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An Insider Guide to Understanding Loan Modification and Preventing Foreclosure. This book now becomes required reading by virtually all homeowners those are in imminent danger of losing their home.
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The Feldman Law Center’s Outreach and Recovery Program versus Predatory Lending

The Feldman Law Center’s Outreach and Recovery Program versus Predatory Lending

Predatory lending is a term used to describe unfair, deceptive, or fraudulent practices used by some lenders during the loan origination process to benefit themselves at the expense of the borrower. There are no legal definitions in the United States for predatory lending, as such; the term is used basically as a catch all phrase for specific illegal activities in the loan industry.

During the run up in real estate prices predatory lending practices became an everyday occurrence as, for example, potential borrowers were urged by lenders to fudge income and asset statements to qualify for homes that they could not actually afford.

The Feldman Law Center has identified a number of predatory practices which may have put borrowers into loans that they couldn’t qualify for or did not understand leading to situations which ultimately resulted in the risk of or actual loss of their home to foreclosure.

These practices include:

Instructions to falsify loan information

Recommendation of stated income or “no doc” loans when a traditional loan would result in a mortgage with lower interest rates

Excessive commissions

Excessive points and fees

Inadequate disclosure of fee and interest rate schedules

Undisclosed balloon payments

Equity stripping occurs when a lender loans more than they know the borrower can afford. In situations where the property has significant equity, the lender waits for the homeowner to default and then forecloses, taking the owner’s equity

Loan flipping – This occurs when a lender convinces a borrower to refinance repeatedly, generating fees and commissions for the lender. This is often accompanied by exaggerated appraisals which can leave the borrower owing more than property is worth.

Insurance packing – This practice entails the inclusions of undisclosed and overpriced insurance policies into the mortgage to increase fees and commissions

If you feel you have been subjected to any of these practices, Feldman Law Center’s recently announced Outreach and Recovery Program can help reverse charges and modify terms on your mortgage to reflect a more equitable monthly payment.

Call today at (800)-662-5133 to put The Feldman Law Center to work for you.

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Question by Jak K: Can I take out a home loan for land and a manufactured loan?
By home loan I mean a home loan and not a personal property loan like on a trailer home/manufactured home in a trailer court. I qualified for a home loan and I want to keep it cheap, so I want to purchase a piece of land and a manufactured home. Wil this work as a home loan if its on private land?
Wow, there is quite the array of scams out there! Why would anyone take out a loan from the internet without talking to someone face to face?

Best answer:

What do you think? Answer below!

Fast-tracking to Mortgage-free

Just imagine as you’re going through your favourite coffee drive-thru this week that a well-dressed gentleman stops and offers you ,000 for your medium double double. Who would hesitate? We’d take the cash. It’s not so far-fetched. In fact, if you take that coffee budget and apply it to your monthly mortgage payment a mere extra per month -you could save yourself about ,000 over the life of your mortgage.

Most of us can accept the idea that we must borrow money to purchase a home. We look for the best mortgage, and then just keep doling out the money for as long as it takes to pay it off. Most Canadians choose to amortize their mortgage over 25 years. That’s a long financial commitment, and it could more than double the cost of your home. But with good planning and a few smart tactics you should be able to enjoy your mortgage-burning party much earlier.

Here are a few strategies for fast-tracking your mortgage:

1. Increase your monthly payments. Rather than choosing your amortization period first, ask yourself how much you can afford each month. For example, you may feel that you can afford ,000 per month. You’re delighted when your 5,000 mortgage only demands an 0/month payment (at a 6% interest). But make a monthly payment of ,000 instead, and you’ll shave 8.75 years and almost ,000 off your total interest cost.

2. Take advantage of lower rates. In addition to reducing the overall interest component of your mortgage, you can take the opportunity to pay down more principal faster simply by maintaining your original payment. You should even increase your payment if you can, to reap the benefits of the cheapest mortgage money in memory. Again, you could take years and thousands of dollarsoff your ontario mortgage.

3. Tie mortgage payments to your pay schedule. Many Canadians are paid on a bi-weekly schedule. If you accelerate your payments to bi-weekly instead of monthly, you could improve your own cash flow and fit in an extra payment each year. That means that you’re paying off principal faster leaving you with less interest to pay overall. It doesn’t seem like much but like putting your coffee budget to work the bi-weekly strategy can have you mortgage free four years sooner, with almost ,000 in savings.

4. Use any bonuses, tax refunds or “found money” to pay down principal. This is especially valuable in the early years of your mortgage. If you receive an annual bonus or other lump-sum compensation, see if you can put it against the principal. An extra ,000 per year is a great way to fast-track to mortgage-free!

5. Consolidate your loans into a new mortgage and use the savings to boost your payments. If you’re a homeowner with some equity, you can use your mortgage to consolidate your other loans: student loans, car loans, etc. Add the money you’ve been spending on loan payments to your mortgage payments, and you could see big savings in overall interest.

With ontario mortgage rates at historic lows, you should take the opportunity to get an expert mortgage analysis from an independent mortgage broker with access to mortgages from a wide spectrum of lenders. You’ve got a great opportunity to put some fast-track tactics in place. You’ll remember what a good decision you made at your mortgage-burning party.

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Find Foreclosure Listings Like Investors To Find The Right Real Estate Deal

A foreclosure is the process by way of which a lender can take over the property of a person who has taken a loan. There are many reasons for the owners inability to pay the loan; death of an earning family member, divorce, loss of job and employment, mental illnesses, alcohol or drug addictions and many more.

Foreclosures happen when banks, credit agencies or any other financial institutions repossess property. You can find foreclosure listings for properties that include homes, condominiums, residential properties and commercial properties. The foreclosure process begins when for some reason; the owner of the property fails to pay back the loan amount, the mortgage amount. The lender then takes the property back and forecloses the lien on the property that the lender had placed. Investors find foreclosure listings on website that specialize on finding, listing and maintaining foreclosure listings. You can also use real estate agents that specialize in foreclosures.

To find foreclosure listings is relatively easy these days, as foreclosures are increasing very rapidly in today’s market. Most experts think that this year foreclosures will reach record highs. An investor can find foreclosure listings for all parts of the country on foreclosure websites that have a nationwide database.

Traditionally April is considered a month where the new home sales pick up. However, the real estate market is very slow as potential buyers are on edge about buying real estate. New sales are down compared to the number of foreclosures. Since foreclosures are nearing an all time high in the United States, an investor or a buyer can make money when they find foreclosure listings.

When an investor can find foreclosure listings and make money, they can buy at discount prices; many of the homes are available at 10-50% below the current market prices. To do this they find foreclosure listings for such homes. There is also a glut in the market and this is the right time to buy and this is true for the entire country. Investors find foreclosure listings as there are more and more properties that are been foreclosed.

You find foreclosure listings at websites that list information about foreclosures and the current real estate market. The first thing to know is where to find the properties that you can invest and make money. These properties are available with various agents and a growing number of resources on the internet. In order to find foreclosure listings where you live find a website that has a nationwide database. This means that you can find foreclosure listings about all the foreclosed properties in the various cities and states in the United States.

For the investor, buying at these low prices will enable them to make money in foreclosures, since they can resell the properties later when the market comes back up. While the home owner can benefit from buying the property and save money too. They can use the money for other purposes such as renovating the property or even fund the education of their children.

You can also find foreclosure listings for Bank foreclosures known as REO’s (Real Estate Owned); properties that are owned by the bank. When bank foreclosures take place, the prices are typically set at the remainder of the amount of the debt or the loan amount. Find foreclosure listings for them on the websites too banks are sometimes willing to take less then what is owed, this is called Short Sale. Depending on which state you are in, the foreclosures deals can take 6-12 months.

You can also find foreclosure listings through the county office these lists are also available on many of the foreclosure websites. It can be difficult to find a reliable source where you can find foreclosure listings giving complete and vital information. Make sure the website where you find foreclosure listings that are updated daily.

For many homeowners it can be an investment in second homes too, when they find foreclosure listings for the right property. Many websites also gives useful tips about when to purchase properties and how to purchase the properties.

Find foreclosure listings from such websites that enable you to locate and find the brokers and agent information as well. When you find foreclosure listings that give you every detail about the foreclosures it will make it much easier to research and purchase the property. The process of buying the foreclosed property is not very difficult. It just takes a bit of research, time and effort to find foreclosure listings that are reliable. Then the prospective buyer or investor can give a written contract to the lender such as the banks or any other credit institutions to start the process of purchase.

Depending on the policies of the banks or the credit institutions, down payments can range from as low as 0 or up to 10-20% of the total amount of the outstanding mortgage amount.

This means that if the outstanding mortgage amount is 6,000, then the investor would need to deposit ,600 in order to start the purchase process. The remainder of the funds and the financing needs to be worked by the investor. The mortgage rates currently are extremely low and can range from 6% – 6.8%. Depending on your credit history, date, price terms and conditions, great deals can be worked out between the lender and the investor.

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Question by Bdd: How do you start a real estate holding company and a real estate development company, can I combine the 2?
I am 14 and when I get older I would like to start a real estate holding company LLC and a real estate development company LLC. How much money would I need to start one? With the real estate holding company do I get capital gains? Also I would like it to be publicly traded. So what is the best way to go about doing this?

Best answer:

Answer by Jim Bob
Wow! what a great question from a 14 year old. a LLC (Limited Liability Company) is incorporated with the Attorney Generals office in the state it is established in. The best way to do that is to go to an Attorney. A holding company and a Development company may be combined into one, have different division or groups to do the different objectives, or even the same people.

You can never have too much money to start a company, it’s the too little that matters. Your best bet is to save as much as possible, write up a business plan, go to friends and family for investment in the company before you start out and hope to have a minimum of ,000 to 0,000 to start your company. Then you can go to a bank and borrow, usually 2 to 3 times that much more to make your first purchases.

Yes there are Capital gains even for companies to pay with investment properties.

When you are ready, have your board of directors vote to take your company public by registering with the Securities and Exchange commission, with the assistance of a Stock Brokerage Company.

Add your own answer in the comments!

For families, reform’s impact limited
The new financial regulation and consumer protection bill is supposed to create a sound economic foundation … but to the family living paycheck to paycheck it’s just bringing change to the way business is done.
Read more on The Cincinnati Enquirer

Pro Bono attorneys needed and supported in foreclosure defense work
With each filing, the homeowner receives a notice that he or she should consider legal assistance and if the homeowner can’t afford an attorney, he should seek help at Jacksonville Area Legal Aid (JALA). Dozens of homeowners take that suggestion and contact JALA for assistance each month.
Read more on Jacksonville Daily Record

Study Finds Americans’ Economic Insecurity at 25-Year High
One day after President Obama signed a financial-reform law aimed at curbing predatory lending and preventing another financial collapse, a new study shows that Americans are less economically secure now than at any other time over the last 25 years. The Rockefeller Foundation study looked at three typical measurements of economic insecurity—decreased income, high out-of-pocket medical bills …
Read more on Newsweek

Question by Die Bart Die: Can you get a mortgage allowing you to bid on a foreclosed property?
Our realtor advises that only buyers with cash in hand can buy foreclosed properties at auction. There is a technical challenge buying if you need a mortgage as you have to be in contract to be able to get the mortgage approved. Is this true or is there a valid way you can get a mortgage and bid on a foreclosed property at auction?

Best answer:

Answer by Jim B
You can get pre-approved for a loan, but you will need to know the price for the house (which you can only guess at before the auction), and you WILL need a certain % of the price in cash (usually) on hand at the auction to secure your bid. Check with the auctioneer, or the newspaper listing/foreclosure notice for that detail, along with how long you will have to present the remainder of the money after the auction.

Add your own answer in the comments!

Looking for Cheap Loans? Go for Virgin Money

When economic recession hits, it is not only the emotions that seem to go haywire but also the bank accounts of many. There will really come a time when you have to look for ways on how to meet your immediate needs. One of the best ways is to avail of a loan.

However, not all loans are considered to be cheap loans. Some of them can be very expensive, simply because you have to pay high interest rates. If you have very poor credit rating, you may also have to extend your mortgage to a very long time. This means that you will actually be spending more on your loan repayments.

Availing of UK Mortgage at Virgin Money

It is the goal of Virgin Money to offer products as well as services that will be very affordable and immediately availed by their clients. These include one-account Virgin mortgage, secured loans, and personal loans.

Virgin Mortgage. If you want to be more flexible with your mortgage repayments, you may want to choose this kind of mortgage. Virgin Money is currently working with One Account for that. There are a lot of ways on how you can reduce your loan costs. These include opening one account for both your salary and savings. Any amount that you are going to place there will be automatically deducted to your mortgage. This way, you can reduce your interest rates immediately. There is also no need for you to continuously monitor your mortgage repayments. You just need to deposit, and everything is already taken care of for you.

Personal Loan. Virgin Money works with Your Personal Loan to ensure that you can avail of a low APR loan. This is also an unsecured loan, which means you do not need to offer any collateral just to get your loan approved. The APR rate is at 7.8 percent, which is one of the lowest in the market these days. It will also be the same rate applied whether you are borrowing £5,000 or £25,000. You can also have more flexibility as to how long you want to repay your Virgin loans. You can have it in a year’s time or as long as 7 years. The processing of your application is very fast. This way, you will be able to use the funds immediately for your needs. The application form is right at their website.

Secured Loans. You can also get secured loans where you can avail of longer payment terms. In fact, the loan is payable for more than 25 years. The amount of cash that you can obtain is also very huge, as high as £100,000. All you need to do is to present anything that will act as your collateral. If you have built equity in your home, you can use your security for a secured personal loan. Annual percentage rates can also be between 7.3 and 17.1 percent. Normally, though, you will only get to pay 10.1 percent or even less than that.

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