Comments for Satori Alliance | Financial Counseling | Real Estate Investment Products | Financial Guidance Seminars

Comment on The American Dream of Home Ownership Under Attack by The American Dream of Home Ownership Under Attack | Home Refinancing Cost

The American Dream of Home Ownership Under Attack | Home Refinancing Cost — Wed, 02 Sep 2009 02:10:19 +0000

[...] rest is here: The American Dream of Home Ownership Under Attack Posted by Brandon Boyd on Sep 1st, 2009 and filed under Home Refinancing. You can follow any [...]

Comment on What Have We Learned About Money by We Have Learned About Savings | Satori Alliance | Financial Counseling | Real Estate Investment Seminars | Financial Guideance Products

Tue, 24 Mar 2009 23:12:34 +0000

[...] we will discover we not only like it but will live more peacefully doing it. So, what we’ve learned about money so far is about our choices and savings. Share and [...]

Comment on “I’ve Had It Up To Here” - Does Quality Matter? by Mortgage Financing for Home Buyers Moving Up - A New Model | Velt

Mortgage Financing for Home Buyers Moving Up - A New Model | Velt — Sat, 21 Mar 2009 05:48:40 +0000

[...] Each question in all 3 sections above have answers, sometimes several, and each of those answers prompts other questions again with several answers. Today’s lending landscape paradigm is 100 times more complex than ever before. Previous knowledge is useful and will be like a machete in the jungle but only if you hire a professional experienced guide educated on the 14 months of new regulations and their impact on your situation. (See “I’ve Had It Up To Here”.) [...]

Comment on Who is Buying Real Estate 2 of 5 by Ray Avanzino

Ray Avanzino — Fri, 06 Mar 2009 18:15:20 +0000

My last 2-3 buyers have been first time home buyers. A married couple who was renting in Burlingame, bought a home for $480,000 in San Mateo. This same home was about $600,000 a year ago. They are in their 40’s, great couple. The other two are also first time home buyers, condo’s bought in San Mateo between $230,000- $300,000.
One is a female, unmarried, about 45 years old, the other is about 30, single first time home buyer. Both condo’s are probally discounted about $50,000 to $100,000. I also worked on an FHA, 97% financing on a couple in San Jose, $620,000 purchase, working couple with two kids. There is a lot of opportunity out there and rates are low, let’s rock the market!

Comment on The Time is Now - The Temparature is Right - Get in the Pool by Dale Noble

Dale Noble — Sun, 01 Mar 2009 22:35:17 +0000

Here in the Fresno area, the majority of buyers are 1st time
homebuyers. The have read the news & really want ot buy something before the rates change or prices go up again. They need additional consulting on how to acheive that, since guidelines are tougher. Also the other part of our market is being driven by the investors. they want to pick up something dirt cheap, make some repairs & rent for a profit. I hope this answers the question.

Comment on The Truth about Insurance by Jeanne

Jeanne — Sat, 14 Feb 2009 14:48:45 +0000

I’ve spent too much time in hospitals for my life partner and my mom not to value insurance. I saw all of the bills when my life partner was in intensive care for a few days of an extended stay at the hospital. I believe we paid 5% of the total costs, which was all we could afford–not the total costs. I’d be more concerned about not having insurance than writing the checks for their premiums.

Comment on The Decision! by Mary Pope-Handy

Mary Pope-Handy — Mon, 26 Jan 2009 16:52:01 +0000

What we don’t know is how much they put down when they bought the home or what the current rent might be if re-rented. With home prices falling, rents have risen.

They might talk to the bank about a few things, including deed in leiu of foreclosure or a workout. I do not know if a bank will do a short sale when other property is owned. It would have to believe that there was no equity in the Silicon Valley home, I believe.

Another option is to see if the current renters would like to buy the property, find out what “fair market value” would be and ask the bank to consider a short payoff (do a short sale) if the tenants want to purchase it.

It all begins by communicating with the bank. They need to do that ASAP to see what the options might be.

If they have a shortsale or a foreclosure, it will trash their credit for seven years. They will likely have a host of unforeseen consequences, possibly including canceled credit cards or higher interest rates on credit cards, higher costs on insurance (because there is a correllation between poor credit and more claims made), and who knows what else. At one time there would also be extra taxes on any forgiven debt, but that may be non-applicable right now.

My biggest concern for them is that if they go down that path, it could result in them losing the home they live in now.

Best wishes for a positive outcome for them!

Comment on The Decision! by Yvonne Mitto

Yvonne Mitto — Fri, 23 Jan 2009 17:39:53 +0000

One option is to increase the rent of the property. Another option is to work with the bank. I believe that if they approach the bank, they would be willing to work with them given the fact that most banks do not want more foreclosed homes on their books. They can ask the bank for a modification of the mortgage. They should also seek God’s guidance on the decisions that they make.

Comment on The Ethics of Integrity by Steven Leung

Steven Leung — Fri, 05 Dec 2008 11:29:48 +0000

1. My personal opinion is that the lender would be foolish to give Sam a loan modification on his rental properties. It’s an investment loss, not putting a family out of their home. (That begs the question: can he reasonably claim that the renters would be put out of their homes and what are the specifics of their rental agreements?)

2. I think Sam is acting in his best interest in a way that — while it is within the bounds of a capitalist society — ignores his personal responsibility for his actions. Where capitalist societies don’t legislate, they have checks and balances: in this case the approval process.

3. I think Jason would be risking his money by loaning anything to Sam. If Sam were at risk of living on the street, by all means, take him into your home, lend him money, what have you.

Sam simply made a poor investment decision and now he’s looking for two handouts, one from the lawyers and one from his friend. To any creditor, this can’t be a good sign.

Large loans between friends are messy — better to gift or writeoff than to loan.

Your client has been put in a lose-lose situation: probably lose the cash, possibly lose the friend, maybe both. If you list the possible outcomes, the question is which would your client prefer?

Comment on The Ethics of Integrity by Dan Noble

Dan Noble — Fri, 05 Dec 2008 00:12:49 +0000

Thank you Susan, always welcome new visitors.

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