According to a study by Bankrate.com, the average closing costs to a consumer have increased 36.6%. Watch the video below for more details about their findings.
2010 Bankrate Closing Costs Study
Wednesday, August 18, 2010
Tuesday, August 10, 2010
FHA Launches Short Refi Opportunity for Underwater Homeowners
FHA just released a Mortgagee Letter that fully describes their new "underwater" refi program. This program is designed to assist homeowners that are "underwater" in their house. The link below will take you to the HUD.Gov website for a general overview of the program. That general overview contains a link to the actual Mortgagee Letter with specifics. I certainly hope this government program has better success than previous programs.
FHA Short Refi Program Announcement
FHA Short Refi Program Announcement
A Fifth of Porland-area homeowners underwater on mortgage
Wow! This is an amazing statistic. According to an article in yesterdays Oregonian, written by Jeff Manning, 22.6% of Portland-area homes owe more on their mortgage(s) than the house has value.
You can read the complete article by following this link.
http://www.oregonlive.com/business/index.ssf/2010/08/a_fifth_of_portland-area_homeo.html
You can read the complete article by following this link.
http://www.oregonlive.com/business/index.ssf/2010/08/a_fifth_of_portland-area_homeo.html
Monday, August 9, 2010
Ten Warnings Signs of a Mortgage Modification Scam
Here are 10 warning signs of a Mortgage Modification Scam:
1. “Pay us $1,000, and we’ll save your home.” Some legitimate housing counselors may charge small fees, but fees that amount to thousands of dollars are likely a sign of potential fraud – especially if they are charged up-front, before the “counselor” has done any work for you. Be wary of companies that require you to provide a cashier’s check or wire transfer before they take any action on your behalf.
2. “I guarantee I will save your home – trust me.” Beware of guarantees that a person or company can stop foreclosure and allow you to remain in your house. Unrealistic promises are a sign that the person making them will not consider your particular circumstances and is unlikely to provide services that will actually help you.
3. “Sign over your home, and we’ll let you stay in it.” Be very suspicious if someone offers to pay your mortgage and rent your home back to you in exchange for transferring title to your home. Signing over the deed to another person gives that person the power to evict you, raise your rent, or sell the house. Although you will no longer own your home, you still will be legally responsible for paying the mortgage on it.
4. “Stop paying your mortgage.” Do not trust anyone who tells you to stop making payments to your lender and servicer, even if that person says it will be done for you.
5. “If your lender calls, don’t talk to them.” Your lender should be your first point of contact for negotiating a repayment plan, modification, or short sale. It is vital to your interests to stay in close communication with your lender and servicer, so they understand your circumstances.
6. “Your lender never had the legal authority to make a loan.” Do not listen to anyone who claims that ‘secret laws’ or ‘secret information’ will be used to eliminate your debt and have your mortgage contract declared invalid. These scammers use sham legal arguments to claim that you are not obligated to pay your mortgage. These arguments don’t work.
7. “Just sign this now; we’ll fill in the blanks later.” Take the time to read and understand anything you sign. Never let anyone else fill out paperwork for you. Don’t let anyone pressure you into signing anything that you don’t agree with or understand.
8. “Call 1-8800-FED-LOAN.” This may be a scam. Some companies trick borrowers into believing that they are affiliated with or are approved by the government or tell you that you must pay them high fees to qualify for government loan modification programs. Keep in mind that you do not have to pay to participate in legitimate government programs. All you need to do is contact your lender to find out if you qualify.
9. “File for bankruptcy and keep your home.” Filing bankruptcy only temporarily stops foreclosure. If your mortgage payments are not made, the bankruptcy court will eventually allow your lender to foreclose on your home. Be aware that some scammers will file bankruptcy in your name, without your knowledge, to temporarily stop foreclosure and make it seem as though they have negotiated a new payment agreement with your lender.
10. “Why haven’t you replied to our offer? Do you want to live on the streets?” High-pressure tactics signal trouble. If someone continually contacts you and pressures you to work with them to stop foreclosure, do not work with that person. Legitimate housing counselors do not conduct business that way.
For more information, please go to my website at http://www.northwestpropertyoptions.com/.
1. “Pay us $1,000, and we’ll save your home.” Some legitimate housing counselors may charge small fees, but fees that amount to thousands of dollars are likely a sign of potential fraud – especially if they are charged up-front, before the “counselor” has done any work for you. Be wary of companies that require you to provide a cashier’s check or wire transfer before they take any action on your behalf.
2. “I guarantee I will save your home – trust me.” Beware of guarantees that a person or company can stop foreclosure and allow you to remain in your house. Unrealistic promises are a sign that the person making them will not consider your particular circumstances and is unlikely to provide services that will actually help you.
3. “Sign over your home, and we’ll let you stay in it.” Be very suspicious if someone offers to pay your mortgage and rent your home back to you in exchange for transferring title to your home. Signing over the deed to another person gives that person the power to evict you, raise your rent, or sell the house. Although you will no longer own your home, you still will be legally responsible for paying the mortgage on it.
4. “Stop paying your mortgage.” Do not trust anyone who tells you to stop making payments to your lender and servicer, even if that person says it will be done for you.
5. “If your lender calls, don’t talk to them.” Your lender should be your first point of contact for negotiating a repayment plan, modification, or short sale. It is vital to your interests to stay in close communication with your lender and servicer, so they understand your circumstances.
6. “Your lender never had the legal authority to make a loan.” Do not listen to anyone who claims that ‘secret laws’ or ‘secret information’ will be used to eliminate your debt and have your mortgage contract declared invalid. These scammers use sham legal arguments to claim that you are not obligated to pay your mortgage. These arguments don’t work.
7. “Just sign this now; we’ll fill in the blanks later.” Take the time to read and understand anything you sign. Never let anyone else fill out paperwork for you. Don’t let anyone pressure you into signing anything that you don’t agree with or understand.
8. “Call 1-8800-FED-LOAN.” This may be a scam. Some companies trick borrowers into believing that they are affiliated with or are approved by the government or tell you that you must pay them high fees to qualify for government loan modification programs. Keep in mind that you do not have to pay to participate in legitimate government programs. All you need to do is contact your lender to find out if you qualify.
9. “File for bankruptcy and keep your home.” Filing bankruptcy only temporarily stops foreclosure. If your mortgage payments are not made, the bankruptcy court will eventually allow your lender to foreclose on your home. Be aware that some scammers will file bankruptcy in your name, without your knowledge, to temporarily stop foreclosure and make it seem as though they have negotiated a new payment agreement with your lender.
10. “Why haven’t you replied to our offer? Do you want to live on the streets?” High-pressure tactics signal trouble. If someone continually contacts you and pressures you to work with them to stop foreclosure, do not work with that person. Legitimate housing counselors do not conduct business that way.
For more information, please go to my website at http://www.northwestpropertyoptions.com/.
Saturday, August 7, 2010
Finding Gold at a Yard Sale
I just picked up at a yard sale for $1 Robert Kiyosaki’s Rich Dad Poor Dad Cash Flow Quadrant on audio cassette. Imagine that; one whole dollar. Such wealth of information for such a price. I listened to the beginning of the first cassette driving home from the yard sale and was reminded about the four quadrants.
The reader talked about the differences of the right side and the left side of the quadrant. One difference is that there are few tax breaks for those on the left side of the quadrant, and many tax breaks for those on the right side of the quadrant. Another difference is that on the left side of the quadrant, YOU are doing the work. On the right side, others, or your money, are doing the work. Doesn’t that sound like a better way? Sure does to me. I like the saying “Don’t work for money; have money work for you.”
The point I am trying to make in a short time is that many of you reading this or know others that are doing the work from the left side of the quadrant, and you could be making money from the right side of the quadrant. Drilling down a bit more, many of you have, or know others that have, retirement funds that are not working well for you.
So, I remind you, that you can purchase real estates, or invest in notes secured by real estate from a self-directed IRA. I work with a “facilitator” that can assist in setting up the proper LLC for your IRA so you can invest your money and become a passive investor in real estate. If you would like to know more about this, please contact me.
The reader talked about the differences of the right side and the left side of the quadrant. One difference is that there are few tax breaks for those on the left side of the quadrant, and many tax breaks for those on the right side of the quadrant. Another difference is that on the left side of the quadrant, YOU are doing the work. On the right side, others, or your money, are doing the work. Doesn’t that sound like a better way? Sure does to me. I like the saying “Don’t work for money; have money work for you.”
The point I am trying to make in a short time is that many of you reading this or know others that are doing the work from the left side of the quadrant, and you could be making money from the right side of the quadrant. Drilling down a bit more, many of you have, or know others that have, retirement funds that are not working well for you.
So, I remind you, that you can purchase real estates, or invest in notes secured by real estate from a self-directed IRA. I work with a “facilitator” that can assist in setting up the proper LLC for your IRA so you can invest your money and become a passive investor in real estate. If you would like to know more about this, please contact me.
Isn’t it about time you take control of your financial future and move over to the right side of the quadrant?
Thursday, August 5, 2010
Fannie Mae's New Website - KnowYourOptions.com
Fannie Mae has just opened a new website called KnowYourOptions.com. This site is designed to assist struggling homeowners by providing quality information on the foreclosure process, and advises them of the various options available to them to help avoid foreclosure.
This is a comprehensive site that provids volumes of information, things to watch out for (scams) and some checklists. I especially like the Contact Log that helps you keep track of the various people and entities you talk with.
Check out the site:
http://www.knowyouroptions.com/
This is a comprehensive site that provids volumes of information, things to watch out for (scams) and some checklists. I especially like the Contact Log that helps you keep track of the various people and entities you talk with.
Check out the site:
http://www.knowyouroptions.com/
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