Go to NOW: www.FDIMax.net/Webinar

Financial Destination, Inc.

What Would Keep You From Signing Up?

Duration : 0:5:33

[youtube CChbVX8CVDI]

Duration : 0:7:38

[youtube y2sitnPCJ8g]

Part 8 (Excerpt)

Rent skimming and other foreclosure scams Home Owner Beware.

And what rent skimming is, a shark as I like to call them, a shark will go out and find a vacant house, and they will go in and change the locks and maybe clean it up a little if need be but then they will rent it out to somebody. They will move that person into the house, they will get their $1,000 or $1,500 a month rent payment on the house, and 3 or 4 months down the road the repo man comes knocking on the door and says, hey you have to get out. He says this to the tenant of course and the tenant says, hey you dont own the house, and it turns out that the guy that they were paying rent from for the last 3 or 4 months didnt own the house either.

So you are talking about somebody, a shark, who goes out and finds a vacant house, breaks in, changes the locks, cleans it up, puts it up on Craigs list and rents it out and collects the money. He never owned the house, he never had any rights to the house, then all of a sudden the sheriff shows up and says you have to go. How can that be legal? Well its not legal; its not legal at all. Because the person who rented you the house knows that they dont own the house, now of course the tenant doesnt know that.

Now under Fannie Maes new guidelines, that tenant, if they are lucky enough to have Fannie Mae own that property, or own that note, you may actually get to stay in the house because Fannie Mae has some new guidelines that if they have a tenant in the house, they will re-sign a contract with them and let them stay in the house. It didnt say how long but they will let them stay in there for a while.

Wow, that is fantastic. I actually didnt know about that, so Fannie Mae is getting into the property management business. Yes, our government is now becoming a landlord as well as the entity that likes to just hand out trillions of dollars. I believe that you and I have a differing of opinion on this, Dan. I actually think that that is the right thing for Fannie Mae and Freddie Mac to do, primarily because if they sell right now they will sell at a huge loss and they have an opportunity to pick up some capitol at some point, dont you think?

Well, I dont know, it all depends on whether property values keep going up or property values keep going down. But the real issue becomes, is our government in the business of owning real estate? And we can argue about this all day long. There is no need to; there is too much other information you are going to talk about, too many other sharks out there.

What is the crime, I mean realistically, some guy goes in, breaks into the house. Sounds like its breaking and entering to me, then he is collecting monies on a vacant house and well there are a number of crimes, I have to admit I dont have the statute with me but I do know in Arizona there is a statute specifically about this very practice. And that would be Terry Goddards website? I would suspect that you could go there and find it.

But real quick here before we run out of time, there are two other quick things I wanted to talk about one just happened to a friend of mine recently where her daughter moved out of a house that she had been living in for years and she moved to another state and the house went vacant. Well, she hadnt been gone for more than a few weeks and the mother, who was going to help her work on a short sale, went over to the house one day and found that the locks were changed.

And I immediately think, Oh, Oh were dealing with a rent skimming situation here. Well it turns out the lender, who does not own the house yet, because there has not been a foreclosure sale, came by, saw the house was vacant, opened the door, changed all the locks on the house and now essentially is not really willing to give the keys to the owner. I couldnt quite figure that one out, especially when I found out that two weeks later they still had not gotten the keys from the lender.

So just be careful of that and the one thing I want, the last thing I will talk about is that a buddy of mine works repos over in California and I think its happening here a little bit, where what will happen is when you are in a foreclosure situation you will have all kinds of people knocking on your door. Some of these people want to come by and buy the stuff out of your house.

Duration : 0:7:10

[youtube f75CTNKGITM]

Duration : 0:2:35

[youtube LrH_hToGwN4]

Duration : 0:1:5

[youtube _qsHj0XeilU]

2.Real Estate in Pittsburgh, Cleveland, Harrisburg, Akron, Canton …
Howard Hanna Real Estate features homes for sale in Cleveland, Pittsburgh, West Virginia & Western New York. Browse our real estate listings through our …
Property Search – Cleveland – Pittsburgh – Akron/Canton
3.Ohio / Northeast OH Real Estate Listings: Homes for Sale …
new homes, home rentals, foreclosure and homes for sale in Cleveland, OH. Search for Ohio / Northeast OH Real …

4.Cleveland Real Estate & Cleveland Homes For Sale — Trulia.com
Find Homes For Sale in Cleveland. Search Cleveland, Ohio real estate, recently sold properties, foreclosures, new homes, school information and much more on …

5.Cleveland, OH Real Estate on Yahoo! Real Estate – Houses for Sale …
Yahoo! Real Estate – Search Cleveland, OH real estate listings and houses for sale, find home values, housing market information, Ohio mortgage rates …

6.Cleveland, OH Local Real Estate and Relocation Guide | RealEstate.com
Use our Cleveland, Ohio real estate guide if you are considering buying or selling a home in the Cleveland area. Full of area statistics that are ideal …

If you re planning to relocate to Cleveland Ohio Real Estate or surrounding areas or just starting to look at properties, Howard Hanna and our seasoned …

7.Cleveland, TN Real Estate & Cleveland Homes for Sale – Zillow
Search Cleveland real estate listings and homes for sale, for sale by owner homes, recently sold properties, foreclosures, Cleveland home values, …

8.Cleveland Real Estate News, Ohio Homes for sale
Midwest Realty Advisors LLC is looking for a concierge for a commercial building in Downtown Cleveland. Concierge, hospitality, all areas advertising jobs …

9.Cleveland Real Estate – Find Realtors and Cleveland Homes using …
Cleveland Real Estate – Visit Realtor.com to find Homes in the Cleveland area. Realtor.com is the headquarters for Cleveland Association of REALTORS and is …

Duration : 0:6:25

[youtube vNBNfO1y9UE]

Search now at http://www.findmydreamhome.com/raleigh-cary-mls.html

Regardless of your situation, there are steps you can take toward home ownership. If you have reasonable credit and current employment, purchase ahead of the curve. Population growth is inevitable. Research Triangle was the last to feel the real estate freeze, and we’ll be the first to feel the warm thaw of real estate recovery. If you can purchase a home in 2009, you’ll likely feel very smart in the early years of the coming new decade.

http://www.findmydreamhome.com/home-loan-raleigh-cary.html

•Prepare to pounce on great rates. Analysts agree: Current rates are very attractive, and they aren’t going to rise anytime soon, thanks to government efforts.

•Rates fluctuate daily based on any number of market factors. Whether you’re considering buying or refinancing, pull together your financial paperwork, including federal tax returns, investment records and proof of income, so you can jump on good rates immediately.

•Polish your credit score. The almighty credit score is king these days, and, given some of the early details leaked about the Treasury’s plan, it will continue to be. Most likely, the more favorable mortgage rates will be reserved solely for those with the very best credit scores – at least a 740 on the 300 to 850-point scale. In late November the Federal Reserve announced a plan aimed at lowering interest rates to a potential 4.5% on fixed-rate mortgages. That’s all the more reason to build up your credit and avoid mistakes that could trash your score, like late payments and big balances.

•Refinance based on rates, not rumors. Early indications are that the Treasurys low-rate plan would apply only to new mortgages. So if youre looking to refinance, there’s no sense in hesitating. Bear in mind, however, that lending standards are still tight. You’ll need a great credit score and at least 5% equity in your home to qualify in the Research Triangle Real Estate Market.

•House hunters should stay the course. Don’t wait to buy a home based on a government plan that may not materialize. Even if the plan does go through, those low 4.5% mortgages will be extended only to borrowers who fit the plan criteria and won’t be offered to borrowers across the board. If you were already thinking about buying, there’s no reason to put off your search.

Don’t let fear make you miss this historic opportunity for low home mortgage interest rates, affordable low home prices, and the NEW $8,000 Tax Credit for First Time Home Buyers for Raleigh, Cary Apex and Wake Forest Triangle MLS Homes for Sale!

http://www.raleighcaryhomeloan.com

Find My Dream Home refers select mortgage loan, credit and debt counselors to begin moving your goal forward immediately. Our selection is earned through years of experience, up-to-date real estate loan market knowledge, and recent successful service and commitment to our clients.

http://www.findmydreamhome.com

Duration : 0:2:5

[youtube 8qLq1F2uAFU]

May 23, 2008. The existing home sales came out today with an average loss of $1500 per month for the median US Home price over the last year. Most people have no conception how this is impacting their lives. If you had $200,000 in equity last year, you just lost 7% of your equity. In California, it was probably more. If you had sold your house last year and moved into a rental, you would have zero cost for living in the rental. If you had moved into 2 specific real estate purchases, you could have increased your capital and retained your mortgage deduction. You would actually be further ahead.
Losses in home equity will accelerate for the next year. If you become underwater in your present equity, you could be stuck in your present property for many years or have to come up with substantial separation money to preserve your credit rating.
The foreclosure bailout proposed by the congress is just window dressing in order to forestall a panic. What is going to happen is that this will only delay the panic, not forestall it. If you read the fine print, the lender has to agree to provisions of the bill. How likely is that?
What you see happening in the market today is that 25% of the sales are due to sale of foreclosed homes. Because of the banks holding back inventory, there are at least 4 bids for every sale.This will change shortly.
The subprime loans that are supposed to reset this summer,means that the house are really going to be back on the market by June 2009. The logic goes like this. The notice of reset for August 2008 have already gone out. In August , the owner of the subprime loan is going to do his/her best to make the payments. He will get a 2 or 3 job in some cases. Maybe his wife will too. In any case, the owner uses up his savings and cannot make the payments. This takes 2 months, on average.
The owner realizes it is impossible to continue and finally stops making the payment. His savings are exhausted, and now he has to acquire money to be able to move.He needs the mortgage payment to restore his savings, so he can move. Minimum average move is going to cost $5000 or more.
The lender now starts the foreclosure process. Sometimes the lender takes more than 6 months to prosecute the foreclosure.
Then there is another month or 2 in which to prepare the property for sale.

So, let’s see how this all adds up. 2 + 6 + 2 = 10. 10 months from August 2008 is June 2009.
So the majority of the resets will not even hit the market until June 2009. And the average length of time to sell this property will be 11 months, if not longer. So the minimum time for the market to hit the bottom will be after May 2010.
The average price decline, here in California, will be more than $2000 per month. If you invest in property today, you will lose almost all of your equity.

What no says today, is that the property that has an equity line of credit will also reset to a higher interest rate once the property falls below 110% of the initial loan amount. This is a huge overhang to the market, and could make these loans now subject to default.Who knows where this will end?
Based on this scenario, what is the best way to make money in real estate today?
Sell any real estate that you have, even into today’s declining market. Then wait for the turn in the market to buy back, better than ever. That time is more than 2 years away.
July 27, 2008 update:
As I write this, the senate just passed the foreclosure help bill. The immediate effect is to raise the interest rates on homes. Why? Because the lenders will now have to calculate how they are going to get a reasonable return on their money that they lend. They now have to include the cost of taking a writedown on their loan if the buyer defaults. The net effect of higher rates means that the price of the house has to go down if the buyer cannot increase his payment. In Stockton Calif., 1 house in 25 is now in foreclosure.

Duration : 0:3:0

[youtube MFBraLV7uSk]

Parody Fair Use of clip. See:
www.publaw.com/parody.html

Duration : 0:4:14

[youtube bNmcf4Y3lGM]