mobile home finance: LOAN MODIFICATION COMPANIES - New Business Model or Risky Scam? Chapter 2. Resources For Home Owners In Need of Loan Modification Advice.
- 09/02/09 06:06 PM
The mission for this chapter is to chronicle: How the bad guys came to get into the fray, How most scam operators work their cons. and How RE Brokers, Lenders Realtors, Agents, loan officers and most importantly the Homeowner can spot and avoid the con. Note that, while we have indeed painted the Budding Loan Modification Vogue with a pretty broad brush. in no way am I implying that all loan modification programs are scams, nor are attorneys that participate in them greedy opportunists. HOW THE BAD GUYS CAME TO GET INTO THE FRAY. There are many hard working and sincere people endeavoring to … (16 comments)
YOUR INTERACTIVE MAGAZINE REALTOR.ORG/realtormag . … (0 comments)
mobile home finance: LOAN MODIFICATION COMPANIES - New Business Model or Risky Scam? Chapter 1.
- 08/25/09 02:31 AM
LOAN MODIFICATION COMPANIES - New Business Model or Risky Scam? Chapter 1. NEW INDUSTRY MODELS? In today’s deplorable economic climate with literally thousands if not tens of thousands of folks losing their homes and hope of ever owning another home diminish by the day, is it any wonder why American home owners succumb to the antics of unscrupulous loan modification companies and attorneys? The question for real estate licensees is, do we join the growing number of companies offering "loan modification" services? NEW BUSINESS OPPORTUNITY? I came very close to jumping into this hot bed in ’08. But thank God I had the … (54 comments)
I'm not trying to actively rain on anyone's parade (pun intended) but the fact is we've only been dealing primarily with the sub-prime debacle. What about all those prime and jumbo ARM's coming due in the next couple of years? I think we still have a pretty bumpy road ahead. According to information released by pundits on the CNBC business channel we could see 48% of homeowners underwater by 2011 coupled with more un-employment. This is startling to say the least. But most folks are to busy with their lives, families, businesses, careers, etc. to see the … (3 comments)
mobile home finance: Yes. Loan Modifications are a fatal blow for many RE agents and Brokers: Inspired by Lenn Harley's post.
- 08/10/09 05:51 AM
This post was inspired by Lenn Harleys recent post about RE agents getting involved with Loan Modifications. During good times most folks just go along with the status quo without a care in the world expecting everything to just keep on keeping on. But when all of a sudden the whole engine just seizes up and the entire economy literally hits a wall it doesn't take long for folks to start to panic and even become desperate. During desperate times folks can and do take desperate measures. As I said in one of my previous posts the Manufactured Home Industry is … (3 comments)
mobile home finance: 2ND POST IN A SERIES ABOUT EARTHQUAKE PREPARDNESS "DISPLACEMENT" ARE YOU AT RISK OF BEING FORECED OUT OF YOUR HOME AFTER A DISASTER?
- 08/07/09 06:27 AM
DISPLACEMENT So now that the stage is set I’ll get to the point. Unlike wind, fire and flooding events that can and have wiped out entire communities earthquakes can and usually do give you a second chance if proper proactive and preventative measures are implemented. The biggest tragedy and challenge in the aftermath of any disaster is total loss of the use of your home also known as DISPLACEMENT. There are three classifications your home may be subjected to if it is damaged in an earthquake as well as many other types of disasters but let’s focus on earthquakes for now. … (0 comments)
mobile home finance: THERE’S BEEN A WHOLE LOTTA SHAKIN GOIN ON IN THE MOBILE/MANUFACTURED HOME INDUSTRY LATELY ABOUT THE INEVITABLE “BIG ONE!”
- 07/29/09 07:31 AM
Mobilehome destroyed in the January 17, 1994 Northridge Earthquake. In the photo above the entire structure and all contiguous appurtenances and accessory items of the home were totally destroyed. The destroyed skirting, shifting, tweaking and the separating walls and ceilings, out of rack and broken door and window frames and openings throughout the interior and exterior along with the severed and broken utility lines and misc. connections pretty much leaves you with a major repair if not a total loss. Additionally, the steel mainframe chassis that the home is built on and several integrated components i.e. cross beams, I-beams, … (0 comments)
mobile home finance: REVERSE MORTGAGES FOR THE MANUFACTURED HOMEOWNER
- 05/03/09 05:26 AM
With the increasing popularity of the Reverse Mortgage loan product for those homeowners 62 and older, loan processors are dealing more and more with manufactured homes in their portfolios. Many seniors have chosen the manufactured home communities as a retirement refuge and the community and recreational atmosphere lend itself well to word-of-mouth referrals and the spreading the news about FHA and Reverse Mortgage Loans benefits. However, the manufactured home loan presents a new set of criteria for the loan officer and loan processor as well as the borrower so be prepared ahead of time. Certain criteria are absolutes: 1. The manufactured … (6 comments)
mobile home finance: SCAMS THE RE INDUSTRY NEEDS TO KNOW ABOUT: The truth about Manufactured Home engineered certification, affidavit of fixture, foundation installation, repair and retrofiting.
- 04/28/09 03:54 AM
Just wanted to add a slice of humor to a very mundane and boring topic albeit probably the most important aspect of your manufactured home. Let this serve as a reminder that you, the manufactured home owner, really need to be careful about who you let work under your home. Don't fall for the many, engineered certification, affidavit of fixture, re-leveling, foundation installation, retrofit and repair, earthquake bracing, hurricane and tornado tiedown scams etc. There's literally tons of them lurking about trying to seperate you from your hard earned doe. Unfortunately there are scams in every industry and the Manufactured Housing Industry is no exception. The bad … (2 comments)
mobile home finance: FHA & VA HUD loans for Manufactured Homes
- 04/25/09 11:58 AM
Sat, Apr 25, 2009 As a Manufactured Home Contractor, Dealer, Developer and Realtor specializing in manufactured homes on resident-owned land, I have found that the most frustrating aspect in the marketplace is the loan industry. Loans and sales go hand in hand with the vibrancy of the real estate industry. No loans, no sales-it's that simple. The main problem is the inability of lenders to understand the manufactured home product in general. Most lenders roll their eyes at the thought of dealing with a Manufactured Home loan: the loan officers don't think they'll make a big enough commission for the amount of work they … (6 comments)
Just wanted to pass this along to folks who may not get this oline publication.
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