MY BLOG HAS BEEN MOVED TO THE FOLLOWING
http://www.realestateinvestingbrains.com
Friday, February 26, 2010
Tuesday, December 15, 2009
Wells Fargo Approval with no 30 Day Flip Clause on it
So I got a Wells Fargo approval today and it didn't have the usualy 30 day no flip clause on it. I did an experiment on this file and this is what I did differently.
1. Made the offer under a personal name.
2. Used the TREC contract and popped an addendum with the terms that I needed. The TREC contract is the regular purchase and sales contract used by the realtors in Texas.
See if this works for anyone reading it. The only issue may be getting funding under a personal name if you're using transactional funding.
If you know anyone who needs to sell their house due to foreclosure in Bexar Couty, San Antonio, TX, refer them to http://www.stopforeclosuresanantonio.net.
Your short sale expert,
Emilio Kim
1. Made the offer under a personal name.
2. Used the TREC contract and popped an addendum with the terms that I needed. The TREC contract is the regular purchase and sales contract used by the realtors in Texas.
See if this works for anyone reading it. The only issue may be getting funding under a personal name if you're using transactional funding.
If you know anyone who needs to sell their house due to foreclosure in Bexar Couty, San Antonio, TX, refer them to http://www.stopforeclosuresanantonio.net.
Your short sale expert,
Emilio Kim
Sunday, April 5, 2009
Key Questions to Ask the Loss Mitigator When starting Loss Mitigation
When you're working on a short sale, you should submit the ATR to the bank. The bank then assigns that short sale to a loss mitigator. I have come up with a few key questions to ask the bank before on your initial conversation with the bank.
1. Is there an auction date set?
2. Do you already have an appraisal and what did it come in at?
3. What type of loan is it or who owns the loan ?( FHA, Fannie, Freddie, VA)
4. Is there PMI on the loan and what's the coverage ratio?
5. Who is the boss? Who is the decision maker?
I hope these questions help.
If anyone reading this is behind on payments, please go to www.sellpreforeclosurehouse.com and dowload a free brochure on what options you may have when facing foreclosure.
Emilio Kim
sushimellow@gmail.com
1. Is there an auction date set?
2. Do you already have an appraisal and what did it come in at?
3. What type of loan is it or who owns the loan ?( FHA, Fannie, Freddie, VA)
4. Is there PMI on the loan and what's the coverage ratio?
5. Who is the boss? Who is the decision maker?
I hope these questions help.
If anyone reading this is behind on payments, please go to www.sellpreforeclosurehouse.com and dowload a free brochure on what options you may have when facing foreclosure.
Emilio Kim
sushimellow@gmail.com
Saturday, April 4, 2009
Liars!!!!!
Loss mitigators lie!!!! I was working on a short sale. I had my BPO agent meet the agent doing the BPO for the bank and they got to talking. She flat out told my BPO agent that the BPO was going to come in at $47,500. The loss mitigator keeps telling my loss mitigator that the BPO came in at $57,500. I called the BPO agent to ask her again, and she said $47,500. Be aware!!! Loss mitigators lie about the BPO price!!!!!
Thursday, February 26, 2009
Recording the Notice of the option contract
If you're using the option contract in your short sales, you should always record the notice of the option contract. Why? To satisfy seasoning issues with some lenders, however, mainly to cloud the title and let the whole world know " hey, I have an option contract on this property and I plan on marketing the deal because I have equitable interest".
First, you must get the Notice of the Option contract notarized before recording it. This can be done anywhere. I prefer to meet at my title company because they have a notary there. Also, they can record my notice there. This save me from going to the court house in down town. Mainly, you'll have to record this notice at the court house, however, some title companies will do it for you.
Here's a tip. In Bexar County, San Antonio, I pay $12 per page. Try to edit your notice so that only 1 page gets recorded. You can save some money in the long run that way.
If you know anyone facing foreclosure and would like to help them, have them go to my website http://SellPreForeclosureHouse.com and download a free PDF document on how they can stop foreclosure. If they would like to speak to someone directly, have them call me at 210-625-0835. My name is Emilio Kim, your local foreclosure specialist.
First, you must get the Notice of the Option contract notarized before recording it. This can be done anywhere. I prefer to meet at my title company because they have a notary there. Also, they can record my notice there. This save me from going to the court house in down town. Mainly, you'll have to record this notice at the court house, however, some title companies will do it for you.
Here's a tip. In Bexar County, San Antonio, I pay $12 per page. Try to edit your notice so that only 1 page gets recorded. You can save some money in the long run that way.
If you know anyone facing foreclosure and would like to help them, have them go to my website http://SellPreForeclosureHouse.com and download a free PDF document on how they can stop foreclosure. If they would like to speak to someone directly, have them call me at 210-625-0835. My name is Emilio Kim, your local foreclosure specialist.
Monday, February 9, 2009
Typical action by homeowners facing foreclosure
You've Realized the American Dream of Owning a Home but Find Yourself in Default.
No homeowner ever intends to miss mortgage payments. Life, as most have learned, has the tendency to throw us a curve when we least expect it. Job loss, death or divorce can quickly throw our life and finances into chaos. Homeowners in San Antonio can’t always prevent defaulting on their payments. What’s important is how a homeowner reacts to their predicament.
Inaction is the choice some homeowners make. They may choose to deny the fact their Bexar County home could be lost and respond by doing nothing. Some will agree the default is a problem, but they don’t act to resolve the issue. If they do finally decide to act, it may be too late to avoid losing the property.
Overreaction is another choice some homeowners make. They assume missed mortgage payments revoke their rights to own a home and look for a quick way out of the situation. These homeowners, because they didn't look at their options, are the ideal prey for scam artists ready to take advantage of their response to the mortgage default.
Human beings are hard-wired to their emotions and both of these responses are examples of natural human reactions to a looming foreclosure in Bexar County. Understandably neither of these responses is ideal or helpful to San Antonio homeowners in default. Ideally, homeowners should adopt a measured response taking into consideration all the options available and act decisively to prevent home foreclosure throughout Whatcom County.
Here are a few sensible guidelines for stopping foreclosure.
Pick up the phone and contact your lender.
Once the due date for your mortgage payment has come and gone, it’s only a matter of time before your lender knows you’re in default. Act preemptively and call them right away. Leaving it up to them may leave you waiting for several months at which time it becomes much harder to resolve the situation.
When you contact the lender, be honest and to the point about your situation. Ask what suggestions they have. Lenders can usually provide solid advice as they deal with defaulted customers every day. Not wanting to take the house back, most lenders aren’t eager to spend their money and time to foreclose on a defaulted loan, so they’re open to other alternatives.
If you do manage to reach an agreement with the lender ask that they provide it in writing so that you’re protected if they don’t live up to their end of the agreement. Before you sign anything, have it reviewed by a real estate attorney or local HUD approved housing counseling agency.
Be cognizant of deadlines.
The lender will take the necessary steps to schedule a public foreclosure auction of your Bexar County property if you haven't worked out a plan of resolution. It is crucial to find out exactly how much time you have before your home will be auctioned at the Bexar County courthouse.
Consider your alternatives.
Although the options are limited, San Antonio homeowners in default have several viable options to stop the foreclosure process. Not all of these options will work for every homeowner, but all homeowners should consider the advantages and disadvantages of each option and determine which is best for them.
Restructure the loan payments
Refinance your home loan
Sell your home
Deed in lieu of foreclosure
Bankruptcy
You can be creative when working out options with the lender. Again, keep in mind they really want you to keep the home and save themselves all the trouble of taking it back and reselling it. Stopping foreclosure in San Antonio does not have to be an overwhelming experience. Act fast, act smart, and with a little bit of luck you may come out ahead in the end. If you would like to speak to an expert on how to stop foreclosure, go to http://www.SellPreforeclosureHouse.com and fill out your information to have a specialist call you or call me directly at 210-625-0835. You can also email me, Emilio Kim, at sushimellow@gmail.com.
No homeowner ever intends to miss mortgage payments. Life, as most have learned, has the tendency to throw us a curve when we least expect it. Job loss, death or divorce can quickly throw our life and finances into chaos. Homeowners in San Antonio can’t always prevent defaulting on their payments. What’s important is how a homeowner reacts to their predicament.
Inaction is the choice some homeowners make. They may choose to deny the fact their Bexar County home could be lost and respond by doing nothing. Some will agree the default is a problem, but they don’t act to resolve the issue. If they do finally decide to act, it may be too late to avoid losing the property.
Overreaction is another choice some homeowners make. They assume missed mortgage payments revoke their rights to own a home and look for a quick way out of the situation. These homeowners, because they didn't look at their options, are the ideal prey for scam artists ready to take advantage of their response to the mortgage default.
Human beings are hard-wired to their emotions and both of these responses are examples of natural human reactions to a looming foreclosure in Bexar County. Understandably neither of these responses is ideal or helpful to San Antonio homeowners in default. Ideally, homeowners should adopt a measured response taking into consideration all the options available and act decisively to prevent home foreclosure throughout Whatcom County.
Here are a few sensible guidelines for stopping foreclosure.
Pick up the phone and contact your lender.
Once the due date for your mortgage payment has come and gone, it’s only a matter of time before your lender knows you’re in default. Act preemptively and call them right away. Leaving it up to them may leave you waiting for several months at which time it becomes much harder to resolve the situation.
When you contact the lender, be honest and to the point about your situation. Ask what suggestions they have. Lenders can usually provide solid advice as they deal with defaulted customers every day. Not wanting to take the house back, most lenders aren’t eager to spend their money and time to foreclose on a defaulted loan, so they’re open to other alternatives.
If you do manage to reach an agreement with the lender ask that they provide it in writing so that you’re protected if they don’t live up to their end of the agreement. Before you sign anything, have it reviewed by a real estate attorney or local HUD approved housing counseling agency.
Be cognizant of deadlines.
The lender will take the necessary steps to schedule a public foreclosure auction of your Bexar County property if you haven't worked out a plan of resolution. It is crucial to find out exactly how much time you have before your home will be auctioned at the Bexar County courthouse.
Consider your alternatives.
Although the options are limited, San Antonio homeowners in default have several viable options to stop the foreclosure process. Not all of these options will work for every homeowner, but all homeowners should consider the advantages and disadvantages of each option and determine which is best for them.
Restructure the loan payments
Refinance your home loan
Sell your home
Deed in lieu of foreclosure
Bankruptcy
You can be creative when working out options with the lender. Again, keep in mind they really want you to keep the home and save themselves all the trouble of taking it back and reselling it. Stopping foreclosure in San Antonio does not have to be an overwhelming experience. Act fast, act smart, and with a little bit of luck you may come out ahead in the end. If you would like to speak to an expert on how to stop foreclosure, go to http://www.SellPreforeclosureHouse.com and fill out your information to have a specialist call you or call me directly at 210-625-0835. You can also email me, Emilio Kim, at sushimellow@gmail.com.
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