BiggerPockets

Home Financing in a Foreclosure-Heavy Market

Sunday, March 22

In today's housing market, foreclosures are at a high that
hasn't been seen since 1979. Seven percent, or roughly one of
every 11 homes, is currently in foreclosure. According to the
Mortgage Bankers' Association, 6.35 percent of homes are in
delinquency but not yet in foreclosure.

The housing crisis is happening everywhere -- from Indiana to
Texas and Maine to California. Though we most often hear about
record foreclosures in California and Florida, a brief internet
search will show you it truly is not limited to any particular
region or state.

The housing market woes do not just affect potential home buyers.
The mortgage brokers themselves are feeling the crunch. In
Massachusetts, approximately 80 percent of the brokers who were
in business at its peak (about two years ago) have now left or
will leave the housing market by the end of June 2008. Those that
are left have had to severely cut back and make changes in order
to survive (letting go other personnel, working more hours,
selling fewer homes).

Qualified buyers are typically seen as those who have credit
scores of above 680 (FICO scores range from 350-800), with good,
steady jobs and incomes. Today, many banks, feeling the burden of
too many loans gone bad, do not want to give loans to anyone with
a credit score below 720.

Also gone are the days of easy-to-get adjustable rate mortgages.
Banks have learned that market will not always be in an upswing
and not everyone can afford a home mortgage.

If you do end up in foreclosure, it will most likely be at least
five years before you'll be considered for bank financing again.
In addition, you'll need to have a credit score of at least 680
and at least a 10% deposit.

But what if you have a good deposit now and you need a home now,
not five years down the line or whenever the housing market picks
back up? Do you have any options? In short, yes.

There are actually lots of people who are willing to do owner
financing. If you see a For Sale By Owner sign, it's a good idea
to check it out and see what kind of a deal they would be willing
to make you.

Creative home financing options can help you and your family get
into a house sooner, and help the owner get out of their home
sooner. After all, with banks so hesitant to give loans, FSBO
homes aren't going to have a very good chance of selling,
either. Creative financing can help owners and buyers find mutual
satisfaction.

In addition to looking for FSBO homes, there are other things
potential home buyers can do to increase their chances of getting
a home. To start, save up and get as much cash together as you
can for a down payment.

When home owners are faced with letting their homes sit on the
market for years (because no bank will give a buyer a loan) or
taking a nice chunk of money up front and then a steady income
from monthly payments for a number of years, they're going to be
tempted.

Having that nice down payment also can help the current home
owners get into their next house-a point that should be made to
them in case they haven't thought of it. There are also experts
available who know the ins and outs and strategies of creative
home financing.

Another version of creative home financing is a land contract.
This is along the lines of what we've already talked about, but
with some sellers, they may be willing to accept a much lower
down payment, spread your payments out over 40 years instead of
the typical 30, and negotiate with you on the interest loan.

Check with your friends and family. Sure, there are reasons to be
cautious when lending and borrowing money with relatives and
friends. But if you know people who could probably spare the
money for a down payment, and you can offer them a higher
interest rate than they're getting by having their money sit at
the bank, it could be a very attractive option for both of you.

Do you have other property? If you have other property already,
you may be able to get a loan from that property to put towards a
down payment on new property. It's worth thinking about.

The next idea is one you should think very cautiously about, but
it is an option. Particularly if you are dealing with a FSBO
situation, perhaps you could put part of your down payment on
your credit card. This should really only be contemplated if
you're going to be able to pay that amount off on your card very
quickly (say, if you're expecting your tax refund or stimulus
check) because credit card interest rates, as well all know, are
ridiculously high.

As is true any time you are looking to take on debt, you need to
be cautious. The banks have learned their lesson, so they're not
going to be as easy to finance a home with for some time.

You, too, as the potential home buyer, need to be careful. Think
through just how much debt you can take on. But do not let the
current market discourage you from moving forward with home
ownership plans. You may have to look a little harder, search a
little longer, and maybe keep your dream house away for another
few years. However, with the right spirit, intentions, planning,
and creativity, you will find a home financing option that works
for you and the seller.

LISTEN TO THE THIS RECORDED HSA PRESENTATION CALL!
618-355-1770

This call could change your financial situation!

If you don't have a username and password make

sure you click on the FREE TOUR button at http://www.make12konline.com

Melanie Rogers
MasterMind Team

"Home Seller Assist Program"

Career Training as a Real Estate Note Consultant
Learn the Insider Secrets of Real Estate Investing!
Website: http://www.make12konline.com  
E-mail: june11@bellsouth.net
Cell: 225-328-4233

 Career Taining as a Real Estate Note Consultant
Learn the Insider Secrets of Real Estate Investing!
Website: http://www.make12konline.com                                                                                         

Our PALMS team needs some good agents in your area

Sunday, March 22

We need a good agent to bring us short sales, that is all you have to do.

The sale is negotiated by our mitigators and you are guaranteed a 6%
 
commission, no matter what the bank is offering.

Once you bring us the short sale, we take over everything and you do
 
what you do best, and that is finding an end buyer.

If interested, please email me and request the PALMS package. Should
 
you not be interested in making a good commission while we do all the
 
work, would you please pass this on to another agent you may know?

LISTEN TO THE THIS RECORDED HSA PRESENTATION CALL!
618-355-1770

This call could change your financial situation!

If you don't have a username and password make

sure you click on the FREE TOUR button at http://www.make12konline.com

Melanie Rogers
MasterMind Team

"Home Seller Assist Program"

Career Training as a Real Estate Note Consultant
Learn the Insider Secrets of Real Estate Investing!
Website: http://www.make12konline.com  
E-mail: june11@bellsouth.net
Phone: (800)299-4881
Cell: 225-328-4233

 Career Taining as a Real Estate Note Consultant
Learn the Insider Secrets of Real Estate Investing!
Website: http://www.make12konline.com                                                                                         

What "Types" of Deals Work Best With "PALMS"?

Saturday, March 21

* High-End properties, properties that are 500K andabove are much better suited ($200k minimum, unlessthe "2nd" is 40% of the price owed or more)

* Properties MUST have a minimum $30k "spread"

* Properties with more than one mortgage, from twodifferent lenders

* Properties with cooperative sellers

* Properties that are in imminent foreclosure

* Deals where the selling price is 3 times the median

* PALMS will review and accept/decline each deal individually
PALMS AGENT SHORT SALE PRO

PALMS Short Sale Pro

Saturday, March 21

PALMS Short Sale Pro

Real Estate Agents and Mortgage Brokers

Do you hate doing Short Sales?

Are You TIRED of Spending HOURS on the PHONE With Non-

Responsive Loss Mitigators?

Spending time running around doing more work on a short sale then

it's worth?

Let Us Do Your Short Sale Negotiations!

Professional Agents Lifetime Money System

You list and sell the property, that is what you do best.

We contract to buy the short sale.

You make your commission.

We list the short sale with you again.

We do the short sale negotiations for you.

You get paid on the back end for double commissions at closing!

It's that simple!

No Fees or Cost - Double Commission - Keep Your Client - Keep Your Listing
PALMS Program

PALMS AGENT SHORT SALE PRO

Let us do your Short Sale Negotiations!

Get the details here immediately

Melanie Rogers

225-328-4233 

Palms Short Sale Pro

Thursday, March 19

PALMS Short Sale Pro

Real Estate Agents and Mortgage Brokers

Do you hate doing Short Sales?

Are You TIRED of Spending HOURS on the PHONE With Non-

Responsive Loss Mitigators?

Spending time running around doing more work on a short sale then

it's worth?

Let Us Do Your Short Sale Negotiations!

Professional Agents Lifetime Money System

You list and sell the property, that is what you do best.

We contract to buy the short sale.

You make your commission.

We list the short sale with you again.

We do the short sale negotiations for you.

You get paid on the back end for double commissions at closing!

It's that simple!

No Fees or Cost - Double Commission - Keep Your Client - Keep Your Listing
PALMS Program

PALMS AGENT SHORT SALE PRO

Let us do your Short Sale Negotiations!

Get the details here immediately

Melanie Rogers

225-328-4233 

STOP FORECLOSURE IN 2009

Sunday, January 04

Become a Loan Modification specialist

Six Figures in Network Marketing Loan Modification Ground Floor Money Maker!!!

If you have a passion for making a difference, and are rethinking your career path-perhaps you should consider becoming a Loan Modification Specialist.  A loan modification specialist is able to assist the millions adversely affected by the housing crisis, and potentially make a difference in their lives and ensure that they are able to remain in their homes.

A loan modification specialist has the connections to renegotiate unreasonable loan terms by working directly with the lender, and knowing the mortgage industry inside and out.  A loan modification expert has extensive mortgage industry knowledge paired with legal counsel, paired with the fact that they operate with the best interest of the borrowers in mind-this creates an impact that changes lives.

Would you like to say yes to clients with negative equity, bad credit, or too much credit card debt?  Would you like to earn an extra $100K per year or more by providing “relief” to those you know who need your help to grow and prosper in these difficult times?

Simply CLICK HERE and we will help you provide the best products in the industry at the lowest prices to your clients, friends and relatives.

Our Loan Modification Specialist (expanded product offering) is designed to give you the product backbone and ability to say yes to all the clients you are currently turning away.

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Who do you know who is behind in their mortgage, losing their home or in foreclosure? Get paid big $$$$ to help them.