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Foreclosures to Persist
Foreclosures to persist
According to authors at the Federal Reserve Bank of Cleveland, the nation’s high foreclosure rate is likely to persist. The Fed article looks at the changes in foreclosure and unemployment rates across states, noting the differences in the timing of the movements. The conjecture that the high foreclosure rate will persist is based in part on the observation that states that experienced boom-bust housing cycles in the past (Texas, Oklahoma, Massachusetts and California) had elevated foreclosure starts for years after the peak in foreclosure starts and inventory. These previous boom-bust cycles “were small in comparison to the current cycle,” the article said. While the recession has left deep scars in the housing and labor markets — with the unemployment rate doubling and the foreclosure start rate roughly tripling — the timing of the movements differs over the cycle, according to the abstract, written by the vice president at the Federal Reserve Bank of Cleveland, and K.F., a research assistant.
In So-Cal every Wednesday morning there is a short sale workshop open to the public, allowing homeowners, agents, brokers or investors the opportunity to see and participate in how and why this has been changing communities across our nation. Join us this week or any week for a fulfilling chance at making a difference in the lives of others.
Pro’s & Con’s of Various Individual Investor Types
** When to seek outside investors to help fund your growing real estate portfolio so it’s only natural that we should also spend a little time talking about the pro’s and con’s of various investor types. Not every investor is created equal; the trick is to learn how to find the ones that bring the most value and the least constraints to the relationship. Here is a quick overview of the most commonly encountered types of outside investors and how each may play an important role depending upon your current needs.
1. High Net Worth, Experienced in Industry, Exceptional Contacts. This is the most desirable outside investor possible. Not only does this person have sufficient capital to invest but their industry and professional affiliations can open doors that would otherwise be ‘off limits’. Not only do you benefit from access to capital but even more importantly, learn from their experience and expertise while meeting the “right” people. However, preparation is essential and a wrong step could have dire consequences for years to come.
2. High Net Worth, Experienced in Industry, Related Contacts. This can be a win-win situation for those that are long on short sale or real estate experience but a bit short on cash; by teaming up with someone that has plenty of cash sitting idle you are able to provide the expertise required to put it to work. Often these persons have valuable contacts outside of real estate; for example, doctors, lawyers and other professionals. It may be necessary to provide extensive explanation and education prior to investing in order to put the person or group at ease.
3. High Net Worth, Experienced in Industry, High Contacts. Plain and simple, this is one of the most frequently encountered types of investors the novice short sale entrepreneur is likely to encounter; someone simply seeking a return on their money rather than watching it waste away in a bank account or the bond market. Although the money is often a welcome addition to your individual growth plans, it often comes with a rather steep price tag…a lot of oversight and explanation. Family member, retirees and small investment groups often fall into this category which can add even greater volatility to the equation.
If you know someone in danger of losing their home to foreclosure and need some professional assistance, do them a huge favor and give them my personal email::: 3feet2go@gmail.com I CAN HELP THEM!
BofA is Eqautor
BofA Agrees to Pay $108 Million to Overcharged Countrywide
Borrowers Representing one of the largest judgments imposed in a Federal Trade Commission (FTC) case, two Countrywide mortgage servicing companies, now part of Bank of America Home Loans, have been ordered to pay $108 million to settle charges that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. In a statement released Monday, the FTC said the $108 million settlement will be used to reimburse overcharged homeowners whose loans were serviced by Countrywide before it was acquired by North Carolina-based Bank of America in July 2008. Bank of America said it agreed to the settlement “to avoid the expense and distraction associated with litigating the case.” According to the FTC, Countrywide used unlawful practices in Servicing homeowners’ mortgages.
The company allegedly charged excessive fees for default-related services, made claims about amounts owed by homeowners in bankruptcy that were false or couldn’t be backed up, and didn’t tell people going through bankruptcy when new fees or charges were being added to their loans. Going forward, borrowers in Chapter 13 bankruptcy must be sent a monthly notice with information about what amounts are owed – including any fees assessed during the prior month. Additionally, the defendants must implement a data integrity program to ensure the accuracy and completeness of the data they use to service loans in Chapter 13 bankruptcy.
Bank or TAX Foreclosures?
Bank Foreclosures vs Tax Foreclosures - Which is Better?
Tax foreclosures were once all the rage but with media attention on short sales and REO properties, they have recently fallen out of favor. Of course, among savvy real estate buyers and investors, nothing is “off the table” so it’s only fair to spend a bit of time… examining the pros and cons associated with each.
Tax Foreclosures are Not Tax Deed Sales
It’s important to differentiate between tax foreclosures, tax deed sales and other forms of government sponsored property sales. Tax foreclosures are typically the result of unpaid tax or other liens placed on the property (for example, unpaid income taxes). Tax deed sales are often the result of a homeowner failing to pay the local property taxes on a given parcel; after a period of time the taxes are paid by someone else (often an investor) with a guaranteed rate of return ranging from 5 to as high as 18 percent upon redemption. At some point and time in the future, if the original owner does not redeem the property and repay the prior property taxes plus interest, the property may eventually go up for auction.
Pros & Cons
Although tax foreclosure sales may sound simple enough, in reality they are often plagued by problems. For example, unlike short sales or REO properties, the buyer often assumes all prior liability for past due taxes when purchasing the property. Additional liens (including other forms of taxes, HOA fees, etc…) may add thousands to the purchase price of the property. Because the tax lien takes precedent over all other liens, a substantial sum may be required to obtain clear title and clear liens against the property. Remember, there is often a mortgage in addition to the back taxes owed.
Tax foreclosures can also be highly competitive; auctions often take place quarterly or once per month with extensive advertising used to attract maximum bidding. Pre-approval is necessary since closing typically takes place within 10 to 30 days after the auction. Bidders may conform to the dictates of the taxing authority rather than negotiate a closing based upon their own individual situation. Of course, the use of leverage, timing and other financial issues may significantly impact the individual rate of return for any type of real estate investment. Be sure to take all considerations into account before moving forward with a tax foreclosure sale.
Although both REO and tax foreclosed homes are typically sold in “as is” condition, the bank representative and others typically attempt to provide a thorough review of the property. Tax foreclosures should be extensively scrutinized prior to the sale in order to gain as much information as possible; it’s not unheard of for investors to believe they got a “great deal” and were the lowest bidder only to find out there were zoning irregularities, EPA restrictions or other major issues associated with the property.
Go to my-diy.net/contact-us/diy-reo-short-sales/ follow the instructions to leave an email and i will send you a FREE ticket to something very powerful and start today by making more $$$,$$$.$$ in one month than you ever thought was possible my friends!
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Diy Short Sale Transaction’s
With defaults continuing to mount and declining property values still widespread, the industry is seeing an increase in short sales. Such transactions are expected to burgeon even further now that the federal government has implemented its Home Affordable Foreclosure Alternatives (HAFA) program. With the new policies and still-precarious market conditions, short sales are gaining in popularity among lenders and distressed homeowners alike, but as with any modus operandi that rapidly picks up steam, this proliferation can open the gate for fraudulent activity. Experts say one area of the short sale process particularly vulnerable to fraud is property valuation. Bank-owned fraud attributed directly to schemes involving short sales and REO inventories has increased by 40 percent over the past year and has more than doubled from two years ago, according to market data from the California-based risk mitigation firm Interthinx.
Will you know the first step in helping others out of a bad place, start today by investing in your community and earn a very large income, for doing just this. Today can be the start of a great opportunity, when you apply yourself in obtaining knowledge in DIY REO Short Sales!
Foreclosures mounting [what to do?]
Although the U.S. housing market witnessed its smallest annual increase in foreclosure activity in four years last month, distressed-property tallies are expected to remain in an elevated range for some time. Foreclosure filings were reported on more than 308,000 American homes in February, RealtyTrac said Thursday. That’s a 2 percent decline from January but a 6 percent increase from a year earlier. All told, February represents the 12th consecutive month with more than 300,000 foreclosure filings. Yada,Yada,yada!
Winners and losers in these real estate economic times, and all told, it doesn’t bode well for the up coming future or for main street, When the thought of this get’s in your head it can be devastating. I say keep the thought of abundance instead and turn to the fact that you may be able to help others by educating yourself, and gaining absolute positive vibes for your ability to change many lives through the current epidemic of our financial futures.
Opt in and join today, get on board with the mentors that have transformed so many others. It’s not really a secret but than again for me it all manifested via one simple read, that’s right a book. Napoleon Hill started a new revolution in turning desires into realities, and the new rich revolution is taking it to higher consciousness to turn any dream into fruition!
Fix it Now
Whatever may be in disrepair around your home will eventually need quite a bit more attention as time elapses. Does your rain gutter hold water from 2 weeks ago when it last rained? As much as we would love to ignore this fact, what you may not realize that the nearest seam is breaking down and starting to leak, could be a small drip straight to the front porch or it might just be working its way through the fascia board and rotting away at the roof’s eave or a few rafter tails. Hence causing more dry rot and or concrete water damage than the earlier quick minor repair, sealing the rain gutter.
Procrastination isn’t the name of the game if we really ever want to get anywhere folks, a buck ahead for that proverbial rainy day and or as Napoleon Hill once wrote “money conscious or poverty conscious” which way is your mind taking you? Another marketing genius and extremely successful self made entrepreneur, is Jeffrey Combs and his whole mantra is about already being instead of waiting to be, it all begins at that perception of ” somethings else that needs to be done as a home improvement project” when it should be thought of as ” protecting the biggest investment in your portfolio”. See you at the new rich extravaganza !!
How to weatherstrip A DOOR [DIY]
Saving dollars make more sense than anything these days, so by weatherstripping an exterior door correctly, indeed you will save money by keeping the cold air out in the winter time, as well as during the hot summer months, not “trying to cool off the whole neighborhood”. Mother knows best perhaps, and will often remind us of this.
From door bottoms or door shoe applications, all will effectively seal the interior from the exterior. But before installing either of these there hes to be a threshold on the floor first. Tools required for door weather stripping can be as simple as a hacksaw and a reversible drill/driver and a tape measure. 
Buying the right one is important to note here, typically an interior door will be 1 3/8″ thick and exterior doors are thicker at 1 3/4″. The anodized aluminum comes in several finishes so you can choose a match per the rest of the doors hardware.
It’s possible you may have to cut the door down a little, depending on the existing conditions. An accurate measurement is required to get the most out of your diy door sealing efforts, but on a scale of difficult being a 10, this door weather strip installation is rated at a 3. All products bought can vary so be sure to read the manufacturer’s instructions first. Entry doors have that sweet closing sound with shutting and you will know the difference after your done. Snug as a bug……
how to repair a frozen plumbing line
While on a recent trip to the northwest doing some research, during a walk through inspection in a 2 story home the kitchen ceiling showed visible drywall water damage. And directly above the ceiling was the upstairs bathroom. They had cut an inspection hole for access and discovered a frozen copper water line that was very near an exterior wall, ironically there was no visible signs of insulation in the exterior wall that was causing the extreme cold temps to permeate the pipes and freezing a section here. 
Using a wrench and tapping on the lines it was evident where it became solid and damaging the connections, we had cut this small portion out and removed it and simply added 2 SharkBite fittings for the repair in all of 10 minutes. SharkBite slip locking connector fittings have saved us tons of expense and time with labor costs and their ever present availability.
In this particular short sale acquisition of real property, we did not exert much effort in influencing the lenders BPO agent for it became very clear there were enough visual damages to validate a discounted CMA. Having these tools and knowing how to facilitate them has changed our financial futures forever.
Rain Gutter dilemma’s
Average homeowners throughout this world can now relax and need not to fret any longer about their rain gutters. With the expansive widths of the average fronts of our homes, my experience here lies in the fact that rain gutters cannot perform as designed. ![no push causing malice [mosquitos/ dryrot / water damage]](http://www.my-diy-blog.com/wp-content/uploads/2010/02/thumbnail-23.jpg "no push causing malice [mosquitos/ dryrot / water damage]")
Water has to have a 1/4″ per foot slope to jettison the moisture to the down spout at the end, and not a sole likes to see a highly noticeable crooked rain gutter attached to the front of their homes. It appears wrong and anti symmetrical, common fascia board widths consist of 4″ to 12″ heights while, after installation causing a loss in fascia profiles when buried by drip edge flashing and shingle overhangs accentuating this dilemma.
I’m launching an all new and improved rain gutter marketing campaign that will easily and virtually correct and eliminate all of these aforementioned appearance and functionality problems. Take this opportunity now and tell me your stories of and why this may inexpensively be of service.
Napoleon Hill, Charles Hannel, Henry Ford, Tim Ferriss etc., all these great men that have changed many lives and authored books on self development, championed the fine art of mastermind groups to create change for all as well as a way to wealth through the laws of nature. “success requires no explanations, failure permits no alibis”