March 2010 Monthly Archive
March 29, 2010 | Comments: 5
A common question I am asked is what does REO mean? REO stands for real estate owned and refers to foreclosure property which has been returned to the bank. Banks hold the title, manage the property and are responsible for selling it. Bank owned homes are sold directly through each lender's loss mitigation department or a designated real estate agent.
Many people wonder what does REO mean in terms of buying properties at reduced prices? While it is true most real estate owned properties are sold below market value, buyers must take in to account repair costs required to return properties to livable condition. Some homes are in near perfect condition, while others are in complete disarray and require an entire renovation.
March 26, 2010 | Comments: 2
The Countrywide foreclosure list is an indispensable tool for real estate investors. On any given day, investors can locate over 15,000 foreclosures, bank owned, and cheap homes for sale located across the nation. Most properties are priced well below market value and sold in "as is" condition.
Countrywide foreclosure list properties are part of HUDs Neighborhood Stabilization Program. NSP allows qualified borrowers to obtain grant money to purchase bank owned homes in an effort to stabilize communities hit hard by foreclosure. Recipients of NSP funds have access to properties under Bank of America's "First Look" Purchase Program.
March 22, 2010
Estate executor refers to an individual in charge of managing the estate of a person who has died. Estate administration duties will vary depending on the type and value of assets owned by the decedent and whether the estate is probated or protected through a trust.
Oftentimes, the estate executor of probated estates will require assistance from a lawyer or estate planner to ensure estate management procedures comply with probate laws. Probate is the legal process used within all 50 states to validate decedents' last will or appoint an estate administrator to manage intestate estates. Intestate means the person died without executing a last will.
March 19, 2010 | Comments: 2
A loan modification hardship letter is an integral part of working with mortgage lenders to permanently alter terms of a home mortgage loan. Borrowers struggling to make their monthly payment must work with their bank's loss mitigation department to determine if they qualify. Once application approval is obtained, borrowers are required to submit financial records along with a letter of hardship.
It is important to take time writing the loan modification hardship letter. Although lenders base their decision on borrowers' ability to pay future mortgage payments, a well-crafted hardship letter can go a long way in achieving a successful outcome.
March 15, 2010
Fannie Mae's Home Path Mortgage is a home buying program offering multiple incentives to purchase bank owned homes. Money saving incentives include being able to purchase Fannie Mae homes with minimal down payment requirements and flexible mortgage terms which allow borrowers to pay additional monies toward their mortgage note without incurring penalties.
Buyers of Home Path Mortgage properties can select from most types of residential real estate including single family homes, townhomes and condominiums. Properties offered through HomePath are owned by Fannie Mae and consist of bank foreclosure and repossessed homes.
March 11, 2010
Borrowers in need of a loan modification must work with their lender's loss mitigation department. In order to be successful, homeowner's should take time to become educated about the process involved and be prepared to provide financial records.
In order to obtain a loan modification, borrowers must meet certain criteria. Obviously, lenders want to make certain borrowers can afford modified loan payments. Therefore, borrowers should be prepared to provide bank statements, payroll records, detailed list of income and expenses and previous years' tax records.
March 08, 2010 | Comments: 1
Last year, President Obama unveiled Making Home Affordable to help borrowers struggling to make their monthly mortgage payments and those facing foreclosure. The primary goal of this program is to offer loan modifications and mortgage refinance to borrowers whose mortgage notes are secured by Fannie Mae and Freddie Mac.
The Making Home Affordable refinancing plan expires on June 10, 2010, while the loan modification program expires December 31, 2012. Two additional programs are currently in the works. The 2nd lien modification program is scheduled to be implemented in the first quarter of 2010. The foreclosure alternatives program is expected to debut in April 2010.
March 05, 2010
Cash notes for sale are a type of investment product consisting of legal contacts for land, property, business assets and financial notes. Cash notes are secured by real property or legal tender that can later be sold for profit.
A variety of cash notes for sale exit. The most common include: real estate notes and land contracts, seller carry back trust deeds, structured settlements and annuities. Investing in cash flow notes can be profitable for investors that engage in due diligence and understand the process involved.
March 01, 2010
If you are looking for how to buy a house information, you have come to the right place! As a real estate investor, I speak with people nearly every day who are overwhelmed and confused with house buying options. Many of the people I talk to are first time home buyers who are concerned about the real estate market and uncertain if now is a good time to invest.
The first step of how to buy a house requires buyers to determine how much they can afford. This can be accomplished by talking to a realtor or mortgage specialist who can pull your credit history to determine if you qualify for financing. In order to buy a house today, borrowers must possess a high FICO score and solid employment history. However, various types of financing are available to individuals with less-than-perfect credit.