or any business can receive. I believe honesty, integrity and giving all the facts about the loan process, and programs available is imperative, and treat everyone as if they are family. Over 85 % of my business is repeat customers or referrals from past clients, realtors, financial advisors, attorneys, family and friends. My goal is to make sure the client is confident as they make educated choices about their home financing strategy and future needs.

I strive to make each transaction go as smooth as the top of my head.

Protect your credit rating, and call me so we can discuss which option is best for you. I look forward to hearing from you, and assisting you in making your life easier, by reducing the amount of money you pay monthly. Again, I can be reached Monday through Friday at (203)270-6252, or on my cell at (203)312-6910 anytime. If you prefer to email me, my email is Scott@mortgageforce.com

Respectfully,

Scott Blanchard

Loan Officer

Mortgage Force, LLC

14 Church Hill Rd. Suite A4

Newtown, CT 06470

Office (203) 270 6252

Fax (203) 270 6255

Cell (203) 312 6910

Scott@mortgageforce.com

Stop Forclosure Letter to Colleagues

Scott Blanchard (Mortgage Force ) — Thu, 20 Nov 2008 11:45:04 -0600

November 24^th, 2008

Dear Ginny,

Do you know someone facing financial difficulties, due to an increase in their home heating expenses; did they recently lose their job?

How about someone whose mortgage is adjusting because they had an ARM, or they refinanced in the past and now own more than the house is worth?

With today's market, and people losing jobs, due to corporate downsizing, the price of oil to heat their home, I find more and more people have been calling me and asking about how I can help them avoid foreclosure.

I watch the market daily and find the lowest rate available to help ease the burden so many people are facing not only in the USA, but Worldwide.

I have several options available for them, but unless they call me, I won't know they need my assistance. I can be reached Monday through Friday at (203)270-6252, or on my cell at (203)312-6910 anytime.

Two of the most commonly used options include Refinancing, or a service called Loan Modification.

Refinancing is the process of attaining a new mortgage loan in order to pay off an existing mortgage with a part or all the money received by the new mortgage.

So why do people do it you ask? The answer is for a lower rate, and sometimes to consolidate debt.

A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, which allows the loan to be reinstated, and results in a payment the mortgagor can afford.

I strive to make each transaction go as smooth as the top of my head.

Help them protect their credit rating, and have them call me so we can discuss which option is best for them. I look forward to hearing from them, and assisting them in making their life easier, by reducing the amount of money they pay monthly. Again, I can be reached Monday through Friday at (203)270-6252, or on my cell at (203)312-6910 anytime. If you prefer to email me, my email is Scott@mortgageforce.com

Respectfully,

Scott Blanchard

Loan Officer

Mortgage Force, LLC

14 Church Hill Rd. Suite A4

Newtown, CT 06470

Office (203) 270 6252

Fax (203) 270 6255

Cell (203) 312 6910

Scott@mortgageforce.com

Great Marketing Ideas

Scott Blanchard (Mortgage Force ) — Mon, 10 Nov 2008 11:14:57 -0600

I have done this but I only used my business card not the million dollar bill. Go to this site http://www.undercovermarketingsociety.com/ and watch this short video - it will explain everything!

Once you sign up for his email newsletters you will learn several more practically FREE ideas on marketing yourself. I really like the one about fall clean up and leaves(Use a Rake) ....

Most of what he shares definitely applies to today's market.

Top Eight Things NOT to Do During Loan Process

Scott Blanchard (Mortgage Force ) — Tue, 28 Oct 2008 11:21:24 -0500

Top Eight Things NOT to Do

During Your Loan Process

1) Quit your job. Lenders will verify your employment a couple of days prior to funding your loan.

2) Buy a new car or make any other large purchases. The new payment may make it difficult for you to qualify for your mortgage.

3) Stop making payments on your mortgage, credit cards, etc. Falling behind on your current debt can cause your application to be denied.

4) Put your home on the market. Lenders will not lend on a home that is listed for sale.

5) Begin improvements on your home. A home that is currently under construction may be difficult to appraise at its true value.

6) Draw off your home equity line. Your loan approval is based on balances at the time of application. Drawing money on your credit line can affect your approval.

7) File for bankruptcy. Most programs require that you be outside of bankruptcy for at least two years before you can qualify for a loan.

8) Take advice from your mechanic on mortgage programs and rates. Would you take advice from your loan officer on what is wrong with your car? When you need expert advice on mortgage rates and programs, ask your mortgage specialist.

I Believe

Scott Blanchard (Mortgage Force ) — Fri, 24 Oct 2008 09:10:34 -0500

A Birth Certificate shows that we were born

A Death Certificate shows that we died
Pictures show that we lived!

Have a seat . . . Relax . . . And read this slowly .

I Believe...
That just because two people argue,
It doesn't mean they don't love each other.
And just because they don't argue,
It doesn't mean they do love each other.

I Believe...
That we don't have to change friends if
We understand that friends change.

I Believe...
That no matter how good a friend is, they're going to hurt
You every once in a while and you must forgive them for that.

I Believe...
That true friendship continues to grow, even over
The longest distance. Same goes for true love.

I Believe...
That you can do something in an instant
That will give you heartache for life.

I Believe...
That it's taking me a long time
To become the person I want to be.

I Believe...
That you should always leave loved ones with
Loving words. It may be the last time you see them.

I Believe...
That you can keep going long after you think you can't.

I Believe...
That we are responsible for what
We do, no matter how we feel.

I Believe.
That either you control your attitude or it controls you

I Believe...
That heroes are the people who do what has to be done
When it needs to be done, regardless of the consequences.

I Believe...
That money is a lousy way of keeping score.

I Believe...
That my best friend and I, can do anything, or nothing and have the best time.

I Believe...
That sometimes the people you expect to kick you
When you're down, will be the ones to help you get back up.

I Believe...
That sometimes when I'm angry I have the right to be angry,
But that doesn't give me the right to be cruel.

I Believe...
That maturity has more to do with what types of experiences you've had
And what you've learned from them and less to do
With how many birthdays you've celebrated.

I Believe...
That it isn't always enough, to be forgiven by others. Sometimes, you have to learn to forgive yourself.

I Believe...
That no matter how bad your heart is broken the world doesn't stop for your grief.

I Believe...
That our background and circumstances may have influenced who we are,
But, we are responsible for who we become.

I Believe...
That you shouldn't be so eager to find
Out a secret. It could change your life Forever.

I Believe.
Two people can look at the exact same
Thing and see something totally different.

I Believe...
That your life can be changed in a matter of
Hours by people who don't even know you.

I Believe...
That even when you think you have no more to give, when
A friend cries out to you - you will find the strength to help.

I Believe.
That credentials on the wall do not make you a decent human being.

I Believe...
That the people you care about most in life are taken from you too soon.

'The happiest of people don't necessarily have the best of everything;
They just make the most of everything.'

Have a nice day by giving a word of comfort or encouragement to someone that looks like they have it all together because in reality they are just maintaining.

What you make happen for another will happen for you.

We are not all that we should be today, but tomorrow we get a fresh start.

There is Good and Evil in all of us, the one that you feed the most is the Winner.

Rate Shopping

Scott Blanchard (Mortgage Force ) — Tue, 14 Oct 2008 10:42:21 -0500

Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

Be sure to email me at Scott@mortgageforce.com to to have me do a Free Credit Analysis.

By emailing me you agree to be contacted, by me and/or Mortgage Force, LLC

Tips for Success

Scott Blanchard (Mortgage Force ) — Tue, 14 Oct 2008 10:40:15 -0500

I can remember when I was a little boy and my parents taught me the " Rules of Life". They were things that back then seemed trivial or common knowledge. Growing up I saw so many people who refused to follow them only to regret their decisions later on.

Things like :

1) To be Respected, one must first Respect themselves.

2) To be Loved, one must Love themselves.

3) Never let a day go by without telling a friend or family member you Love them, because you might not get the chance to do it tomorrow.

4) Respect, Love, Friendship is not something you can give away to someone they must all be earned.

I firmly believe if you follow these " Rules of Life", you will not only be Respected & Loved, but also a Success in any goal you set for yourself. Good things happen to good people.

I love you all and look forward to the day we all can say we set forth and achieved all we set out to do in our lifetime.

Don't Give Up

Scott Blanchard (Mortgage Force ) — Mon, 06 Oct 2008 13:36:57 -0500

I've talked to a few on here via email or the phone, and most agree we are going to have a bumpy ride.

The World Markets are also having problems, and each are dealing with them as they see best. Germany is handling it one way, Asia another, and of course the USA yet another.

I have seen a few friends leave this market for a different career, while others have seeked a second job until the market is fixed. I won't lie, I have seen a decrease in business as we all have, BUT I am here for the ride. Like so many other blogs i have read, I agree those who stick it out will be rewarded.

Today the DOW is down 700 points, the Feds are angry and are considering making Citi and Wells Fargo share Wachovia .... A RATE CUT will happen sooner then later.The Feds need to take action before the next scheduled meeting on October 29th. If they do indeed cut the rate, I think it will be between .5 to 1.00 points.

The banks are still lending so don't believe everything you hear from the media. I am here today and will be tomorrow, next month, next year and the years to come.

Don't Give Up !!!! It won't be fixed overnight..... Inch by Inch it's a Cinch, Yard by Yard is Way to Hard.

I believe it won't be fixed till we elect a new president, and the confidence is restored.

Financial Tips for Teens

Scott Blanchard (Mortgage Force ) — Wed, 01 Oct 2008 10:26:20 -0500

This month I wanted this month to inform all of you how to wisely handle earnings from your part-time job. Are you saying "Save It ?" That's right. Take 60 % of what you make from your part time job and open a bank account to start saving for your future. I know what you're saying, "That doesn't leave me anything to go buy clothes or go to mall with my friends," but $40 a week is $160 a month to go have fun with friends . The funny thing is you saved $240 a month which equates to $2880 a year. That may not sound like a lot of money now but if you can do that from 16 until you graduate high school that would be $ 8640 you would have saved. Now if you can do that and not touch it until after 4 years of college it would mean you would have saved $20,160. That is enough to put down as a down payment on a house. What you don t know is I kept your base pay the same for 7 years and I didn't include any interest that the bank gives you for letting them use your money. I promise you, your parents are not lying to you when they say they don't want you to make the same mistakes they did, or start when you're young to build a nest egg.

In closing, the figures I used for this article, only had you making $100 a week in pay. Imagine if you made $200 a week, the figures would double. At the end of one year the $2880 would actually be $5760. WOW !!! From a part time job. The amazing and overwhelming shock is that in 7 years your savings would double from $20,160 to $40,320! NOW NOT ONLY DO YOU HAVE ENOUGH TO PUT A DOWN PAYMENT ON A HOUSE, YOU ALSO HAVE ENOUGH TO PAY CASH FOR A BRAND NEW CAR.

Until next month, take care, God Bless and live smart.

Tax Benefits

Scott Blanchard (Mortgage Force ) — Wed, 01 Oct 2008 10:23:46 -0500

Unlike your current rental payment, much of your mortgage payment may be tax deductible. As a matter of fact, Congress has removed most other tax deductions from the Federal Tax Codes: passive investment losses have been severely restricted, capital gains are assessed at 100% of the gain, state sales tax deductions have also been stricken, and even medical deductions have to be catastrophic to make an impact. Thus, the mortgage interest deduction stands pretty much by itself as the only major tax deduction still available to the middle class.

Although the elimination of other deductions has increased the importance of the mortgage interest and property tax deduction, Congress has lessened the impact of the mortgage interest deduction to some extent. In the past, other interest and local tax deductions helped a taxpayer go over the standard deduction before the mortgage interest deduction was added. Therefore, the taxpayer was receiving 100% of the impact of deducting mortgage interest.

Please call me at (203) 270-6252 as questions arise.

Are You a Quitter or a Leader

Scott Blanchard (Mortgage Force ) — Fri, 12 Sep 2008 09:57:54 -0500

You receive a call about this lead,so you call and you start asking open ended questions, only to find out they are already approved and are closing tomorrow. Do you get mad ? or Do you follow up with a letter like below and hope 6 months down the road they call you for a line of credit, or a refinance.

I hope you all send a letter similar to this so they think of you!!!!

Here is a letter that I use if I am confronted with the aforementioned scenario:

September 12, 2008

Dear :

Thank you for taking the time to talk to me yesterday, and Congratulations on your new home.

I hope it provides you with many memories that last a lifetime. As per our conversation if I can be of any assistance to you in the future please do not hesitate to call me.

When you work with me you work with the best team the mortgage business has to offer. The Mortgage Force team is ready to work quickly accurately and professionally on your loan right now.

Whether you are buying a new home or pulling cash out to improve your existing home, building an addition, consolidating your debt to free up your monthly cash, buying a second home, or making a sound investment in a rental property, I can get you the loan you need to make it happen. I am able to provide great rates and outstanding customer service.

We have relationships with more than 56 lending institutions, including the top lenders nationally and regionally. This is why I am able to provide you with the best rates and lending programs that fit your needs.

Although you may not be in the market for one of our services at this time, you may be in the future or, you may have friends, family or business associates who you personally know that could utilize my services.

It's always better to do business with someone you know and trust; a personal connection is better than any advertising. That's why I've enclosed some extra business cards.

I am building my business by referrals and you can be confident that when you refer someone to me, they will be treated with the same respect and given the same level of service I would give my own family.

I thank you in advance for your cooperation and trust, and I look forward to helping you with all your mortgage needs.

Sincerely,

Scott Blanchard

Loan Officer

Mortgage Force, LLC

Office: 203 270 6252

Fax: 203 270 6255

Cell: 203 312 6910

Want to Increase Your Income....

Scott Blanchard (Mortgage Force ) — Fri, 05 Sep 2008 12:01:29 -0500

Then you need to ask yourself the following questions:

Do you have an annual income amount you want to make?

* How much is that per month?

* What is your average size loan fee per loan?

* How many loans per month would you need to close to make that?

How many loans do you average closing per month, now?

Differential:

How many loan applications pending, do you need,in order to close that many loans?

Conversion ratio app to closed deal:

How many prospects do you need to speak to in order to have that many loans pending?

How many working days in the month?

So, how many contacts per day?

Do you have a "business plan" that you're currently using?

Do you have a marketing plan that adds and creates value for your clients?

Do you have a system for referrals?

Do you have a program for ongoing personal development?

Do you have a purpose for every prospecting sales call?

Do you set minimum standards for yourself?

Are you satisfied with the results you are currently getting?

Massachusetts

Scott Blanchard (Mortgage Force ) — Wed, 03 Sep 2008 12:52:44 -0500

So who wants a investor referal there ?

Buying Bank Owned Properties

Scott Blanchard (Mortgage Force ) — Wed, 03 Sep 2008 09:45:11 -0500

This is an introduction to buying Bank-Owned Properties. Most buyers do not understand the intricacies involved in buying bank owned or foreclosed properties. There are many things that must be understood before considering these investments. The following are a list of facts and items that you must know. They are the most common elements but are by no means all-inclusive. Prior to making an offer you should request a copy of the bank addendum's and review them carefully.

1. UTILITIES: Usually are shut off. The bank wants the buyers to turn on utilities in buyers name prior to city and private home inspections and for appraisal.



2. CITY INSPECTIONS: The bank wants the buyer to pay for the city inspection and accept all repairs and conditions prior to closing.



3. PRIVATE HOME INSPECTIONS: The bank usually wants all potential buyers to pay for their own private home inspection prior to writing an offer, but may make exceptions.



4. RE-WINTERIZATION: If winterized, buyer must pay for de-winterizing and re-winterizing the property up front.

5. CLOSING COSTS: Banks are hesitant to pay much in the way of buyers costs, perhaps 3% at the most. VA or HUD will not pay. If the property is HUD or VA owned they will not provide title insurance or pay transfer taxes.



6 EARNEST MONEY DEPOSIT: The deposit monies are usually required to be held by the listing office or title company. Because the buyer's agent does not hold them it is very difficult to get back in case of a dispute. They usually want $1,000 in certified funds. Based on a Pre-Approval from buyer's lender, the bank will try to keep the earnest money even if the buyer's mortgage is denied.



7. CLOSING DATE: Banks want a firm closing date within 30-45 days or less. If buyer cannot close by that date, even if no fault of their own, the bank will charge a per diem fee, usually $100 per day.



8. CLEAR TITLE: Banks will only give you a Special Warranty Deed and not a Warranty Deed. They may not want to pay for title insurance. If an issue arises after closing you are in a difficult position.



9. "AS-IS" CONDITION: The bank is exempt from disclosing defects in the property and limited in Lead Based Paint disclosures. These homes are usually in rough condition and have been vandalized. Expect extensive repairs.



10. CERTIFICATE OF OCCUPANCY: The buyer must obtain their own Certificate of Occupancy in order to occupy property in cities that require inspections. Some cities require that a Bond or Escrow be placed with the city prior to issuing a temporary certificate of occupancy. This bond, from $500 to $3,500, may be forfeited to the city if the property is not brought up to code within 6 months of issuance. Some cities will not even allow utilities to be turned on without a deposit.



11. NEGOTIATION: It may take several weeks of waiting and negotiating before a bank accepts an offer from you. Offers are usually countered and accepted verbally. The bank considers a verbal offer to be binding on you but not on them. Some bank addendums even have an escape clause for them essentially giving them the right to back out at any time and for any reason right up to closing. Banks do not usually accept really low offers. Instead, they will gradually reduce the asking price until someone takes it.



12. EXTRA FEES: Some bank addendums require you to pay the banks real estate agent a fee or bonus of several hundred dollars.

In general, buying a bank owned property is a high-risk venture. A buyer needs about $5,000 to $20,000, in liquid funds, over and above the normal closing costs to even consider buying a bank owned property.

102 % Financing

Scott Blanchard (Mortgage Force ) — Tue, 02 Sep 2008 15:19:49 -0500

No Money Down

102% Financing

With No Monthly MI

Available right now

U.S.D.A.

Guaranteed Single Family Housing

•Ø No Down Payment Required

•Ø No Monthly Mortgage Insurance

•Ø One time Guaranteed Fee; 2% of the loan amount can be financed.

•Ø 100% Financing OR 102% Financing when the Guaranteed fee of 2% is included in the loan

•Ø Single Family homes, townhouses and approved condo in eligible rural areas

•Ø Income limits are 115% of the HUD median income limits

•Ø Applicant must have a credit history which indicates a reasonable ability and willingness to meet obligations as they become due. There is no established minimum credit score

•Ø Closing Costs can be included in the loan, within appraised value

•Ø Fixed Interest Rates

•Ø 30 year term

•Ø No limit on seller contributions

Provided by: Call today for FAST QUALIFICATION

Scott Blanchard

Loan Officer

203 270-6252

Ct Broker License 10997
EQUAL HOUSING
OPPORTUNITY

1st Time Home Owner Benefits

Scott Blanchard (Mortgage Force ) — Thu, 14 Aug 2008 10:31:31 -0500

Mortgage Talking Points...Simplifying the Complicated^TM

$7500 First-Time Homebuyer Income Tax Credit - Great Marketing Tool!

H.R. 3221.ENR. Sec.3011

Now is the time to kick off a major marketing campaign!

This Tax Credit is now law. Now, you can use it to seriously increase your business! But first, let me give you some of the down-and-dirty facts!

Highlights

• First time homebuyers who purchase a principal residence between 4-9-08 and 7-1-09 qualify for the tax credit. (It's retroactive for buyers who have already closed-great reason to contact them and let them know about the new benefit.)

• The maximum credit is $7500 OR 10% of the purchase price if lower than a $75,000 sales price.

• If the home is purchased in 2009, homebuyer can elect to amend 2008 tax returns and claim a tax credit.

• Tax credit is "Recaptured" by the IRS, and REALLY an interest-free loan and paid back at 6.667% over a 15-year time period.

• Always advise your clients to check with an accountant to make sure this tax incentive truly works in their favor.

Who Doesn't Qualify!

The following are not eligible for the tax credit:

• Non-resident aliens

• Buyers who finance home with tax-exempt mortgage bond programs

• If property is disposed of before end of tax year

• If property ceases to be principal residence before end of tax year

• If property is acquired from a person who is related* to the homebuyer

• If modified Adjusted Gross income exceeds 95,000 (individual) or $170,000 (joint)

• Credit phases out for individual Adjusted Gross Income between $75,000 - $95,000, and between $150,000 - $170,000 for joint filers

(Special rules apply for Washington D.C.)

Provided to you courtesy of: Mortgage Force, LLC

Scott Blanchard Phone: 203 270-6252

Loan Officer Fax: 203 270-6255

14 Church Hill Road Email: Scott_Blanchard@sbcglobal.net

Newtown, CT 06470 www.mortgageforce.com

Mortgage Talking Points...Simplifying the Complicated^TM

Page 2 - $7500 First-Time Homebuyer Income Tax Credit -

Great Marketing Tool!

H.R. 3221.ENR. Sec.3011

Further Definitions

First Time Homebuyer - The definition of "first time homebuyer" is NOT the same as it is for other government programs. Either your client had ownership interest in a primary residence with the last 3 years or not. And it's from settlement date to settlement date; the date of the sales contract is irrelevant.

Loan Types - Nothing about this is loan specific. It applies to FHA, VA, Fannie, Freddie, non-conforming, whatever.

Income Tax Credit - This is a tax CREDIT, and NOT a tax deduction. It doesn't matter if the qualified homebuyer's entire tax burden is less than $7,500 or even $0.00. However, tax returns must be filed to claim a refund.

*Purchase from "Related" person Ineligible - I wish I could help more, but the part about buying from a "related" person is mixed up in all kinds of tax codes. If you have a client buying from any type of relative - they've got to talk to an accountant.

House becomes NOO - It's clear, the second the home becomes non owner-occupied or sold, the whole remainder of the credit is "called in due". What's great is that if the borrower buys another primary residence within two years, they go back to the "15 year payback" schedule.

It's another matter for an accountant to facilitate this transaction on the homebuyer's tax returns. But it's also a selling point for someone who's serious about using this credit.

Recapture sell home - Very nice to know that the borrower doesn't have a pay back if the homebuyer loses money on the home. Or that the maximum total recapture, including what they've already paid, is limited to the actual gain when/if they sell the home. (Accountant time again.)

Municipal Bond Loans - Can't do it. If the borrowers finance using a bond program such as the State Housing Program, etc., they do NOT qualify for this credit.

Check out ApartmentToolKit.com to order apartment mailing lists and view a free sample postcard pertaining to the $7,500 Income Tax Credit.

CONTACT ME FOR COMPLETE DETAILS

AND HOW WE CAN MARKET THIS PROGRAM TOGETHER!

Notice and Disclaimer: This is written and condensed from HR 3221, the "Housing and Economic Recovery Act of 2008," which was signed into law by President Bush 7-30-08. This particular section is relative to IRS tax code. MortgageCurrentcy.com worked diligently to accurately analyze and make sense of the legislation. Both MortgageCurrentcy.com and I work hard to provide information that is trustworthy and of benefit to you, but none of the parties presenting this information is an attorney or an accountant and do not guarantee the interpretations. Any actions you choose to take on the information provided should first be approved by legal or financial counsel.