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Message From The InstructorThis workshop will teach you secrets the lenders do not want you to know. You will learn your options, timelines and strategies to navigating a potential foreclosure and become educated on the foreclosure process and timelines. Learn how to stop foreclsoure trashing your credit. Learn the best ways to deal with you lender when facing a foreclosure. Learn about mortgage modifications, forbearances, and repayment plans. You will also get a free “Power Consumer Protection Disk” that is jam packed with forms and information on completing a loan modification and workouts, executing a short sale, names and addresses of lenders loss mitigation departments, pertinent legal information detailing your rights, credit restoration letters and forms, government resources and much, much more.
Real Estate Market Conditions Ending 2011 and Beyond
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As we enter 2012 what’s our assessment on the Real Estate Market ending 2011 and what can we look forward to in 2012.
10 Good Reasons Lenders Should Say No to Priority Losses
By · Comments10 Good Reasons Lenders Should Say No to Priority Losses
1. Goodwill
If you permit the borrower to start construction before your deed of trust is recorded you are relying on the borrower’s ability to get the title company to accept an indemnity to issue its policy without exception to possible mechanics’ liens. The title company may not accept the indemnity. If the indemnity is refused you cannot fund the loan and that will create a loss of goodwill with the borrower.
2. Added Costs
Even if the title company issues its policy the lender may face added costs when mechanic’ liens are recorded. Your staff, particularly the senior management and legal department, will spend additional hours on settlement negotiations and legal actions.
3. Closing Delays
The inspection for priority of a deed of trust is not made until the recording is anticipated. When the title company inspection reveals construction has started, closing is delayed while the title company gathers the facts if needs to evaluate the acceptability of the risk created by the start of construction prior to recordation of the deed of trust.
4. Litigation Delays
In the event mechanics’ liens are recorded, a sale of your loan or its payoff may be delayed. The title company may decide to challenge the validity of the liens. While the needed litigation proceeds you may incur months or years of delay in selling your loan or having it paid off. You do not have the control you would have when prior recordation is achieved.
5. Loss of Take-out Lender
A take-out lender may not purchase your loan or make a new loan in the face of recorded liens even if the title company insures against loss or damage because of enforcement of the liens. By law, many lenders must have a first lien position, and special insurance by the title insurer does not meet those legal requirements.
6. Marketability of Title
A buyer may decline to buy the completed work of improvement of any mechanics’ liens are recorded. This could result in your funds being tied up longer than expected resulting in a loss of earnings.
7. Adverse Publicity
In the event of legal action the lender’s name is used in the suit, not the title company’s. Such adverse publicity is not needed.
8. Bankruptcy Delays
To forestall foreclosure of a mechanics’ lien the borrower may file bankruptcy. In that event your funds are tied up for periods of time far in excess of those contemplated when the loan fees were charged.
9. Foreclosure Problems
The foreclosure of a deed of trust recorded prior to the start of construction generally extinguishes mechanics’ liens. Such is not the case if construction starts before recordation of your deed of trust.
If the deed of trust is recorded after the construction commences all lien claimants’ interests may be superior to the deed of trust. This is true even if the lien claimant started work after the deed of trust has been recorded. All lien claimants’ rights begin at the same time, that is, at the time the first work is started on the project.
10. You do NOT have the control you would have when prior recordation is achieved.
Prevent Problems. While no one makes a construction loan expecting problems, we must recognize that problem projects do arise. The best way to avoid problems is to anticipate them. Insist on prior recordation of the construction loan. Remember, a deed of trust recorded before the start of construction and before materials are furnished is prior to the claims of any mechanics’ liens.
Have a great weekend!
Angie Paratore Commerce Title Company 5750 Sunrise Blvd. #220 Citrus Heights, Ca 95610 phone: 863.1791 fax: 863.3296 cell: 847.9211 angie.paratore@titlemail.com
Real-estate market is competitive. With the recent downfall in the economy, an increase in the number of houses and properties up for sale was witnessed by the country. But the economy is starting to recover. According to the 2009 Mortgage Choice First Home buyers survey, the number of people who are in the position to purchase new homes has increased in 19%.
If you have decided to put your house on sale in Sacramento, then Read More→
Sacramento Home Selling Guide
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Selling home right now can be done by anyone. Support with much information that can be found through the Internet, one person can sell his or her home either by a real estate agents or selling the home by himself or herself. Whether you are selling your home in Sacramento or elsewhere the high technology that you can find anywhere can be a tool for you to sell your home fast and at a reasonable price, etc.
But, whether you want to buy with agents or by yourself, you need some guides in selling home. There are steps in selling your home. Those guides really help you. Never under estimate them because they have lots of impact in your selling home performance.
These are some quick guidance to sell your home: Read More→
What Lenders Won’t Say In Today’s Financing Market
By · CommentsCreative Financing Secrets CLICK HERE!
By: Scott Short
Words to the Wise…
Another question you need to add to your buyer’s interview; “Have you modified your current home loan?” If your client’s answer is Yes, most lenders will consider this action the same as a foreclosure.
Depending on the loan type, (refer back to my prior articles on waiting periods) your client will have to wait. (You “may” have some latitude if the client’s lender solicited them for a loan modification and not the other way around.) – and you thought “Buy- n- Bail” issues was all you had to be concerned about.
Did you Read More→
Finding Home Loans After Foreclosure and Bankruptcy
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Foreclosure Defense Secrets – CLICK HERE!
You may think it is impossible to get home loans after foreclosure and/or bankruptcy, and those two big financial pitfalls can indeed be difficult to climb out of. However, it is still possible to get home loans after foreclosure and bankruptcy. Lenders will not loan funds too soon after you file bankruptcy or lose your home to foreclosure, but after a certain amount of time, you will probably be able to get a loan again.
The bankruptcy laws in the United States recently underwent radical changes; in 2005, the new laws went into effect. Those new regulations made it much more difficult for Read More→
How To Avoid Your Home Foreclosure
By · CommentsForeclosure Defense Secrets – CLICK HERE!
In these tough economic times, more Americans than ever are finding it difficult to pay the home loan notes they signed several years ago, or even more recently. The housing seller’s market a few years back gave buyers an ever-increasing confidence in buying real estate as an investment. They watched the price of houses skyrocket and Read More→
Top Six Reasons Mortgage Applications Are Rejected
By · CommentsGet Everything About Your Credit Here
Half of refinance applications are abandoned or rejected, as are 30 percent of purchase mortgage applications, according to the Mortgage Bankers Association. All told, the Federal Financial Institutions Examination Council (FFIEC) says that well over 2 million mortgage applications were rejected last year.
Want to avoid falling Read More→








