We know that there are multiple different ways to get real estate financing. The problem is that most real estate investors have no clue these options exist. They are tricked into thinking they need their own CASH or bank financing to fund their deals. They are lead to believe that they must WHOLESALE properties for […]
The One Thing After coaching and consulting real estate entrepreneurs for nearly 10 years I’ve concluded that real estate investors need to do just ONE THING to be successful. Just One. Two Main QUESTIONS Without a doubt, the two main questions I get asked the most are 1) how do I find the deals? And […]
Want a fast tutorial on the basics of running a real estate investment company? Learn what the experts are saying. There’s no time like the present to find out how the nation’s top real estate investment companies are being run. What’s the secret to their success? Leading professional investors and transactional real estate attorneys discuss […]
Looking at the role of the private lender in real estate investment projects… What do you need to know so you can do it right? One of the most important aspects of investing in real estate projects is working with a reliable private lender for investment capital. But finding those sources, and understanding the laws […]
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In the past, mortgages have been relatively easy to obtain, but it ended up causing financial ruin for many people. Chances are these homeowners didn’t plan to default and lose their homes but it happened. Some situations were just naivety on the part of the buyer who thought if they were approved, they could afford […]
Most loan modification programs focus on making payments affordable for the short term instead of reducing the borrower’s principal to eliminate the burden of negative equity (when what is owed on the house is more than its value). What is a Loan Modification? According to HUD, a loan modification "is a permanent change in […]
With the end of 2012 approaching, negotiations regarding the so-called "fiscal cliff" have intensified in Washington. The fiscal cliff represents a series of spending cuts and closed tax loopholes that would save the government a significant amount of money each year, dramatically reducing the deficit over time and promoting a balanced budget for […]
For the aging baby boomer population, the decision to strategically default on their homes is one that is steeped in morality. As baby boomers face retirement, those who are struggling with their mortgages are pondering a difficult decision – whether to walk away from their homes before their financial reserves are completely depleted. According to a […]
Great news for real estate investors who focus on short sales – they are on the rise again. Banks are turning to short sales more and more so they can get around the long process of seizing, maintaining and then trying to sell homes through foreclosure. The pace of new foreclosures has slowed slightly, but […]
There is another great housing foreclosure debate raging in governments – this time over the issue of eminent domain. Some local governments are throwing around the idea of condemning mortgages through eminent domain. It would work like this – a town or county “would seek court approval to pay a ‘fair market’ value to a […]
While mortgage closing costs are on the decline, actual mortgage rates are on the increase. For the first time in over three months, the rate for a 30-year fixed rate mortgage rose to 3.55%, up from last week’s 3.49%. These are the lowest rates since the 1950’s, when long-term mortgages were first introduced. These historic low […]
The current Mortgage Debt Relief Act of 2007 is set to expire on December 31 of this year. While there is a bill in the House that would extend it to 2015, homeowners are getting twitchy. So much so, in fact, that according to YouWalkAway.com, a foreclosure prevention agency, conducted a survey of borrowers and […]
More and more, Americans aren’t letting a foreclosure, bankruptcy or short sale prevent them from becoming homeowners again, and quickly. In year’s past, the only option seemed to be renting. But today, as rental prices are on the rise, they want to take advantage of low home prices. So where is the help coming from […]
Mortgage delinquencies have hit their lowest point in 4 years, according to the Mortgage Bankers Association, down from 7.58% to 7.4%. This includes mortgage payments that are at least one payment behind, but does not include loans already somewhere in the foreclosure process. The peak number was over 10%, during the height of the housing […]
Taxpayers are getting a little breather as Fannie Mae turned a profit at $3.1 billion, passing the $2.8 billion required Treasury payment. This is the first time since going into conservatorship in 2008 that the GSE hasn’t required a draw. Fannie’s CFO, Susan McFarland, is anticipating continued strong performance results. "Our credit performance is headed […]
Wholesale clubs truly are becoming one-stop shops for everything you need... giant boxes of cereal, lawn furniture, bulk toiletries, and now… mortgages. After testing for a year, Costco is launching a full-service mortgage lending program on its website, in conjunction with First Choice Bank and 10-other lenders. To date, the lending partners have issued over […]
I just got this article from Jerry Kayser, my broker at Sharp Concepts Realty and one of my SREC coaches, and I had to pass it along to you – this is really big news! Right now, Freddie Mac and Fannie Mae own 3.3 million of the 11.1 million mortgages where borrowers own more than […]
Last week, CoreLogic reported that the number of homes currently in the shadow inventory is roughly half the number of those currently in the visible inventory. On top of that, about half the shadow inventory has not made it into the foreclosure cycle yet. Altogether, the total shadow inventory includes 400,000 REOs, 410,000 already in […]
Last week, Bank of America announced that they were reducing the amount owed for 200,000 underwater homeowners. This is huge for the homeowners, because it means a chance to eliminate the underwater portion of their mortgages. The anticipated average reduction is $100,000. Homeowners are eligible for the reduction if they were at least 60 days […]
Even though there are signs of hope in the economic recovery, the housing market still has a long way to go. Of the 55 million mortgage holders in the US, industry experts predict that as many as 10 million will default by 2018. While there have been some attempts by the government to reduce the […]
Attention private real estate investors: The FHFA recently released a 3-step plan to lessen the role of Freddie Mac and Fannie Mae in the mortgage industry and shift it to private investors. Since 2008, when Freddie and Fannie were placed in conservatorship by the US Treasury, they have received more than $180 billion in taxpayer […]
A report that was released recently is putting Freddie Mac in the spotlight again, and not in a good way. After reviewing public documents, NPR and ProPublica revealed that Freddie Mac has actually been betting against the homeowners they claim to be helping. “The investment division of Freddie Mac placed millions of dollars of bets […]
2012 is going to be HUGE. Up to 9 million homes may enter foreclosure in 2012 period, versus one million in a typical year. This will send shock-waves through the stock markets and world economy. It may well be the "dark ages" for homeowners and lenders alike...and the wave of mortgage re-sets will continue in […]
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As anyone in the real estate game knows, when Robert Shiller, co-creator of the Standard & Poors/Case-Shiller Home Price Indices speaks, we listen. But what he said recently perhaps spoke loudest. He predicted that we could see home prices fall another 25%. Ok, that certainly is not good news, but what is a little more […]
Across the country, banks are hindering the housing market recovery due to their cautious lending practices. This has resulted in an increase in the amount of mortgage loans being rejected by these largest banks. The 10 largest lenders together have denied nearly 27% of all mortgage applications. Where they once were free and loose with […]
It's no secret that the banks are in trouble. They've got too many bad loans on their books, but they're not going to ask you or me for help. I've been investing in short sales for 7 years and I've been teaching you to do the same since 2007. When you buy a short sale […]
PMI Mortgage Insurance Co. is seeing signs of strengthening in markets the firm classifies as “distressed,” enough so that the private mortgage insurer is relaxing its requirements for loan-to-value (LTV) ratios and minimum credit scores. The California-based insurer issued a bulletin last week announcing that it is raising the LTV to 95 percent for both […]
Officials at Freddie Mac have maintained that the new single-family business the company acquired in 2009 and 2010 “continues to demonstrate strong credit quality based on borrower credit scores and loan-to-value ratios.” The percentage of home loans going unpaid is steadily declining for the nation’s second largest mortgage company. Freddie Mac reported Tuesday that its […]
The credit assessment firm FICO says it’s developed a method, using consumer behavior analytics, that will allow lenders to identify borrowers who are a risk for strategic default. As home prices began heading further and further south, the term “strategic default” made its way into industry jargon…and into the minds of lending and servicing professionals […]
Everyone knows that real estate has made more millionaires than any other industry, and that it has a low barrier to entry for a new investor. You don’t need a degree or any experience to begin. You just need a strong work ethic and a desire to learn. And that’s where we at SREC come […]
Check out this article I came across on DSNews.com. Seems like these programs didn’t work out as planned, after all, and may be coming to an end very shortly: Four Federal Foreclosure Mitigation Programs on the Chopping Block “Rep. Spencer Bachus (R-Alabama), chairman of the House Financial Services Committee, announced this week that he has […]
Hi Gang, This is for all your real estate buddies that think the housing market is coming back soon. Approximately 11 percent of all homes in the United States are currently standing empty. The rate of home ownership in the United States has dropped like a rock. At this point it has fallen all the […]
CEO Charles E. Haldeman Jr. said that foreclosure is the least attractive option from a secondary markets perspective and considers forbearance a viable option to keeping seriously delinquent borrowers in their homes. A full transcript of that conversation is in the October issue of HousingWire magazine. Haldeman said that forbearance, as an option in loss […]
It’s really a sign of the times – we’re so embedded in this housing crisis, and it’s becoming such a part of our culture that it’s actually losing some of its stigma. Get this – 36% of Americans now view strategic default – simply walking away from a mortgage – is acceptable, at least under […]
Will this program finally make a difference? The government is trying to jump-start its so-far weak attempts to tackle the foreclosure crisis by trying to help homeowners who owe more on their homes than they are worth. The Federal Housing Administration will allow lenders to give these borrowers refinanced loans if the lender agrees to […]
Just another attempt by the Feds to provide some relief for homeowners... I’m glad they’re doing something... it’s just that they’re caught in a lose - lose situation. But everything proposed seems like a gimmick compared to what we thought we’d get with TARP. Oh... remember TARP, signed under President Bush? The total cost looks […]
What a great weekend! I hope you guys found time for fun with family and friends... and enjoyed some good weather. I’m posting a few articles I came across early this morning. It’s always a great way to get my head back in the game after some time off. Let’s begin this week with a […]
This is a quick snippet I came across this morning after my workout... The article provides a link to what’s going on in the Central Valley. Hey, I know most of us don’t live in California, but with a population of 38MM it’s still a juggernaut and one of the largest economies in the world. […]
Another good article that proposes a couple good questions at the end to consider... ~josh “For the growing number of struggling homeowners in this country, more help is on the way. Additional aid from the federal government will begin making its way to them next month -- one program would help qualified homeowners refinance their […]
Morning! I just finished up a morning bike ride to get in my daily exercise. My doctor said I’m having back spasms so I’m riding my bike instead of lifting weights. Man does it feel good. Anyway, I was thinking about you while I was riding and I have a question.... Do you negotiate your […]
Here’s a simple question for all of you. If commercial real-estate companies are walking away from mortgages on properties that are now worth less than they paid for them, why shouldn’t homeowners? When homeowners do it, it’s seen as a violation of a business contract. Moreover, the mortgage industry and government then toss in that […]
The troubled housing market is bringing out all sorts of scam artists – people looking to make a quick buck, at the expense of others. Despite tightened lending standards and a greater focus on fraud, the chances of fraud occurring in new mortgages is very high. Interthinx, a California-based company that provides risk mitigation and […]
More restrictions coming for Freddie and Fannie, if the FHFA has anything to say about it! If a new rule goes into effect and FHFA (Federal Housing Finance Agency) gets their way, GSEs will be banned from purchasing mortgages with private transfer fee covenants. These fees are sometimes worked into the home purchase contracts and […]
