Here are some government and bank REO websites:

http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

http://www.bankrepobustours.com/BankREOs.php – this is my other website.

Enjoy,

Angella

The new Obama Foreclosure Prevention Program is supposed to save a small number of homes, in five hardest hit states,  from going into a foreclosure?  How many homes?  At $100,000 per family, the plan is only going to help 15,000 families.   Why are we stretching this out?  Just let the economy recover on it’s own, as it always had, and things will be back to normal!  See article below. Sorry if you’re a Democrat and disagree, but we’re just throwing good money after the bad, AGAIN…

Take care everyone,

Angella

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LAS VEGAS — President Obama unveiled a $1.5 billion program to aid the states hardest hit by the foreclosure crisis, a small but targeted effort to address a housing problem that continues to resist government solutions.

Loan Mortgage Modifications More Successful Lately -

As of last month, Bank of America Corp. had completed loan mortgage modifications for just over 5 percent of the roughly 240,000 borrowers who started the process. JPMorgan Chase & Co. and Citigroup Inc. were also below 10 percent.

The government “massively overestimated the ability of the mortgage industry to roll out a new program with a lot of paperwork,” said Thomas Lawler, an independent housing economist in Virginia.

By contrast, companies that are trying to process tens of thousands — rather than hundreds of thousands — of loans are faring better. Ocwen Financial Corp. had completed loan mortgage modifications for nearly half of the 14,000 borrowers it signed up. GMAC Mortgage completed the process for a third.

For a complete article, click here.

Financial questions to ask before you get married – a great article:

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All over the country on Valentine’s Day, men were down on bended knee proposing marriage. They spoke of love and affection and devotion. Few, however, mentioned what really matters: money.

Crass, maybe. But true nonetheless.

When you think about it, couples don’t fight over love. They fight over money. They fight because one person didn’t balance the checkbook or made a bone-headed investment without consulting the other. They fight because one partner exerts dictatorial control over the money, or because one has secretly amassed thousands of dollars in debt on a credit card, imperiling the couple’s finances.

Whether the issues are big or small, money will prove a powerful force impacting your marriage — sometimes overtly in the form of routine arguments; sometimes quietly as animosities seethe beneath the surface for years, only to explode into a potentially marriage-ending supernova.

What couples don’t always grasp is that money is rarely the real culprit. It’s the lack of communication, often stemming from a lack of knowledge about each other’s personal financial quirks and beliefs.

So, some time between “Yes, I will marry you,” and “I do,” you and your partner need to have The Money Talk — the key questions all couples should ask of one another.

Here are four of the more important questions to ask each other, since they provide insight and information on how money will flow through your marriage.

1. What Are Your Assets and Liabilities?

This question is paramount because assets and liabilities are the basic building blocks of the financial life you’ll live together. Assets (banks accounts, investments, retirement plans and a house) help you strive for the life you want. The liabilities (a mortgage, credit-card debt, auto loans and leases) will hold you back.

Your goal is to pinpoint where you are financially as a couple so that you can map out where you want to go together. That could mean determining how much you want to save each month for retirement, or how much you want to put into an account for a new house, a new car or an annual vacation.

It also could mean talking about how you each use debt and the amount of debt you each have — and mapping out a plan to pay off as quickly as possible the combined debt you will have as a family.

The best way to approach this: Present each other with a copy of your net-worth statement, a simple list of all your assets and liabilities. And voice no judgments. Mocking a partner’s choices will simply lead to future silence.

2. What Is Your Money History?

What you experienced financially as a child — how your parents managed their bills, how they talked or yelled about money, what they taught you about saving and spending — has shaped who you are today.

Problems arise in marriage because partners don’t always see money from the same perspective. You might abhor debt for anything other than a mortgage, yet your spouse-to-be thinks nothing of putting lunch, groceries and the afternoon Slurpee on a credit card, and then paying the minimum each month and allowing the balance to roll over.

In talking to one another about how you each see money, you will begin to understand one another’s money habits. That, in turn, will help you find a common approach for managing money successfully as a couple.

Neither of you will — nor should — get your way completely. Marriage is about compromise. A better understanding early on of how you each see and use money will give you the tools to find a middle ground you’re each happy with when financial discord arises.

3. How Should We Divide Financial Duties?

In many marriages, one partner exerts financial dominance over the other, leaving the silenced partner anxious and angry. Other times, one partner shirks financial duties because of disinterest, leaving the other to shoulder the burden. Neither is fair.

Couples should determine how to divvy up the various financial obligations that exist. Maybe one takes charge of investing and the other balances the checkbook. Play to each other’s strengths. If you’re good at challenging bureaucracy, maybe you agree to handle the insurance companies and the medical bills.

The point is that you both have an obligation to the family’s financial well-being, and both spouses need to be aware of the household’s financial situation.

If one partner wants to opt out of the daily financial minutiae, that’s fine, so long as the other spouse is OK with handling the full obligation. But even then, you need to remain aware of what’s going on with the finances so there are no unsavory surprises.

4. Do We Combine Accounts or Operate Individually?

This is a divisive issue. Many financial pros argue that operating from individual accounts helps maintain marital peace. Since neither partner knows what happens in the other’s account, there’s no bickering.

Maybe. But it’s far from perfect. Resentments can emerge if one partner is better at saving and always has money for larger, more meaningful purchases. Moreover, individual accounts mask the family’s true financial position, which can hamper the main purpose of marriage: operating as a team.

If neither of you know how much money is really flowing through the individual accounts, nor how much is being saved and invested, then it’s impossible to plan a future together.

That doesn’t mean individual accounts can’t work. They can. But they require a large degree of openness so that you can both work toward common goals.

Ultimately, all of these questions are about one thing: communication. Learn to talk about money early and often, and you can mitigate the financial tensions that are normal in all marriages.

by Jeff D. Opdyke of Wall Street Journal

30-Minute Conversations to Real Estate Success – Another great article for beginner real estate investors.  Enjoy!  Angella

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You’ve probably heard that one of the fastest ways to get what you want is to surround yourself with people who already have it.

I’m a firm believer in this, and frankly its something I’m still working to do more of.   Whether you’re a novice or an experienced investor, the advice is solid. It’s simply hard to be unsuccessful when you are spending significant time with successful people.

Everyone has their own personal definition of what success looks like, but for the purposes of this post, I’m referring to success in the specific area of real estate investing.  To begin spending more time with successful people, I’d like to encourage you to find three real estate investors who have already reached the success you’re striving for and simply ask them if they would be willing to spend 30 minutes with you to answer a few of your burning questions and discuss their success in real estate investing.

You may have to conduct the conversation over phone, however you may be able to secure an in-person meeting over coffee or lunch (compliments of you, of course but it will be worth every penny spent).  Don’t be timid about reaching out to the investors — if you ask not, you have not.  I’ve found that people are often (but certainly not always) willing and happy to share their stories and lessons learned. Be humble yet direct about your desire to speak with them.

“Quality questions create a quality life.  Successful people ask better questions, and as a result, they get better answers.”
Anthony “Tony” Robbins, entrepreneur, motivator and advisor to leaders across the globe

You want to respect the investors time and also maximize the opportunity, so be sure to know the questions you want to ask ahead of time.  Here are a number of questions you may want to consider, and I’m certain that you’ll come up with some better ones:

1. What were the biggest challenges you faced when you first started investing in real estate?
2. How did you work through these challenges?
3. What are some of the biggest mistakes you’ve made or seen others make in real estate investing?
4. Can you tell me about the most challenging real estate transaction that you ever completed?
5. What are your fundamental principles for real estate investing success?
6. How important is ongoing education in topics of business, investing, and real estate strategies to you?
7. What is the single most powerful piece of advice you have ever received when it comes to real estate investing?
8. Do you have any mentors? In what areas of your personal and/or financial growth have your mentors been helpful to you?

What’s great about this exercise is that not only do you learn from those 30 minute conversations, but you also have the opportunity to expand your network. What other questions do you think would be good to ask?  Remember – when you ask better questions, you get better answers!

Please share your thoughts in the comments.

Note from the Editor: I thought we’d remind any readers that we regularly conduct interviews with real estate investors that you can find at: Meet the Investor. It’ll give you a feel for the info you might get from interviewing people as Shae suggests.

Click here to view the embedded video.

tax audit

More than 1.4 million Americans were audited last year, the most in a decade. Even more audits are expected as the Obama administration plans to spend $8.2 billion in tax enforcement initiatives in 2011, a nearly 10% increase over last year.

Being meticulous with your tax return may seem obvious, but many people aren’t careful enough. And with the IRS seeking to collect every penny it can this year, you could end up paying for even the smallest mistakes.

While the IRS doesn’t reveal its secret formula for flagging returns, here are some tips to avoid popping up on the auditor’s radar.

Self-employed? Prove it’s legit

With a record-high jobless rate, many Americans have turned to self employment, making the IRS increasingly skeptical of the legitimacy of home-based businesses, said Robert Willens, a professor of taxation at Columbia Business School and president of Robert Willens LLC, a tax consulting firm.

More people are trying to turn hobbies into businesses in order to bring in a little extra money, but this won’t fool the IRS. In order to prove your business is legit, you need to keep consistent and accurate records of income and expenses, said Willens.

To be even safer, he suggests maintaining a separate bank account for the business, registering the business with the proper authorities and hiring an attorney and a good tax accountant.

An activity is considered a for-profit business if the gross income for any three of the most recent five years exceeds the deductions taken for the activity. If the IRS determines that a business is not engaged in for-profit, you won’t be allowed to take deductions of more than the gross income from that activity, said Willens.

High expenses of self-employed individuals will also provoke suspicion from the auditor, who will look closely at travel, entertainment and automobile expenses relative to an individual’s income.

Overseas bank accounts? ‘Fess up

As the government cracks down on offshore bank accounts, deposits abroad are likely to catch an auditor’s eye this year.

While the IRS will spend most of its resources going after people with the largest deposits, all taxpayers with foreign accounts should take precaution and comply with the rules in order to avoid huge penalties, said Maureen McGetrick, a tax partner with BDO Seidman.

“Foreign bank accounts have been all over the press lately — it’s definitely a big thing this year,” said McGetrick.

“People need to make sure they indicate on their tax returns if they have one, and make sure they include any interest income from that bank account on their returns,” McGetrick says. If you’re required to file a U.S. tax return, you must report foreign bank deposits that exceed $10,000 at any point during the year on form 90-22.1.

Selling stocks? Careful with your cost basis

Remember those stocks your grandmother gave you in 1987? If you sell them, you will need to track down the original purchase price, no matter how far back the transaction was. Reporting an unreasonable stock value on your return can easily trigger a double-take from the IRS.

Knowing the date a stock was purchased is crucial since it determines the cost basis — the cost of the original purchase including commissions and adjustments like stock splits — and ultimately tells the IRS how much profit you made when you sold it.

“A lot of people, when they sell a stock, particularly if they aren’t regular traders or active investors, won’t know the basis of the stock,” said Willens. “Maybe it was received as a gift or they bought it a long time ago, so they’ll make it up.”

But think twice before guessing the original value. It’s important to determine the actual purchase price, whether it means verifying with your broker, hiring an accountant or calling up your Aunt Sally.

Making a donation? Get a receipt

Declaring unusually large charitable donations as deductions on your tax returns is another danger zone — especially if the amount donated is high relative to your income.

The IRS seems to be stepping up its investigations of both cash and non-cash donations this year, according to David Sands, a tax partner at Buchbinder, Tunick and Co.

But determining the value of non-cash items such as artwork, cars, clothing and furniture can be difficult. For smaller items, you’ll need to assess the value yourself, usually based on resale value at the time of donation. For most items valued over $500, the IRS will require a qualified appraisal.

Make sure you have the receipt when taking a charitable deduction, and for any donation of more than $250, be sure to get a letter from that charitable organization.

High earner? Hire a pro

Because high earners have more income and more deductions on their returns, such as businesses, second homes, stock transactions and charitable contributions, the chances of miscalculation or inflation are much greater. The more money a person makes, the more valuable those errors becomes to the IRS.

“The IRS looks more closely at high earners because their financial lives are more complicated than those of lower earners,” said Willens. And such complications can often lead to mistakes — some intentional — that the IRS will take as an invitation to dig deeper.

Willens estimates that those making more than $200,000 a year are 50% more likely to be audited than those making less.

And those chances increase with income. The IRS reported that audits of individuals earning more than $200,000 jumped 11% in 2009, and audits of those making more than $1 million surged nearly 30% last year from 2008.

Wealthy taxpayers should triple-check everything and be mindful of careless omissions and inaccurate numbers, especially when reporting items that the IRS receives copies of as well, such as dividends. Hiring an accountant can be a smart move. The more complicated a tax return, the more cost-effective hiring professional help becomes, said Willens.

By Blake Ellis, CNN Money staff reporter , On Wednesday February 17, 2010, 11:27 am EST. For the original article, click here: http://finance.yahoo.com/news/A-guide-avoid-an-IRS-tax-cnnm-837338815.html?x=0&.v=2

Foreclosures down in January, but expect a surge later this year, especially after the First-Time Home Buyer Tax Credit expires in April.

Among states, Nevada posted the nation’s highest foreclosure rate, followed by Arizona, California, Florida and Utah. Rounding out the top 10 were Idaho, Michigan, Illinois, Oregon and Georgia.

The metro area with the highest foreclosure rate in January was Las Vegas, with one in every 82 homes receiving a foreclosure filing. It was followed by Phoenix and the California cities of Modesto, Stockton, and Riverside-San Bernardino-Ontario.

Click here for a complete article, expect a LOT more foreclosures.   I can’t wait!

How to Organize Bills – a great article on doing it by mail or electronically.  When I was doing them by mail, I used a 4 file system, similar to the four “D” system described in the article.  My file had 4 slots:  To Toss, To File, To Do, & To Pay.  Once I had all of my mail sorted, it was easy to do what’s important.  The article does have some great tips about dating the bill envelopes, etc.   Personally, all of my bills & mortgages are paid automatically, so I don’t even when exactly they’re due.   Read on…   For a link to the original article click here.

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Paying bills can sometimes feel like fighting a never-ending battle. Every time you get one in the mail, it’s a reminder of the fact that even after you pay, 30 days later another will come. To make matters worse, bills often get mixed in with your junk mail or lost in the shuffle from your mailbox to the kitchen counter top. If you don’t have a good system in place for keeping your bills organized and paying them on time, it could cost you a lot of money in late fees. It might even hurt your credit score.

In theory, keeping your bills organized seems like an easy task. In reality, however, it often proves more difficult. There are a number of reasons why. For example, bills don’t all come at the same time. You might get your gas bill around the first of the month and your cable bill a week later. Similarly, the due dates are probably all different. Your rent or your mortgage payment is likely due on the 1st, but if you have a car payment, it may not be due until the 7th or later. On top of that, if you have roommates or a spouse who shares the responsibility of paying bills, things can get even more complicated.

However, organizing your bills doesn’t have to be difficult. There are several ways to manage them, whether you get bills in the mail or you do everything online. It might be as simple as making a trip to the local hardware store to pick up some bins to store your bills in or doing some research to find out what online bill payment options are available. In some cases, it might mean buying computer software that will keep track of everything for you.

The most important thing is to find a system that works for you [source: Weston]. Keep reading to learn about methods you can use to organize the bills you pay by mail.

Methods for Organizing Mailed Bills

Note about Taxes:  Taxing Records – Believe it or not, it’s a good idea to save your tax returns and all relevant backup documentation for seven years [source: Chatzky]. That’s how long the IRS has to audit you, and in the event that they do, you’ll need to have proof of everything you claimed. So make sure you have plenty of filing cabinet space.

Closing Escrow Smoothly - Here’s How It Should Go!

Closing costs –

There are various fees and costs required at the time the property closes.  Closing costs usually range from 2 percent to 6 percent of the sale price.  As you are planning out your offer, its important to distribute  your cash available for the transaction between the down payment and the closing costs (also note: if you are having a home inspection done, this expense is paid for by the buyer and will cost a few hundred dollars).  A part of the lending processes, you lender MUST provide you with a “Good Faith Estimate” which will breakdown all costs so that you know what to expect at closing.

Negotiate problems prior to closing-

It’s common for a problem to arise before closing. You want to address those issues as soon as possible so they are resolved prior to the day of closing.  For instance, if the seller had agreed to make a repair prior to closing, and the repair that has been done is not acceptable to you, discuss a solution prior to closing. This will give both parties time to analyze the options and come to a mutually acceptable resolution.

Close at the end of the month- When determining to closing date you request/accept in your offer, keep in mind how the closing date will affect your costs due at the closing table.  Upon closing, your lender will charge you prepaid interest for the date the loan is recorded through the end of that month.  So here’s a tip…schedule the closing for the latter part of the month and you will lower your closings costs by paying a lower amount of prepaid interest!

What you will get at the closing –

• Settlement Statement, HUD-1 Form (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing)
• Truth-in-Lending Statement
• Mortgage Note
• Mortgage or Deed of Trust
• Binding Sales Contract (prepared by the seller; your lawyer should review it)
• Keys to your new home

Here’s a great step-by-step article about Wholesaling Real Estate.    Click here for the link if you want to see the original article.

Enjoy,

Angella

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Step #1: Market for a Motivated Seller

Behind every great real estate deal is a motivated seller, and your job as a wholesaler is to get your marketing message in front of as many of those sellers as possible.  This can be done via direct mail, internet marketing, door knocking, bandit signs, or whichever marketing method best fits your time and budget constraints.  If you’re light on cash, there are still a number of ways to get the word out that you are a real estate problem solver- some of which I mention in this article.

Step #2: Negotiate a Great Deal

Now that your phone is ringing from the marketing you’ve been doing, it’s time to start talking to sellers and negotiating.  Being that you are the middle man (or woman) in the deal, you need to be sure to negotiate your price low enough to leave room for your wholesale fee, while still including enough profit to make the deal attractive to your end buyer.

Step #3: Put the Property Under Contract

Once you and the seller come to an agreement on price and terms, it’s time to write up a purchase and sale agreement that will need to be signed by both parties (you and the seller).  Once you have an executed contract, you will want to get a copy to your title company ASAP so they can begin title work.  Many times there are liens and/or judgments that pop up and can potentially kill your deal, so you want to check title right away to make sure there are no last minute surprises.

Step #4: Start Marketing for an End Buyer

Once you have the property under contract, you need to start marketing for an end buyer.  Call or email all of the investors on your buyers list and let them know about your new deal.  Put ads up on free online classified sites like Craigslist.org.  Place handwritten signs in and around the neighborhood where the property is located.  Attend any and all local REIA meetings and pass out fliers with info about your property.  Contact other wholesalers in your market and ask them if they know of any buyers who would be interested.  You want to do everything you can to get your deal in front of as many eyes as possible.

Step #5: Assign Purchase Contract to End Buyer and Collect a Deposit

Once you’ve found an end buyer and agreed on a purchase price, you will need to assign your contract over to them by executing an assignment of contract agreement.  An assignment agreement is a simple one page document (the one that I use is, anyway), which states that you are assigning your interest in the original purchase contract over to your end buyer for X amount (your assignment fee).  So, for example, if your original contract with the seller was for $100,000, and you found an end buyer for $110,000, you would fill out an assignment agreement stating that you were assigning all of your rights in the original contract over to your end buyer for the amount of $10,000.

Make sure to collect a deposit from your end buyer once the assignment agreement is executed (I always get $2,000), and then fax or email a copy of the agreement to your title company.

Step #6: Get Paid

Now the hard part is over and it’s time to get paid!

On the day of closing the seller and the end buyer will show up to sign all of the documents, and the end buyer will bring funds for the purchase of the property, plus your assignment fee.  Once everything has been signed and the money has been collected for the purchase, the title company will cut you a check for your fee.

Rinse and Repeat!

by Stephani Davis

Top 5 Credit Repair Experts on Twitter

From my friend’s blog Megan-McGinnis.com…   Great info, or check out our Credit Category on how to repair the credit yourself.  Take care, Angella

1. D Ruiz | ( ihavegoodcredit on Twitter ) Guru of Credit (26yrs!) Please read my FAVORITES. You found it, the REAL DEAL of credit repair, Author, Visionary, Father, Husband, Friend and Philanthropist

Followers: 19,012 Location: Las Vegas, NV

2. George T | ( George_Tr on Twitter )  #1 Focus: GOD and His Kingdom: http://Bible-Truths.com Personal Credit Repair, Real Estate Sales & Investing, Online Marketing, Consultant Commercial Loan Modification & Cost Segregation, Red Flag Compliance. http://www.1World4Biz.biz

Followers: 15,958 Location: Northern California

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Followers: 6,079 Location: Wisconsin

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Followers: 5,304 Location: Puerto Rico

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10 Steps To Success

1. Write a business plan to outline your path to success
2. Ensure that it includes SMART goals and SWOT analysis
3. Choose ONE or TWO acquisition and exit strategies
4. Become master of these strategies i.e. MASTER the BASICS
5. Avoid being sidetracked by any other opportunities
6. Thoroughly research any market before entering it
7. STAY FOCUSED on your plan and goals
8. Think LONG TERM
9. Expect set backs and learn from them how to strengthen your biz
10. Learn from Investors who are currently succeeding in your market

More Borrowers Pay Credit Cards Before Mortgages

It’s exactly the opposite of the norm. Usually cash-strapped Americans during tough economic times will miss credit card payments before they’ll miss mortgage payments.

Welcome to the new world order.

The percentage of borrowers who are delinquent on their mortgages but paying their credit card bills on time is growing, to 6.6 percent in the third quarter of 2009 from 4.9 percent in the same quarter of 2008, according to a new study by Chicago-based TransUnion. In an interview with Reuters, the author of the study, Sean Reardon, confirmed, “This goes against conventional wisdom and that has always been that, when faced with a financial crisis, consumers will pay their secured obligations first, specifically their mortgages.”

While concerning, I don’t find this surprising at all.

Today’s consumer is all about cash-flow, and that means keeping the credit cards current. A home is no longer the product it was even five years ago, no longer an emotional investment. For a growing number of borrowers, a home is now a financial investment plain and simple, and more and more often, a lost investment. I read an article a few years ago about how Americans’ attitudes toward their homes was changing, how twenty years ago losing your home was as big a social stigma as it was a hit to your credit rating, even more so. Not anymore.

Let’s face it: An awful lot of borrowers out there put nothing into their homes and therefore have neither a financial, nor, more profoundly an emotional nor social stake in the structure. Of course they’re going to pay off their credit cards first, because that has an immediate impact on what they can and cannot buy and do.

On top of that, most troubled borrowers have already figured out that there are so many forces in motion trying to save homes from foreclosure that they can easily miss one, two, five or six mortgage payments before even getting a call from the bank; then, they’ve got many more months of negotiations over modifications, short sale options, even the foreclosure process itself, insuring they will have a roof over their heads for a good long time.

I heard an interesting factoid at the American Securitization Forum conference in DC yesterday.

Home building Analyst Ivy Zelman said that in some Florida counties the courts are so backed up with foreclosures that it can take up to three years to get one home through the system.

That’s three years of living rent-free, which frees up plenty of cash to pay the Visa bill.

Questions? Comments? RealtyCheck@cnbc.com; article from Yahoo Finance

At the Transportation Security Laboratory, chemists, physicists and engineers dream up ways a weapon might be slipped onto a plane, then figure out how to stop it. It’s part science, part James Bond.

Reporting from Atlantic City, N.J. – Eight years after the Sept. 11 attacks, the front line in America’s war on terrorism runs through a little-known federal laboratory where engineer Nelson Carey holds what appears to be a bratwurst in a bun.

“This is a Semtex sausage,” said Carey, as he pinched the pink plastic explosive long favored by terrorist groups.

On his table lies a green Teletubby doll stuffed with C-4 military explosives, a leather sandal with a high-explosive shoe insert, an Entenmann’s cake covered in an explosive compound that looks like white frosting, and other deadly devices Carey and his colleagues have built. None have detonators, so they are safe.

“We let our imaginations go wild,” Carey said. “The types of improvised explosive devices are endless.”

So are possible solutions, at least in theory. That’s where the Transportation Security Laboratory comes in. Scientists here dream up ways an enemy might slip a weapon or a bomb onto a plane, and then try to build defenses to detect or counter the danger.

The work is part cutting-edge science, part Maxwell Smart.

Staffers have experimented by exploding more than 200 bombs on junked jetliners. They also have filled a warehouse with nearly 10,000 lost or abandoned suitcases and other packed luggage.

“We build bombs in them” and run them through airport-style screening machines, said Susan Hallowell, the lab director. If a bomb escapes detection, technicians try to figure out why and how to catch it next time. “We call it the art of bagology.”

Click here for the rest of the article:  http://www.latimes.com/news/nationworld/nation/la-na-bomb-lab12-2009oct12,0,1662647.story

Dunno, reminds me of an F-22 and an F-35 a lot… F-35 (JSF) video below, the article is about T-50.   Angella

MOSCOW – Russia’s first stealth fighter intended to match the latest U.S. design made its maiden flight Friday, boosting the country’s efforts to modernize its rusting Soviet-built arsenals and retain its lucrative export market.

The Sukhoi T-50’s flight comes nearly two decades after the first prototype of the U.S. F-22 Raptor took to the air, and Russian officials said it will take another five years for the new jet to enter service. Still, the flight marked a major step in Russia’s efforts to burnish the faded glory of its aviation industries and strengthen a beleaguered military.

The sleek twin-engined jet closely resembling the Raptor flew for 47-minutes from an airfield at Sukhoi’s production plant in the Far Eastern city of Komsomolsk-on-Amur on Friday. Development of the so-called fifth-generation fighter has been veiled in secrecy and no images of it had been released before the flight.

For the rest of the article, click on the following link:   http://news.yahoo.com/s/ap/20100129/ap_on_re_eu/eu_russia_stealth_fighter;_ylt=Aj_uG7sEJmTqxDjRPUQ1qpl0fNdF

Top Foreclosure Cities

Duuuuh…   Of course there’s a drop in the foreclosure filings – banks had a foreclosure moratorium over the holidays!

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Foreclosure plague: 2009’s 20 worst-hit cities

Cities in the so-called Sand States dominated the foreclosure rankings in 2009, with the 20 worst-hit metro areas residing in Nevada, Florida, California and Arizona.

Las Vegas had the largest number of foreclosure filings of any city last year, with 12% of its households receiving at least one during the year, according to RealtyTrac, the online marketer of foreclosed homes. That was more than five times the national average.

Cape Coral, Fla., was a close second with 11.9% of its households; Merced, Calif., was third with 10.1%.

The good news is that all top 20 cities recorded declines in foreclosure filings in the last three months of the year.

The bad news is that the foreclosure plague is spreading beyond these usual trouble spots, according to RealtyTrac’s CEO, James Saccacio. And, nationwide, foreclosures grew 21.2% during the year.

“Areas like Provo, Utah, Fayetteville, Ark., Portland, Ore., and Rockford, Ill., all posted foreclosure rates above the U.S. average in 2009,” he said. “And markets like Honolulu, Minneapolis and Seattle saw foreclosure activity increase at more than twice the national pace over the past 12 months.”

He added that the new foreclosure wave seems more grounded in traditional foreclosure causes, such as job losses, than those recorded in the Sand States, where they were much more “bubble related.”

In cities such as Las Vegas, Phoenix, Miami and Bakersfield, Calif., soaring home prices of the mid 2000s drove homebuyers to desperate measures, such as taking on hybrid adjustable rate mortgages, also called toxic ARMS. These products only remained affordable as long as home prices grew; once prices stopped rising, borrowers began to default.

New hotspots

Some cites that had escaped the worst of the default demon in prior years saw foreclosure filings — default notices, auction sales and bank repossessions — soar. The Gulfport area of Mississippi recorded a year-over-year spike of 784%. Houma, La., recorded a 379% gain, and Roanoke, Va., filings jumped 352%.

Despite the big increases, however, the foreclosure rates for those cities ranked in the bottom third of the nation. For example, Gulfport was number 180 out of 203 metro areas listed.

Filings in Boise, Idaho, on the other hand, grew 103% but that was enough to put it 24th among cites, the highest ranking of any place outside the Sand States.

In contrast to the boom areas, cities where home prices never soared have endured far fewer foreclosures. The lowest rate of filings for any of the cities covered in the RealtyTrac report were found in Burlington, Vt., and Utica, N.Y, each of which had a miniscule 0.05% filing rate.

The housing boom, with its annual double-digit price increases, mostly bypassed areas like those, enabling buyers to escape the necessity of stretching their incomes to cover high housing costs.

In Burlington, the median home price has stayed under $230,000, and median home prices in Utica have been very cheap, not more than $120,000 at any time.

For cities like that, few foreclosures are caused by mortgage related issues and, as long as the local economies don’t crash, defaults should remain well under national averages.

Original article: http://finance.yahoo.com/news/Foreclosure-plague-2009s-cnnm-3712029852.html;_ylt=AsIXx4_fQxUim.QaJ8b0jpF0fNdF?x=0&sec=topStories&pos=4&asset=&ccode=

Protecting Tenants at Foreclosure Act came into effect in May 2009, provides protection for tenants, including tenants in housing subsidized by Section 8, who are living in homes subject to foreclosure.

For a full description, go to – http://www.fdic.gov/news/news/financial/2009/fil09056.html

A modern day cowboy has spent many days crossing the Texas plains without water.

His horse has already died of thirst.

He’s crawling through the sand, certain that he has breathed his last breath, when all of a sudden he sees an object sticking out of the sand several yards ahead of him.

He crawls to the object, pulls it out of the sand and discovers what looks to be an old briefcase.

He opens it and out pops a genie. But this is no ordinary genie.

She is wearing a FEMA (Federal Emergency Management Agency) ID badge and a dull gray dress.

There’s a calculator in her pocketbook. She has a pencil tucked behind one ear. ‘Well, cowboy,’ says the genie….You know how I work….You have three wishes.’

‘I’m not falling for this.’ said the cowboy… ‘I’m not going to trust a FEMA genie.’

‘What do you have to lose? You’ve got no transportation and it looks like you’re a goner anyway!’

The cowboy thinks about this for a minute and decides that the genie is right.

‘OK!, I wish I were in a lush oasis with plenty of food and drink..’

***POOF***

The cowboy finds himself in the most beautiful oasis he has ever seen and he is surrounded with jugs of wine and platters of delicacies.

‘OK, cowpoke, what’s your second wish.’

‘My second wish is that I was rich beyond my wildest dreams.’

***POOF***

The cowboy finds himself surrounded by treasure chests filled with rare gold coins and precious gems.

‘OK, cowpuncher, you have just one more wish. Better make it a good one!’

After thinking for a few minutes, the cowboy says… ‘I wish that no matter where I go, beautiful women will want and need me.’

***POOF***

He was turned into a tampon.

Moral of the story:
If the government offers to help you, there’s going to be a string attached…

We’ve been talking about the Antelope Valley area (Lancaster/Palmdale – click HERE) being one of the best ones to invest in SoCal, and below is another reason to add why many of us have been investing in that area for years.

The plans for the high-speed rail network will create over 200,000 new jobs between Bakersfield, Palmdale, and Los Angeles:  http://www.cahighspeedrail.ca.gov/news/FactSheetBusinessPlan.pdf

President Barack Obama will announce on Thursday $8 billion in grants to develop the first U.S. high-speed, intercity rail service the White House says will create or save thousands of jobs.

Obama is heading to Tampa, Florida, after delivering his State of the Union address Wednesday night in which he promised Americans that job creation would be his top priority this year, in the face of stubborn double-digit unemployment.

The grants will help fund the development of 13 high-speed “rail corridors” across the country, the White House said.

Take a look at the maps, and decide where you want to buy…

Related Subjects/Blog Posts:

http://angellaraisian.com/175/areas-to-invest-in-real-estate-1-of-2/

http://angellaraisian.com/180/areas-to-invest-in-real-estate-2-of-2/

http://angellaraisian.com/1410/areas-to-invest-high-speed-rail-through-palmdale-ca/

‘Piggyback’ Mortgage Plan – will it work?

This article covers it all – Lenders who deserve what they got (for allowing ANYONE to take out a 2nd loan and trying to avoid the PMI); critics who claim it’s unfair to people who are still paying their mortgages on time and a bailout for banks that made reckless loans; Obama’s failed HAMP program with only 7% of loan mods closing (I’ve heard numbers as low as 4.75%); and a new streamlined process designed to get more borrowers to complete the loan modification program @ 2% interest, which will probably never work.

On one hand, Loan Mods will never work until the principal is reduced. On the other hand, the banks don’t want to do that. On the third hand, if the principal is reduced, it’s not fair to those who have been paying on time and will have to default (and screw up their credit) just to get a reduction in principal. And on the fourth hand, investors lose out because we won’t see an influx of foreclosures on the market. Yeah, yeah, I have no heart – heard it before. That’s just my opinion!!! What’s yours?

————————————————————

WASHINGTON (AP) — Mortgage companies are finally starting to sign up for a long-delayed piece of the Obama administration’s $75 billion foreclosure-prevention program.

The administration had been offering lenders who made so-called “piggyback” mortgages — second loans that allowed consumers to make a little or no down payment — incentives to lower payments or eliminate the loans entirely.

But no one signed up until Tuesday when Bank of America became the first to do so.

During the housing boom, lenders readily gave such second loans. While home prices soared, such mortgages were even extended to borrowers with poor credit and people who didn’t provide proof of their incomes or assets.

Those loans are now an obstacle to alleviating the housing crisis. That’s because piggyback lenders — fearing they won’t be repaid — can veto a borrower’s efforts to modify their primary mortgage.

Consumer advocates and even some on Wall Street have been calling on the government to help the roughly one in three homeowners who owe more on their mortgages than their homes are now worth.

Piggyback Mortgage Plan

The administration has been studying ways to encourage investors to cut borrowers’ mortgage balances. Many want to do so but say they have been blocked by investors in second loans. The Obama administration is hopeful that the piggyback program could help, said Bill Apgar, a senior adviser at the Department of Housing and Urban Development.

“We’re still a couple of weeks away,” from getting more lenders to participate, Apgar said Tuesday. “This is not an easy problem to solve.”

If more lenders follow Bank of America it could clear the way for more mortgage companies to cut borrowers’ principal balances on their primary loans. But administration officials appear wary of subsidizing such reductions with taxpayer money.

That could spark a backlash from critics who claim it’s unfair to people who are still paying their mortgages on time and a bailout for banks that made reckless loans.

With foreclosures still at record-high levels, The Obama administration’s program to aid homeowners has been a disappointment. Only about 66,500 borrowers, or 7 percent of those who signed up, had completed the program as of December.

The Treasury Department plans later this week to announce a streamlined process designed to get more borrowers to complete the loan modification program. The program reduces mortgage rates to as low as 2 percent for five years.

But many experts say more dramatic changes are needed.

“Unless you modify principal, there is absolutely no hope of restructuring mortgages on a mass scale to keep people in their homes,” Daniel Alpert, managing director of the New York investment bank Westwood Capital LLC said earlier this month. “Eventually their hand will be forced.”

Click here for the original article – http://finance.yahoo.com/news/Lenders-start-sign-up-on-apf-3950619900.html?x=0&.v=7

California default notices have fallen because the banks do not want to foreclose, even though lots of homeowners are still defaulting.   These numbers definitely do not mean that the RE market is recovering.  See article and comments below:

————————————————————————————-

SAN DIEGO – Mortgage default notices for California homeowners fell 24 percent during the fourth quarter, suggesting the worst might be over for foreclosures in entry-level markets while problems spread to pricier neighborhoods, a research firm said Wednesday.

There were 84,568 default notices filed from October through December, down from 111,689 during the previous three-month period but up 12 percent from 75,230 during the same period of 2008, MDA DataQuick reported.

The latest tally is down 38 percent from the peak of 135,431 in the first quarter of 2009 and marks the third straight quarterly decline. MDA DataQuick cautioned that the peak number was inflated by new notification requirements that delayed some foreclosures in 2008.

california default notices

However, default notices are climbing in mid- and high-end neighborhoods, as homeowners who were able to make payments longer than those in entry-level markets feel the results of the recession and job losses, said MDA DataQuick president John Walsh.

The state’s most affordable markets accounted for 35 percent of all defaults in the latest quarter, down from 52 percent of all defaults a year ago. Those markets account for about one of every four homes.

In upscale Orange County, for example, default notices increased 24 percent from a year earlier. Defaults also rose sharply in Santa Barbara, Santa Cruz and other markets on the coast.

On the flip side, default notices fell 13 percent in Merced County, which was hammered early in the foreclosure crisis. The hard-hit Inland Empire, east of Los Angeles, showed declines or only slight increases.

Notices of default are the first step in the formal foreclosure process.

The number of homes actually lost to foreclosure totaled 51,060 in the most recent quarter, up 2 percent from 50,013 during the previous three months and up 11 percent from 46,183 during the same period of 2008.

The latest number is down 36 percent from an all-time high of 79,511 in the third quarter of 2008.

The results show that Californians are still working through a period of easy credit from several years ago, San Diego-based MDA DataQuick said.

Loans defaulting in the fourth quarter had a median origination in July 2006, same as the third quarter. The median origination was June 2006 in the same period of 2008, meaning the market has worked through only one month of bad loans last year.

“Mid-2006 was clearly the worst of the ‘loans gone wild’ period, and it’s taking a long time to work through them,” Walsh said.

Gary Painter, director of research at University of Southern California’s Lusk Center for Real Estate, said the numbers underscore how homeowners in high-end neighborhoods were able to stave off foreclosure longer than others.

“The people at the bottom end of the market are going to walk away first,” he said. “I think the worst in the starter home market is over but it is still historically high. It’s just not as bad as it was, but we have turned that corner.”

It is too early to say foreclosures across the market peaked or that the housing market overall has rebounded, Painter said.

“We’re not going to see — for the next year certainly — any huge spikes in prices,” he said.

MDA DataQuick analyst Andrew LePage agreed that it’s too early to say foreclosures overall have turned the corner. Late payments on home loans — a step prior to filing a default notice — have risen over the last year, suggesting there may be lots of foreclosures to come.

Still, a return to the “dark days of 2008″ is unlikely in entry-level markets like the Inland Empire and Merced County in central California.

“We’re not through yet but a huge percentage (of subprime loans have) already been flushed through the system,” he said. “It’s still pretty bad by historical standards.”

The drop in defaults comes as banks come under pressure in Washington to ease the terms of troubled home loans.

Banks lowered mortgage payments for 172,288 California borrowers through December under the Obama administration Making Home Affordable program launched in March, but only 7.8 percent of those modifications were permanent, according to government data.

The absence of permanent modifications fuels questions about how long defaults will continue to fall, LePage said.

“There’s still a lot of uncertainty about how the distress will play out the next year or two,” he said.

Still, the decline in defaults indicates that banks are turning more to short sales and loan renegotiations, Walsh said. A short sale is when the seller owes more than the house is worth, and the lender is willing to take the loss to exit the investment.

“A lot of the mortgage loans that are in distress are being kept out of the foreclosure process,” said Celia Chen, senior director of Moody’s Economy.com.

Countrywide had more defaulted loans than any other lender with 5,588, followed by Wells Fargo at 3,482, Washington Mutual at 3,460 and Bank of America with 1,760. Last quarter’s default rate on loans that originated in the second half of 2006 ranged from 1.5 percent for Bank of America to 13.1 percent for World Savings.

Foreclosures continued to decline as a percentage of home sales in California. Foreclosures accounted for 40.7 percent of existing homes sold in the fourth quarter, down from 42.7 percent in the third quarter and 54.4 percent during the same period of 2008.

I worked on the ATFLIR program for 8 years, and loved every minute of it, from building & testing the first Engineering Development Pod to supporting our guys on the Navy Carriers during the Gulf war, when we had hundreds of these pods delivered.  Glad to have contributed to our military’s success!

http://www.navair.navy.mil/press_releases/index.cfm?fuseaction=home.view&Press_release_id=4252&site_id=15

From my friend’s Megan McGinnis’ blog (http://MeganMcGinnis)  – thanks for compiling the list Megan!  Follow these Commercial Real Estate Experts on Twitter and learn from them…

1. Duncan C. Wierman | ( DuncanWierman on Twitter )  — Software CEO turned Real Estate Investor / Marketer. I show you how to use creative online marketing methods to do more deals online. Virtual Investing

2. mike warren | ( mikewarren129 on Twitter ) — Helping people make money by helping others. Real Estate Investing Training – $13,571/month without Tenants, Toilets or Headaches Stopping Foreclosure

3. Omar Burgos | ( OmarBurgos on Twitter ) — Inspired Often. Big Thinker! You find me at Small Business & Real Estate Events sharing Secrets on How To Become Irresistible to Clients & Make Money using Social Media! Purple Heart Veteran. Guitar Hero!

4. scott young | ( draz211 on Twitter ) — A free list of foreclosed homes in the us no charge all free no scam

5. JW Reed Jr | ( WealthEvite on Twitter ) — Attraction Marketing! Associate w/ those that believe in themselves. No time for those creating excuses! ~ Small Biz Top Marketing Tool ~ Direct Funder for B2B Vendor Funding Factoring / Accounts Receivable

6. JW Najarian | ( jwnajarian on Twitter ) — Commercial Real Estate Professional, Humanitarian, Social Business Developer, Open Networker, aPriori Beauty Founder and Independent Consultant, Life Lover

7. Commercial RE CRE | ( crepigsite on Twitter ) — Commercial Real Estate – Promote your Project, Service, Product Find or Provide Funding for CRE or other Projects

8. Ken Spohn | ( wholesalexpert on Twitter ) — I have involved in over 100 Residential and Commercial Real Estate transaction my primary focus is Wholesaling Properties

9. Andy Nathan | ( andynathan on Twitter ) — Real Estate Investor, Social Media Enthusiast, and Entrepreneur. Learn How to Succeed on Social Media.

10. ApartmentLender | ( lenderapartment on Twitter ) — Apartment, lender, Senior Housing, Healthcare, Lender FHA, FNMA, Freddie Mac, Loan, Commercial Real Estate, CRE

FHA 90-Day Anti-Flipping Rule Waived For One Year – In an effort to stimulate home sales, HUD has announced that as of February 1st it will suspend its 90-day anti-flipping rule. This should have the effect of making FHA loans more easy to obtain for recently refurbished homes.

With certain exceptions, says HUD, “the FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.”

For one year, the Federal Housing Administration (FHA) will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders. The properties, which must purchased by owner-occupants, will no longer be subject to the customary 90-day waiting period.

“A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community’s recovery,” said Brian D. Montgomery, Assistant Secretary of Housing-Federal Housing Commissioner. “The action we take today will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes in neighborhoods across the country.”

FHA’s new temporary policy will help stabilize neighborhoods experiencing high rates of foreclosure by reducing the inventory of unsold properties. Many foreclosed properties remain vacant for months, inviting vandalism and reducing values of surrounding homes. To address that sizeable inventory, lenders have hired companies that specialize in the marketing and disposition of foreclosed homes. It’s reasonable and appropriate that these firms have the ability to sell the properties to borrowers using FHA financing.

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This prohibition is intended to prevent property “flipping,” a predatory practice that strips a home of its equity before being quickly resold at an inflated price to an unsuspecting buyer. FHA’s new policy will permit the immediate sale of foreclosed properties to legitimate borrowers wishing to use FHA-insured financing.  For a full article, click here: http://www.fhaloanpros.com/2010/01/fha-90-day-rule-put-on-hold/

The HUD directive — http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

The Future Of Short Sales

Reasons to Prevent a Foreclosure

Short Sales – New U.S. Treasury guidelines that put a 10-day time limit on short sales, and add financial incentives for buyers and sellers could help homeowners on the verge of foreclosure.

Homeowners stuck while banks mull whether to approve short sales could benefit from new federal guidelines that give lenders a 10-day limit to respond to offers.

The 83 loan servicers participating in the Obama Administration’s Home Affordable Modification Program, including Bank of America and JPMorgan Chase, are required to follow these guidelines for all borrowers who request short sales or who did not complete loan modifications.

Aside from imposing a 10-day deadline, the Treasury rules call for sellers to receive $1,500 moving allowances, and the sellers will not have to repay any of the debt.

Also, lenders will get $1,000 to cover administrative and processing costs, while investors owning the mortgages will receive a maximum $1,000 for allowing up to $3,000 in short sale proceeds to be distributed to less senior lenders.

Edward Goldfarb of RE/MAX PowerPro Realty in Davie doubts the Treasury will enforce the new rules. “There’s no teeth to them,” he said.

A spokeswoman for the Treasury says it will hand down “substantial” penalties to lenders that don’t comply. The agency said it can fine lenders, withhold or reduce incentive payments and require improperly rejected loans to be modified.

Click on this link to read the  entire article – http://www.miamiherald.com/251/story/1421797-p2.html

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Effect of Foreclosures vs. Short Sales on Credit

Top 10 Tips For LinkedIn Use!

LinkedIn Tip #1: Have a Plan

Decide what you want to accomplish before you start.  LinkedIn, like other business oriented social networking sites, offer a number of ways to generate the results you are after. Want to present your company? Looking for a job? Network with like-minded professionals? Need an answer? Want to establish yourself as a thought leader in your space? Each of these approaches present excellent opportunities to leverage professional online networks but make sure your plan is solid before you start.

LinkedIn Tip #2: Make Your Profile Easy to Digest

Tell your story but keep it brief. Short, pithy, sentences are more likely to be read than lengthy paragraphs. It’s like an elevator pitch (explained in less than 1 minute). Use bullet points. Readers often scan content and bullets help to highlight your successes. Provide details of your work history and make sure to highlight your special skills. Above all, make sure to check for proper grammar. Make sure to use important keywords when describing your professional experiences as these can help others find you more easily. And before you post your profile, read it aloud to yourself to hear how it sounds or better yet, ask a colleague to read it and tell you what they think.

LinkedIn Tip #3 – Your Profile Photo

You must have a picture! But make sure it’s a good one and shows you in a professional light. This is not the time to be too cutesy. Don’t upload the picture you took at your last toga party. For women, this is not the time to strike that sexy pose. Choose a professional and friendly picture that demonstrates your real personality yet shows you are here for business.

LinkedIn Tip #4: Give (and ask for) Recommendations

If you want recommendations on your profile, be prepared to ask for them. Look at those you are connected to and offer recommendations to those who deserve them. Make them short and to the point and be sure to include specific accomplishments – don’t be too general. The more genuine the recommendation you give, the more likely it is to be returned. Rule of thumb: if someone gives you a recommendation, thank them first then return the favor!

LinkedIn Tip #5: Join Groups

Be a contributor. Generate posts and respond to discussions. Group interactions provide you and your company great exposure. Check out other member profiles and follow their discussions. This is a great way to identify valuable contacts and network in meaningful ways.

LinkedIn Tip #6: Be the first to comment!

Clearly, it’s important to engage and interact with your audience. This helps to establish you as a valued contributor and can lead to more meaningful connections. But what most people do is look for posts that already have lots of comments and, only then, do they add theirs to the mix. The common thought, naturally being, posting where there are lots of people = lots more visibility.

Don’t get me wrong – that’s cool. But the important thing here is to support the post originator and there’s nothing cooler than to give that first (note: quality) acknowledgement. People post on social sites in order to get feedback and hate it when a post goes virtually unnoticed. The first one to post is a welcome sight (Ahhh.. someone noticed!) and helps to foster a new relationship with the person who started the discussion in the first place! This is the true meaning of social networking – one on one. But, by building relationships intelligently, one on ones ultimately lead to one on many.

Don’t be afraid to be the first to post a comment. A good post originator will thank you, appreciate you and most of all notice you. It’s done this way in real world social settings so why not acknowledge its effectiveness in the virtual world as well.

LinkedIn Tip #7: Connect with Thought Leaders

Find those considered leaders in your industry. Search by company to find the people who are true influencers and follow what they are doing. Research who your industry leaders are through existing trade publications and find them on LinkedIn. If they are and we share a contact I know well, reach out through the contact for an introduction.

LinkedIn Tip #8 – Selecting Groups

Search groups using industry keywords and related topics
Look at the groups of industry leaders, subject matter experts and top executives
Look at groups your connections are members of
Use pertinent Q&A category and ask what groups people belong to
Pose the question in your current groups: “What other groups do you find useful?”

LinkedIn Tip #9 – Use the Search Feature

Using the “Search function on your LinkedIn home page (upper right), you can “search” on People, Jobs, Companies, Answers, Inbox and Groups.

If you move to the right of the search box and click on “Advanced,” you can search on keywords, name, company (current and past), geographic location, industry, job title (current and past), school, groups, by language, by the interest of those being searched, when they joined LinkedIn, those in or out of your network, and by relevance – and any combination of the above.

Find the companies you want to do business with and the people you need to meet at those companies. With over 50,000,000 business professionals registered, your search results can pay big dividends

LinkedIn Tip #10: Use Applications

LinkedIn has teamed up with some of the Internet’s premier companies to offer registered users access to new applications that enable you to collaborate on projects, get key insights, and present your work to your audience in interactive ways. Have a Power Point presentation you want to share? Install the free SlideShare app and instantly share your presentation to a wider audience. Need to brainstorm with your team on a new idea? Load Huddle Workspaces on your profile and instantly collaborate with your colleagues. There are many apps to choose from and several are showcased at: http://learn.linkedin.com/apps/.

By Jim Gibson – Publishing Partner, Online Media Today

Loan Principal Reduction Program – Scroll down past the article…

Servicers who lower distressed homeowners’ mortgage payments by reducing the principal balance, as opposed to just making interest rate adjustments, are much more likely to see the payments keep coming in and ward off a redefault, according to a new study published by the Federal Reserve Bank of New York.

The economists found a definite pattern among modifications made since December 2005 that suggests “an intention among servicers to make the loans more affordable, while not losing any of the underlying principle.” However, their analysis shows that modifications that trim off some of the loan balance have higher rates of success and “can double the reduction in re-default rates.”

While principal writedowns essentially mean the lender or investor must eat a loss, many analysts argue that it’s a smaller loss than comes with the eventual foreclosure and the price tag of a nonperforming asset in today’s housing market, already swollen with REO inventories and vacant properties.

To read the rest of the article, click HERE…

If you would like to apply for the Principal Reduction Program, please read balow, and then call me at (310) 528-5789.  This is NOT a loan mod!  Your loan is purchased at a discount from your lender and is refinanced back to you.  There are no up front fees if your property is located in California, and the cost will be $3995 after the principal is reduced to 95% of the current BPO.   So if the principal is not reduced – you don’t pay.  Nothing to lose!!!

Income properties, commerical properties, and owner-occupied properties also qualify, but the fees vary on the large commercial properties.

GENERAL DESCRIPTION:

“Balance Reduction Program”

Overview

In today’s real estate market many homeowners are facing difficult challenges. They are either “upside down” and owe more than what their home is worth, are having a hard time making their mortgage payments, or maybe even facing foreclosure.  If you are facing any of these stressful situations, we can advise you on your options!

The “Balance Reduction Program” has the ability to keep you in your home and reduce your current loan balance to 95% of today’s current market value.

Here’s How It Works

Your mortgage note will be negotiated along with other homeowners’ notes issued by your lender.  A price is negotiated for an investor to pay them off for all cash, at a deep discount to the current market value.

Once you note is paid off, a new note is written based on 95% of your home’s current market value eliminating any “negative equity” and actually giving you 5% instant equity!

Here is an example: You owe $300K on your home but it is only worth $200k. The investor pays off the note (they do not own the deed to your home) and establishes new terms with a new mortgage balance of $190k, saving you $110k!

A short payoff of your second mortgage (if you have one) is also negotiated once the investor owns your note

The Note

• The new terms of the note will be for 95% of the market value of the home at the time the note is purchased from the lender.
• Interest rate will be Prime + 3% to 4% based on your credit.
• The loan is amortized over 30 years.
• In some cases, there may be a 3 year pre-payment penalty which amounts to 6-months of interest payments.

For performing notes where you do not have more than 1 late in the last 12 months, you have the option of refinancing the property into a conventional loan program. The above note terms are subject to change due to market conditions and/or changes that negatively impact your current financial or mortgage status.

Qualification Requirements

All types of credit will qualify. You can be “upside down”, behind in your mortgage payments, or even in foreclosure (except NV).  It doesn’t matter if you have received a notice of default or trustee sale. Financial Link does not act or consult where the client has a foreclosure in progress in the state of Nevada.

• You must owe more than your home is worth.
• You must have monthly income with no more than 50% debt to income ratio.

How Long Will the Process Take?

Expect between 60 to 90 days from receipt of complete documents and it can be longer depending on your bank.

How is this different than a Loan Modification?

An investor pays off the balance on your mortgage note (and your 2^nd if there is one).  The investor who pays off the note agrees to create a new note with terms of the note based on 95% of the current market value of your home.  This is not a “modification” of your loan that only results in a payment reduction and not a reduction in your principal balance.  The negotiators do not work with the loss mitigation, customer service or collections departments at your bank to “modify” your loan.  They work with the Asset and Wealth Management department to purchase your note along with others.  It is a completely different side of the bank with a completely different outcome.  Depending on your lender a loan modification may have tax and credit implications.

Why Would My Bank Do This?

The Asset and Wealth Management department packages groups of notes together and sells them for cash with which to encourage further lending.  Banks are highly motivated to get non-performing notes (assets) off of their books because The Federal Reserve penalizes banks for holding onto non-performing assets.  When notes are negotiated in large packages, our negotiators have more leverage, especially since we are offering large sums of cash.  This requires an investor to purchase the group of notes once a settlement has been negotiated.

What is the downside?

The lender may not accept the offer from the investor or you may not qualify for a new loan.  In this case, we have other programs to get you the best solution available.

Do you stop Trustee Sales?

We do NOT stop Trustee Sales.  It is your responsibility to make sure you have the proper legal representation to prevent your home from going to foreclosure.  We can recommend a service or attorney if you request it in a timely manner.

Our goal is solely to assist homeowners.

We’re here to help you resolve your current situation so you can stay in your home and have an affordable mortgage.  We do not want to own your home or take advantage of your difficult circumstances. We are real estate professionals who understand the mortgage industry from years of experience.  We have many options available to help you through this process!

Another powerful iDuplicate Success Pre-Launch Training Video just went LIVE: “The Ins and Outs of Article Marketing.”

In this 35 minute video you will learn a highly effective way to get quality targeted traffic to your website. More targeted traffic mean higher conversion rates and increased sales.

iDuplicate Success Advisor Demetrios Tzortzis walks you through the steps how to take full advantage of this valuable marketing strategy.

Check it out here: http://iduplicate.com/article-marketing

I can’t believe the pilots were so composed. Incredible!!!

Iduplicate Success Pre-Launch Training Video #2:  “How to Get Targeted Traffic to Your Blog – Secret Leaders List Strategy.”

Iduplicate Success Advisor Mike Ballantyne shares with you the secret techniques you can use to create huge targeted traffic to your blog and build your friends list on Facebook.

Opt in on the right side and you’ll receive all 7 videos FREE, periodically – iDuplicate.  Or e-mail me, and I’ll send you a direct link.

Click HERE to check out the videos

To Stop Foreclosure Or To Proceed? Your Options!

Here’s a good series of videos recorded by Ed, on your options if your property is upside down.

Iduplicate Success Members Area’s Preview Videos are now LIVE!

As iDuplicate was being developed the co-founders shared it with other leading internet authorities and beyond the praise for the information and delivery system, several of them said “you are not charging enough and giving away too much value.”

That being said, there was a moment of temptation to charge more, but ultimately they decided to stay true to their core mission which is to positively affect as many people as possible, by under promising and over delivering.

So here are the videos, go check them out:  iDuplicate

The new iDuplicate.com Pre-Launch site goes live at exactly 9:00 am PST tomorrow, January 5th, 2010.

Get ready to turbo-charge your Internet Marketing -Social Media know-how during two full weeks of Special Video “Sneak Previews” including 7 content-packed videos, a guided tour of the new

Iduplicate Success Private Members Training Platform, as well as plenty of other great surprises.

Tomorrow morning you will be sent an email with a link to access the new Members Preview Tour.  In the mean time, here are a few reasons to choose Iduplicate Success…

Look forward to opening the doors for you tomorrow!

Angella

It’s coming January 5^th, 2010…

Want to know why everyone is talking about the upcoming launch of the new “Iduplicate Success” Exclusive Members-Only Internet Marketing – Social Media and Business training platform?  Read below, but I actually took the “beta” training over the last three months and it was Priceless!  I seriously didn’t know what Blogging, Social Media, or Internet Marketing was until this last September.  We met at Scott Magers’ house twice a week, for three months, and went through the same training that iDuplicate offers.   So yes, a group of us was the “guinea pigs”, but I guarantee  you that once you see everything we learned, you’ll agree that the training really was PRICELESS!!!

Problems With Getting Started Online:

Figuring out how to set up domain, hosting and a blog without hiring someone

• Budget is limited to make a big splash online
• Knowing the “money is in the list” but not having a clue as to how to build a big list
• Time is precious and not able to afford to waste it on trial and error and endless searching for what works
• Tried launching before only to get stuck and the frustration finally becomes overwhelming
• Doing this alone without a team or community to plug in to for help is not fun
• Learning pieces of the online puzzle but missing the part that makes the cash flow in
• There is no traffic to my website or blog…HELP

Iduplicate Success Solution

• Step-by-step Videos, Webinars, PowerPoint Outlines, Resource links on all key aspects of Internet Marketing- Social Media and building a successful online business
• Time saving “Real Time Results” training system
• Community and Faculty based support in topic specific Forums
• Sequential training modules with homework and quizzes to increase comprehension of key points
• Search Engine Optimization tips, techniques and strategies to make your time highly efficient
• Traffic and Conversion strategies to build a large lucrative list of customers
• How to leverage product launches and continuity programs as an affiliate
• Mentoring from an expert faculty
• Becoming un-stickable makes you unstoppable

iDuplicate

Don’t take my word for it.  Come check in our for yourself beginning January 5^th, 2010 when we start lifting the curtain and releasing two weeks worth of valuable internet marketing training videos revealing secrets you will want to grab before we go live on January 19^th.

Over one hundred beta-testers have had the privilege of going through 10 of the training modules already with OUTRAGEOUS results.  This is your chance to be at the front of the line when we go live.

Check iDuplicate and let me know what you think?

Do your best every day, and you will succeed in 2010. Even when we think we’ve done our best, we just need to dig a little deeper to find out that we CAN go that extra mile! Doing everything at the top of their game is what separates really successful people from everybody else.

Do your best every day!

Top 10 Real Estate Trainers on Twitter – A great post borrowed from Megan McGinnis @ http://Megan-McGinnis.com:

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1. Peter Olsen | ( PeteOlsen on Twitter )

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2. Joe Manausa | ( HousingReporter on Twitter )

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3. Omar Burgos | ( OmarBurgos on Twitter )

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4. Mike Bowler Sr | ( MIrealestate on Twitter )

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5. Tammy Burnell | ( TammyBurnell on Twitter )

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6. green re pro | ( greenREtraining on Twitter )

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7. Real Estate | ( REAPProspecting on Twitter )

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8. Five Figure Finder Fee Blog | ( FiveFigFindFee on Twitter )

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9. Joe Manausa | ( HousingReports on Twitter )

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10. Sheri Moritz | ( RealLifeSheri on Twitter )

Improving Your Credit Score Part 2 – Tweak Your FICOs by 20 Points Quickly

You can increase your FICO scores by tweaking your credit even if there’s nothing incorrect on it.  By cleaning up a few items most people don’t even think of, you can tweak your FICOs by 10-20 points.   First obtain your free credit report – you are entitled to one free credit report per year from each of the three credit reporting agencies (3 total per year):

1. Free reports @ www.AnnualCreditReport.com (or 877-322-8228)
2. Free FICOs @ www.CreditKarma.com

Once you have obtained your credit reports, you can dispute them on-line, or by mail, and request that the following items be corrected.  Even though each one is only worth a few points, those points could add up and push you over that 720 FICO credit score  limit you need to get the best interest rates:

• Addresses – Remove any that are over 5 years old (contact credit reporting agencies to correct)
• Names – Correct names on the report (contact your creditors to correct and report) FICO credit score, improving your credit score
• Employers – List only the last two; remove the rest (contact contact credit reporting agencies to correct)

Next, you can start improving your credit score by following the rules described below:

• Get 2 revolving and 3 installment accounts; use 80/20 rule.  80/20 rule: Pay down 80 % of the balance, leave 20% to carry interest for 3-5 months out of the year
• Carry no more than 30% balance of the available credit on each credit card
• Call and ask for credit limits to be increased & get more available credit, but don’t use it up.  The more available credit you have, the better your FICO credit score
• For new accounts (& mortgages), FICO credit score drops for about 90 days, then goes back up once the history is re-established
• Ask to be added as an authorized user to someone’s account with a good standing if your credit score is damaged – their good credit carries over to yours for that one credit card, which will help you greatly in improving your credit score
• Challenge every bad piece of credit report – accurate or not. If the company that reports the derogatory credit does not respond within 30 days, the credit reporting agency is required to remove it from your credit report

See next blog in the this series, for info on how to contact the three credit reporting agencies on-line, by phone or mail.

So what are some specific tips for boosting or improving your credit score?

Amounts Owed Tips

• Keep balances below 30% on credit cards and other “revolving credit”
• Pay off debt rather than moving it around
• Don’t close unused credit cards – keep them open and use them once every few months
• Don’t open a number of new credit cards that you don’t need, just to increase your available credit – that will actually lower your credit score

Length of Credit History Tips

• Don’t open a lot of new accounts too rapidly – that will lower your average account age, which will lower your score

New Credit Tips

• Do your rate shopping for a given loan within a focused period of time – FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur
• Re-establish your credit history if you have had problems – Opening new accounts responsibly and paying them off on time will raise your credit score in the long term.
• It’s OK to request and check your own credit report – It won’t affect your score as long as you order your credit report directly from the credit reporting agency. www.AnnualCreditReport.com will provide you with one credit report per year from each of the 3 agencies: TransUnion, Equifax, and Experian

Types of Credit Use Tips

• Apply for and open new credit accounts only as needed – Don’t open accounts just to have a better credit mix – it  won’t raise your credit score
• Do not use or open Department Store cards – you are better off having credit card accounts

Get some goodwill

• If you’ve been a good customer, a lender might agree to simply erase that one late payment from your credit history -  make the request in writing.  It can’t hurt to ask
• Ask that accounts be “re-aged.” If the account is still open, the lender might erase previous delinquencies if you make a series of 12 or so on-time payments

Home Foreclosure Moratorium Over the Holidays again – so when is someone going to give me a moratorium on my mortgage payments?

“Some lenders have declared limited foreclosure moratoriums this year to give troubled borrowers time to catch up on their payments or work out other solutions. Those announcements continued Thursday: Mortgage titans Fannie Mae and Freddie Mac said they would suspend foreclosure evictions from Saturday to Jan. 3, and Citigroup Inc. said it would suspend some foreclosures and evictions from today to Jan. 17.”

This happened last year, and it’s happening again – banks just aren’t foreclosing like they should.  Yes, I feel for my friends that made bad investments and are losing properties, but business is business!  You make a bad business decision – you lose money/investment/house, or whatever it happens to be you invested in.  It’s that simple!  But once again, it is not fair to the rest of population that people who made bad business decisions, or even lied on their applications, get bailed out with our taxpayer money.  We’re talking about living on the property for free for 1-2 yrs, or collecting rents for 12-24 months while the property is, or is not, being foreclosed on.  It feels like for some, money does grow on trees.   Especially if they got a 0% down loan originally.

Anyway, I am just venting because I lost money in my 401k’s plans and in the stock market, too, but nobody is lending me a helping hand!  All of my tax money went towards bank bailouts, which are now withholding inventory (they can, thanks to the tax payer’s money), so that they can sell these properties back to me at a higher price later (did I just get wripped off twice here?).     As an investor, I’ve been waiting for this recession and have been preparing for it.   Unfortuntely, I can’t even pick up a decent deal these days because the prices are not where they would have been, had the government not been interfering with the economy.

By the way, the quote above is from an article on the Dr.HousingBubble blog, which is rated as one of the top 10 Business Real Estate blogs on Technorati (click here to see the other top 9 rated blogs).

So, what do you think about the latest home foreclosure moratoriums?  Should the banks keep people (& investors) in their homes for free, or should they do what needs to be done?

No reason to post this, except that it’s a really cool video. Enjoy! Angella