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Mortgage Update: News You Can Use!
Posted: Thursday, August 28th, 2008
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As I announced last week, I'm pitching in to help Tim & Eric with the volume of the mortgage business right now (Tim's my husband). Tim is the branch manager for Alternative Mortgage, so I guess that makes him my BOSS! (don't tell him that I've realized that...it will be our little secret!) Can you spell I-N-S-U-B-O-R-D-I-N-A-T-I-O-N?
Anyways...
Don't forget, as of October 1st the seller funded downpayment programs like Nehemia and Ameridream will be GONE! Several lenders have already announced that they will not close them anymore effective now. They are afraid that if they close them now, they may have ...
How ‘Bout Team USA!
Posted: Wednesday, August 13th, 2008
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Are you watching the Olympics?
I've been watching some, and I've learned a few interesting things:
(first of all, you can watch EVERYTHING live and recorded at www.NBCOlympics.com)
1. In soccer, statistically, the other team is more likely to make a goal in the 5 minutes after you make a goal. Do you think that's a technical fact? or do you think that's a mental thing... "Oh no, they scored, we better kick it up a notch and score one on them!" So let's apply that in our business: "Susie Realtor had 3 closings last month...I better kick it up a notch and ...
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Top Five Tips for Buying a Foreclosed Home
Posted: Tuesday, February 26th, 2008
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By Stacey L. Bradford,
Associate Editor, SmartMoney.com
RIGHT NOW, IT'S anyone's guess when the housing downturn will finally hit bottom. But if you're looking to buy a home now - and plan to stay in it for a while - there are plenty of bargains to be had on a foreclosed property.
Banks are often willing to sell foreclosed homes for up to 20% below market value just to get these troubled properties off their books, says Rick Sharga, vice president of marketing for RealtyTrac, a web site that lists foreclosed properties. With foreclosures at an all-time high in the past year, ...
How the Mortgage Forgiveness Debt Relief Act Changes Your Business
Posted: Monday, January 14th, 2008
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On December 20th, Bush signed into law a measure that will change the tax effects for a homeowner in foreclosure. These are critical changes that may change your client's outlook on a deal (in fact...maybe you lost a deal last year because of this tax burden...it may not be too late to call that client back and revive the deal!)
In a nutshell: If a homeowner who was in foreclosure worked out a short sale agreement with their lender, the amount of debt that the lender "wrote off" is considered as ordinary income to the seller. That means ...
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