david saks: Foreclosure Prevention #8 : Use Your Available Assets
- 05/11/08 04:17 PM
That Rolex, the second Mercedes, the whole life insurance policy, the yacht, the limoge, the diamonds, the extra oriental rugs, the coin collection, the Hepplewhite, your Rolling Stones record collection; you can sell these things to raise cash to help you reinstate your loan. How about someone in your house getting an extra job to bring in some additional cash? You can show your lender that your making a good-faith effort by making these sacrifices to hang on to the house even if you come up a little shy of your goal. Hang in there ! What are some other things … (4 comments)
david saks: Foreclosure Prevention Tips #7 : Watch Your Money
- 05/11/08 04:01 PM
It is absolutely essential that we watch our spending habits when the mortgage becomes a challenge. It's even more important that we start the process of becoming responsible for paying down the mortgage when the first payment becomes due. It would be terrific if the schools throughout our country began teaching our children the importance of establishing good credit. After our healthcare insurance and other vital necessities, hanging on to your home should be the most important priority of all. Look at the health of your financial situation every single day, not just over the newspaper in the morning … (0 comments)
david saks: Foreclosure Avoidance Tip #6 : The Non-Profit Housing Counselor
- 05/11/08 06:29 AM
A great application of resources available to the troubled homeowner is that the United States Department of Housing and Urban Development provides funds for very low cost or free housing counseling throughout America. The important benefits these counselors may provide are of immeasurable benefit to our homeowners. They can help the understand a variety of complex issues, provide them with options to consider, help them understand housing laws, help homeowners organize and manage their budget, and even represent you when you need to negotiate wioth your lender if you require this type of assistance or intervention. Here's a great link: … (6 comments)
Understanding and recognizing foreclosure prevention options is a must in today's world, or any world for that matter. When we start listing real estate on the moon we'll still have to recognize the ways to prevent foreclosure. Here are a few things I share with our customers and clients when the question arises: 1. Absolutely make mortgage payments the first priority. 2. Manage your budget to avoid crossing the line past the point of no return. 3. Build up a nice savings account for a healthy reserve in case of a financial crises. 3. Get in touch with your lender … (0 comments)
david saks: Amortization Primer : Slow Painful Death of a Loan or Welcome Relief ?
- 05/10/08 05:51 PM
The word "amortize" means "to kill off slowly over time". To "liquidate gradually". Almost all deed of trust and mortgage loans are amortized loans. These are loans that are paid off slowly in equal payments over time in equal and regular periodic payments usually made over a term of years. Usually, these periods are either 15 or 30 years although other arrangements are available for mortgages. These regular, periodic payments partially pay off both the principal and interest portions of the loan. In each payment, part is applied first to the interest that's owed on the loan, … (2 comments)
david saks: Dead MEAT Formula II
- 05/10/08 05:44 PM
I'm reposting this because of the horrors facing the country with this crisis and the piracy. I had a sales meeting recently and we were talking about how stupid the gas prices are, and how tough it's become on everybody. Not to mention how it's driving the cost of everything through the roof. One agent suggested that the big oil companies were conspiring to pirate the economy. I thought for a second and wondered: What if we boycotted the big oil companies? What would happen? So I came up with the "Dead" M.E.A.T." formula. Here … (12 comments)
david saks: Dyersburg Dynamism : Active Rain's Brad Andersohn Comes to Town
- 05/07/08 03:56 AM
How much better could blogging get when your sitting next to the expert? The board room was filled with outstanding REALTORS® from all over the region who made their pilgrimmage to beautiful Dyersburg, Tennessee to learn about the tips and tricks of the trade from Brad Andersohn, Active Rain's premier blogger and champion for our great industry. Brad's level of professionalism, and his enthusiasm for insuring that blogging is a quality experience for all, absolutely makes this a must attend event if your ever fortunate enough to have him in your region. Let me encourage your brokerage to contact Brad and make arrangements … (15 comments)
david saks: More HUD Tips to Avoid Foreclosure : 4. Know Your Mortgage Rights !
- 05/06/08 12:43 PM
Tell your client to dig up the loan documents and read them so that they know exactly what the lender can do if they don't make the mortgage payments. Clients and customers need to know about the foreclosure laws and timeframes that govern the time before foreclosure. They need to contact the state government housing office in your state (because every state is different) to get this information. It will help. How do the foreclosure laws and the timeframes work in your state?
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david saks: Another HUD Tip to Avoid Foreclosure : 3. Read the Mail !
- 05/06/08 12:21 PM
The first notices that some homeowners in default will receive are notices about foreclosure prevention options. This is usually a very good collection of alternatives and is mostly useful information that can help your clients and customers endure, and brave, the financial hardships that are troubling them. But remember that the next pieces of mail they usually receive are notices of pending legal action and their failure to respond or open the mail and see what's in it won't hold up in front of the judge. Have you witnessed these types of problems with your customers and clients? Are … (0 comments)
david saks: Brad Andersohn's Here : Should I Take Him to Elvis' House ?
- 05/06/08 12:01 PM
Brad called me a few minutes ago. His plane just arrived. He's in town for the Active Rain Seminar in Dyersburg, Tennessee tomorrow, sponsored by our friend, Mike Frazier. Brad and I are gonna hang out together tomorrow and I want to take him to see Elvis' house before he heads home. Elvis' favorite snack was a fried peanut butter and banana sandwich and Graceland serves them in the restaurant. Brad shouldn't leave Memphis without trying one ! Don't you think? It's awesome ! Wouldn't you like one, too ? :-) Or is it possible that Brad won't want … (13 comments)
david saks: More HUD Tips to Avoid Foreclosure : 2. Contact the Lender !
- 05/06/08 11:36 AM
You need to tell your customers and clients to contact the lender as soon as you realize that they have a problem making the notes. The lender doesn't want to take the house . They're there to try to help them find suitable options to help them get through the most difficult financial times, review those options and try to determine just what is best to meet their needs when they meet these difficult crossroads. How do you deal with it? … (4 comments)
david saks: HUD's Tips for Avoiding Foreclosure : 1. Don't Ignore It
- 05/06/08 10:15 AM
I wanted to share some thoughts about foreclosure with you: If you keep getting behind it's going to become real tough to reinstate your loan or work out some kind of arrangement to get caught up. Stay on top of things all the time. If you don't you'll lose your home. Don't ignore the mortgage ! Don't ignore the correspondence ! Your home is probably your most important investment, after your family and children, and protecting it is the first order of priority. Brush the mortgage aside and your spelling disaster. … (2 comments)
david saks: Denying Housing ? : You're Really Asking For It !
- 05/06/08 09:51 AM
Federal and State laws make it illegal to deny housing based on a person's religion, color, race, sex, handicap, familial status or national origin. Here are some things that can really get you in trouble: 1. Refusing to sell or rent to, or to carry out negotiations with a renter or buyer. 2. Setting terms and conditions that are different for your buyer or renter. 3. Denying that housing is available to be inspected or that it's not for rent or sale when it is. 4. Directing your buyer or renter away from a particular area. 5. Refusing accomodations or … (4 comments)
david saks: Mortgage Servicing Abuse : What Are You Going to Do About It ?
- 05/06/08 09:26 AM
Let's say that right after you get your mortgage you get a letter from your lender stating that the monthly payments that they had scheduled for you were actually going to be higher than what you expected or were told. Not only that, but the lender goes on to tell you that the new payments will include the escrow for taxes and insurance even though your paying those items yourself, and that the lender had approved this arrangement so that you could pay them yourself originally. On top of that, you get a letter following this one that says your … (2 comments)
david saks: Habendum Clause : Not related To Santa
- 05/06/08 08:20 AM
When it becomes necessary to explain or come up with a definition for the type of ownership in a property to be enjoyed by a grantee, a neat little article in the deed will show up called the habendum clause. Habendum is a term that means 'to have and to hold'. The habendum clause will follow a granting clause and begins with the words 'to have and to hold'. The provisions of the habendum clause have to agree with the provisions stated in the granting clause. A well know example of this is where the grantor might … (0 comments)
david saks: The Graduated Payment Mortgage : Caps & Downs
- 05/06/08 07:36 AM
A graduated payment mortgage (GPM) is a fixed-rate loan that has lower payments in the early stages or years of the term of the loan. This loan provides for specified payment increases each year until a maximum loan payment amount is reached. At this point, the payment remains the same for the rest of the term. Is this loan just for low income buyers who expect to make more money in the future? What kind of properties are eligible? Have you used this type of loan for your clients ? What are some pros and cons? … (0 comments)
david saks: 203K : Not Some Low Fat Cereal or Designer Jeans
- 05/06/08 07:21 AM
What is the 203k? It's a rehab loan. It's provided by the Federal Housing Administration. It insures mortgages used to purchase, or refinance, and rehabilitate residences with up to four units. A portion of the loan proceeds are used to purchase the property or refinance an existing mortgage, and the remaining funds are deposited into a Rehabilitation Escrow Account or REA. The REA funds are released while the work to repair the property is in progress. Homes financed under this program must be at least one year old. The FHA also imposes a certain … (6 comments)
david saks: Predators : Some of Their Dirty Tactics
- 05/03/08 09:50 PM
Here are some watchdog tips you should use if you think you smell a stink bomb when your considering a home loan or home improvement loan. If you can think of some others post them. 1. They tell you that refinancing can solve your credit problems and make you some fast money. 2. They tell you that you can only get the best deal on a home improvement if you finance the loan with the lender that they're asking you to finance the loan with. 3. They tell you that the FHA (Federal Housing Administration) has insurance that … (6 comments)
david saks: Divorce : Who Gets the House ?
- 05/03/08 09:32 PM
Divorce is so ugly. It's such a common story. It's destroyed so many good people. It's ruined their lives, forced them into bankruptcy, destroyed their credit, cost them their children, cost them their jobs and their health. Two people have reached the end of their marriage. They can't stand it any longer. The divorce is granted and the house is ordered sold by the judge. The home is listed and stays under exclusive contract for nine months. Both spouses are on the deed of trust and the mortgage. One won't leave … (6 comments)
david saks: Food For Thought : Food Stamps Will Help Your Client's Family
- 05/03/08 09:14 PM
We all know that many families are suffering because of the fuel crisis, housing and credit issues. Many are being forced to sell their homes because they can't afford them any longer. You might see signs that indicate that your clients need more than just a home sale. They might need nutrition for their families during these terrible days of economic suffering; they may need to feed themselves and their children. Familiarize yourself with our government's Food Stamp Program. More than anything else, the future and good health of your client's children may depend on this … (4 comments)
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