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Reverse Mortgage Top 10 Questions

admin — Mon, 30 Aug 2010 19:39:50 +0000

http://www.topflitefinancial.com/mrsavage

cell 615-485-1096

Senior Reverse Mortgage Specialist Bernard Savage tells the answers to the Top 10 questions that consumers have about reverse mortgages. Mr. Bernard Savage is available for speaking engagements in Davidson County. Call Bernard at 615-727-0300 ext. 222

Duration : 0:7:34

Technorati Tags: aarp, America, american, bank, fargo, first, hecm, loans, mortgage, mountain, reverse, senior, Tennessee, wells, zions

First Security Mortgage Corporation – Brook Park, OH

admin — Sun, 04 Jul 2010 16:56:12 +0000

First Security Mortgage Corporation 330-591-4485 http://www.yellowbook.com/profile/first-security-mortgage-corporation_1848069135.html

Duration : 0:0:36

Technorati Tags: Conventional Loans, Corporation, Estate, FHA loans, first, loans, mortgage, mortgages, Real, security, VA Loans

First Time Homebuyer / Homebuyers Seminar Clip #1 of 6

admin — Tue, 29 Jun 2010 19:49:19 +0000

This is a recent homebuyers seminar I put together in Daly City, California. If you would like information about further seminars, please let me know at jvetter@mercurylending.com. I can help you with you California and Oregon refinance and purchase needs.

Duration : 0:9:50

Technorati Tags: 100, Adjustable, california, cash out, financing, first, Fixed, homebuyer, Homebuyers, mortgage, Oregon, refinance, time

Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 4 Nov08 Interest Rate & Payment

admin — Wed, 23 Jun 2010 15:40:08 +0000

Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com

Part 4 (Excerpt)

1099 C is for Cancellation of Debt Income Only, not for Interest Rate and Payment Reduction

So for people who find themselves in a very difficult situation considering these options whether it’s a loan modification or a short sale, whatever they need to do to relieve themselves of this particular burden of a mortgage, that for whatever reason they’re no longer able to maintain, they are not always considering the tax ramifications associated with taking a specific course of action, like this example the short sale option.

Right there is actually two pieces of tax component here, you have the forgiveness of debt income that we talked about, they still have the fact that you sold your house and you have to see if there was a gain on that. Over and above the cost basis of the home.

We talked about the 1099Cs a few moments ago, did you say that the lender sends a copy of the 1099C to the IRS? Absolutely.

Now I’m the guy for a few minutes ago who bailed on $400,000 and sold it for $300,000 am I going to get a copy of the 1099C if I haven’t given my lender my new address. Well that could be a problem, they will send it to the last address they have on record for you. And as a homeowner it’s my problem.

The IRS will get a copy, so they will look for it on your return, if you forget to put it on then you’re going to get a friendly notice from the IRS.

If somebody is going to do a short sale, its a fairly civil transaction and when I say civil I mean going for a short sale is horrible for them and their family, but it beats the alternative which is foreclosure, and I think the real problem is when there’s a foreclosure and the guy just walks away and moves off to El Centro California, he’s the one who’s really getting hurt.

So in the event that somebody takes a course of action, and I know that Velocity financial and Michael Barnes, youre not necessarily advocates for that short sale approach. It’s not normally the best course of action, we’ve been talking about loan modifications and it would help me when I talk to clients, or people who call from radio broadcasts who asked questions about loan modification process as part of a financial strategy, help me with some of the tax ramifications. Let’s say that I have a loan and I know the best thing for me is a loan modification, am I going to be faced with a 1099? A tax bill at the end of a loan modification?

Yes, the first of the two tax implications will apply which will be the debt forgiveness part.

I didn’t mean to interrupt you Mike, well I said there are several different types of loan modifications, I believe are you asking about when the loan modification is where they actually do forgive some of the debt?

Thats a point, I know there’s been a lot of discussion on the use of the TARP funds especially from the federal government regarding these banks that qualify for some of these funds, they have to do principle reductions for their mortgages. So let’s say there isn’t a principal reduction involved, from that aspect, its not a taxable event that could take place, since I’m not reducing my principal, I’m simply getting a reduction in my term or my rate.

That’s right, the only time that taxes would come into play is when the principal gets reduced because thats forgiveness of debt.

So let’s take that one step further, whatever mortgage interest I’m able to deduct on my taxes may be impacted if it’s a lower percentage, right because youll be paying less interest, but there’ll be no surprise 1099 coming your way if its just an interest modification.

One of the things that I like to make thing clear is that were trying to do the best for you the homeowner so you can stay in your home. The situation I’m talking about, the $400,000, the lender is more likely than not is not going to forgive $100,000, however the same lender is more than willing to reduce your interest rate so that your payment would be the same if they have done the principal reduction, because it’s not a permanent loss for the bank. If there is someone out there who’s telling you that they can have your mortgage reduced by tens of thousands or hundreds of thousands of dollars, it’s not going to happen and I doubt it’s going to happen anytime soon.

Duration : 0:5:58

Technorati Tags: Adjustable, Administration, ARM, Attorney, Avoid, bank, Bankruptcy, buyer, closing, Corporation, Cost, credit, Down, Estate, Expert, Fannie, Fed, federal, fha, first, Fixed, FNMA, foreclosure, Fraud, Freddie, Funds, Future, home, housing, Income, Insolvency, interest, Lender, loan, Loss, Mac, Mae, Marketing, Median, Meltdown, Mitigation, Mod, Modification, mortgage, Negotiate, Owned, Payment, Price, Program, Purchase, rate, Real, Realtor, refinance, Rent, REO, Repo, Resolution, RTC, S&L, Sale, Savings, Scam, Seller, Servicer, Short, TARP, Tax, time, Trust

Mortgage Line of Credit – What is Possible and What is Not

admin — Thu, 17 Jun 2010 17:16:54 +0000

http://mortgagelocator.ca/blog/?p=750

Many buyers ask me for a line of credit as part of their mortgage package, but they only put 5% down. This video explains whether or not this is possible, and under what circumstances it can be considered.

Hey everybody, Rowan Smith with The Mortgage Centre. I want to talk today about lines of credit. More specifically, mortgage lines of credit. A lot of times people will come to me and they’ll want to get a line of credit, along with their financing for their purchase, for renovations and whatnot.

Now, generally, if it’s going to be a mortgage, you’re going to have to have 20% down payment or 20% equity in the property before you can start getting a line of credit. Because CMHC, who governs less than 20 percent down purchases, doesn’t not allow an interest only product at this time; they do, but no lenders really support it.

So you’ve got to have 20 percent down if you want to start getting the ability to have a line of credit. Now what I mean by that is if you have 20% down and you pay it down so that you now have 30% equity in the property, you could borrow that 30% to 20%, that 10%, you could get that in the form of a line of credit assuming that your income and credit qualify for it.

So, if you’ve just bought something with five percent down and want renovation funds, a line credit with the mortgage is not part of the option. What you can do is get an unsecured line of credit through your financial institution you bank with. They can supply that to you, you can use that. Now you will not get mortgage rates on that line of credit, but it’s really the only option.

Alternatively, there’s a Purchase Plus Improvements Program if you want money for renovations. I’ve covered it in detail in the prior blogs, please do a search and you can watch it. It’s a good three or four minutes and it explains how the Purchase Plus Improvements Program works, or Refinance Plus Improvements.

If you’re applying for a line of credit increase – maybe you already own your property, you’ve got a substantial equity position at home and you simply want to increase that line of credit, come and talk to me. There’s many institutions which we can stick a line of credit behind any other mortgage.

So if you’ve a RB Royal Bank first mortgage, we can stick a line of credit behind that and get you mortgage rates on that line of credit. You don’t have to go to your bank if that’s the case. It’s only the unsecured lines of credit which you need to speak with your bank about.

If you’d like any clarification on this or need a line of credit, please give me a call. It’s Rowan Smith from The Mortgage Centre.

Duration : 0:2:8

Technorati Tags: ARM, Broker, buyer, changes, cmhc, credit, first, hombuyer, home, interest, line, LOC, mortgage, of, rate, rates, survey, time, Vancouver, vrm

Mortgages Finance Homeloans loans

admin — Thu, 03 Jun 2010 16:14:23 +0000

Choice Homeloans Carine in Perth W.A are a family run finance business. They specialise in mortgages. First buyer loans, refinance, investments, top up mortgages, lines of credit etc.. You will see their friendly staff around Perth giving advice on mortgages. investment loansm refinance, first home buyers loans. The principal of the company is Greg Hancock, he has lived in Perth all his life and he loves asserting people in perth to arrange any type of finance. his daughter Nicky Greenhalgh. Is in charge of the first home buyers loans, she also is a long term perth resident and got her finance when she was still young to purchase her home. the other member of the team is Lisa Jansen Greg’s other daughter, she assists with refinancing existing loans. if you need any advice on mortgages, refinance, first home buyers loans, investments, to up mortgages, make sure to contact Choice Home Loans CARINE in Perth. They really are your one stop shop for mortgages, refinance, first home buyers loans, investments all around the Perth metro area. So remember Choice homeloans carine for all your special finance requirements

Duration : 0:1:8

Technorati Tags: carine, choice, credit, finance, financial, first, greg, hancock, home, homeloans, investments, loans, mortgages, perth, planning

Let Your Mortgage Make You Rich – An Intro

admin — Sat, 29 May 2010 06:41:37 +0000

How you pay is more important than what you pay. Do-it-yourself (DIY) guide compares various early payoff techniques – including using a HELOC – that will save you thousands of dollars (up to a third of your projected payments) – without refinancing.

Duration : 0:1:11

Technorati Tags: 5-7, account, early, finacial, first, HELOC, home, in, merge, mma, money, mortgage, off, one, pay, Payoff, Scam, third, time, ufirst, united

First Time Home Buyers (Mortgages)

admin — Sun, 23 May 2010 06:08:49 +0000

Are you a first time home buyer? RE/MAX Sales Representatives Dan Gemus & Kathy Talbot help answer some mortgage related questions with Mortgage Specialist Susan Reaume.

Duration : 0:4:18

Technorati Tags: buy, buyer, dan, first, gemus, home, kathy, reaume, remax, susan, talbot, time, tour, Video

First Active Tracker Mortgage UK Video

admin — Tue, 11 May 2010 10:54:26 +0000

http://www.themortgagehotline.co.uk First Active Tracker Mortgage UK Video looking for a tracker mortgage well we have over 16 years experience in helping people just like you find the right tracker mortgage for them It cost you nothing to talk to us about the tracker mortgages available to you, but it will save you a lot of time, effort and money. So we can help you find the best tracker mortgage for you FREE phone us now FREEPHONE 08000 372 372 we are here to answer all of your questions about tracker mortgages and what is the Best Tracker Mortgage for you and its FREE First Active Tracker Mortgage UK Video advice at The Mortgage Hotline Morgage Advice UK video http://www.themortgagehotline.co.uk – or FREEPHONE 08000 372 372 first active tracker mortgage, tracker, first, active, mortgage, morgage, mortage, rates, UK, advice, deal, find, free, video

Duration : 0:1:33

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Real Estate & Mortgage Marketing 1 – Home Loan Modification Dec08 Licensed Attorney to Negotiate

admin — Thu, 06 May 2010 03:42:05 +0000

Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To http://RealEstateMarketingThisWeek.com

Part 1 (Excerpt)

Why you should use a licensed attorney to negotiate your loan modification

Dan Havey thanks for taking the time to be with us tonight. Thank you Michael for having me and you are absolutely right 2008 for many people was a very tough year. Tough year for pretty much everybody that I know, how many banks have we lost in 2008? Hopefully the bleeding is gone; hopefully there arent too many more banks to fail. Quite a few banks have picked up some of the slack, but the reality of it is so many people have been faced with such hardships, we have solutions that we are maybe going to talk about today that they can look forward to, to make 2009 a great year.

Definitely that is what we are doing here with your organization at Velocity Financial and with the Modification Hotline and with many of the other things I am working on right now to help people out. When I first got into this business it was back in the late 80s, I moved here from Wisconsin after getting a degree in finance and I started selling repos for Fannie Mae, Countrywide, and the RTC. The Resolution Trust Corporation was responsible for getting rid of all the real estate owned by the over 1,800 S&Ls that failed. So I cut my teeth selling those reposed properties and got to know a lot about the laws and worked with a lot of attorneys and then in the mid 90s I moved into the mortgage business, and I immediately started there working with bankruptcy attorneys for the most part.

I was helping people get out of their bankruptcies, chapter 13 bankruptcies, to avoid bankruptcies, to stop foreclosures and I did that up until the fall of 2007 and at that point the market really changed for me as we know most of the subprime financing went away. Some people might look at me and say, my god you gave people subprime loans, well if you are in a chapter 13 bankruptcy and your payment to the trustee is $1,500 a month and I can get you out of bankruptcy and reduce your total monthly outlay by $1,200, your mortgage payment would go up a little bit, I think this is a really good use of a subprime loan. And I certainly never had any complaints from anyone when I got them out of bankruptcy or I stopped their foreclosure and saved their home.

So late last year I moved out of the mortgage business for a while but I never really left it because it is pretty much what I have done my entire adult life. Over 20-25 years I have been involved with real estate, mortgages and finance and I worked for a while for about 6 months last year on a model for an idea that we came up with of being able to accurately predict the top and bottom of all real estate markets and we perfected it for Arizona and most of California. It worked really well to the point that we could actually predict the bottom of the market 6 months in advance and then after the bottoms hit all across the country we kind of stopped working on it.

It is one of the things I am going to start working on again over the next few months. The title of the book is Real Estates Future and you can go to my website at http://realestatesfuture.com and get a copy of that if you want to, it is not available yet but just put in your information and I am going to give away a whole bunch of free copies of it.

The reason why I went through this entire story is because a few months ago Michael and Velocity Financial came to me and said he was going to do loan modifications and I had been approached by other people and I had seen a bunch of garbage on the internet and the thing that he said to me that sold me was, You know Dan, you have to understand, were using attorneys to negotiate these loan modifications.

And that is, I didnt mean to interrupt but that is the key; that is one of the reasons it took us so long to get in. Even though Velocity Financial was at the very beginning of this mad craze, heck you cant drive down the street without seeing a sign that says loan mod, kind of like back in 2006 in the heyday of the mortgage business where you couldnt drive down the street and see a sign that said, if your mortgage payment is more than 1% you are paying too much. Well now everybody is jumping into the loan modification game and it is dangerous.

And that is exactly it, it is every unemployed loan officer has gotten into the loan modification game and I guess I am guilty of the exact same thing. It is just after having 20 years experience of working with attorneys, I know what they are capable of doing, I know how they can go in and negotiate and the biggest thing is they are there to protect the home owner, to protect the consumer, to protect their client because they have a fiduciary responsibility to that client…

Duration : 0:6:29

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