Would you walk away? | Inman News

Would you walk away? Inman News

Here is an article by Teresa Moardman with Inman News that speaks about walking away from your home loan.

Did you see 60 Minutes last Sunday? They did a piece on Strategic Defaults. Here is the piece:

http://www.cbsnews.com/video/watch/?id=6470184n&tag=api

Freddie Mac News on Emerging Fraud Trends: Short Payoff Fraud

Freddie Mac has just released a news item regarding Short Payoff Fraud. Plainly stated, if you purchase a property at a discount and the lender must accept a short payoff, but you already have a new purchaser under contract and do not disclose that purchase transaction to the shorted lender, they consider that fraud.

Here is a link to the news on the Freddie Mac website:

http://www.freddiemac.com/singlefamily/news/2010/0412_payoff_fraud.html

First-Time Homebuyer Credit for Members of the Military

While the First-Time Homebuyer's Tax Credit is set to expire soon, there is a special exception to these deadlines for the military. In summary, if you were a member of the military and/or certain other federal employees that served outside the US, you have an extra year to buy a principal residence and qualify for the credit.



To be eligible, you must have served outside the US for at least 90 days during the time of January 1, 2009 and April 30, 2010. You must be in contract to purchase a principle residence by April 20, 2011 and close on the transaction by June 30, 2011. There are provisions for eligibility of you had to return to the US for medical reasons prior to the 90 period.



For complete details, follow this link to the IRS.gov website:



http://www.irs.gov/newsroom/article/0,,id=215594,00.html



Thank you, and check back often. Cody

First Time Homebuyer's Credit soon to expire

The First Time Homebuyer's Credit will soon expire. You must have a fully signed sales contract in force by April 30, 2010 and close by June 30, 2010 to qualify. First time homebuyer's may receive a credit up to $8,000, and move-up purchasers may be entitled to a $6,500 credit. There are some income and qualifications to receive the credit. Watch the video below from the IRS for a few more details.

http://www.youtube.com/watch?v=GkzB03uuGlg

Thanks, Cody

Radio Interview with Bill Valentine of Valentine Ventures

I just completed a telephone interview with Bill Valentine. In case you don't know Bill, he is a money manager and owner of Valentine Ventures in Bend, OR. Bill's clientele are investors with an investable net worth of $500,000 or larger. ( A special thank you to Chris Starling with Arbor Mortgage Group in Bend for referring my information to Bill.)

Bill was very interested in the mechanics of how my Partners in Profits program and the Perfect Tenant program works to fill the void in today's home ownership and investing market. The interview will air this Sunday, during the noon to 1:00 pm segment on station KXL 750 in the Portland area. Bill's program, "The Rich Life with Bill Valentine" is aired every Sunday from 11:00 am to 1:00 pm, and is heard on 10 radio stations throughout the state of Oregon. He also archives the show for future listening.

I hope you get the opportunity to listen to the program, not only this Sunday but on an ongoing basis. Here is a link to his website:

http://www.valentineventures.com/rich.htm

Thanks for listening.

Indy Mac sweet deal at your expense

I just watched a short video and thought you might like to see this. It illustrates what our government is doing with our money, specifically regarding the mortgage industry. Do you wonder why mortgage modifications seem to be so tough and rarely get approved?

The FDIC has a special arrangement with One West Bank. One West Bank purchased the mortgage assests of IndyMac Bank back in 2008. They purchased these at 70% of the loan amount. They have a "arrangement" with the FDIC on how they reduce their risk in the event of default. In case you werent' aware, One West Bank is owned by a VP with Goldman Saks Bank and George Soros among others.

This video will make blood shoot out of your eyes:

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1385485

Forward this to everyone you can think of. Let me know what you think.

Cody