Just some ideas . . .
Preview:
I know many people on this site don't obtain traditional financing for their RE deals. But just in case you do or have teenagers that may be interested in building credit and may want to invest with traditional financing one day, here are some suggestions:
Apply for a business license (maybe $25). Once you have one for two years, its easy to obtain "Stated Income" Financing. Usually a CPA letter stating that you have filed taxes (whether a loss or profit - doesn't matter, they don't need to mention it) for the last two tax years will work or a... continue reading >>
Website Full of Direct Links to REOs
Preview:
I don't know if anyone has been to this site. I know that the Real Estate Queen has posted some great links for Pre-Foreclosures and Reos. Go to: http://www.biggerpockets.com/bank-reo.html for a list of most lenders database of
Bank Owned REO Properties and REO ListingsI thought it was handy. Some property I've inquired about, the assigned Agent wondered how I found out about the property when its not even listed yet . . . they still had to do their BPO stuff.
Hope it helps you! Its a great resource.
... continue reading >>62 Subprime Lenders Laid to Rest!
Preview:
So that's the current count of Lenders defunct since November 2006. Wow! I was shocked to find out about the latest lenders going down:
Last addition: April 20, 2007. Latest imploded: MILA, Home Equity of America, Opteum (Wholesale, Conduit), Innovative Mortgage Capital, Home Capital, Inc. ...
I'm curious as to what this means. The Short Sale I'm working on, the 2nd was held by New Century (now deceased) originally and then it was sent to Home Equity of America. I called them today to discuss the 2nd mortgage in the short sale, they said, "Please hold." and I was... continue reading >>
Help! Does anyone have a form to . . .
Preview:
Do a purchase with a Land Trust?
I just answered this ad in craigslist.com a condo fail sale. She doesn't want any money from it. And is willing to do a land trust with me so I can negotiate a short sale. The poor lady (sounds elderly) thought she had it sold and the last day the guy backed out. She had already moved out and rented a place elsewhere. Now she's two months late and in pre-foreclosure. She already sold her car, next to go are the appliances and she's going to file bankruptcy next week if she doesn't... continue reading >>
Preparing Negative Data for a Short Sale
Preview:
Does anyone have any websites they love to retrieve negative data surrounding an address to prepare for a short sale package?
I currently use the following websites, but if you have any other suggestions, I'd love to hear them:
http://www.familywatchdog.us/Search.asp (lists sex offenders, maps their area, shows their convictions)
http://www.cityrating.com/citycrime.asp (lists crime rate, breaks down into property crime ratios: burglary, murder, forceable rape, robbery, larceny, vehicle theft, aggravated assault)
www.areaconnect.com (lets you compare two neighboring cities and compares to the national average)
Does anyone have any systems, stacking advice in what you include in your short sale package? I have two homes I'm... continue reading >>
My Daily Emails from Subprime Lenders are starting to sound the same . . .
Preview:
Fellow Mortgage Professionals:Throughout our history, National City Home Equity has been one of the
most competitive prime home equity wholesale lenders
in the industry. On February 28th we expanded many of our guidelines to
meet your needs and the needs of your customers.
Timing is everything.
Dramatic changes in the sub prime lending industry are having a ripple effect on Alt-A and prime lenders, including National City. Investor appetite for stated income, lower FICO and/or high CLTV originations is evaporating quickly.
The rapid changes in market acceptance of these products necessitate an equally rapid... continue reading >>
Found Article:Twelve Street Smart Reasons NOT to Get Your Rent On the First
Preview:
I stumbled across this article, I hope its useful for any landlords out there. It makes sense.
Twelve Street Smart Reasons NOT to Get Your Rent On the First
by Lou Brown
When I started in this buy/hold/rent/get rich business over twenty years ago, I collected rent like everyone else did on the first of the month. Rent was due on the first, late on the fifth. After a few years, I started to realize that this did not make a lot of sense. Some residents had lots of demands on their first of the month check. I... continue reading >>
Find Out the latest on the Subprime Lenders
Preview:
Visit: http://www.lenderimplode.com/Latest count of major US mortgage lenders that have croaked since late 2006: 44 lenders have now gone kaput!
Top 25 Subprime Lender list
(as of Q2 2006; from the Mortgage Banker's Assoc. Red are shutdown and/or bankrupt, blue are no longer operating independently) - Wells Fargo
HSBC Household Finance [HSBC's subprime erased at least half of '06 earnings]
New Century [funding pulled; lending halted, lawsuits, criminal probes, impairments]
Countrywide [subprime to hurt results; layoffs]
Fremont General [2007-03-02; residential subprime activities ceased]
Option One [H&R... continue reading >>
Need Your Opinion . . . Marketing to Pre-Foreclosures
Preview:
I'm trying to figure out the best way to reach out and help the Pre-Foreclosure/Notice of Default Homeowners. In my direct mail, I get quite a few return mails . . . even weeks after the first postcards are sent. I ran across this article, but I'm curious what has worked for anyone of you. What type of direct mail do you use and wording; How often and how many times do you mail to them; Do you hunt them down; and do any of you actually go to the neighbors and call on their family?
*******************
> You Must... continue reading >>
Another Cool Link
Need to find County Records, Recorded Documents? Here's a FREE website. Before I only knew how to access information in my County and the two neighboring Counties.
BRB Publications offers a comprehensive list of free public record sites to locate sources for civil records, criminal records, driving records, real estate records, public record vendors, record retrievers, and more. Its not like the other sites that only give you a little info and if you want more you have to pay.
http://www.publicrecordsources.com/