INCLUDED TODAY:

Loan Origination – Yea, I took the test

Morals and Ethics Revisited

Tax Refunds From IRS

Social Media Thoughts For The Day

Foreclosure Radar

Help Your Clients Save Money

Movies - It’s Oscar Time

Thoughts on Food and Food for Thought

Commercial – Grow Your Company

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It would be unfair to say that the Obama administration hasn’t been trying to restore the health of the housing market.  Unfortunately, it would be inaccurate to say that its programs are having much success.  The loan modification program is a worrisome case in point.

On February 18, 2009 the Treasury Department announced the Homeowner Affordability […]

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The world has not turned completely upside down, but, believe me, it is leaning precariously.  Remember all those programs that were designed to turn renters into homeowners?  Now we have a program to turn homeowners into renters!  I refer, of course, to the Deed For Lease program rolled out by Fannie Mae on November 5, […]

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Everyone knows the market has been flooded by Real Estate Owned (“REO”) Properties.  The challenge for real estate professionals today is not just to get the REO business but also to provide a level of service to their clients that ensure the property will close on or before the close of escrow date.  One of […]

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At their recent fall meetings, directors of the California Association of Realtors® (CAR) adopted the following motion:  “That C.A.R. in conjunction with NAR, “SUPPORT” the elimination of the FHA 90-day anti-flipping rule, and that C.A.R. write and publish a letter to the FHA Commissioner in opposition to the FHA 90-day anti-flipping rule.”  While support for […]

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Loan modification scams may not be the worst of monetary crimes, but they are certainly in the running.  Taking advantage of financially distressed homeowners, the most common form of these scams is this:  They take a large up-front fee (in the thousands) and then do nothing, or next to nothing, producing no beneficial results for […]

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If only the President’s foreclosure-prevention plan worked as well as “cash for clunkers”.  But it hasn’t.  When the Administration announced the Making Homes Affordable plan in February of 2009, officials said they hoped it would help 4 million distressed homeowners to stay in their homes.  As of this writing (8/2/09), the Administration has acknowledged that […]

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On May 20 President Obama signed into law the Helping Families Save Their Homes Act.  Understandably, primary attention has been paid to the Act’s provisions that are designed to help distressed homeowners avoid foreclosure.  But the Act has other beneficiaries as well.  One group that will receive particular assistance from this new law is those […]

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Disclaimer:  This BLOG is designed to provide accurate and authoritative information in regard to the subject matter covered. It is presented with the understanding that the writer is not engaged in rendering legal, accounting, or other professional service.  If legal advice or other expert assistance is required, the services of a competent professional person should […]

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Here’s the situation:  A beleaguered home owner is in bankruptcy, overwhelmed by debt.  The mortgage lender had begun foreclosure proceedings, but they were stayed by the bankruptcy court.  That stay, however, is about to end, and the lender may be allowed to proceed.  The owner owes the mortgage lender about $170,000.  Another $50,000 (representing 13 […]

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On December 16, 2008, Fannie Mae released announcement 08-34 to lenders around the country.  This document contains good news for investors, agents of investors, and lenders who are trying to reduce their REO (”real estate owned”) inventory.  The good news consists of a loosening of Fannie Mae’s owner-occupancy ratio requirements for loans made to investor […]

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I’m a student of Duane Gomer and I am also a CPA.  California does not always conform to Federal Tax Law.  That is the case with the California mortgage forgiveness debt relief law (S.B. 1055, 2008).  This new law was enacted after many taxpayers had already filed their 2007 tax returns. However, the law covers qualified debt forgiven […]

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Among those who might be considered innocent victims in the current wave of foreclosures, tenants caught up in the process would have to be near the top of the list.  Through no doing of their own, families and individuals who are renting a property that goes into foreclosure are liable to have their lives seriously […]

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by David Silver-Westrick
Past President of OCAR and SoCalMLS
 
Step One: Gather Information

How did you meet the seller? It may matter. Some sellers in trouble will contact a REALTOR® for help early. They are the easiest to work with because they are trying to have some control over a bad situation. Others may be referred to you […]

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Forgiveness of debt sounds like a simple concept.  You owe a lender an amount of money and they say that you don’t have to pay back all of it.  Sounds fine to me.�
However, many homeowners have sold their property via the now popular short sale route and are surprised later when many costly problems arise.  […]

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There is one question that many homeowners in financial distress are asking.
You can help us help them get a good answer by sending your input.
How many months are California lenders allowing a homeowner to get behind in their payments before a Notice of Default is filed? What are you hearing?
What is the minimum and maximum […]

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