All Forum Posts by: Account Closed

@Brent Not an interesting enough argument to continue with ;-)

 Agreed ;-)

@upen You say "FHA can be used by anyone." If someone makes $500,000 per year can they use FHA? If someone wants to buy a $500,000 house can they use FHA? If someone has a credit score of 440 can they use FHA?

Imprecise language in lending causes a LOT of wrong thinking by Investors, newbies and potential purchasing public. It's very important to be precise and accurate in BP (unless you are simply stating your opinion, then at least mention that it is your opinion) 

@Paul Defngin @Brent Coombs @Upen Patel

Sorry, guys, guess we should read the guidelines instead of offering opinions: This is directly from the guidelines: 

https://www.fha.com/fha_article?id=539

"The FHA single family home loan program generally permit FHA loans only for owner-occupiers, so the short answer is "just one" in most cases. The rules for these circumstances are found in HUD 4155.1 Chapter Four Section B, which directly addresses the “owner-occupier” requirement. According to Chapter Four:

"At least one borrower must occupy the property and sign the security instrument and the mortgage note in order for the property to be considered owner-occupied."

But the FHA doesn't stop there. It also adds, “FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower’s principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year."

end of Quote from HUD (go to the link provided to see other requirements)

Memorandum:

I stand corrected on one item though, they (FHA) OFFERs a first time home buyer program (which is how I sell my properties sometimes) The requirements are as I previously stated though.

@Michael Merrill What are the numbers? What is the value of the house? How much to pay off the bank? How much is Just the arrears? Why isn't it in probate? Which bank? Is it occupied? Does it need extensive repairs? Was it a reverse mortgage? Are the taxes current? Are there any other heirs? Are there any other liens against the property?  Has a court awarded her ownership?

I don't need the actual address but it's tough to figure out unless you know what you're dealing with. Email me the specifics. Ken

@Stanley Parsley I like your "honesty is always the best policy" 

Bravo.

@Brent Coombs Hi Brent, with all due respect, a Licensed Mortgage Broker has more credence on FHA lending than a guy who says "Nope." when ask if he is such. and as I quote what I said

"You would have to talk to a mortgage broker in your area for a final decision." 

is still sage advice. ;-)

When you give advice that is "unfounded opinion" you lose credibility on ALL "advice" you give.

@Eric Smith @Breeona W. @Ehab Tadrous @Hemanth Grandhige @Anmmar Alsaggaf @Paulette Hewitt

 My letter made me a Million Dollars. 

I Titled it "7 ways To Avoid Foreclosure" with me buying the property as option 3 so I didn't look too self serving. I used legal size double window envelopes at $50 per 500 and had the message show through in the top window. I sorted the database for the zips I wanted and I mail merged the names and addresses. 

The letter was one side of one page printed on 24# paper printed and tri-folded at Staples so the address showed out the window when inserted. I mailed on mondays so they got it on wednesday or thursday so it didn't compete with the thick monday's mail. I put a 1st class stamp on the envelope. I sent out about 500 every week. Yep. It cost me about $1 per mailer. So, I spent about $500 per week advertising. My wife and I would watch "Flip this House" while we stuffed and sealed and stamped. I was one of the highest users of services at Staples and I have a platinum discount. I had my cell phone number on the insert and picked up the phone every time it range regardless if it was 7:00am or 10:00pm

I would ask "which item number do you have an interest in?" and direct them in that solution. Obviously, if they said #3 I would schedule a meeting at the house with all owners of title present.

If they said any other item number, I would advise them of those options as best as suited their situation and I would tell them that if they needed help, let me know or if they decided to sell, give me a call. I treated them fairly and with respect and I made a million, literally.

Sometimes I was able to help them keep their house without costing them a dime. Sometimes I would get a call back a year later from them wanting to sell their house to me. I got lots of business. But always, I was respectful of them and of a tough situation, offering honest solutions and we both benefited.

I now do "Subject To" instead, with Joint Investors, because it is far less risky, it is more profitable, less work and a much faster way to wealth with a $25,000 investment instead of the $200,000 and $300,000 I had to use in the market I was in.

If you choose to do Foreclosures, my method works great, but find out if it is even still legal since the changes of 2011, and 2016. In some locations, it will now get you a visit from the AG's office. Make SURE it is okay in your jurisdiction. 

If it isn't okay and you want to move onto less risky "Subject To" and make some real  money, email me. My profile has my email address. 

Ken

@Anmmar Alsaggaf

@Brent Coombs Hi Brent, are you a licensed mortgage broker?

@Shiloh Lundahl What program runs $75,000 so we can avoid it?