Making Home Affordable - Home

Making Home Affordable - Home

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Foreclosure to a Renter

After my foreclosure of my property...becoming a renter again was inevitable.  The experiences that were encountered are as follows.

• no heat
• lack sufficient hot water
• faulty electrical
• rodents
• leaky roof
• walking into home
  
  

Reading the codes.ohio.gov.orc/5321
After much researching their really isn't any information on landlords.  Why???

Neglect is camouflage by many reasons;

• health
• financial
• other

Keeping notes, photos, etc...
consult an Attorney

Computer Maintence Time - Spring & Fall Cleaning

Staying up to date with the latest computer tools for cleaning can be trying and sometimes expensive. Like you I feel that I've bought the best for my computer and then to talk with others find out different, or still more information. The best way I've found in getting the rest of the story is to talk to someone who really knows and fixes computers, tablets, and phones that's up to government standards.

Let me share with you what I learned;
Malwarebytes.com is free and does a great job in cleaning your computer. It's quarantined infectious threats to my computer, cleaned it, and now it's now faster. It found 22 threats I'm impressed..see what it can do for yours.

Viper.com has a three year purchase period but is very inexpensive in addition to that it also takes up very little space. And that's a huge plus in my book. It's is also very fast running at cleaning your system it's the fastest I've seen. Try it you'll be amazed.

lspfix.com is a site for all your malware, virus ware shopping needs. I wasn't impressed with this.

tdsskiller.com by kaspersky is another top of my list for getting and removing codes off my computer that would be threatening. This removes all the entries and goes to such paths deep inside while it removes, it also takes and makes codes all zero's and then goes back and changes them to all one's and still goes back once more and makes them all zero's again.

HijackThis.com has a free tool as well as a few others to purchase. This is a another great tool that I was told about that does a super job in keeping your computer, tablet and phone clean.

NOTE: make sure you don't over protect your computer you could do more damage than good. One for every kind of threats and then alternate once in a while just to make extra sure your computer is running at it's best.

Things We Should Say, But Don't

by Jeff Dowler

It occurred to me, upon reflecting on some recent experiences, that there are probably things we should say, but we don't. And not just in business.

For example:


"No."

This is a big one. Whether we are fearful of annoying someone, want to please them, or just don't have it in our gut to say it out loud, sometimes you should say NO. It might be a very difficult buyer, a challenging agent, a listing that you know cannot sell at the price the sellers need, an unreasonable or inappropate request from someone, but there are times we probably should say no. I'm preaching to myself here. There are nice ways to say no. But the direct approach is sometimes called for. But there are many variations: I can't do that; I am unable to; That doesn't work for me. You get the idea.



"I'm sorry," or "I Apologize."

Not always easy to say, but no doubt we have all done things we didn't mean to do, or hurt someone in some way, or uttered something we regret, or didn't follow-through on a task we told our clients we would, or forget to tell a buyer or seller something we should have. Letting someone know you're sorry is also a way to empathize with someone who is suffering, feeling down, or in a tough situation.



"Thank you."

I'd say those are 2 of the most powerful and meaningful words we can utter, and there are lots of opportunities to do so. So often we don't say so when we could...or really should. I suspect most people will appreciate being told this. Even for the little things.

From a more real estate business related perspective, "I'm not an attorney," "I'm not an accountant or tax professional," or "I'm not an inspector," could probably be stated more often than we do. While we know this, there may be a tendency to overstep our professional boundaries and make statements or give advice to clients when their best interests are met by consulting someone who really knows.

Any thoughts?

Mentor

How often in a day do you take the time to mentor someone. Maybe your a mentor and don't even know it. What are some of the strongest influences in your life? As a child many choose their teachers, or a character which we know not. Did you know that 40% of our kids spend their time alone, unattended without a mentor. My point is where do you get most of your mentoring? Boss, Books, TV, or Olympic...thier are many sources for you to become a better mentor if your not one already.

In Greek mythology, Mentor (Greek: Μέντωρ / Méntōr; gen.: Μέντορος)
The first recorded modern usage of the term can be traced to a 1699 book entitled "Les Aventures de Telemaque", by the French writer François Fénelon[3] In the book the lead character is that of Mentor. This book was very popular during the 18th century and the modern application of the term can be traced to this publication.[3]

This is the source of the modern use of the word mentor: a trusted friend, counselor or teacher, usually a more experienced person. Some professions have "mentoring programs" in which newcomers are paired with more experienced people, who advise them and serve as examples as they advance. Schools sometimes offer mentoring programs to new students, or students having difficulties.

Today mentors provide expertise to less experienced individuals to help them advance their careers, enhance their education, and build their networks. In many different arenas people have benefited from being part of a mentoring relationship, including:

Authors — H.P. Lovecraft mentored Robert Bloch, Clark Ashton Smith, and Robert E. Howard
Business people — Freddie Laker mentored Richard Branson
Politicians — Aristotle mentored Alexander the Great

Homeowners Who Just Leave the Home Vacant

Bail Out is what I want. Facing foreclosure sure a bail out is what most hope for. Homeowners who just leave the home and hope someone else will take care of the headache is just as bad as an EOC. People leaving their homes and just getting on with life has been the choice of many making their life easier while the job market is well (it's been better) in a depression.

While many home owners are attempting to leaving their home and / or going bankrupt on the short term plan this is a quick fix and a long term problem. In a consumer frame of mind we live in a here and now where, many live like - we want it we want it now and super size it. Sounds childish but, its true for almost all areas of our life.

While companies and investors market too many homeowners in pre-foreclosure there's a hug hand full of letters that come back with a Vacant stamped on them. Denial is a problem and just quitting is a great way to solve an addiction but, not suggested for your financial situation.

Did you know that denial is the number one reason many citizens are diagnosis with some type of mental problem? Sure if you solve your problem the wrong way is it going to bite you in the ass sooner or later. There is a way to solve problems go read a book or call someone; do your due diligence. Divorce, death, illness, loss of job.

Options are accessible and many times free so, why not take advantage of the opportunity. Making a plan and sticking to it but, make a plan that is obtainable. Take a good look at your self first are you disciplined and frugal. Hopefully you're not one who is EOC (economic outpatient care) that's money from their parents in the form of trusts, gifts, etc...

For up to date info Subscribe to http://justineclark.wordpress.com or call my office 740 922-2387 for a free consultation.

Forclosure Appraiser

An appraiser has a far different role than the inspector that goes through a home on the market and writes up a report on its condition. Real Estate Appraisers operate under certification by one of two trade organizations: The Appraisal Institute and the National Society of Real Estate Appraisers. Both organizations maintain rigorous professional standards and have mandatory ongoing education programs.

Appraisers not only inspect the property but evaluate its value within the context of its location. An appraisal report will discuss interior work and finish, improvements, site, neighborhood, and a valuation section that addresses the value of similar homes in the neighborhood based on recent sales.

The “fair market value” of the property can be based on the cost of replacement; the “comps” – that is, recent sales of similar properties – and in some cases, the potential income of the property. Some evaluations combine a little of each.

Prior to a home purchase, the lender will have a home appraised after an offer has been made. The appraiser has knowledge of the offer and often returns with a valuation that closely matches the offer. Sometimes that is due to a reasonable offer guided by a seasoned real estate agent; in the past, sometimes the appraiser was perhaps more interested in continuing his business relationship with the bank.

A study of 300 foreclosed homes done in 1985 by the Mortgage Guarantee Insurance Association showed an average variation of appraisals done during the sale and appraisals for a foreclosure to be 20%. Some of these cases may well have been on properties that had not been kept up, in neighborhoods that were deteriorating, or during a housing downturn. Nonetheless, it led to considerable tightening of the professional standards for appraisers.

If you are considering buying a foreclosed property it may be worth your while to hire your own appraiser in order to evaluate the risks involved in the purchase. It is important to have some history on the neighborhood. You may find an extended period of homes losing value, based on sales prices over the last few years. You may find repair issues that the appraiser for the FHA or HUD missed. You should be able to make a knowledgeable purchase based on your interest and not the sellers.

This article is a very good source of information considering how tough the economy is today. Some times the littlest of things make a huge difference in the out come.

10 steps to buy “for sale by owner”

With approximately 20 percent of the real estate marketplace comprised of “for sale by owner” listings, many homebuyers are left scratching their heads wondering, “Do I need an agent to go ahead and buy that “for sale by owner” home?” Not only are agents not needed to buy a home, involving one during a FSBO transaction could actually hinder the buying process, as the agent would want the seller and/or the buyer to commit to paying an expensive commission fee.

To buy a “for sale by owner” home, follow these 10 simple steps:

1. Determine Your Budget: The first step in any home buying process is determining how much you can afford. It’s important to not overextend yourself. Luckily, there’s many Internet-based mortgage calculators that will tell you how much you can afford based upon your income, debt level, mortgage rate and available cash for a down payment. Visit our Mortgage Calculators page to determine your housing budget.

2. Get Pre-Approved: Now that you know the price range that you can afford, you’ll want to get pre-approved so that you can move forward in the home buying process. In today's market, buyers with a large down payment and a strong credit rating are more likely to obtain a mortgage. Start the pre-approval process by clicking here. Getting a pre-approval letter is a quick process that will tell sellers that you are a serious buyer who can afford their home.

3. Search For Homes: This part is simple. Just use the http://hotpads.com/ search page to find your ideal home.

4. Contact the Owner Directly: Unlike homes represented by an agent, there’s no middleman to interfere with you from getting directly in touch with the seller. Phone or email the seller and ask additional questions about the home that wasn’t on the online property description. If you’re still interested, agree on a mutually convenient time to tour the home.

5. Get a Valuation Report of the Home: Either before or after you see the home, get a valuation or property report to see how the home’s asking price compares to other recently sold homes within the neighborhood. It’s similar to a real estate agent’s CMA (comparative market analysis), and it will compare the home you’re considering to up to 20 nearby recent home sales. Remember that such property reports and CMAs do not factor in any recent renovations -- such as kitchen or bathroom remodeling -- so the price of the home will be affected accordingly.

6. Hire an Attorney: For a few hundred dollars, a quality real estate attorney will provide you with all the advice and counsel you’ll need to go from the offer to closing. Use a local attorney who is knowledgeable about your town’s ordinances when it comes to real estate transactions, as well as your state’s disclosure laws. Our Find a Pro page can help find an attorney near you.

7. Make an Offer: Now that you’ve seen the home firsthand and have a property valuation report, plus an attorney in your corner, you’re ready to present the seller with an offer. Your attorney should have the necessary offer forms and you can also visit our Real Estate Forms section for all the state-specific paperwork you’ll need.

8. Lock in Your Mortgage Rate: Assuming that the seller is entertaining your offer, you’ll want to shop around for the lowest mortgage rate. Quicken Loans has a fast, online mortgage approval process, and Bankrate.com has a great mortgage comparison tool that will give you current rates at major lending institutions. You should also visit local banks and contact mortgage brokers to price compare. Once you’ve settled on a lender and a mortgage product, they will lock you in that mortgage rate and give you a set amount of time to close the real estate transaction. A 30 day or 60 day “lock in” period is most common.

9. Get the Home Inspected: The next step is hiring a quality home inspector who will go through the home – from foundation to attic – to see what condition the home is in. A home inspector will cost $300-$600 and the inspection will take around 2 hours. You’ll get an inspection report outlining any mechanical or structural problems that the home might have. Again, visit our Find a Pro page to find an inspector near you.

Depending on the results on the inspection report, you might want to re-negotiate the purchase price. For example, the inspector might tell you that the furnace needs to be replaced. Negotiate with the seller to lower the price to compensate for any such expense.

10. Close the Deal: Your real estate attorney will handle most of the details at closing and, depending on your state and local area, will advise you on any special paperwork that needs to be completed between you and the seller. Your attorney and your mortgage lender will also assist you with coordinating the financing and providing payment to the seller. The seller will sign over the deed of the home and, voila, you’re the new homeowner!

Getting Money From a 1031 Exchange

As noted in the Property Selling section of this site, any money
you receive while using a section 1031 like-kind exchange is
considered "boot". Boot is fully taxable and is added to your
income. When you do a 1031 exchange for like-kind property, you
are required to roll over all cash you might receive in the sale. You
may think to yourself, "Why not take a loan out on my existing
property prior to doing the like-kind exchange?" The answer is that
you can't. The rules of Internal Revenue Code 1031 say that you
cannot do that. What you can do is take out a loan on the property
you received in the like-kind exchange. Thus, you would do the
following to get cash from the 1031 exchange; (1)do the 1031
exchange for like-kind property,(2) receive the new property, and
(3) refinance. This loophole allows you to receive cash without
jeopardizing the 1031 transaction.

First Time Home Buyers Loan Programs Explained

Many of the first time home buyer loan programs are from the government, such as FHA, VA and HUD. Zero down loans, such as the 80/20 carry PMI (private mortgage insurance) and an equity home loan in the package. This article will explain the benefits and the disadvantages of each.

What is an FHA Loan?
An FHA loan is a government loan that requires a 3.5% down payment and a reduced form of PMI on the loan. It is a greatly reduced from PMI, but it is still required on the loan package. It is called MIP (mortgage insurance premium). There is an upfront 1.5% required in escrow for closing and .5% monthly paid for five years if you have a 30 year loan.

Many foreclosure homes are sold through FHA and they have easier qualifying guidelines. FHA is more lenient with credit score guidelines. They allow the borrower to apply for a loan even though their FICO credit score is under 700 and sometimes as low as 600 with a valid explanation of all delinquencies. Like the other government programs, all the less than perfect marks on the credit report need a valid explanation and the buyer needs to show good credit in recent months.

HUD Auction Bids
In order to buy a HUD home, the buyer must make a bid at the weekly auctions. The buyer must be represented by an agent and cannot make the bids on their own. They need to have a prequalification letter, earnest deposit and a signed offer.

The advantages of HUD are that the down payment is a very minimal $500-2000 and HUD will finance all repairs to be done to the property. With the offer, the agent must include the amount to be repaired. This figure is supplied by the HUD office.
Some of the disadvantages of this program are that the homes tend to sell for a high price with competition in the bids. Because of the terms involved many new buyers get carried away with the bidding not realizing they are buying over the value many times. The buyer can also apply for a title one loan (2nd mortgage loan) on the property with no equity involved.

VA Loans Require No Down Payment and No PMI
Many veterans flock to buy homes with the no down payment incentive. There is a funding fee of 0-3.3% depending on the home. The funding fee may be financed with the loan. This first time home buyer's loan program requires no down payment and no PMI. The seller may pay the closing costs and therefore the vet has no money involved in the loan.

Zero Down Mortgage Loans
Most banks carry some type of zero down loans. Check with the bank close by to discover the best rates or look at bankrate.com and compare rates. Zero down loans require perfect credit scores over 700 and preferably 720. The basic loan package is a main loan and a home equity loan attached of 20%. With this type of loan there is PMI included.

PMI remains on the property until there is 20% equity in the property and then the homeowner may apply to remove the PMI. It is not as easy as it sounds, though. It takes awhile to be approved, the guidelines are strict and a new appraisal is required most of the time.

First time home buyer loan programs attract young couples who want to purchase their first home. With these four programs listed there are many opportunities to purchase a home with little cash involved.

Passive Solar Building Ideas

Some tips on saving on your heating and cooling bills. (Passive Tips)
Plant trees near the side of your house that faces the equator. Leaves will shade the house in summer. Leaves drop off and let sun into heat up your home in the winter.

Paint your house a color that can reflect or absorb heat from the sun. If your heating bill is higher paint your house a darker color so the sun heat is absorb better. If cooling is higher then paint your house a lighter shade to reflect heat.

Hang curtains in the winter open them facing the equator during the day and close them up tight at night to keep heat in. In summer keep them closed during the day and open when it starts cooling off.

Money saved could be used for something in your future or the present.

Home-Buying Strategies

Just getting married and looking to buy a home should wait for the second down turn. This could occur between next year and for the next few years to come. Waiting and continue to rent untill prices come back to higher levels. Buying a home then the rates will be down for a 30 year mortgage.

Trading-in homes are likely to continue to decline or remain for the next decade. More affuent households may find that they can afford a larger home eariler in life as the prices in this area fall. Appreciation potential maybe less for some years to come so, plan on years before another move.

The TRUTH about home loan modifications

Understanding all the facets on the loan modification process and all the programs developed this year. Assessable to check if you qualify. If not there are other options learn them. http://Real-Estate-Acquisition-Firm.com



The TRUTH about home loan modifications

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What most appeals to you in relocating?

Before talking it over with your children, which might be your first choice. Take them to the city park and see if they meet people they like. Do they enjoy the area as much as you do? Are the schools there good? If your children like it then you have a opening for such a move.

Or perhaps there's another area that would be suitable with a great school system. If you can't imagine doing some research on your own, finding a place for your family to live. There's help you can ask your family, friends and neighbors on suitable places to live. Maybe finding a place where a group of you could move together.

What are your interests; entertainment, sports, beaches, nature, city. Where do you see your self in next ten years? What do you see your self doing or want to be doing? Give your self easy access and move closer to the entertainment you enjoy. A college community if your looking to continue education.

Are there employment opportunities that match my skills and income needs? Many towns only employ service workers with relatively low skills, and pay them a low wage, or are dominated by narrowly focused industries such as agriculture or mining, or new businesses moving in are highly targeted and require specific skills such as software development.

Are there the educational and cultural activities for you and your children? Are the schools systems to be superior to the ones your children involved in? Will your children mix well with the locals? Does the town have sufficient sports, recreations activities or cultural activities for the weekends? Are you close by to summer camps?

Are you sure your not going to get board? What is in the development for the future of the town. Check in city planning to see what the plans are for jobs, education, to see if there is an interest in the towns plans. Will growth destroy my idyllic new home?

I recommend Harry S. Dent book but, I am not affiliated or do I work for the organization.

Mortgage-Get the Facts

Mortgage Payment Calculator
Mortgage Amortization Table Calculator
Mortgage Points Value Calculator
Mortgage Refinance Calculator
Early Mortgage Payoff Calculator
Bi-Weekly Payment Calculator

Credit Card Debt Calculators
Debt Consolidation Payment Calculator
Months Needed For Debt Reduction Calculator

Personal Budget Calculators
Budget Calculator To Find Hidden Expenses
Basic Home Budget Calculator and Worksheet
Basic Home Budget Worksheet in Printer Friendly Format
Home Affordability Calculator

Misc. Calculators
Retirement Plan Calculator
Automobile Loan Calculator
Currency Conversion
Metric / English Conversion
Liquid Conversions
Distance Conversions
Weight Conversions


To use these calculators Click Here

Home Foreclosure and Debt Cancellation

1. What is Cancellation of Debt?
Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.


2. Is Cancellation of Debt income always taxable?
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:

Bankruptcy
Certain farm debts
Non-recourse loans

3. I lost my home through foreclosure. Are there tax consequences?

There are two possible consequences you must consider:

Taxable cancellation of debt income

A reportable gain from the disposition of the home


4. I lost money on the foreclosure of my home. Can I claim a loss on my tax return?

No. Losses from the sale or foreclosure of personal property are not deductible.

If you are having difficulty resolving a tax problem (such as one involving an IRS bill, letter or notice) through normal IRS channels, the Taxpayer Advocate Service may be able to help. For more information, you can also call the TAS toll-free case intake line at 1-877-777-4778, TTY/TDD 1-800-829-4059.

In some cases, you may qualify for free or low-cost assistance from a Low Income Taxpayer Clinic (LITC). LITCs are independent organizations that represent low income taxpayers in tax disputes with the IRS. Find information on an LITCs in your area.

A foreclosure quiz

In most cases even if the bank is able to sell the property, the borrower may have to pay for any difference between the remaining balance on the loan and the sales price of the property at foreclosure, depending on the mortgage terms and state law. Foreclosure stays on a credit report for seven to 10 years.


To determin if your at risk for loosing your home an online quiz is avaiable. Also in Spanish.

If you think you are in danger of facing foreclosure, you can call the 888-995-HOPE hotline.

12 Things You Should Know When Contacting Your Lender

1. Always open your mail and call your lender immediately.
2. Ask for alternatives to foreclosure.
3. Provide any information requested by you lender.
4. Be honest about your financial status.
5. Be ready to change your spending habits.
6. If you need additional assistance call a financial advisor.
7. Failure to respond may result in further foreclosure actions and costs.
8. Ask questions:
about the time-line.
can foreclosure be postponed.
what are your obligations.
9. You can save money by getting coverage for homeowners insurance.
10. Stay in contact with your lender.
11. Be realistic about your financial condition.
12. Understand the service is trying to ensure a positive result for you.

5 Tips: postpone foreclosure

Looking to stop your foreclosure on your own? Taking these steps may postpone the default notice. Make a long term goal and make sure it’s obtainable.

1. Liquidate- do you have anything of value? Boat, motorcycle, jewelry, bonds etc...

Many items lying around are cash. Decided on what is of most value to you. Your home maybe the most valued item. If so, then look for things that are of value by either the bank or maybe selling these items. Put an ad on either E-bay, Craigslist, radio station, newspaper or yard sale. Amazingly, how much stuff is really worth getting rid of to postpone your foreclosure?

2. Equity- do you have equity?

Over the years of paying on your loan there's equity in it. (check with your lender/mortgage statement) To see if the equity can be used to pay on your mortgage. Asking the lender for the department of foreclosure prevention department will advise you of other options. Check with more than one source to get a second option and the whole story.

3. Credit- do you have credit?

Having use of credit cards is great when you can actually use them for the good. If you have a short term fix credit payment that can by you some time. And flipping from credit card to credit card will buy you more time. Look for a long term way of getting your mortgage payments back on track. Plan on getting a plan to pay back loans; for $299 you can do it yourself at cashnow2008.com/b/ or call a financial advisor.

4. Broker- asks for options.

Getting a loan from a broker and you signing a promissory note to pay back on the loan. There maybe various payments plans in which you would consider: one lump sum, increments, Ask about the types of collateral would be accepted.

5. Consolidate- one payment to get out of debt

Consolidation is other option for getting your bills lower so that you can have enough to pay for your mortgage. This may fix the problem for the short term but, you have to plan for the long term. There are many organizations to choose from one is Bankrate.com their (free).

7 Factors: Foreclosure Help - Things To Look For

Foreclosure Experts / Foreclosure Services

Ideally when looking for help/maybe help has found you things that you should be aware of when contact is made.
1. Gut Feeling - what is your gut telling you
2. Comfortable - do you feel comfortable
3. Fee - are there any fee's for this service. (THERE SHOULD BE NONE)
4. Credentials - A set of claims used to prove the identity (LLC / BBB)
5. Reputation - testimonials / Validate by other professionals
6. Experience - experienced / not
7. Legal Documents - look over documents / show attorney

Mortgage lenders have codes and specialized departments: calling will entail the right paper work to get you the right kind of submission.

Financial advisers can advise you to get back on track which usually co$ts.

You have options-learn them
You have rights-protect them

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