In Mortgage and Real Estate Cash is King

Take Advantage of Home Equity Loans

2010-10-28T17:09:00.000-07:00

Take advantage of a home equity loan

Do you need some cash toward house repair or funding your child’s college education or medical bills? Do you need money to invest in shares? If yes, you can take advantage of home equity loans. These loans are also known as second mortgage. You may get the loan if your home equity is more than 20% and you have no hindrance on your existing property.

Home equity loan – What it means

Home equity loans are those which allow you to borrow money, using the equity on your home as collateral. As you are keeping a security against the loan, you may get lower interest rate. You can either opt to take a fixed rate mortgage or an adjustable-rate one.

It is difference between the value of your home and the money you owe. Say, you owe $150,000 and your home value is $450,000, so, your home equity will amount to $300,000. You can get a loan amount of $300,000.

In this type of loan, the outstanding amount will reduce every month by the amount of cash coming in. However, if you withdraw cash or pay your credit bills with this cash, the balance will increase. You also have to keep in mind that if you don’t pay more than the minimum interest-only amount each month, your interest may add up to an excessive lump sum over the loan term.

You can obtain a home equity loan to fund for the following expenses:

Home repair: You can take the loan to do some repair work in your house.

Medical bill: You can pay your exorbitant medical bills with this loan.

Home renovation: With this loan you can renovate your house by going for new wallpaper or installing new gadgets.

Debt consolidation: You can consolidate your high interest bills and pay off the new consolidated loan with the money you will borrow against home equity.

College tuition fee for children: You can pay for your child’s college education with this loan.

Fees to obtain a home equity loan

To obtain a home equity loan, you need to pay fees for the following:

Loan origination fees
Home appraisal fees
Title fees
Arrangement fees
Stamp duties
Closing fees
Early repayment fees

Pros and cons of home equity loans

The advantages of obtaining a home equity loan are:

If you have higher home equity, you can get relatively large amount of loan.
It comes with flexible features, like, you can pay toward the principal by paying additional amount to the minimum repayment amount or you can pay the interest only each month.
The interest rates on this loan is lower than personal or credit card loans.
You will enjoy tax benefit for the monthly payments you will make toward the loan.
The loan comes with redrawing facility, so, if you need extra fund, you can have access to it.
If you pay wages into your account each month, the interest will reduce.
It will take less time to process the loan application

The disadvantages of obtaining a home equity loan are:

You can lose your home if you are unable to make the monthly payments.

If the equity drops too much, you will owe more on your home than its actual value.

You need to pay for various charges while obtaining this loan.

Before obtaining home equity loans, you should shop around and compare the quotes offered by various lenders, banks and credit unions. You can also get references from your family members, neighbors, friends and office colleagues. You should also have good credit rating, in order to get lower interest rate. You should also check the reliability and the authenticity of the lending institution with the BBB and make sure to get the best deal.

Short Refinance Paperwork - Short Sale Paperwork

2010-02-09T11:25:00.001-08:00

Working with us for a

Short Refinance or Short Sale?

We need the following paperwork from you in order to complete the process:

DOWNLOAD PAPERWORK HERE!

Client Information sheet completed
Financial Assessment Form completed
Client Authorization completed and signed
Payment Authorization completed and signed
Hardship Letter - written by you - see example

The next set of documents will be used for both the negotiations and the refinance. The documents will need to be current so you will need to keep our records accurate as we work through the process:

Current 1st Mortgage Statements
Current 2nd Mortgage Statement (if applicable)
Last Two (2) Months paystubs for all borrowers
Federal Tax Return for Last Two (2) Years - all pages for all schedules
Bank Statements for all accounts for Last Two (2) Month - all pages
Copy of Note from last mortgage transaction for both 1st and 2nd Mortgages

If you have questions please let us know.

Please fax or email us your paperwork

Fax number 916-773-7793

Email - brent [at] brent lane . net

Looking forward to working with you!

Brent Lane

Shellie Hatfield

Sacramento Area Property Taxes- Shouldn't Your Tax Bill Go Down?

2009-12-14T10:07:00.000-08:00

Sacramento Property Taxes-
Did your Property taxes Decrease?

Here is a great video that explains the position of the tax collector on decreasing property values and the the roll out of lowered property taxes.

Property Values Decline In the Sacramento Valley, Did Property Taxes go along with the values in the area. Channel 3 gives us good access to the local tax assessor to go into detail on the matter.

Property taxes are due Thursday — and residents of Sacramento and Placer counties can pay their taxes online until midnight.

Roseville Mortgage and Real Estate News

2009-12-09T10:12:00.000-08:00

There is so much going on in the Roseville, CA mortgage and Roseville, CA real estate world these days its hard to keep up. Interest rates in the Greater Sacramento area are getting better and then worse again so if you are looking for the right opportunity to refinance, this could be it.

To work with me all you need to do is contact me through the comments below or email me directly. I get around 10 emails a week to help them with their mortgages, you could be next.

U.S. Mortgage Applications Rise On Refinancing Activity - American ...

The Mortgage Bankers Association released a report Wednesday that showed home loan applications jumped last week to the highest levels in a couple months as.

12-2-09 Update on Sacramento Mortgage Rates

A wild day so I thought I would create a second short video. TheMortgageMarketWatch.com

MORTGAGE MELTDOWN MADNESS - 7 (HOUSING CRASH CALIFORNIA)

MORTGAGE MELTDOWN MADNESS - 7 (HOUSING CRASH CALIFORNIA) Courtesy: youhousing

FHA Mortgage Basics : Refinance, Home Mortgage Loans & Rates, Home ...

One of the largest consumer sites for real estate news, information and commentary from nationally-syndicated columnist Peter G. Miller. Includes buying, selling, financing, refinancing, foreclosures, brokerage, FHA, VA and much more.

http://www.monitorbankrates.com/mortgages/mortgage-rates-30-year-mortgage-rates-4730

Long term mortgage rates increased slightly in this week's Mortgage Applications Survey released this morning by the Mortgage Bankers Association. The average contract 30 year mortgage rate increased from 4.79 percent to 4.88 percent, ...

New Tax Credit for Home Buyers - Both First Time Buyers and Current Home Owners

2009-11-05T10:48:00.001-08:00

The Tax credit for home buyers that was part of the economic stimulus package has been extended. There was an additional benefit for those who currently own a home to participate in that they can now receive $6500 bonus.

This adds a whole new group of buyers out to the market so if you are interested in buying a home in California and need help qualifying for the tax credit please see the report below and let me know how we can help.

By STEPHEN OHLEMACHER, Associated Press Writer

WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

"We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again."

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.

"For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home," Bond said. "And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place."

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.

The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years.

The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break — for companies with revenues of $15 million or less — in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash.

The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies.

"It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns," said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce.

The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018.

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The bill is H.R. 3548.

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On the Net:

Congress: http://thomas.loc.gov

HVCC and AMC - Mortgage Appraisal Issues Galore

2009-09-03T09:32:00.000-07:00

OK so I need to vent a little bit.

The new mortgage appraisal rules have been rolling out over the past few months and still people don't pay attention or listen or read their email or listen to anything I say but they do listen to family or friends. Don't listen to professional Mortgage Companies in Roseville CA, what do they know!

So here is an example on how the appraisal issues are keeping us from having clean and successful Real Estate transactions.

I have a client who has been in contract on a short-sale for well over 3 months now. It's taken some considerable time to get to this point with these folks but the owners bank finally agreed to everything and rolled us out a 10 day period to close the deal! OK!

10 WHOLE DAYS? In THIS MORTGAGE ENVIRONMENT? WHAT'S THE DEAL?

For those of you who don't know, there are new rules surrounding both disclosures the buyer receives up front and the appraisal ordering process.

Upfront Mortgage Disclosure Rules -

I am not going to go into too much detail here but there has been a change in the process from the highest level on how to disclose loan documentation prior to the completion of the transaction. A bank will need to send out disclosures to a new client allowing 3 days for delivery and 3 days for review. THAT IS 6 DAYS FOR DISCLOSURES - remember I had 10 days mandated by the short-sale bank.

My Rant - you would think that a large banking institution would know about the new mortgage disclosure and that the 10 day timeframe is completely unreasonable. Now to make matters even worse I am dealing with a know it all real estate agent who keeps telling me "I haven't heard of these changes and my lenders never make me do this kind of thing!" Dude wake up! Pay attention! It's bad enough that I sent him the new rules changes, straight from the source, via email and he never bothered to pay attention and now he wants to make things up to put drama on the transaction. Now he has made his seller believe that I don't know what I am doing and that the deal is in trouble. Unbelievable.

OK Done with that for NOW!

HVCC and AMC - Appraisal ordering process for Mortgages -

Now again if you weren't paying attention, like most haven't been, the ordering process for an appraisal on a FNMA mortgage has changed. No longer can I just pick up the phone, call my buddy the appraiser and get him to visit the property as quickly as possible. Making matter worse I now have to deal with a third part company put into place by the GOVERNMENT to help protect the consumer from bad appraisers and appraisal fraud.

Interesting how something that is supposed to protect the consumer ends up coming back to bite them in the end. A traditional fee for and appraisal averages around $350 for the full report and an additional $100-$150 for an investment property. A lender could choose the appraiser who did the best job for him over the many years that they had been doing business and normally chose someone local who would know the neighborhoods and be able to understand the properties actual value.

With the new AMC, Appraisal Management Company, in the transaction fees have gone up $100 and appraisals are being ordered through whomever the AMC chooses. Now I am all for sending someone out there who is not going to commit fraud and has a clean record and all of that but the reality is that the AMC's are taking money out of the pockets of the appraisers who in turn have hired property inspectors for nearly nothing who know little to nothing about the neighborhoods they are doing the research in because the AMC's have turned the appraisal business into a volume based business versus a home based operation that does quality work. Not to mention some of the companies that the AMC's are approving to do the loans are not quality companies at all. Enough of the ranting but I just feel bad for my industry because this makes the process even harder than it ever was, because getting a Refinance Upside Down Mortgage wasn't difficult enough.

Now my transaction is no different than most, there are issues with something and in this case it the AMC who is ordering an appraisal through a non-responsive appraiser. To make matters even worse the real estate agents are also non-responsive making the challenges even more dramatic.

Not having the ability to communicate with the appraiser leave a HUGE void in the process flow and communication. I am going to have to work on dealing with this but agents and buyers and sellers all want to know what is going on and the best I could tell them was, "According to the status email the AMC sent me the appraiser is trying to contact someone to get the door....." now that isn't bad but trying to heard the cats, or real estate agents Roseville CA, is not an easy chore but something I would need to do if I was going to get the appraisal done within the time frame they needed.

This just shows on a small level the trouble with this new found big business of AMC's. You can find another example of a poor AMC and appraiser on my radio show page, AMC Appraisal Issues and Examples . Let me know your experiences with Appraisal Management Companies AMC's by commenting below.

Foreclosures in Rocklin CA - Buying Guide

2009-06-30T14:11:00.000-07:00

Buying a Foreclosure in Rocklin CA doesn't have to be that difficult.

There are so many different programs to help you with the financing and working with the right Realtor has to be part of the equation as well.

Realtors have lots of pull when it comes to getting an offer accepted. They can make or break your offer in many ways. This is why finding someone who you can put your trust in is so important.

From a mortgage standpoint, buying Foreclosures in Rocklin CA can be relatively simple.

You don't need any fancy work up you just need to be focused on getting the back to see your complete picture. It's a common thought that the banks "DON'T" want to finance ANYONE yet they know that they need to do it. It's also worth saying that it's their money and they will ask you for more paperwork than ever before because they have been hurt so badly by past transactions.

Now if you are on the hunt for Foreclosures in Rocklin CA it's important to start first with a good Rocklin Realtor and get them to put you on their MLS email list because that is the only way to get up to date information.

This Rocklin Real Estate Agent here has some great FREE VIDEOS on how to be a great buyer.

Sacramento Home Prices: Sliding Like the Rest of the Nation?

2009-02-13T15:39:00.000-08:00

By J.W. ELPHINSTONE
The Associated Press

Jacquie Jacobs has lived in San Diego all her life, and she can finally afford to buy a house there. That's the bright side of falling home prices and the economy.

"I love it here, but for so long it's been out of my reach to buy a home," said Jacobs, a 32-year-old utility inspector.

San Diego home prices fell nearly 26 percent year-over-year in November, according to Standard & Poor's/Case-Shiller housing index released Tuesday. And with mortgage rates near historic lows, Jacobs, who said she has good credit and a small down payment, is taking a stab at homeownership.
Story continues below
AP photo
A "Reduced Price" sign is typical for many homes on sale in Palo Alto. The S&P index shows prices dropped by the sharpest annual rate on record in November.

Nationally, prices in Case-Shiller's 20-city index tumbled by the sharpest annual rate on record, 18.2 percent, as the deepening housing slump and national recession spared no region. The 10-city index dropped 19.1 percent, tied with October for the biggest drop in its 21-year history.

Big drop

In fact, homes in the 20-city index have lost a quarter of their value since their peak in July 2006. Phoenix, Las Vegas and San Francisco led the way down in November with annual declines greater than 30 percent.

But the silver lining is that more renters can now finally buy a home for the first time in years. Falling home prices coupled with lower interest rates have shaved hundreds of dollars off monthly mortgage payments, and that is luring buyers back into the market, new data showed.

On Monday, the National Association of Realtors said the median home price fell a record 15 percent in December to $175,400, down from $207,000 a year ago. That led to a surprising jump in sales from November's level.

With current interest rates and a 10 percent down payment, anyone who buys a median-priced home now would save $254 a month compared with the median price and interest rate of a year ago.

The Realtors' home affordability index in November showed its best reading since 1993.

Continuing Pressure

And it looks like buyers will have the upper hand for months to come. The recession and sweeping job losses will continue to put downward pressure on home prices, which could drop another 10 percent to 15 this year, according to IHS Global Insight.

In San Diego, Jacobs thinks she can find a three-bedroom home for about $215,000.

"I'm looking at about $1,100 a month for a mortgage payment, insurance and taxes. Right now, I rent a very small studio for $700," she said. "That's a deal."

There are lots of options out there to stop foreclosure so do your homework and find the right fit for you!

Sacramento Real Estate News and Predictions

2009-01-07T01:26:00.000-08:00

Sacramento-area real estate market befuddled the experts

Home Front spent time in the electronic library this week, looking at how experts misjudged the extent of this decline as the housing market began to wobble and shift in 2005 and 2006, even 2007. We aren't trying to pick on analysts who were then swimming in uncharted waters after a long, euphoric boom. The Bee's real estate coverage, too, had its overly sunny moments.
~~~
We feature a lot of real estate experts who misjudged the extent of the downturn - and note that our own coverage was sometimes overly rosy, too, as a result.
...
It had occurred to me a couple times as I researched today's column that there were early people saying we were going over a cliff with this housing boom. They were mostly bloggers and not mainstream "experts," predicting this was a disaster soon to unfold. Therefore, in the process that often leads to these kind of business stories, they seemed to have less weight than someone who sold houses for a living or financed them. (There's an MSM confession for you).

But many of these seers proved correct.

From the Sacramento Bee:

"One bright note is that the (housing) sector that led the economy into this morass is about to turn the corner, perhaps as soon as this summer, and will start to lead us out," said Scott Anderson, senior economist at Wells Fargo & Co.

It's still too early to declare real estate's revival...But 2008 could also be seen as the year Sacramento-area real estate began to show signs of stabilizing, and the idea that housing might help establish a foundation for the economy here is something experts are starting to debate. Prices and inventory are down and sales are up, even as foreclosures continue. Mortgage rates have fallen to their lowest levels in at least 37 years. The correction has been enormously painful, but there are believers who contend Sacramento will be among the first U.S. markets to recover.

From the Sacramento Bee's Bob Shallit:

We anticipate the capital region will endure higher unemployment (perhaps hitting 10 percent), more hard times in housing, a grim market for commercial real estate and perhaps a bank failure or two...Builders and buyers will continue struggling in 2009, but by midyear we see home prices bottoming out, foreclosures dropping and sales picking up, spurred by declining interest rates.

From Rocklin & Roseville Today:

I believe we will start to see some stability in the Sacramento housing market. I am not suggesting that we don’t still have some downward pressure on prices but I think we will see, in some areas and in some price ranges, price stability and even some upward movement. I believe we will see buyer’s who took a wait and see posture in 2008 return to the market. At the same time, if we learned anything from our experiences in 2008, we must be mindful that there are likely to be some additional surprises along the way.

From Home Front:

[In 2008] Dunmore Homes went out of business. Then John Reynen of Reynen & Bardis Communities filed for personal bankruptcy protection. So did C.C. Meyers, owner of Winchester Country Club. And then so did Christo Bardis of R&B. I doubt ever in their wildest imaginings did they imagine it would all some day come to this...Crossing familiar names off my list of real estate industry sources as they disappeared into unemployment. Sacramento County's median price falling back below $200,000. (On the other hand I talked with a lot of happy new homeowners this year. That was the really cool side of the free-falling home prices).

From the Modesto Bee:

The housing slump will enter its fourth year in January, but Chad Costa sees reason for hope. The Modesto real estate agent said plenty of people will benefit from the reduced prices and mortgage rates. "I think what has to be identified here is that the affordability is back," said Costa, who specializes in selling property that has gone through foreclosure. "That's the upside of this, and you don't hear a lot about that."

From the Appeal Democrat:

A huge tide of home foreclosures rippled through the nation in 2008, and few communities were battered as badly as the Mid-Valley. Defaults left hundreds of houses from Yuba City to Linda to Wheatland — built and bought in anticipation of profiting from a decade of soaring real estate prices — empty as owners seduced by adjustable-rate mortgages were caught between suddenly higher payments and plunging values for their homes.

From the Sacramento Business Journal:

Sacramento on Monday announced it has laid off eight workers in the city’s development services department due to falling revenue.

From the Appeal Democrat:

About 70 workers at Kbi Norcal on Rancho Road in south Yuba County are slated to lose their jobs in the next few months, according to an announcement Monday from the lumber and wall panel plant’s parent company, Building Materials Holding Corporation. BMHC executives...have said they will shut down the Rancho Road plant some time during the first quarter of 2009.

From the Sacramento Business Journal:

Grubb & Ellis Co. on Monday released its 2009 global forecast that predicts a troublesome year for commercial real estate in the U.S., including Greater Sacramento. “Several forces contributed to the decrease in Sacramento’s investment market in 2008, primarily the unavailability of credit, and this will linger through the coming year,” said Robert Dean, executive vice president and managing director of Grubb & Ellis’ Sacramento office...“The depth and duration of the local residential recession has virtually assured retail’s struggle,” Dean added.

From the Wall Street Journal:

The commercial market "is going to be ugly for the next 12 to 24 months," said Michael Restuccia, chairman of the San Joaquin County (Calif.) Employees' Retirement Association. "Not just bad, but ugly."

From the Sacramento Bee:

Commercial real estate is in trouble...Brokers such as [Boyd] Cahill are suffering along with their clients. For a while, they were uneasily holding ground while colleagues in residential real estate were seeing their livelihoods melt away as home sales plummeted. Then the bad economy got drastically worse and the commercial business crashed
...
As "the toughest year" of his career closes, Cahill said the first half of 2009 doesn't look much better. He thinks more retailers will file for bankruptcy protection, adding to vacancies and making it even more competitive to land the few tenants looking for space. The shakeout will strike commercial brokerage firms, too, Cahill said. His company just closed its Sacramento office and pulled staff to Roseville.

From the Stockton Record:

Foreclosures continue to dominate the existing home-sales market, making up nearly nine out of 10 purchases...[M]edian home selling prices in the city [of Stockton] dropped as low as $130,000 for November - down more than half from $265,000 the previous November.

Lela Nelson of Lela Nelson Realty said December business was hopping as more first-time buyers and investors jumped into the market as ever-dropping prices combined with historically low mortgage rates. In more than 30 years in the real estate business, she said, she has never seen a better combination of low prices and interest rates for buyers.

From the Stockton Record:

Community Bank of San Joaquin has become only the second locally based bank during the current economic downdraft to receive a warning from state and federal regulators.
...
[P]roblem loans were made before 2007 to builders. In other words, they were made to exactly the kind of borrowers you would expect to be doing business with such a bank, and they were seeking loans when business, especially real estate, was booming...In fairness, no one saw this coming, certainly not the kind of downdraft we've experienced. And with San Joaquin County being the nation's foreclosure capital, the real estate market collapsed here with unprecedented speed and severity.

From the New York Times:

[T]he ultimate symbol of suburban success has become one more reminder of the economic meltdown, with builders going under, pools going to seed and skaters finding a surplus of deserted pools in which to perfect their acrobatic aerials. In these boom times for skaters, Mr. Peacock travels with a gas-powered pump, five-gallon buckets, shovels and a push broom, risking trespassing charges in the pursuit of emptying forlorn pools and turning them into de facto skate parks.
...
California officials estimate that there are tens of thousands of abandoned pools in the state, with as many as 5,000 in places like Sacramento County, where a building boom in the capital’s suburbs has gone bust.

Keys to Buying a Home in California

2009-01-05T14:08:00.000-08:00

In the current real estate market in California we are seeing lots of homes on the market for sale yet buying these homes can be more difficult than you may think.

Getting a home into contract may be easy for some homes and difficult for others yet in the end the financing seems to be a huge stumbling block. Mortgage lending has been a black sheep for a few years now with loan programs going away and qualifying becoming more and more difficult as time passes.

FHA loan seem to be the hot ticket these days with many homes using this Government loan to qualify to buy their home. The guidelines are strict and the paperwork lengthy but in the end the rates are good and the terms are basic.

Those who can afford the down payment are finding that loans are also difficult to qualify for thanks to tightening loan guidelines. These programs are also very good once you qualify but be prepared to jump through hoops that you may never have been through before. Also, be prepared for your income to be over analyzed they are looking for a reason NOT to do your loan!

This covers the loan side of things leaving out anything to do with getting an offer accepted, property condition and title and escrow service but the bottom line is that loans are more difficult than ever so be prepared.

As always, I am here to help so please feel free to contact me at Brent@brentlane.net.

Refinance Upside Down Mortgage
Mortgage Loan Modification

Steven Chu and EEM FHA Mortgage Program

2008-12-10T15:20:00.000-08:00

Steven Chu is the newly appointed Secretary of Energy as directed by Barack Obama. Steven Chu, who runs the Lawrence Berkeley National Laboratory at the University of California, will have his hands full moving forward.

I hope that somewhere on his agenda he put a program to revamp the Energy Efficient Mortgage program put out by the Federal Housing Authority (FHA).

You can find the current information at the HUD website under EEM Program.

As it sits you can get additional funds from FHA to make upgrades to your home in certain categories. To qualify you need to have a certified specialist inspect your home and see which areas can be improved to increase the energy efficiency in your home.

Get your Loan Application in NOW! CA Interest Rates are LOW!

2008-12-09T14:21:00.000-08:00

Is it me or are we inundated with news about how bad our economy is and how things are getting worse. Isn’t it time for us to get some good news?

You are in luck, CA Mortgage interest rates are at their lowest levels in several years.

The New York Times stated that mortgage refinance applications consisted 69% of all mortgage applications during the first week of December 2008.

Rumor mill was open and the whispers said that interest rates were going to get lower. The news of government intervention to buy mortgage backed securities, or the bonds that are sold on the open market to support mortgages. It is said that the government will purchase these bonds creating liquidity and driving rates down to the 4.5% level.

Low interest rates in CA play just one roll in this wave of CA refinances as you can see the advantages of a lower payment or debt consolidation. There is a silent majority of homeowners who actually have equity and can qualify with the tougher lending guidelines even in this troubled real estate market.

If CA interest rates slide to the 4.5% range you can expect many more people to take advantage of these low rates to combine their debt lowering their household expenses and in turn stimulating the economy.

About 12 million homeowners or 15% of US households, who can’t qualify for these new rates but those who can, should jump at the opportunity. This should help the economy by freeing up some additional household cash to use in other places.

Jumbo loan amounts will find it more difficult to take advantage of these lower interest rates in CA. Conforming loan amounts for any given area will be strictly enforced in this most recent refinance boom so pay close attention to those loan amounts when attempting to qualify.

If your loan balance exceeds that of your local conforming limits then you need have options but the extremely low interest rates may pass you by but there may be lower rates than you currently have now.

http://www.nytimes.com/2008/12/04/business/04refi.html?_r=1&ref=yourmoney

Roseville Mortgage Refinance

2008-12-02T13:24:00.001-08:00

Well for those who haven't notice Interest Rates are EXTREMELY LOW here in Roseville, CA.

(This is the first week of December 2008)

Right now rates are as low as they once were back in the 2002 and 2003 and that was LOW!

Right now I am seeing things around 5% (APR at 5.3%) on a 30 year fixed loan for Conventional financing. Conventional financing can be defined as any traditional income and equity loan or easily verified income and at least 20% equity in your personal property.

Non-traditional mortgages are still available but often times not at the lowest rates BUT they will still be much lower thanks to an improved interest rate market.

OK, there are also solutions for those who have decreased home values like many of us in the Roseville, CA area have seen. FHA has provided this solution and you can apply for this loan to have your overall Payments improve as well. Don't forget that ARM loans should be evaluated at this point because rates will NOT get back to these levels any time soon.

Lastly, If you are Upside Down on your mortgage and live in the Placer County area or elsewhere then we can help there as well. There are several programs available to Refinance your Upside Down Mortgage or to do a Mortgage Modification, just follow the links here.

It has never been a more important time then now to work with a professional Mortgage consultant because of experiences we saw in the last market. I know you may not know who I am but please look around my site here and on my site designed to help people with Loan Modifications and Upside Down Mortgages just so you learn a little bit more about me.

As always I am here to help so please contact me at brent@brentlane.net and I will help where I can.

No-Cost Mortgage Refinancing is a Costly Decision

2008-11-19T17:26:00.000-08:00

When your looking around and are ready to refinance your home or condo mortgage, you are bound to see a fair number of advertisements for mortgage company's offering "No Cost", "Free", Or more recently "Reduced Cost For Condo Mortgages". Now somewhere deep down you have to ask yourself, "Why would this be free here and cost good money somewhere else?" Here's a few tips to look for, regardless of there "No cost" offer, to ensure you get the best deal when refinancing your condo or home.

Why do some company's advertise "No cost refinancing"? Why do other mortgage lenders have a very low flat price? Why do yet other lenders have a % based price? They make up for the "Deal" their offering you with a hyperinflated rate or get you into an a.r.m. Loan on your condo or house. They will make whatever the other companies charge plus more with these crazy high rates. So simply put. The low cost or free mortgage and condo services are not to be trusted.

The industry standard for condo and mortgage refinancing is the mortgage company usually takes a sum of .5%-.75% of your mortgage rate as there commission. For the most part, a company offering "No cost" or other gimmick offers usually tack on an additional fee for their commission ranging from another .5% to .75%. That means for you the condo or homeowner your refinancing will cost you more every single month for typically 30 years. Which is a lot of money in the long run.

Deceptive home refinancing techniques like this are used everywhere in the USA. They are easily found and spotted. There is no free anything in the refinancing industry. The only thing you can do is be smart going into it.

-M Petrone

http://whyrefinance.blogspot.com

If you liked this article and would like to see others like it please check my blog http://whyrefinance.blogspot.com

It Contains plenty of articles related to refinancing

Article Source: http://EzineArticles.com/?expert=Michael_Petrone

Thanks

2008-11-18T15:20:00.000-08:00

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Refinance Home Loan in California - 3 Tips to Help You Avoid Trouble

2008-11-16T17:21:00.000-08:00

The refinance home loan process can be so confusing if you have absolutely no idea about what is involved in this process. There are 3 things that you can do to give yourself the edge and get a much understanding about this process. As the old saying goes "Knowledge is Power"; and nowhere is that more evident than in this case. The more you know, the better off you will be when you final come through the entire process.

Do Your Research

The very best thing that you can do before you even start the refinance home loan process in earnest is to spend some time doing research into the local and national lenders. There are several different ways to go about researching; online searches, talking to friends and family for recommendations and talking to several over the phone. If you decide that the only type of research you are going to do is online; you are very likely to be completely swamped and probably very confused by the sheer volume of information that you will find. You might be wiser in getting recommendations or referrals from family and/or friends; or calling a few that are in the telephone boo or that you have heard good information about.

KNOW the current Rates

If you already know the current interest rate that you are paying, this is half the battle in the refinance home loan process. This will tell the lender how much you are currently paying in interest. You will also want to get to know what the current going interest rates are so that you are prepared for whatever may come your way. Knowing this information tells you what you are getting into.

Be Totally Prepared

This means that you need to know and have written down every bit of information that you will need to provide the lender when you go to meet with them the start the refinance home loan process. You will definitely need to have all of the documentation that relates to your current mortgage; this includes the statements and/or payments coupons from your current lender as well as the original paperwork that you received at the start of the original loan. All of this information is un-necessary if you are refinancing your mortgage through the lender that you are already working with; as they already have all of this information.

Miscellaneous Thoughts

There are some other things that you really need to consider before you initiate the refinance home loan process. One of the main things to think about and really consider is why you are looking to refinance your existing mortgage. Are you refinancing because the current interest rates are lower than what you are paying now? Are you thinking that you will be able to get a lower monthly payment by refinancing? You might; but then again, you may not. Make sure that you are completely prepared for the possibility of being turned down and ask for the specific reasons for rejection.

Is this enough information to get you started in the Refinance Home Loan process? If you said no, then why not go to http://www.homemortgageloan-refinance.com/Bad-Credit-Home-Loan-Refinance.php to find out more.

Article Source: http://EzineArticles.com/?expert=Julian_Lim

Mortgage Shoppers: My Experience with a Pro! Part 2

2008-07-06T22:06:00.000-07:00

This is Part 2 of a post continued from Cash is King!

Heading into a situation like this I knew I had to be on my game. I had to be open honest and prove I wasn’t hiding anything. (now I do this all the time but in this instance I had to be more intentional to relay that message)

He called me at 10am on Thursday before the holiday weekend (4th of July). He requested a Good Faith Estimate (GFE) for 3 different scenarios. He wanted No Points, 1 Point and 2 Points loans and the 30-year fixed interest rates that go along with them.

Easy enough, I did my homework and quoted him the best I found after looking at 6 lenders or so.

(Note: I am a broker so I work with about 20 different banks to get the best rate, term and broker service I can find for my clients)

I sent my Mortgage Shopper 3 different GFE’s for him to evaluate.

Didn’t think too much of it at this point because my take on price shopping is “I don’t compete for my loans!” For me it comes down to Service, advice and a comprehensive financial plan of attack! If you nickel and dime your lender you normally end up with a bad loan or bad service or both.

So my mindset was “Here you go and let me know what you think.”

Now it is important that you know the whole story, this gentleman had a specific period of time to close his loan and he disclosed to me his time line. I took it upon myself to provide him with my timeline to close his loan, something that no other lender did!

Timelines on purchases have become the HOT BUTTON for Realtors because they are normally dealing with financial institutions looking to move REO homes. (homes that have gone through foreclosure.)

THE KEY TO IT ALL: Knowing how important timelines were to both the client and the Realtor, disclosing that information up front not only set me apart from the other lenders he was talking to but the clients ability to communicate and his understanding of the loan product and process made it easy for Mr. Pro Mortgage Shopper to choose me to do his loan!

It is important to note that the client did in fact have better offers but in the end none of the other offers gave him a timeline to follow.

The client chose to buy down his rate with 2 points and we are able to close his loan in 10 business days from Monday!

Look for my next article: Shopping the Internet for the Best Mortgage Rates! You get just that, Rates!

Turning an Upside Down Mortgage Right Side Up! Part 2

2008-06-30T22:39:00.000-07:00

Update:
Its funny!

This article gets about 500 visitors a day totaling about 10,000 people total and yet only 210 people or so have asked for help so far.

Goes to show how people won't take the necessary steps to correct an issue they have.

PROVE ME WRONG! TAKE ACTION, BECAUSE IF YOU DON'T I PROMISE YOUR BANK WILL!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Got to Upside Down Mortgage Right Side Up! Part 1 if you haven't read it because you won't understand this section if you don't

Don't worry I will wait here!

~~~~~~~~~~
DONE! Good!

Here is my response to Bob (sort of)...

Hi Bob!

Well I think you are a lot better off than you think, at least compared to most.

Looks like you could use some fine tuning on your loan.

This should solve both problems, relief in the financial department and you shouldn't have to leave your home.

Suggestions:

You know I am going to stop here and do a little test. Most of the time I would just copy and paste what I wrote to Bob and you would read it and go on your merry way.

Who knows if you would actually take the advice I was giving away to make an actual impact in your financial lives. Who knows maybe you would and great things would come of it BUT chances are you will do nothing with my advice!

So I am going to test a theory.......

Can I make this information available to only those who are willing to take action?

I just hate seeing people waste away doing nothing and expecting different results so I need to change it up a little.

I believe that only those who are willing to take action NOW will follow through and complete the process or at the very least do their homework enough to know if this email provided a good idea for their situation.

That said, I am willing to give you the rest of the information under one condition: Donate $5 to this website and email me for the rest of this Email!

I only do this because I want ACTION! This will be the first step to getting the results you are looking for.

I know what you are thinking, what is in the email?

Here are some bullet points covered:

How to refinance 2 upside down mortgages and end up with a lower payment, one loan and equity in your property.
How to find the "right" loan person to help you complete this process (and in most cases it won't be me or anyone I know)
How to negotiate with the banks to flush your loan troubles down the toilet.
You will end up with a plan of attack and "next steps" you will need to take to "Turn your Upside Down Mortgage Right Side Up!"

To Get the rest of this email:

Donate $5 ( small box and is says donate to my blog) by clicking the banner on the left side. It will go through PayPal so it is extremely safe and easy to use.
Email me at Brent@brentlane.net and I will send you the rest of the email.
If you are not satisfied or if you feel the report wasn't worth $5 then simply email me and I will refund the money right away!

Questions or concerns are always welcome. COMMENT BELOW WITH YOUR RESULTS THOUGHTS ON MY EMAIL!

Last thing, I am not doing this to make money, I want someone to do something about their situation, take action and make some changes for the better. Ignore what other people may have said and what other even do. Blaze your own trail and create a path to a successful transaction.

The "Get out of Debt" Plan and Forget the "Jones'"

2008-06-29T16:52:00.000-07:00

Ok! I know I said you need a plan so I will share one technique I use all the time. Take out a piece of paper and write out the people you owe money to, how much you owe them and what you pay them monthly. Now get a monthly total for your debts or liablities so you know what you owe. Is it what you thought it was or more?

Turn the paper over and write out how much you make every month after taxes and then write down any yearly income or money that comes in from other sources. I also want you to write down your tax return if you received one over the past two years. Take the tax return number and divide that by 12 months so you can add that back into you monthly totals. How do you match up monthly to the debts?

Once you know what you owe monthly and what you make monthly you need to prioritize the debts based on necessity and interest rate. Pay the debt you must pay every month and pay any extra money to the highest interest rates. If you focus on the highest interest rates first you can start to pull yourself out of debt one payment at a time. This plan will only be beneficial if you have some self discipline because we can all be tempted to purchase the latest and greatest item out there but when you are behind you need to focus if you are ever going to get caught up!

There are a few areas that we should talk about if we want our plan to work. If you receive a large tax return you should consult with your tax preparer or possibly hire a CPA for an hour and make the proper adjustments to you paycheck with-holdings. With this adjustments you can break your tax return into monthly cash flow instead of one large check at the end of the year. This quick and easy item could save you thousands of dollars in yearly interest expense depending on the size of your tax return.

If you are going to take the time to write out all your debts and expenses you should take it a step further. Know where you money is going in all aspects of your life. This calls for a working "Spending Plan" or "Family Budget". Here is a free copy of a budget. http://www.toolkit.cch.com/tools/downloads/fambudgt.xlt It may seem a bit overwhelming at first but if you take the time to use a budget you will ultimately achieve levels financial maturity that you thought were years ahead. Wait until you see how much you are spending on coffee at Starbucks or on eating out! Once you see your expenses laid out in front of you it is easier to take the step necessary to become financially healthy.

I have help many people with their finances pulling some out of some serious situations and the single thing that all my successful clients have in common was patience. It can take 10 minutes to create a lifetime of debt so unless you have a lucrative money making idea or career the only way to pay off the debt is one payment at a time. If I can offer any advice please feel free to contact me at brent@brentlane.net and I would be happy to help. My BLOG also has several other articles and downloads that may come in handy when putting together your "Get out of Debt" plan.

Real Estate Opportunites for Investors and Realizing your Home Ownership Dreams!

2008-06-29T16:28:00.000-07:00

So are you tired of hearing about the "housing bubble" and that Real Estate is doomed? I know I am, Where are all the positives and what about the great run up in housing prices and how we really needed a breather. There are some obvious statistics that do go to show the Real Estate market is changing but are there some positives out there for certain people.

I thought I would put together a list of opportunities that today's Real Estate market has available and how to best utilize the tools you have to leverage these opportunities.

The First Time Home Buyers Market is seeing some of the best opportunity in years. Seller are doing anything they can to unload their properties often paying upwards of $15,000 in closing costs to help the buyers into the market. I have seen it time and time again, a buyer paying nothing to buy a new home, that is ZERO dollars out of pocket and skip a months rent in the process. There has never been a better time.

So if you own your own home and need to sell you won't get what your house was worth not even 6 months ago! This is a fact! Now another fact you may want to consider, If you were thinking of buying a house with another 1500-2000 square feet larger now is the best time ever because of the dip in housing prices. A home that you once considered out of your price range could now be well within your means simply due to interest rates staying relatively low and housing prices coming down long enough for there to be some sensational deals.

OK if you are a Real Estate investor this is your moment. It wasn't the past few years when prices were racing to all time highs and you could buy a house and the value would go up $100K in six months. Now is the time to find value, true buy and hold investment deals, short sales that I covered previously and most importantly the bail out deals that are everywhere. If you don't think this is the time then do some homework and you will see that more money will be made in Real Estate investing in a down market than in a booming market. More foreclosures, people willing to do most anything to get out from under higher payments and those avoiding financial struggles including foreclosures and bankruptcies. Seize this time and you will find some incredible deals out there.

If you are fast approaching retirement years this could be the moment to reevaluate your financial picture and set a course for financial independence. An equity analysis could unlock some potential and pad the investment accounts like never before. Most people plan to pay their homes off only to use that equity as retirement. If this is the case why not be proactive and use the equity earlier. With a small shift in thinking and a shift in Mortgage terms you could go from paying the house off by reducing the principle monthly or accumulate a large enough chunk of money using equity repositioning. With this method you would pay equal amounts to your investment accounts as you would to reduce your principle in order to capitalize on compounding interest. This method will not only accumulate more dollars than paying principle, it will show you a path to wealth creation that you may have never thought possible.

The next time you hear reports telling you that the Real Estate market is going under, think opportunity. I have always liked the saying, "if everyone is headed down the same path doesn't make it the right path!" I think you can learn a lot from that statement because if you take advantage of these time you will be heads and shoulders above the rest of the crowd because you saw opportunity where others saw a failing market.

Thanks for visiting my site. I have a team of mortgage professional who specialize in helping my clients move up from First Time Home Buyer through home ownership in retirement years making sure that every step of the way is handled with my clients short-term and long-term financial goals in mind. You mortgage should be more than just a payment it should help you achieve a financial goal. That's where I am at my best, helping my clients reach their financial dreams. You can contact met through email Brent@brentlane.net.

Credit Scoring Secrets: 3 Tricks to Improve Your Credit Score

2008-06-28T16:01:00.000-07:00

In a mortgage lender’s eyes, a good credit score translates into lower interest rates for home-shopping borrowers. The higher your credit score, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rates on their loans not to mention the terms of the loan will be more favorable. If this is you, don’t panic. Here are a few guidelines on what you can do to adjust your score and receive a favorable review from the underwriter:

Should I pay off all past due balances and charge-offs?This is usually a good idea, but you only need to worry about the past due balances and charge-offs that have occurred in the last two years. Items more than two years old have little effect on your current credit score. In fact, if you pay off delinquent items over two years old, it can actually bring your credit score down - something you don’t want to do. Bringing that score up means you’ll get a better interest rate on your loan.

Should I close existing credit card accounts that I don’t really use?“No.” Part of your credit score is based upon credit history. Even if you don’t use old credit cards much, you will still benefit from the credit history they represent. Rather than trying to pay off all your credit cards, move part of the debt from one card to another to evenly distribute of debt. Try to keep the ratio of debt to credit limits at about 30% of the available credit or less. If your credit provider will increase your line of credit, the ratio of debt to available credit is automatically reduced.When married couples have separate credit card accounts, the debt can be transferred from one spouse to another to clear up credit issues for the other spouse. That spouse with clean credit can be designated as the sole borrower on the loan, but ownership of the home can still go in both names.

What about errors on my credit report?If you have items that are showing up on your credit report that you know you have already paid, request that these items be removed by the credit bureau. They are obligated to rectify this within 30 days. If there are items on your credit report less than two years old, if possible, send in your payment and mark the back of the check with the following notation: “Accepting this check is evidence that the transaction is complete and this charge will be deleted from my credit record.” If necessary, the cancelled check will be proof that the item should be promptly removed from your credit report if it interferes with the closing of your loan.

You can have all the best advise in the world but if you are NOT working with a professional Loan Consultant than you can find yourself paying a higher rate than your credit actually deserves. Do your homework, shop around and most importantly ASK QUESTIONS! I am always here to help anyone in need of expert loan advice so please email me at brent@brentlane.net .

Simple Credit Questions and Answers to Improve your Credit Score

2008-06-25T14:44:00.000-07:00

It's always good to share the information you have with anyone who needs it because you may never know the impact you have on their lives. Here are some questions and answers to some very common credit inquiries.

A Client wrote:

Hey Brent! Hope all is going well. I have a credit question and-thought you'd be able to help on my quest to better my credit scores. On the credit report/scores that I obtained on-line - the suggestions to improving your credit scores section - it suggests that I open another account(credit card).

Question 1:

Is it bad to pay off a small credit card of $300 with another credit card?

Question 2:

Will opening another credit card increase my credit scores only if there
are major purchases and then I pay them off immediately?

Question 3

Is it bad to keep the $300 credit card open with no activity?

Appreciate any assistance or if you of know of a website that will talk more about credit do and don't. Happy Holidays to you!! See you in the Spring.

LC-Antelope,CA
My Answer:

I can help you with your credit questions.

#1. It's never bad to pay off a credit card unless the account is a
collection account or charge off or anything of that type. If you want
to pay a credit card off of that type be sure to know that it will have a
negative effect of the credit score.

#2. If you open a new card and it reports to the credit bureau then you
are in better credit shape. You don't have to make any purchases to
have an immediate bump in credit score BUT if you go out and use it all
it will bring down your scores lower than before. Rule of thumb- keep
credit usage to 30% of balances or if you have a $1000 credit limit keep
the balance under $300 unless you plan to pay it off immediately.

#3. No activity has a little to do with decreased scores but know this,
limiting usage is a good thing because you are controlling your spending.
Use it from time to time but do what is comfortable. If you let it sit
there for a very long time then the company could discontinue you line
of credit.

I have a detailed book that I will send you going over all aspects of
credit and how to best use it and I will send you a CD with this
information as well.

I hope things are going well and I let me know if you have more
questions.

Be in Touch!

Brent Lane
916-316-5517

It's important to have all your questions answered so you know what to expect as you make changes to your credit because any change can show up in your score either good or bad. I just want to be sure it's good!

To get your copy of my Credit Workbook please email me brent@brentlane.net with your actual mailing address and I would be happy to send it to you, unfortunately it only comes in hard copy. Also if you have anything to add, ask or delete please feel free to leave a comment.

credit Repair questions

Credit for buying a home in California

Credit Scores

Increase my credit score

Credit Card Questions

Help! I'm Getting Divorced! What About our Credit?

2008-06-24T15:40:00.000-07:00

When a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldn’t have to change is the credit status you’ve worked so hard to achieve. Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills, the maxing out of credit cards, and a total breakdown in communication frequently lead to the annihilation of at least one spouse’s credit. Depending upon how finances are structured, it can sometimes have a negative impact on both parties.

The good news is it doesn’t have to be this way. By taking a proactive approach and creating a specific plan to maintain one’s credit status, anyone can ensure that “starting over” doesn’t have to mean rebuilding credit. The first step for anyone going through a divorce is to obtain copies of your credit report from the 3 major credit agencies: Equifax, Experian®, and TransUnion®. It’s impossible to formulate a plan without having a complete understanding of the situation. (Once a year, you may obtain a free credit report by visiting www.AnnualCreditReport.com.)

Once you’ve gathered the facts, you can begin to address what’s most important. Create a spreadsheet, and list all of the accounts that are currently open. For each entry, fill in columns with the following information: creditor name, contact number, the account number, type of account (e.g. credit card, car loan, etc.), account status (e.g. current, past due), account balance, minimum monthly payment amount, and who is vested in the account (joint/individual/authorized signer). Now that you have this information at your fingertips, it’s time to make a plan. There are two types of credit accounts, and each is handled differently during a divorce.

The first type is a secured account, meaning it’s attached to an asset. The most common secured accounts are car loans and home loans/mortgages.

The second type is an unsecured account. These accounts are typically credit cards and charge cards, and they have no assets attached. When it comes to a secured account, your best option is to sell the asset. This way the loan is paid off and your name is no longer attached. The next best option is to refinance the loan. In other words, one spouse buys out the other. This only works, however, if the purchasing spouse can qualify for a loan by themselves and can assume payments on their own. Your last option is to keep your name on the loan. This is the most risky option because if you’re not the one making the payment, your credit is truly vulnerable.

If you decide to keep your name on the loan, make sure your name is also kept on the title. The worst case scenario is being stuck paying for something that you do not legally own. In the case of a mortgage, enlisting the aid of a qualified mortgage professional is extremely important. (I might know one of those) This individual will review your existing home loan along with the equity you’ve built up and help you to determine the best course of action.

When it comes to unsecured accounts, you will need to act quickly. It’s important to know which spouse (if not both) is vested. If you are merely a signer on the account, have your name removed immediately. If you are the vested party and your spouse is a signer, have their name removed. Any joint accounts (both parties vested) that do not carry a balance should be closed immediately. If there are jointly vested accounts which carry a balance, your best option is to have them frozen. This will ensure that no future charges can be made to the accounts. When an account is frozen, however, it is frozen for both parties. If you do not have any credit cards in your name, it is recommended you obtain one before freezing all of your jointly vested accounts. By having a card in your own name, you now have the option of transferring any joint balances into your account, guaranteeing they’ll get paid.

Ensuring payment on a debt which carries your name is paramount when it comes to preserving credit. Keep in mind that one 30-day late payment can drop your credit score as much as 75 points. It is also important to know that a divorce decree does not override any agreement you have with a creditor.

So, regardless of which spouse is ordered to pay by the judge, not doing so will affect the credit score of both parties. The message here is to not only eliminate all joint accounts, but to do it quickly.

Divorce is difficult for everyone involved. By taking these steps, you can ensure that your credit remains intact. If you need some further assistance, I am here to help. You can email me at brent@brentlane.net and apply for a loan at www.brentlane.net. See what others are saying about me here.

Stop Foreclosure: Filing Chapter 13 Bankruptcy may help.

2008-06-24T13:19:00.000-07:00

Before you dive in and read to information below I want to share a few things with you.

This post has been up here a while and in that time I have found an even better way to provide information to those people facing foreclosure.

After you have read through this article you will need more help! To get that help read this EBook and you will be well on your way to making the best decisions possible.

In bankruptcy Chapter 13 mortgage foreclosure is either stopped or at least temporarily avoided. Here's how.

First, just in case you are not familiar with a Chapter 13 bankruptcy, it is a bankruptcy court approved payment plan where the debtor (the person filing bankruptcy) pays a bankruptcy trustee each month and then the trustee pays the debtor's creditors.

There are several aspects of a Chapter 13 bankruptcy that work to help people facing mortgage foreclosure. The first aspect is actually applicable to all bankruptcies. It is called the "automatic stay".

By law, whenever anyone files bankruptcy, regardless of the type of bankruptcy, there is an immediate "automatic stay" (automatic temporary stopping) of most civil proceedings against the person filing bankruptcy. What this means is that if someone is facing mortgage foreclosure and the person files bankruptcy, the mortgage lender has to immediately stop its' foreclosure action until it gets permission for the bankruptcy court to proceed.

In a Chapter 13, the bankruptcy court will not lift the "automatic stay" and grant the mortgage lender permission to proceed with a foreclosure until the debtor (the person filing bankruptcy) fails to make his payments to the bankruptcy trustee. As long as the debtor pays the monthly payments to the trustee and pays his regular mortgage payments, the "automatic stay" will remain in force and the mortgage lender can not do anything and ways to stop foreclosure.

The second aspect of a Chapter 13 that works in favor of people facing foreclosure is that it allows a debtor to pay mortgage arrearage over time, normally 3 to 5 years. In most foreclosure cases, a person has not paid his monthly mortgage payment for several months and the mortgage lender demands full payment of the delinquent monthly payments (arrearage) in lump sum before the lender will consider stopping foreclosure. Most people cannot pay the lump sum.

In a Chapter 13 bankruptcy, a debtor can pay the arrearage over time. He does not have to pay it all at one time. Spreading the lump sum over time means paying smaller monthly payments until the total arrearage is paid. A creditor can object to the amount to be paid each month towards the arrearage, but once the bankruptcy court approves the payment plan, the creditor can not do anything except take the payments.

A third aspect of a Chapter 13 bankruptcy that helps people facing mortgage foreclosure is that unsecured creditors may be paid a portion or all of what is owed to them. What this is really doing is reducing the amount of debt that a person has to pay back each month. By paying unsecured creditors less each month, there is more money available with which to pay a secured creditor such as a mortgage lender. Therefore, it should be easier for a debtor to pay his monthly mortgage payment.

This is general information. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.

Don't forget to read the EBook!

****NOTE: GET YOUR FREE REPORT****

"Refinancing SECRETS for an Upside Down Loan that Banks Don't Want You To Know because it will Cost them THOUSANDS of Dollars!"

JUST SEND ME AN EMAIL with "Refi Secrets for Upside Down Loans!" as the subject to Brent@brentlane.net

Stop! Did you know that bankruptcy was created to give people a fresh start? Find out more at bankruptcy information. And click here for more insights on Chapter 13 bankruptcy.

Article Source: http://EzineArticles.com/?expert=Steve_Bingman

Short Refi: Part 1: Could this be the Answer to your Upside Down Mortgage?

2008-06-23T15:18:00.000-07:00

Short- Refinance (Short-refi)

Just like a Short-Sale, but you keep your property!

Sound good so far?

Well I think there are lots of people out there who NEED this to be a real thing!

Well I am here to tell you that it is real and that this might just be the save all solution to your mortgage problems.

The basic overview-

1. Negotiate with the bank and have them settle on an amount that is close to the appraised value you can help you refinance your property.

2. Someone will negotiate on your behalf.

3. You will end up with a loan with a lower balance and more than likely have a lower payment (Option ARM's excluded)

4. Most fees could be paid for by your current lender.

5. You keep your home and you go on with your life, happy!

6. Be prepared for a 60 day process!

I am leaving quite a bit out so stay tuned for the rest or look for part 2 in the side menu!

Short Refi, Short Sale, Mortgage, Upside Down Mortgage

Upside Down Mortgage:Getting Your Bank to Work with You

2008-06-22T13:25:00.000-07:00

****NOTE: GET YOUR FREE REPORT****

"Refinancing SECRETS for an Upside Down Loan that Banks Don't Want You To Know because it will Cost them THOUSANDS of Dollars!"

JUST SEND ME AN EMAIL with "Refi Secrets for Upside Down Loans!" as the subject to Brent@brentlane.net

It is estimated that 1 in 10 homeowners with mortgages are upside down in their homes, as of March, 2008.

As alarming as that is, the projection is that as home values continue to plummet, 1 in 3 home owners will be upside down by the end of this year, 2008. Let me just take a moment to explain exactly what I mean when I say upside down. It means that you owe more than your home is worth. Another term for this situation is "underwater."

A good example would be a friend of mine who has a house he built in Tampa, Florida, and has just moved into it from Long Island, NY. He owes $295,000 on it and the builder is now selling similar houses for $185,000. My friend is seriously underwater.

Not only that, his mortgage will adjust in a year to a number that will probably push him into foreclosure. He no longer wants the house. What he doesn't know, is that neither does the bank! They do not want a house that is worth less than the financing on it sitting on their books.

Loss Mitigation can be his solution.

This is the process of mitigating or lessening the losses associated with assets, in this case homes.

It is a department in a bank and it is also the process of negotiating a solution that will mitigate losses for both the bank and the homeowner, typically allowing him to stay in the house so that it does not drag down the bank's balance sheet.

Could my friend negotiate his own loss mitigation deal? Yes, he could also remove his own appendix, but the outcome in both cases would probably be disaster. Were he to call the bank, he would be ill prepared for what he will likely encounter.

First, he will have difficulty finding the right person to help him.

Second, if he eventually stumbled upon the loss mitigation department, they would probably not talk to him because he is not delinquent or in foreclosure and he would not get anywhere.

His best chance is to be represented by a loss mitigation professional negotiator.

This is someone, usually a former banking insider or mortgage broker, who is now working on the other side of the desk, helping those who are in trouble with their loans. He will know where the bodies are buried in the bank and will be familiar in many cases with the specific personnel in the bank's loss mit department.

If the homeowner can show that his DTI, Debt to Income ratio, is under 50% now, and he has proved that he can make his present payments but would go to a 60% or higher DTI upon the reset of the loan; the loss mitigator is in a good position to negotiate a loan modification that would recast the loan without the scheduled increase.

Although the homeowner's DTI is simply calculated by dividing his income by his total monthly debt load, the homeowner may include or exclude items or report them in a manner that will quickly get his proposal shot down by the bank.

Say he is paid weekly, bringing home $1,000/wk. He puts his monthly income down as $4,000/Mo.

In reality, there are 4.3 weeks in a month, so he is short changing himself by $300/mo. Not a big deal?

What about something as simple as reporting the cost of food for a family of four, for instance? The homeowner may report their actual figure of say, $800 month. He has no way of knowing that the bank is satisfied with a pro forma, $100/person/month figure for food. So now, he has short changed his income by $300/mo and overstated his expenses by $400/mo. Such a net swing of $700 month could easily push his DTI into the rejection zone.

The loss mitigator, on the other hand speaks the bank's language, knows and understands their criteria and procedures, allowing him to help the homeowner tailor his situation to satisfactorily meet them.

The alternative to the bank is not a positive one.

The homeowner stops paying. They bring a foreclosure. The house does not sell at auction so they have to continue it on their books as a non performing asset which is a black mark on their finances.

It has been observed that the total cost to the bank to take a house back, in terms of lost interest payments, legal fees, administrative fees, maintenance, repairs, taxes, insurance, broker fees, etc; including the loss on the house when it is eventually dumped on the market at a fire sale price, could easily total $50,000 or more!

It just makes more dollars and sense to have the homeowner in the house, making payments he can afford while keeping a non performing loan off their books. That is the outcome of a successful loss mitigation.

HERE IS A LINK TO A SITE POSTING ALL THE PHONE NUMBERS AT VARIOUS LOSS MITIGATION DEPARTMENTS AT BANKS - This information is very useful

Copyright 2008 Bill Young
Bill is the Director of a nationwide loss mitigation network. If you are a real estate professional looking to augment or replace your regular income, the loss mitigation industry could be your answer. More information Click here: http://Loss-Mitigation.Info or call Bill at 646-961-3818

Avoiding Foreclosure: 4 basic ideas to help you through the process

2008-06-22T13:23:00.000-07:00

There is a whole lot of good information here!

Some of the best advice I can give on this subject!

Read through it all but when you are done come back to this link here! It could SAVE YOUR HOME FROM FORECLOSURE!

Possible ways to avoid foreclosure
To avoid foreclosures you should first ask your lender if it is possible to lower your payments. You can also ask them if it is possible to lower your interest rate or extend the repayment period. Using your home equity you may be able to refinance at a lower rate. As a last option you should think about selling your house. This will allow you to repay the loan and improve your credit.

Things to watch out for
Watch out for people that might try to take advantage of you. If you are already in a bad spot you don't want to be spending money on lawyers and brokers that take advantage of you. You can check out the Better Business Bureau to see if the person has complains against them. And always make sure you read before you sign.

Selling your house
If you end up selling your house, but the sale wasn't enough to cover all the costs then you might need to talk to your lender and let them know. The lender would prefer if you did this rather then going into foreclosure. Either way the lender is going to have to sell the house. This will prevent your credit from being damaged. You will need to submit a letter to your lender letting them know why you can't cover all the costs.

How to write a short sale letter
The letter should be emotional and show real struggling individuals. ( Raw Emotion ) You might be embarrassed to share your story with other people, but you need to in order to have them help you. Make sure you don't point your finger at anyone in this letter. If you were ill or someone in your family has died then the lenders will sympathize with you more. Don't lie though. Be honest and sincere. Have someone read over your letter so you can get their opinion.

GOOD YOU ARE DONE!

If anything from the above article wasn't clear or precise to you or if you just need more help follow this link and read the EBook! You will be glad you did and feel better about having this problem behind you!

Article Source: http://EzineArticles.com/?expert=Valerie_Hood

3 Signs the California Real Estate Market Has Hit Bottom!

2008-06-21T12:14:00.000-07:00

In a Real Estate market such as the Sacramento, CA Real Estate Market most people think that the doom and gloom will last forever. The Media puts the permanent spin on things and wants the average person to buy into an upside down Sacramento Real Estate market and the Media is often 60 days late on most information.

I have 3 charts that will show the basics of a Real Estate Market focusing on the Sacramento, CA area but this information can be used across the US as California has been hit the hardest.

Chart #1 Market Dynamics: Supply & Demand- The sheer volume of open escrows month over month for the first part of 2008 has really shown had an impact on home prices. Ask an active Real Estate Agent in Sacramento, CA and you will find that most properties have multiple offers and are going for more than the listed price. March has shows you that 2944 homes were put into contract and that we should expect the number of closed transactions in the month of April to skyrocket.

Chart #2 Market Dynamics: Median Price (sold)- January of 2008 was the obvious bottom of the market in the Sacramento, CA for Real Estate. You can see how the average price of a home from January to March of 2008 has risen showing strength in the market and the exact increase isn’t represented here but we can see that it was significant. Chart #1 supports this with an increasing level of volume (demand).

Chart #3 Market Dynamics: Months Supply of Inventory- I think this graph is telling as it goes to prove that demand is up and supply is decreasing. With only 4 months supply available in March we can expect home prices to increase if we don’t have an influx of new REO homes to keep prices the same.

THIS IS THE CHART HERE! waynes-4-9-08

I always get asked if this is a good time to buy and I tell people a variety of answers based upon what they plan on doing with their properties. Real Estate Investors, step it up, now is your opportunity but be prepared to find financing (traditionally speaking) harder to come by these days. Move up buyers, You can find a steal of a deal out there in this market, high priced home sellers are desperate but bring on your cash because financing can be challenging here too! First time homebuyers, this is the market you dream of, financing is out there and focused on your segment of buyer.

By trade I do loans and help many people find solutions to their financing needs. I can help with a variety of topic so feel free to contact me at brent@brentlane.net

Short Sale: Selling your home for less than you owe in this difficult California Real Estate Market

2008-06-20T14:28:00.000-07:00

An interesting email just came in today and I thought it would be important to share my thoughts. What do you do if your home is worth less than what you owe on your home?

SHORT SALE!

Good Question and even more difficult to handle without damaging your credit. From what I have seen with all those folks I work with those that concentrate on solutions not the problems are the ones that have the most success. If you want to short sell your home you can easily do that by contacting a Real Estate Agent and listing the house for sale but who you choose is the most important thing.

A good Real Estate Agent is one who is experienced and knows exactly what to do to get you out of your home in a short sale situation. They should have 15 other listings in a similar situation or short sale, they should have a negotiation team that deals directly with the banks and has experience dealing with short sales on an ongoing basis and they should have a team of people to help sell your home.

Often times I see people listing their homes with Agents they used in the past finding out too late that they didn't have the right experience to do a Short Sale. It isn't easy because of all the negotiations that need to take place with the bank and the buyers who are looking to buy these properties.

Remember one thing when reading this EXPERIENCE IS THE KEY TO A SUCCESSFUL SHORT SALE. One quick note on credit, I have heard of banks negotiating on payoffs without missing any payments but I have yet to meet anyone who has done that.

Know going into a short sale that you may have to miss payments on your mortgage to make that happen. If you have two mortgages you may only have to miss payments on the second but that is an entirely different article.

For more insight or a referral to experienced Short Sale Real Estate Agents around the country you can contact me directly using this form. Just enter a quick message and your contact info to the form below:

Selling Short

Selling for less than I owe

Short Sale Real Estate Agents

Negotiating a Short Sale

Short Refinance

Short Refi

My Mortgage ARM Adjusted and I Can’t Make My Mortgage Payments!

2008-06-20T14:09:00.000-07:00

"This article has been out for several months now and this are constantly changing. The most up to date information can be found at this link in an EBook. The book is great and can help solve many problems you are facing! Imagine no Foreclosure! NICE!"

If the title hits close to home than you need to know that there is an option out there that you may be missing. The Federal Government put together a loan program to help people with this exact scenario but of course you need to meet the exact criteria. Here is some additional information about this FHA loan program:

This loan is ONLY available to those who currently have a non-FHA adjustable rate mortgage (ARM) and you MUST be behind or missing your payments. If you are not delinquent or behind then you have another options but different criteria apply.

Most importantly, your late payments must be due to the mortgage interest rate adjustment. The six months leading up to the adjustment month should show payments being made on time.

This loan is a way to STOP FORECLOSURE and can be done at anytime before the house is taken away. The loan can pay for all foreclosure fees.

Your home can be upside down BUT must have a second mortgage or line of credit. Certain rules apply to second mortgages; most importantly to include the payoff of your second in the new first mortgage, the second loan must have been part of the purchase loan transaction and not afterwards to be included. If you open a second after your home purchase then you fall under a different set of rules.

The first mortgage has to be 95% or less of the homes current value and the second mortgage can have any balance.

Borrower can have up to $500 cash back as a result of the mortgage refinance but rules apply.

This mortgage loan program is only available to those borrowers who can verify their income. If you did a stated income or no doc mortgage loan previously then chances are you may not qualify. That said different rule apply and we may have alternate solutions for using your verifiable income to qualify.

Golden rule! Your first loan must equal no more than 95% of the value of your home or you will not qualify. That will mean that the fees and the any interest owed will have to fit into this payoff amount.

These eight points will give you a general idea but I’m sure there will be several of you that need additional assistance to determine if you qualify for this loan. If you read through these and find you don’t qualify for this, contact me anyway there are other options. I am just glad that there is something out there that can actually help some people who need help because they are either behind in their mortgage payments or they could be facing Foreclosure. If you need help I am willing to look at what you have and give you the best advise possible. Contact me at Brent@brentlane.net

DON'T FORGET THE EBOOK!

NOTE: GET YOUR FREE REPORT

"Refinancing SECRETS for an Upside Down Loan that Banks Don't Want You To Know because it will Cost them THOUSANDS of Dollars!"

JUST SEND ME AN EMAIL with "Refi Secrets for Upside Down Loans!" as the subject to Brent@brentlane.net

Upside Down on your Mortgage

2008-06-20T13:30:00.000-07:00

I just read an article on SmartMoney.com and they gave the obvious options for people who owe more than their home is worth or upside down.

Those of you who have visited my site before know that you have options when it comes to being upside down. Loan modification and doing a short sale are two very good options but leaving out one major idea could be detrimental to some homeowners. Refinancing can actually still be done even if you owe more than your home is worth but you really should have a first and a second mortgage.

I have written about this in a few articles so look here and here for more details. Best of luck to those who are in trouble, never give up and fight to the end to same your home because you will be glad you did in the long run.

If you need further information or want help with a specific question please comment below or email me at brent@brentlane.net

NOTE: GET YOUR FREE REPORT

"Refinancing SECRETS for an Upside Down Loan that Banks Don't Want You To Know because it will Cost them THOUSANDS of Dollars!"

JUST SEND ME AN EMAIL with "Refi Secrets for Upside Down Loans!" as the subject to Brent@brentlane.net

Foreclosures Increase 245% In Northern California BUT!!!!

2008-06-20T12:12:00.000-07:00

The Real Estate Market in California has hit bottom! I stand by my numbers listed in my last posting. If you take a closer look you will see demand increasing while supply is decreasing. (read it here)

The Bank Owned Properties are still finding offers with nice down payments and they are limiting themselves to only a handful FHA transactions. The FHA loan is the only loan in California that will allow for zero down payment outside CalHFA which is a much harder loan to process and get through underwriting. (see free report below) This leaves a very large group of people struggling to get their offers accepted and we are still seeing a huge number of open escrows in April.

We expect this to continue throughout the summer as inventory will remain and those buyers who still need property will be getting their offers accepted later in the year when the great buyers start to go away. (get your offer accepted now see free report below)

There is a good Ebook that was written on Stopping Foreclosure you can find HERE!
If you want my FREE REPORT on "5 Reasons You Should Avoid CalHFA Loans!" please email me at Brent@brentlane.net with "CalHFA FREE REPORT!" as the subject!

I have one additional report that will help home buyers and Realtors get offers accepted in the market. "The 3 Things Every REO Offer Needs to Get Accepted by the Bank"

If you would like this FREE REPORT please email me at brent@brentlane.net with "REO OFFER REPORT" as the subject.

The link below will detail the increase in foreclosures and we can hope to see a steady stream of inventory which will lead to an increase in affordable property available for purchase by those who are looking for a good deal.

http://biz.yahoo.com/ap/080429/foreclosure_rates.html

IF YOU ARE FACING FORECLOSURE YOU NEED TO READ THIS!

Foreclosure: The Process and ways to avoid it!

2008-06-19T18:28:00.000-07:00

In the past months, you may have had encountered the term “foreclosure” a dozen of times especially with the current crisis in the national housing market. If you are lucky enough not to have any problems with your mortgage payments, you should still try to understand how foreclosure works – just in case.

For starters, foreclosure is the repossession of a property by a mortgage lender because the owner failed to fulfill his mortgage payment obligations. Reasons for not being able to pay monthly mortgage dues can include the following:

Losing a job

Suffering from serious health problems

Divorce

Death in the Family

Mismanaged budget **** (Lets not forget Bad Mortgage Choices)

Depending on the state, a homeowner can try to stop the lender from foreclosing by doing any of the following:

Refinance loan with Lender

Re-instatement of mortgage loan

Ask for forbearance

Sell property to recover equity

Short Sale

Deed in Lieu of Foreclosure

Take out Foreclosure Loans

File for Bankruptcy

As you can see, there are many ways that an owner can avoid foreclosure. All it will take is extra effort to negotiate with the lenders. Of course, it will also depend on what stage of foreclosure the owner is in. Basically, there are three stages: pre-foreclosure, foreclosure at auction and bank foreclosure.

You must remember that you will still have a fighting chance of stopping foreclosure up to the last stage. Many home owners do not know their rights and simply give up when they receive a Notice of Default from their lenders. To make matters worse, they refuse to establish communication with their lenders.

When facing foreclosure, owners should be able to comprehend their situation and make decisions realistically. Having a foreclosure record on your credit history is not something anyone would want and so, owners must fight with all their might to avoid foreclosure.

Article Thanks to www.Eforeclosuremagazine.com

Remember when you face foreclosure, you have options and you need to explore them. Ask me for advise as I am glad to help. brent@brentlane.net

I have an Option ARM Mortgage that is Upside Down? What do I do now?

2008-06-19T12:07:00.000-07:00

I received a great question that I am sure applies to several people. The answer will make you question what you know about your own Option ARM.

"I have an option arm with countrywide. They say that I don't qualify for a loan modification......"

Now this particular person has this loan on an investment property but the help I gave him will help many more people understand their loan a little better and what the next steps would be to avoid any undesirable situations.

Here is my Response:

"Thanks for the email!

I think that you should stick with that loan!

Changing that loan on a non-owner property will only go from bad to worse. Let me Explain....

In the eyes of a bank you couldn't be more of a high risk. An investment property with no equity in an option ARM is a bad place to be in, IF YOU DON'T HAVE A PLAN!

I suggest making the Interest Only payment as often as possible as that will be one sure fire way to keep the property. I know that the interest rate is high but you have no other solution if you want to keep the property. If you want to sell the property and it is an investment property I would suggest contacting your CPA before you move forward with that process so you know the consequences from a tax perspective.

Lastly, ONE PIECE OF INFORMATION THAT IS THE MOST IMPORTANT THING YOU NEED TO KNOW ABOUT YOUR LOAN,

WHEN WILL IT RECAST?

If you don't know the answer then you could be caught off guard when your loan "Maxs out" (recast) because once hit that point you won't have any options left but making the interest only payment.

The obvious next question is how do I find out where my recast point is? You will need to review the paperwork you signed for the loan on that property. You will be looking for a "Note" and "Riders" and within those documents look for recast in terms of percentages (110% - 125%). Once you know the percentage you need to multiply your percentage against your original loan balance. That outcome will be the "Max out" point for your loan and if you reach that number your loan will have a new minimum payment of interest only. There are some other rules and tricks that will come up but if you are under 5 years into the loan you are good with just these basics. If you are over that point you and I will have to talk!"

IF YOU ARE A HOMEOWNER and this is your PRIMARY RESIDENCE..... Additional Rules apply.

You can find out more about those rules in my FREE REPORT!

"Refinancing SECRETS for an Upside Down Loan that Banks Don't Want You To Know because it will Cost them THOUSANDS of Dollars!"

JUST SEND ME AN EMAIL with "Refi Secrets for Upside Down Loans!" as the subject to Brent@brentlane.net

There is a FANTASTIC Ebook available here that would be extremely useful to you if you are facing foreclosure!

I can't pay my Mortgage! I'm going into Foreclosure!

2008-06-18T16:36:00.002-07:00

* Look for the FREE REPORT at the bottom

Read the Part II - I list more options for people facing foreclosure. THIS LINK WILL SHOW YOU FINANCING OPTIONS AVAILABLE FOR PEOPLE FACING FORECLOSURE

It is a very interesting time in a person's life when they come to a financial cross road!

There is always that point of "pay the mortgage or eat!"

With the ever changing economic environment and the constantly fluctuating real estate market it is quite possible you found yourself between a rock and a hard spot, financially. With the threat of loosing your home to foreclosure and the embarrassment of the situation you often feel the need to hide.

Sure you need to be concerned but there is a light at the end of the tunnel. It is a no brain-er, eating is always more important than the mortgage payment. You can't tell your kids that, "no food this month, I had to make my mortgage payment!" But at some point you need to face the music, tighten the financial belt and make some pretty tough decisions.

Cuts in the family budget need to be made but where to start is the question. Some are obvious but others are not quite as obvious. Here is a short list:

Eating out for any meal is always more expensive than cooking or making your own food. (obvious) Start by taking your lunch to work and staying home to eat.

Consolidate your high interest credit cards to you low interest credit cards to reduce your monthly payments. (not so obvious) Start with the department stores they are typically the highest.

Look for any fees that you pay monthly that could be reduced to increase monthly income. Start with your bank accounts, cell phone bills, phone bills, gym memberships, or subscriptions. (not so obvious)

Call you creditors and ask for a decrease in interest rate because other credit card companies are offering lower rates. (not so obvious)

Find your other large monthly expenses and look to make changes to those. This may even require selling your car for a while giving you time to get caught up. You can always rent a car when you need one and Enterprise will pick you up. (obvious)

If you have made every possible cut to the finances you feel is necessary you need to take it to the next level. Your home is taking advantage of you and you need to get out or you need to refinance.

A refinance can create some breathing room giving you a chance to not only get caught up but it could possibly make a majority of your problems go away. Wait there is a catch, you still have a mortgage payment so your finances need to be put back in order with your refinance and not have it set you back with an even higher payment than before.

I have also heard the argument that "my current loan is too good and if I refinance I will lose my great 30 year fixed rate I got back in 2003." Yes rates are higher, BUT YOU ARE GOING TO LOSE YOUR HOUSE TO FORECLOSURE!!! WAKE UP!!!! This is just a way to justify things but in reality you need to make changes.

Last argument, "My house isn't worth what I owe on it! I'm upside down NOW WHAT?" A great article on a short sale. If you fall into this category you really shouldn't go it alone. I am more than willing to offer my advice on the subject and more times than not I will be able to negotiate an even lower payoff than you may have on your own but there are rules you need to follow.

Learn the how to STOP FORECLOSURE in this EBOOK

You can find out more about those rules in my FREE REPORT!

"Refinancing SECRETS for an Upside Down Loan that Banks Don't Want You To Know because it will Cost them THOUSANDS of Dollars!"

JUST SEND ME AN EMAIL with "Refi Secrets for Upside Down Loans!" as the subject to Brent@brentlane.net

If you want to keep the house you need to make changes somewhere and my short list is only the beginning. If you just want to move out and move on then we need to talk about a short sale or straight sale of your property. If I am in your corner, you will have the best chance at making it out, making the best choices possible and do it in a very timely fashion (2 weeks). Email me at Brent@brentlane.net and I will help in any way I can.

Mortgages in 2008: What is Different this Year

2008-06-18T14:06:00.000-07:00

With the new economic stimulus package officially through we are now looking at a unique opportunity for homeowners in several different categories. Here is a small list of niche products that could save you money and even your home in 2008:

FHA loans now have guidelines that will STOP FORECLOSURE and allow you to refinance your home regardless of what you owe. There are specific rules you need to follow but if your scenario fits you may be staying in your home and avoiding foreclosure all together.
New loan limits will eliminate your JUMBO RATE and put you in a conforming loan amount. This is up to $729,950.00 in some parts of the country and other areas. This would mean that someone with a loan amount of $100,000 would get the same rate as someone with $729,950. Now that is some significant savings!
HOME BUYERS will also be seeing a substantial difference this year because home prices area extremely low. The increase in the conforming loan limits and the increase in the FHA loan amounts will be positive for purchases. First Time Home Buyers will now be able to buy a more expensive home using better loans with nothing out of pocket. Financing is available up to 103%.
INVESTORS are out in droves buying up everything they can get their hands on. They see opportunity to become the next Real Estate Millionaire.

You have to see the opportunity through all the mess. Some people face foreclosure, short sales and other financial strain but there is even opportunity for them if they plan accordingly. The time is right to make the call to see how we can help you with your financing needs. See what others are saying about me HERE! Contact me anytime via email at brent@brentlane.net.

California Real Estate: You Better Buy Soon.

2008-06-18T14:01:00.000-07:00

They just keep at it! Focusing on the negative things putting these huge foreclosure numbers and overwhelming foreclosure percentages in front of you hoping to continue to scare you causing you to do nothing.

In the latest AP article written posted at http://biz.yahoo.com/ap/080514/foreclosure_rates.html

You will read some serious statistic. I can see how it is scary to go out and buy but in my area, Northern California, the time couldn't be more perfect. House prices are lower than they have been in 8 years and there is value all over the place.

Move up or investment properties are the hot ticket.

It has been a while since investment properties provided cash flow right after you closed escrow. Many families are now moving to bigger and better homes because of the market we are in.

I think that many people just close their eyes and hope things get better when they should be focusing on the reality, NOW IS THE TIME TO BUY! ( See Previous post here about actual numbers supporting this information)

When it comes time to buy you have to be ready, know what to expect and know how to get things done in this market. Even the most basic transaction on a REO property can take time and energy while the bank inefficiencies take hold of the transaction and never let go.

I have a couple of Free Home Buyers Reports that could be useful:

"The 3 Things Every REO Offer Needs to Get Accepted by the Bank"

and

“5 Reasons You Should Avoid CalHFA Loans!”

I have two more reports about buying a home and how to do it right due out within two weeks and they will be automatically sent to you if you request these reports.

SIMPLY EMAIL ME: Brent@brentlane.net

I will sent the reports as soon as I can!

Happy House Hunting!

FHA New Loan Limits in California

2008-06-18T13:35:00.000-07:00

If you haven't heard the news you should look at the new higher loan limits for FHA loans in California. The HUD website posted the new limits so enter in your county and state and you will see what the new limits are in your area. HERE is the link! I am preparing a more detailed analysis but this is a great start:

Obs prop county_nm med_price FHA_1unit
185 CA Alameda County 995000 729750
186 CA Alpine County 438000 547500
187 CA Amador County 355000 443750
188 CA Butte County 320000 400000
189 CA Calaveras County 370000 462500
190 CA Colusa County 318000 397500
191 CA Contra Costa County 995000 729750
192 CA Del Norte County 249000 311250
193 CA El Dorado County 464000 580000
194 CA Fresno County 305000 381250
195 CA Glenn County 230000 287500
196 CA Humboldt County 315000 393750
197 CA Imperial County 260000 325000
198 CA Inyo County 350000 437500
199 CA Kern County 295000 368750
200 CA Kings County 260000 325000
201 CA Lake County 321000 401250
202 CA Lassen County 200000 271050
203 CA Los Angeles County 710000 729750
204 CA Madera County 340000 425000
205 CA Marin County 995000 729750
206 CA Mariposa County 330000 412500
207 CA Mendocino County 410000 512500
208 CA Merced County 378000 472500
209 CA Modoc County 125000 271050
210 CA Mono County 370000 462500
211 CA Monterey County 599000 729750
212 CA Napa County 615000 729750
213 CA Nevada County 450000 562500
214 CA Orange County 710000 729750
215 CA Placer County 464000 580000
216 CA Plumas County 328000 410000
217 CA Riverside County 400000 500000
218 CA Sacramento County 464000 580000
219 CA San Benito County 790000 729750
220 CA San Bernardino 400000 500000
221 CA San Diego County 558000 697500
222 CA San Francisco 995000 729750
223 CA San Joaquin County 391000 488750
224 CA San Luis Obispo 550000 687500
225 CA San Mateo County 995000 729750
226 CA Santa Barbara Cnty 615000 729750
227 CA Santa Clara County 790000 729750
228 CA Santa Cruz County 719000 729750
229 CA Shasta County 339000 423750
230 CA Sierra County 228000 285000
231 CA Siskiyou County 235000 293750
232 CA Solano County 446000 557500
233 CA Sonoma County 530000 662500
234 CA Stanislaus County 339000 423750
235 CA Sutter County 340000 425000
236 CA Tehama County 250000 312500
237 CA Trinity County 200000 271050
238 CA Tulare County 260000 325000
239 CA Tuolumne County 350000 437500
240 CA Ventura County 599000 729750
241 CA Yolo County 464000 580000
242 CA Yuba County 340000 425000

I wanted to get this to all of you ASAP because I know this is of great

interest. Stay tuned for more information.

If I can be of any assistance, please do not hesitate to contact me-brent@brentlane.net or comment below.

Foreclosures NOT Slowing Down! 5 million more?

2008-06-18T11:59:00.000-07:00

I really couldn't believe the numbers were going to be that high!

I mean really, think about it that is entire cities, states for that matter. I hope that those of you reading this that happen to be facing foreclosure do something about it.

Sores Predicts 5 Million Foreclosures in the next 18 months

After searching all over the net I finally found the complete guide for people facing FORECLOSURE!

In one EBook I found everything it would take to STOP FORECLOSURE but it was more than that, it was information you needed to know in order to HELP YOURSELF!

Go and Read the EBook HERE

Learn all you can, read the book and DONT BECOME A STATISTIC!

Short Sale: Should I just let my home go to Foreclosure?

2008-06-18T11:47:00.000-07:00

Here is an email from a reader......

On 6/3/08 4:24 PM,

> Name: Jake

> Ok here is my situations. I have perfect credit and I am current on

> everything right now. I lost my job a few weeks ago and went from making

> 70,000 a year to about 35-40k a year. I also lost insurance through my

> company and now have to pay COBRA because my wife is pregnant.. We bought our

> house at the peak of the market and then took a home equity line out to do

> some thing things around the house. We escrow our taxes and insurance and it

> comes out to be about 1900 dollars a month just for our house.. So far I have

> made the payments but I dont think I will be able to continue to make these

> payments. I have about 30k in Credit Card debt. My how is worth about

> $173,000 dollars and we owe the one bank 173,000 and we also have our HELOC of

> 60,000 ... Is a short sales possible for us? Should we just walk away and

> forclose?

>

> Time: Tuesday June 3, 2008 at 11:24 pm

Hey Jake!

Well my friend it looks like you are in a bit of a spot!

I know the feeling as I have been there before! Remember on thing, it's how you handle the situation that shows your true character.

Here is the only thing I want you to take away from this email, TAKE ACTION! Being in your position, time is money and from the sound of it, with baby on the way, you have to make good decisions for 3 people.

First things first: GET THE HOUSE ON THE MARKET!

Yes you should do this IMMEDIATELY but you can't just grab the run of the mill Realtor and expect good results. As my article shows, it is important have someone who knows what they are doing. If you don't you will find that you may lose your home to foreclosure and wasted time and energy on something you could have controlled. I can make it easy on you.....

I work with a group of professional Realtors who have different specialties so finding the right one for you will be easy for me if you would like some help making choices.

Secondly, CHECK WITH YOUR CPA!

There may be a tax implication to your short sale but my guess is that you should be just fine. The law changed regarding short sale implications but there are a set of rules you need to follow.

Thirdly, CONTACT YOUR LENDER

Inform them that you are listing the home and that you are going to be short selling. The hope here is to get an offer to buy your home ahead of you missing payments on your mortgage. This works with certain banks, but it comes down to the decision maker you are assigned to at the bank.

Lastly, PRICE YOUR HOME TO SELL

There is no reason at this point to price your home at any thing less than a price that will demand multiple offers coming in from potential buyers. If your CPA agrees you should have limited tax implication for a short sale and from a credit standpoint the impact should be the same whether you settled at $10K less or $100K less than you owe.

BOTTOM LINE:

Go with a truly professional Realtor and price your home to sell in 14 days or less and you should be well on your way!

I am more than happy to send you a referral to an agent I feel best fits the qualities you need to complete this transaction. Otherwise, I hope this helps! Let me know if you need anything further.

Brent Lane

The Lane Group

brent@brentlane.net

Www.BrentLane.wordpress.com

I Can’t Pay My Mortgage and I am Upside Down, I’m Going into Foreclosure Part II

2008-06-18T00:55:00.000-07:00

Since this title is my most popular post by more than 4 times my next post I thought it was time I expanded it a bit. You can find my most popular post here.

There is a FANTASTIC Ebook available here that would be extremely useful to you if you are facing foreclosure!

I think it is time I take this topic to a different level. Just because you are facing late payments, no payments, notice of default or foreclosure, it doesn’t mean that you are out of options. You need to know what other choices are out there for you since the government has stepped in realizing that there was a problem and helping where there used to be little or no solutions. Here are some options that can help you find a solution to avoid foreclosure or selling your home:

If your rate is starting to adjust or has already adjusted then you need to read my post for answers. If you are late on payments because you ARM adjusted then you need to know your options. Selling your home or foreclosure may not be your only choices. Refinancing with those late payments is now an option. The Government put in new rules and now will allow you to refinance into an FHA loan but rules do apply.

You need to know the math behind the adjusting loan and the only way to figure that out is to look at your note provided to you at the time of signing your loan documents. I will help you with your rate adjustment payments so e-mail me your current mortgage statement and your mortgage note with all the riders attached to the note and I will tell you your new adjusted payment. It may not be that bad and could be manageable in the short run.

Being “upside down,” (owing more than your home is worth), is no longer a hopeless situation. It’s a difficult situation to be in, but know one thing; you can get a new fixed rate mortgage at an extremely low interest rate if you know how to handle the banks. Look for upcoming articles about negotiations along with success stories of others we have helped.

If your ARM has not yet adjusted and you expect it to adjust in the next 10 months you may be able to get a 5-year freeze on your interest rate. You need to call your lender and ask them about this option and reference the “Hope Now” program. This is a voluntary program on behalf of the lenders and it can stop your rate from increasing if approved by the lender. To qualify your loan must have been between Jan. 1st, 2005 and July 31st, 2007.

Most important fact of all is to explore your options and know your adjustment date on the nose. If you are approaching the anniversary date to your purchase and you fall within the first 10 years of ownership, you may have an adjustable rate mortgage and not even be aware of it. Open those loan documents or call your lender to find out those details. If you need help with anything please email me atbrent@brentlane.net. Here is more information about myself and my Team. If you are feeling uncomfortable contacting me, take a look at my license information here and see what other say about me here.

Living Paycheck to Paycheck to Poor House!

2008-05-30T17:03:00.000-07:00

Living paycheck to paycheck seems to be a pretty common occurrence for many people. The bills keep coming month in and month out keeping them buried under debt. The paycheck seems to get that much smaller every month yet somehow they make it all work, probably with more credit. Is there a light at the end of the tunnel or are they doomed to live a life buried in debt payments?

Some choose the path of "Pay Nothing" a truly go for broke, forget the credit, "I don't care what you want or who you are I'm not paying you a dime." This causes some major credit problems and has long-term repercussions. After hiding out away from all those phone calls from debt collectors, after changing their address and their phone numbers they come back to a world that still wants their money. This is not a good choice and will more than likely delay the inevitable, paying back what they owe! If you find yourself considering this option just know that there is another way.

Another choice would be to file for bankruptcy. The most common form of bankruptcy is a chapter 7 which will completely eliminate or discharge all your debt. The path is a two sided sword, did you learn from previous mistakes or are you doomed to repeat? Life lessons are important and should never be ignored. We should ask ourselves regularly if we have been in that particular situation before and what did we learn last time. A bankruptcy will buy them time, their credit will suffer for some time but in the end it's all about life lessons and having a plan moving forward.

The path of most resistance is always the path least travelled. Most people look for short cuts or easy ways to avoid problems. They focus on instant gratification instead of patience and pay a hefty price for their approach. If you approach the debt with a plan, you can eliminate the debt, build wealth and have many of the things you always wanted. Even if you are behind today there are still options that can help you pay your debt and keep your credit in tact.

There are many people who developed a detailed plan but the one that sticks out in my mind is www.davidbach.com. His plan is detailed yet easy to follow. There are some free items on his site that will help you not only get out of debt but find money you didn't know you have. If you need some help putting it all together, I am happy to help. You can reach me at brent@brentlane.net.

Get out of Debt

Debt management

Payoff your debt

Bankruptcy Debt

Upside down mortgage debt

debt and credit

What gets me going everyday! Mortgage and People!

2008-05-01T05:24:00.000-07:00

I've been a mortgage broker in the Sacramento, CA area for many years and one of my biggest concerns surrounding my clients is centered on their personal finances. As a mortgage broker in Sacramento, CA it is so common to see people wanting to "Keep up with the Jones'" and they do it at a severe financial cost. This cost is so dramatic it can put their future in jeopardy.

With some good solid education and a strong foundation I hope to change the way people think about their money and their mortgage in hope to change a few lives.

I have a 4 Step Cash Flow Management System that will help anyone take their financial lives to the next level. To receive your free copy ask or email me!

This will change your approach to your finances by getting you out of debt, build a cash cushion and help you develop a system for true wealth accumulation.