Take Out a Second Mortgage Loan to Improve Energy Efficiency

second mortgage loanWith the upheaval in the financial markets brought on by the mortgage crisis, fewer and fewer people are looking at a second mortgage loan, simply because credit standards have tightened pretty severely since the heyday of the lending binge a few years ago. A second mortgage loan, however, can be a really useful instrument for getting money to upgrade your home, remodel... Read More
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Loan Modification Harder To Get Done Now Than 5 Months Ago

According to the Arizona Republic, it is getting harder to get a loan modification done.

Some highlights from the article:

"In January, loan analyst Moe Bedard noticed a promising development in the mortgage-servicing industry: More lenders started restructuring distressed borrowers' loans to avert foreclosure.


But in the months that followed, the trend reversed itself.


&qu... Read More

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Need to Improve Your Home? Get a Second Mortgage Loan

Home improvements are expensive. But they are a great way to improve your property’s value and beautify your home. As a homeowner I know what it feels like to want to improve your space. I have plans to completely renovate a bathroom, install new countertops, re-finish kitchen cabinets, and knock down a wall to open up our living space. In addition, I would love to install... Read More
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The Housing and Economic Recovery Act of 2008 — What It Means For Veterans

The Housing and Economic Recovery Act of 2008 has a few changes in it that are intended to help Veterans.

For reservists and members of the National Guard who are called to active duty, there are some protections having to do with foreclosures and interest rates. If a service member had a mortgage before entering active duty, a lender can't start foreclosure until nine... Read More

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1,300 Foreclosures per day in California? Try the FHA Secure Mortgage Program or a Loan Modification First.

Wow! There are an estimated 1,300 foreclosures per day going on in California right now -- before you let your house go into foreclosure, remember there are options! Take for example, the new FHA Expansion program or the FHA Secure Mortgage Program or a Loan Modification... there are options!
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One Third of New Owners Owe More Than House Is Worth

According to Bloomberg, many people who have bought their house in the last 5 years now owe more than their home is worth.

Many people as in about 33% of new homeowners!

According to Stan Humphries, Zillow's vice president of data and analytics:

"For homeowners who need to sell, this is a gravelyserious situation,'' Humphries said in an interview. "It canalso be... Read More

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FHA Loan Volume Jumps By 48 Percent in Q2

The Federal Housing Administration guaranteed 351,140 home loans during the second quarter, and the agency now accounts for 30 percent to 50 percent of loan production for some mortgage companies. "For borrowers at the lower end of the credit spectrum, FHA is the best option available," says Steve O'Connor, a senior vice president at the Mortgage Bankers... Read More
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How to Have a Successful Second Mortgage Loan?

If you own a home, a second mortgage loan can be your ticket out of debt. Thousands of homeowners apply for second mortgages or home equity loans. It’s likely the easiest loan you’ll ever receive and the fund from the loan can be used for multiple purposes.

Commonly, homeowners use the cash from a second mortgage loan to consolidate debts. Since second mortgage rates are... Read More
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It Is Harder To Get Approved For A Mortgage Loan

The Federal Reserve Board released their "July 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices" and it is clear that more and more banks are tightening their lending standards.

A few highlights from the study:

Large majorities of domestic respondents reported having tightened their lending standards on prime, nontraditional, and subprime... Read More

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The Housing and Economic Recovery Act of 2008 — How The First Time Homebuyer Tax Credit Works

There are many parts to the new housing bill, but one of them will directly benefit first-time homebuyers -- a tax credit of up to $7,500.

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500.

A tax credit is much more valuable than a... Read More
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There's more to the mortgage relief bill than just mortgage relief

I found a great overview of the new mortgage relief bill written by Greg Swann -- the guy who is the designated broker for BloodhoundRealty, the brains behind the Bloodhoud blog and generally recognized as a real-estate expert here in the Valley and a web 2.0 real estate expert nationwide.

This article also appeared in the West Valley sections of the Arizona Republic on... Read More
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Can't Qualify For an FHA Secure Mortgage Loan? Here Are Some Signs That Loan Modification May Be Right For You.

I have been talking to at least one person a day this week who would like to refinance their house through the FHA Secure Mortgage program, but can't for one reason or another. These people are s-t-u-c-k in their current loan and usually they think all is lost and that they are going to face foreclosure...

Until I tell them about "Loan Modification".

I don't... Read More
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FHA Has Helped 300,000 Families in 2008, FHA Secure on Pace to Help 500,000 by Year’s End

According to the latest press release from HUD --

HUD SECRETARY: FHA HAS HELPED 300,000 FAMILIES FIND RELIEF WITH GOVERNMENT-BACKED MORTGAGES

FHA Secure on pace to help half-million homeowners by year’s end


WASHINGTON - U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that 300,000 families have refinanced their mortgages with HUD's... Read More

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Improve the value of your home by Getting a Second Mortgage Loan—here’s how!

second mortgage loanIf you think that the title of this blog is rubbish, please, read on. There are some easy ways that you can use the money from a second mortgage loan to greatly increase the value of your home. The recipe is simple for this one my friends. First get your home appraised and gets some quotes on a home remodel. Then take out a second mortgage loan on your home for a little... Read More

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Having Trouble Making Your Mortgage Payment? Ask Your Lender To Do These 6 Things.

Are you having trouble making your mortgage payment? Pick up the phone and call your lender. You are not alone and many people are in your same situation.

Because so many people in today's world are having trouble making their mortgage payments on time, lenders are hiring people in their "loss mitigation" departments so there is a better chance than ever before... Read More
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Can you afford a second mortgage loan?

Before you sign on the dotted line for a second mortgage loan ask yourself a few questions. Can you really afford to take a second mortgage loan? Is your job secure enough that you can do this without constant worry about your employment security? Do you really need the money from a second mortgage loan? This is a telling question to ask yourself. If you are taking a second... Read More
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Are You Due An MIP Refund from HUD? How To Find Out -- FAST and FREE!

There is now a simple way to find out! Simply go here and you can search by your Last Name and find out if you are owed an MIP refund, how much it is and how to start the process to collect it. Of course, if you have any questions about this, you can always contact me!
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Pay Off a Second Mortgage Loan Quick

Often times, a second mortgage loan creates an additional monthly debt. Some people use the money to eliminate credit card debt, which is smart. But when the purpose of a second mortgage loan is to finance a home improvement project, college tuition, or pay for a wedding, you actually increase your monthly expenses. Rather than be “financially strapped” consider ways to... Read More
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Mortgage Notes and Trust Deeds

Different Demographic, Better Results

As explained in the last issue, seller financing can be an extremelyuseful option to sell a house in a slow real estate market.Unconventional private lending is a great way to increase the overallsales closing ratio. When the property owner is willing to "carry back"a note, it is often possible to obtain a higher selling price andreduce the time needed to find a buyer. Plus, creating a note securedby real estate can give the seller a steady, interest-generating incomestream for their long-term future.

The Challenge: A Different Demographic

Home owners who are ready to offer a private loan in order to selltheir houses are still faced with a stumbling block: how to find buyersin need of seller financing. Most property owners don.t have anyexperience in finding individuals interested in buying a "high ticket"item like a home directly from the owner.

When property sellers work within the established real estateagent process to find buyers and close a deal by "traditional" methods,it is generally safe to assume that the vast majority of thesecustomers will qualify for bank financing. In order to pursue privateseller financing to sell a home, however, a property owner will need toattract home buyers who do not have adequate credit to buy real estate- a significantly different demographic.

The key to successfully orchestrating a seller-financed real estatedeal is getting the right buyers through the door - just like atraditional property sale.

In order to get motivated buyers interested, the seller will need touse a targeted marketing technique designed specifically for the"unconventional buyer's market". The most effective advertising methodto tap into this distinctly separate pool of buyers is surprising tosome.

Unconventional Marketing

The seller's best strategy for finding their credit-challengedbuyers would be to list the property in places that are frequented byindividuals that do not have a real estate agent. The newspaper is oneof the best places to start putting out the word.

The majority of home buyers looking for seller financing start bysearching the "For Sale By Owner" ad listings in the local paper.Seller financing originated and took off via this print medium. Even intoday's Internet-dominated business world, newspaper advertisingcontinues to be an effective means to reach those looking for sellerfinanced deals, so it makes sense to start the advertising here. Asimple sale ad including the line "seller financing available" or"credit issues OK" should help to generate genuine interest from theright potential candidates.

Orchestrating the Deal

Once interested buyers start coming around, the seller can choose towork with the party that brings the most to the closing table in termsof the down payment. Of course, larger down payments are better thansmaller amounts, but it is entirely up to the property seller to decidewhat is acceptable.

Once the details of the initial payment, payment term, interest rate,and any necessary clauses are established, the buyer and seller couldcreate a new seller-financed note. If the seller needs moneyimmediately to pay their down payment, the note terms can bespecifically tailored to ensure that it's attractive to cash flowbuyers. Once the newly-created note is sold, the property seller willhave "cashed in" their future monthly payments for an immediate lumpsum of cash.

The details of the note creation are easily handled withstandardized boilerplate or the assistance of an attorney; some notesellers are able to manage the sale of their home without any paidlegal counsel at all. In fact, once the seller understands thepotential advantages of seller financing and takes the proper steps tomarket the property to the target buyers, the final steps in cementingthe note deal are usually much easier than expected.

Smiling Dog Notes

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How to Successfully Obtain a Second Mortgage Loan

second mortgage loan, second mortgage rates

If you're thinking of getting a second mortgage loan, here are a few suggestions for making it a positive experience for you and your family, even now, when the whole home mortgage environment is as chaotic and dangerous as it's been at any time since the Great Depression. My first suggestion should be just basic common sense for any homeowner: don't jump on the first... Read More
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Recent Posts
Take Out a Second Mortgage Loan to Improve Energy Efficiency
Loan Modification Harder To Get Done Now Than 5 Months Ago
Need to Improve Your Home? Get a Second Mortgage Loan
The Housing and Economic Recovery Act of 2008 — What It Means For Veterans
1,300 Foreclosures per day in California? Try the FHA Secure Mortgage Program or a Loan Modification First.
One Third of New Owners Owe More Than House Is Worth
FHA Loan Volume Jumps By 48 Percent in Q2
How to Have a Successful Second Mortgage Loan?
It Is Harder To Get Approved For A Mortgage Loan
The Housing and Economic Recovery Act of 2008 — How The First Time Homebuyer Tax Credit Works
There's more to the mortgage relief bill than just mortgage relief
Can't Qualify For an FHA Secure Mortgage Loan? Here Are Some Signs That Loan Modification May Be Right For You.
FHA Has Helped 300,000 Families in 2008, FHA Secure on Pace to Help 500,000 by Year’s End
Improve the value of your home by Getting a Second Mortgage Loan—here’s how!
Having Trouble Making Your Mortgage Payment? Ask Your Lender To Do These 6 Things.
Can you afford a second mortgage loan?
Are You Due An MIP Refund from HUD? How To Find Out -- FAST and FREE!
Pay Off a Second Mortgage Loan Quick
Mortgage Notes and Trust Deeds
How to Successfully Obtain a Second Mortgage Loan
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