Hi Friends,
I am moving my blog to http://www.theieu.com/blog from today forward. Please go there for daily updates. There are so many things going on in the market and we don't want you to miss a thing.
Thanks for tuning in here...see you at the new site...
Have a Blessed Day,
Dwan
http://www.theieu.com/
About Me
- Dwan
- I started as a single mom with NO money, NO experience, and NO real estate license. I have been investing in foreclosures for almost 20 years and am considered one of the nations foremost experts on short sales, foreclosures, and just about anything related to real estate investing. My goal is to help you to become a superstar!
Saturday, September 27, 2008
Friday, September 26, 2008
Bail Out? What does this mean to us?
Hello Friends,
Wow...is our country in a mess. The bail out is the only thing on the news right now. What is going to happen???
Here are my thoughts...
As I am sure you know that Washington Mutual went under last night.The problem with the bail out is that it appears to bail out banks, not homeowners who are facing foreclosure. What will happen is that the government will buy up all the inventory the banks hold. I believe that all the purchased properties will then be dumped as cheap as possible to free up money and begin repaying the loans given.
Bank-owned properties will be cheap and easy to buy for a while...Once the bank-owned properties are off the books of the bank, the banks will start to lend money again...being more cautious than before.
By jump starting the lending industry...it should give our economy a boost. The problem is that millions of people are in foreclosure right this minute and no one is talking about how to STOP the foreclosures.
I am hoping that banks will do loan modifications with distressed homeowners and give them a fresh start.Unless the interest only and adjustable loans are dealt with, we will be right back in trouble very soon.
We are advising our students to find homeowners in distress, do the short sales, and then flip properties to landlords or start building rentals for long-term wealth. For the students who can afford it, rentals are a good option because when values go back up - you will be sitting on a goldmine.
In the mean time new investors need to flip to landlords - not rehabbers. Rehabbers are having a hard time because they sell retail and can't get people approved for loans.
I think people should focus more than ever on real estate. Most of the millionaires who came out of the great depression made it in real estate...
Now is NOT the time to bail out..it is the time to gain extreme wealth...
I will be back blogging next week and will keep you posted daily...
Have a Blessed Day,
Dwan
www.theieu.com
Wow...is our country in a mess. The bail out is the only thing on the news right now. What is going to happen???
Here are my thoughts...
As I am sure you know that Washington Mutual went under last night.The problem with the bail out is that it appears to bail out banks, not homeowners who are facing foreclosure. What will happen is that the government will buy up all the inventory the banks hold. I believe that all the purchased properties will then be dumped as cheap as possible to free up money and begin repaying the loans given.
Bank-owned properties will be cheap and easy to buy for a while...Once the bank-owned properties are off the books of the bank, the banks will start to lend money again...being more cautious than before.
By jump starting the lending industry...it should give our economy a boost. The problem is that millions of people are in foreclosure right this minute and no one is talking about how to STOP the foreclosures.
I am hoping that banks will do loan modifications with distressed homeowners and give them a fresh start.Unless the interest only and adjustable loans are dealt with, we will be right back in trouble very soon.
We are advising our students to find homeowners in distress, do the short sales, and then flip properties to landlords or start building rentals for long-term wealth. For the students who can afford it, rentals are a good option because when values go back up - you will be sitting on a goldmine.
In the mean time new investors need to flip to landlords - not rehabbers. Rehabbers are having a hard time because they sell retail and can't get people approved for loans.
I think people should focus more than ever on real estate. Most of the millionaires who came out of the great depression made it in real estate...
Now is NOT the time to bail out..it is the time to gain extreme wealth...
I will be back blogging next week and will keep you posted daily...
Have a Blessed Day,
Dwan
www.theieu.com
Thursday, September 11, 2008
Are You an Underwater Homeowner...Continued
Hi Folks,
I have been doing a series for UNDERWATER HOMEOWNERS. Whether you are an underwater homeowner or an investor helping one...keep reading.
Did you know that Henry Ford went bankrupt seven times? Think about it – he started a company and went bankrupt; started another company and went bankrupt; started another company and went bankrupt again; started yet another company and went bankrupt again; now it’s getting hard to read – he started another company and went bankrupt yet another time; with all the naysayers in his life he started another company and went bankrupt again; still not defeated, he started another company and went bankrupt again; then he started Ford Motor Company – who you may be making payments to right now.
If you are an investor losing your investment properties – it’s okay, too. Our advice for the future is not to buy any rentals unless you can afford to make the mortgage payments – in addition to your bills - for five months on all your rentals. For example – say you own five rental properties and the mortgage payment is $500 on each. This means your monthly commitment is $2,500 a month. Unless you can afford to pay $2,500 for five months, in addition to all your regular bills, do not become a landlord. We realize that this seems extreme because t is unlikely that all five of your rental would be vacant at the same time; however, it does happen. The great news is that in this book we are going to cover some great ways to turn your rentals into cash flow machines again.
If you look at the average life span, we live to be 75 or so. If you are in financial hardship and it takes you three years to recover, in the big picture, it’s not that much time. When you recover and start over, you’ll have many more good years than bad.
People tend to live above their means in this country. We have both traveled extensively around the world and we are the most spoiled country. Personally, we like living a spoiled lifestyle, but we didn’t come by it easy. We have both had financial problems in the past, been divorced, suffered foreclosures, and barely gotten by. Through a lot of hard work, cutting back, and many blessings from God, we were able to make it to the top percentage in the entire country.
Stay tuned for this continued series...
May God Bless You,
Dwan
www.theieu.com
I have been doing a series for UNDERWATER HOMEOWNERS. Whether you are an underwater homeowner or an investor helping one...keep reading.
Did you know that Henry Ford went bankrupt seven times? Think about it – he started a company and went bankrupt; started another company and went bankrupt; started another company and went bankrupt again; started yet another company and went bankrupt again; now it’s getting hard to read – he started another company and went bankrupt yet another time; with all the naysayers in his life he started another company and went bankrupt again; still not defeated, he started another company and went bankrupt again; then he started Ford Motor Company – who you may be making payments to right now.
If you are an investor losing your investment properties – it’s okay, too. Our advice for the future is not to buy any rentals unless you can afford to make the mortgage payments – in addition to your bills - for five months on all your rentals. For example – say you own five rental properties and the mortgage payment is $500 on each. This means your monthly commitment is $2,500 a month. Unless you can afford to pay $2,500 for five months, in addition to all your regular bills, do not become a landlord. We realize that this seems extreme because t is unlikely that all five of your rental would be vacant at the same time; however, it does happen. The great news is that in this book we are going to cover some great ways to turn your rentals into cash flow machines again.
If you look at the average life span, we live to be 75 or so. If you are in financial hardship and it takes you three years to recover, in the big picture, it’s not that much time. When you recover and start over, you’ll have many more good years than bad.
People tend to live above their means in this country. We have both traveled extensively around the world and we are the most spoiled country. Personally, we like living a spoiled lifestyle, but we didn’t come by it easy. We have both had financial problems in the past, been divorced, suffered foreclosures, and barely gotten by. Through a lot of hard work, cutting back, and many blessings from God, we were able to make it to the top percentage in the entire country.
Stay tuned for this continued series...
May God Bless You,
Dwan
www.theieu.com
Monday, September 1, 2008
UNDERWATER ...continued...
Hi Friends,
In my last post - I spoke of how many people are "UNDERWATER" in this crazy period in our economy. I want to continue that series...
Banks figured that if you used 40 percent or more of your income for the mortgage payment, you would be “house poor.” If you used $800 of your $2,000 income for a mortgage payment, that leaves $1,200 for everything else.
Let’s look at what this could mean:
Income - $2,000
Mortgage - $800
Electric - $150
Car Payment - $300
Gas - $250
Phone - $100
Groceries - $400
Based on these very realistic figures, you are dead broke every month. What if you have a car repair, medical bills, need a home repair, need to buy clothes, or anything else? Where does the money come from? What about trying to save for retirement or trying to care for ailing parents?
Sometimes life just takes over, you have a problem, you use some of the money that should be used for the mortgage payment, and next thing you know – you’re one payment late, then two, then three, then the bank files foreclosure papers, and then everything spirals out of control.
Many investors bought rental properties with no landlord experience. When their rentals sat empty, they used mortgage money to keep up the rental payments or worse yet, they spent the rental income for their own bills and fell behind on investment properties, which often ended up in foreclosure without the tenants knowing a thing. Next thing you know, the tenant is being served eviction papers from the sheriff and must move in three days. It would stun you to see how many investors are going under right now – so you are not alone.
Most Americans live paycheck to paycheck – even investors. The best way to stay ahead of the game is to control your debt. If you are a two-income family, our thought is to live on one paycheck. This way, if one of you gets sick and can’t work or if you fall victim to divorce, your lifestyle won’t change. We realize that right now may of you are thinking – no way could I possibly do that, our bills are too high. By living on one of the two incomes, you can get so far ahead – it would stun you.
If you are a one-income family, try living on 80 percent of your income. I realize how hard that can be, especially if you are a single parent. You must cut back, downsize your lifestyle, get a smaller house or apartment, drive a less expensive car, pay off credit card debt, save 10 percent of your income for emergencies, and don’t forget to tithe 10 percent of your income to God.
Don’t worry about keeping up with the neighbors. The neighbors aren’t going to pay your bills if you get into trouble. In fact, my guess is that most of your neighbors will gossip about you if you do get into trouble. It is sad how shallow our society has become. You don’t have to have the best of everything. You do need to be prepared for emergencies and hard times. Our economy isn’t going to pick up for several years and we don’t want to see you fall victim to the hard times that lay ahead. Whether a distressed homeowner or an underwater investor - if you have already fallen into hard times – don’t worry about it.
We have so many great ideas and will show you how you can start over … and come out on top!
...TO BE CONTINUED...
Have a Blessed Day,
Dwan
www.theieu.com
In my last post - I spoke of how many people are "UNDERWATER" in this crazy period in our economy. I want to continue that series...
Banks figured that if you used 40 percent or more of your income for the mortgage payment, you would be “house poor.” If you used $800 of your $2,000 income for a mortgage payment, that leaves $1,200 for everything else.
Let’s look at what this could mean:
Income - $2,000
Mortgage - $800
Electric - $150
Car Payment - $300
Gas - $250
Phone - $100
Groceries - $400
Based on these very realistic figures, you are dead broke every month. What if you have a car repair, medical bills, need a home repair, need to buy clothes, or anything else? Where does the money come from? What about trying to save for retirement or trying to care for ailing parents?
Sometimes life just takes over, you have a problem, you use some of the money that should be used for the mortgage payment, and next thing you know – you’re one payment late, then two, then three, then the bank files foreclosure papers, and then everything spirals out of control.
Many investors bought rental properties with no landlord experience. When their rentals sat empty, they used mortgage money to keep up the rental payments or worse yet, they spent the rental income for their own bills and fell behind on investment properties, which often ended up in foreclosure without the tenants knowing a thing. Next thing you know, the tenant is being served eviction papers from the sheriff and must move in three days. It would stun you to see how many investors are going under right now – so you are not alone.
Most Americans live paycheck to paycheck – even investors. The best way to stay ahead of the game is to control your debt. If you are a two-income family, our thought is to live on one paycheck. This way, if one of you gets sick and can’t work or if you fall victim to divorce, your lifestyle won’t change. We realize that right now may of you are thinking – no way could I possibly do that, our bills are too high. By living on one of the two incomes, you can get so far ahead – it would stun you.
If you are a one-income family, try living on 80 percent of your income. I realize how hard that can be, especially if you are a single parent. You must cut back, downsize your lifestyle, get a smaller house or apartment, drive a less expensive car, pay off credit card debt, save 10 percent of your income for emergencies, and don’t forget to tithe 10 percent of your income to God.
Don’t worry about keeping up with the neighbors. The neighbors aren’t going to pay your bills if you get into trouble. In fact, my guess is that most of your neighbors will gossip about you if you do get into trouble. It is sad how shallow our society has become. You don’t have to have the best of everything. You do need to be prepared for emergencies and hard times. Our economy isn’t going to pick up for several years and we don’t want to see you fall victim to the hard times that lay ahead. Whether a distressed homeowner or an underwater investor - if you have already fallen into hard times – don’t worry about it.
We have so many great ideas and will show you how you can start over … and come out on top!
...TO BE CONTINUED...
Have a Blessed Day,
Dwan
www.theieu.com
Tuesday, August 26, 2008
Are You an Underwater Homeowner or Investor?
Hi friends,
How did so many people end up with underwater houses?
If you are like many homeowners today, you feel overwhelmed by what is supposed to be the American dream – homeownership. We have this vision of what it is supposed to be like – cute house, white picket fence, a couple of kids, a dog in the back yard, summer barbeque's, family time, and so much more.
We find a house and fall in love with it. We then find a mortgage broker who offers us an amazing deal – zero down or a low down payment or low fixed payments for two-years or something along those lines. We buy the house, move in, and all is right with the world.
Soon, our two-year low monthly payment resets, the payment raises, then it resets again and the payment continues to rise. Now the stress of making our mortgage payment is all we think about and we become disillusioned with our American dream – homeownership.
The dream continues to crumble when you try to sell your house to get free of the payments only to find that property values have dropped nationwide and you now owe more than your house is worth. Sadly, there are hundreds of thousands of houses on the market that aren’t selling because folks, just like you, owe more than their house is worth.
If you have the time and money, you can wait out the market and sell your property when values come back up. If you are like most American’s, you don’t have the time to wait it out. You want to be relieved of the stress today.
The good news is that there are many solutions available that most people don’t know exist. We are going to talk about leases, subject to’s, rentals, short sales and much, much more. Did you know that you can negotiate with your bank to accept less than you currently owe as full payment? Are you aware that here are government programs that will allow you to rent out your house for three times the current market rents? Folks, no matter where you are in your property situation – there is a perfect solution for you.
Education is power. Once you read this you will begin to realize that you are not alone and that you are not stuck. Let us help you change your life. You will be able to sleep again, you’ll have less stress in your life, and the best part is - you can start fresh and own another home again and continue the American dream - homeownership with knowledge!
There are almost 2 million people in foreclosure with the numbers expected to rise! What is a nation to do when foreclosures are on the rise? We must ban together to help as many people as possible. We have completed over 1,800 personal transactions and coached thousands more through tough situations.
Our goal is to educate you on several different options – that you can do yourself - and to help you pick the option that best suits your needs. There is no reason for you to lie awake at night worrying what you will do, or how you will make your mortgage payment or when the market will change or anything else that is negative and sucks the life out of you.
Many of you reading this might be another type of homeowner - real estate investors disillusioned by their American dream – getting rich buying and selling real estate. There are so many late-night television shows that make real estate investing seem like a breeze. It can be, with the right instruction.
We want to share what is currently happening in our economy. Many of you reading this already recognize that you are in trouble. Some of you have yet to realize it. Either way, recognizing what happened to you, what is still happening to you, why it happened, and what you can do to get stop it from happening again is key to staying above water in the future.
Back in the late 1990’s and in the early part of the 2000’s banks had tougher guidelines to purchase a property when using conventional financing. Banks would lend you money based on your debt to income ratio and your credit score. Back then, a maximum of 30 percent (sometimes up to 40 percent) of your income could be used toward a mortgage payment. Meaning, if your PITI – principle, interest, taxes, and insurance. In some states, the bank collects the full payment and then pays your taxes and homeowners insurance each year. If your monthly income is $2,000, you could qualify for a mortgage payment around $600 PITI.
Most investment properties required a 20 percent down payment and proof that you could afford the investment mortgage payment in addition to your residential mortgage payment.
In some cases, the banks would stretch the loan amount allowing 40 percent of your income to be applied toward the mortgage payment. With 40 percent of your income going towards a mortgage payment, just look at what could or may have already happened to you …
TO BE CONTINUED...
Have a Blessed Day,
Dwan
http://www.theieu.com/
How did so many people end up with underwater houses?
If you are like many homeowners today, you feel overwhelmed by what is supposed to be the American dream – homeownership. We have this vision of what it is supposed to be like – cute house, white picket fence, a couple of kids, a dog in the back yard, summer barbeque's, family time, and so much more.
We find a house and fall in love with it. We then find a mortgage broker who offers us an amazing deal – zero down or a low down payment or low fixed payments for two-years or something along those lines. We buy the house, move in, and all is right with the world.
Soon, our two-year low monthly payment resets, the payment raises, then it resets again and the payment continues to rise. Now the stress of making our mortgage payment is all we think about and we become disillusioned with our American dream – homeownership.
The dream continues to crumble when you try to sell your house to get free of the payments only to find that property values have dropped nationwide and you now owe more than your house is worth. Sadly, there are hundreds of thousands of houses on the market that aren’t selling because folks, just like you, owe more than their house is worth.
If you have the time and money, you can wait out the market and sell your property when values come back up. If you are like most American’s, you don’t have the time to wait it out. You want to be relieved of the stress today.
The good news is that there are many solutions available that most people don’t know exist. We are going to talk about leases, subject to’s, rentals, short sales and much, much more. Did you know that you can negotiate with your bank to accept less than you currently owe as full payment? Are you aware that here are government programs that will allow you to rent out your house for three times the current market rents? Folks, no matter where you are in your property situation – there is a perfect solution for you.
Education is power. Once you read this you will begin to realize that you are not alone and that you are not stuck. Let us help you change your life. You will be able to sleep again, you’ll have less stress in your life, and the best part is - you can start fresh and own another home again and continue the American dream - homeownership with knowledge!
There are almost 2 million people in foreclosure with the numbers expected to rise! What is a nation to do when foreclosures are on the rise? We must ban together to help as many people as possible. We have completed over 1,800 personal transactions and coached thousands more through tough situations.
Our goal is to educate you on several different options – that you can do yourself - and to help you pick the option that best suits your needs. There is no reason for you to lie awake at night worrying what you will do, or how you will make your mortgage payment or when the market will change or anything else that is negative and sucks the life out of you.
Many of you reading this might be another type of homeowner - real estate investors disillusioned by their American dream – getting rich buying and selling real estate. There are so many late-night television shows that make real estate investing seem like a breeze. It can be, with the right instruction.
We want to share what is currently happening in our economy. Many of you reading this already recognize that you are in trouble. Some of you have yet to realize it. Either way, recognizing what happened to you, what is still happening to you, why it happened, and what you can do to get stop it from happening again is key to staying above water in the future.
Back in the late 1990’s and in the early part of the 2000’s banks had tougher guidelines to purchase a property when using conventional financing. Banks would lend you money based on your debt to income ratio and your credit score. Back then, a maximum of 30 percent (sometimes up to 40 percent) of your income could be used toward a mortgage payment. Meaning, if your PITI – principle, interest, taxes, and insurance. In some states, the bank collects the full payment and then pays your taxes and homeowners insurance each year. If your monthly income is $2,000, you could qualify for a mortgage payment around $600 PITI.
Most investment properties required a 20 percent down payment and proof that you could afford the investment mortgage payment in addition to your residential mortgage payment.
In some cases, the banks would stretch the loan amount allowing 40 percent of your income to be applied toward the mortgage payment. With 40 percent of your income going towards a mortgage payment, just look at what could or may have already happened to you …
TO BE CONTINUED...
Have a Blessed Day,
Dwan
http://www.theieu.com/
Saturday, August 23, 2008
Are You Considering Bankruptcy?
Hi Friends,
As I have been watching the news this week, I see that bankruptcy is at an all time high. You may be a homeowner in distress or an investor who is upside down. You may be considering filing bankruptcy. Just know that bankruptcy is not the end of the world. Many people file and start fresh and become wildly successful.
We found the following information on this government website – http://www.uscourts.gov/ to be helpful. Check out the site yourself for more information…
United States Bankruptcy Courts
Each of the 94 federal judicial districts handles bankruptcy matters, and in almost all districts, bankruptcy cases are filed in the bankruptcy court – the Federal Courthouse. Bankruptcy cases cannot be filed in state or county court. Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan.
Bankruptcy laws also protect troubled businesses and provide for fair distributions to business creditors through reorganization or liquidation. These procedures are covered under Title 11 of the United States Code .
Filing for Bankruptcy
When you file bankruptcy your creditors, court personnel, the media, and general public are notified. An official notice will be placed in the legal section of your newspaper stating that you filed and giving other creditors a chance to join in. The court will set a 341 hearing and the process will begin.
In 2005, the Bankruptcy Code was amended to require that anyone filing bankruptcy complete an approved credit counseling program before they file bankruptcy. Most people can now do the class online. Again, go to the website to find a list of approved agencies and complete the course before you file. It only takes a few hours.
Filing for Bankruptcy without an Attorney
Corporations and partnerships must have an attorney to file a bankruptcy case. Individuals, however, may represent themselves in bankruptcy court. While individuals can file bankruptcy without an attorney. To represent yourself means to file “pro se.” To buy additional time, many homeowners will file bankruptcy themselves, hire an attorney afterwards, the attorney will ask for a dismissal of the case and then refile, often buying 90 days or more before the individual must appear in court. Bankruptcy is not something to toy with. If you do file yourself, hire an attorney as soon as possible. Bankruptcy has long-term financial and legal consequences - hiring a competent attorney is strongly recommended.
Debtors must list all property and debts in their bankruptcy paperwork. If a debt is not listed, it is possible the debt will not be discharged. The judge can also deny the discharge of all debts if a debtor does something dishonest in connection with the bankruptcy case, such as destroying or hiding property, falsifying records, or lying. Individual bankruptcy cases are randomly audited to determine the accuracy, truthfulness, and completeness of the information that the debtor is required to provide. Please be aware that bankruptcy fraud is a crime.
Credit Counseling
Individual debtors are generally required to obtain credit counseling from an approved provider within 180 days before filing a case, and to file a statement of compliance and a certificate of credit counseling furnished by the provider. Failure to do so may result in dismissal of the case, however; in most cases, if you file bankruptcy without completing the credit counseling, the court will require completion of the counseling before your first hearing giving you time to stay within the guidelines.
Finding an Attorney, including Free Legal Services
Debtors are strongly encouraged to obtain the services of competent legal counsel. Even if you cannot afford to pay an attorney, you may be able to qualify for free legal services. For information about hiring an attorney, or about free (also known as "pro bono") legal services, contact your state or local bar association. Many law schools have legal clinics that offer free legal services. Court web sites often have contact information for bar associations and pro bono legal service programs, as well as important procedural information.
For information about such legal resources, check the American Bar Association's Legal Help page, the Legal Services Corporation, or the web site of the bankruptcy court where you intend to file.
If you are filing or involved in a bankruptcy case and do not have an attorney, the web site of the bankruptcy court where the case has been or will be filed may be of assistance. The Bankruptcy Resources page may be of help as well.
Again....it is not the end of the world...Knowledge is power - so take time to research this before you make such a HUGE decision...
Have a Blessed Day,
Dwan
http://www.theieu.com/
As I have been watching the news this week, I see that bankruptcy is at an all time high. You may be a homeowner in distress or an investor who is upside down. You may be considering filing bankruptcy. Just know that bankruptcy is not the end of the world. Many people file and start fresh and become wildly successful.
We found the following information on this government website – http://www.uscourts.gov/ to be helpful. Check out the site yourself for more information…
United States Bankruptcy Courts
Each of the 94 federal judicial districts handles bankruptcy matters, and in almost all districts, bankruptcy cases are filed in the bankruptcy court – the Federal Courthouse. Bankruptcy cases cannot be filed in state or county court. Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan.
Bankruptcy laws also protect troubled businesses and provide for fair distributions to business creditors through reorganization or liquidation. These procedures are covered under Title 11 of the United States Code .
Filing for Bankruptcy
When you file bankruptcy your creditors, court personnel, the media, and general public are notified. An official notice will be placed in the legal section of your newspaper stating that you filed and giving other creditors a chance to join in. The court will set a 341 hearing and the process will begin.
In 2005, the Bankruptcy Code was amended to require that anyone filing bankruptcy complete an approved credit counseling program before they file bankruptcy. Most people can now do the class online. Again, go to the website to find a list of approved agencies and complete the course before you file. It only takes a few hours.
Filing for Bankruptcy without an Attorney
Corporations and partnerships must have an attorney to file a bankruptcy case. Individuals, however, may represent themselves in bankruptcy court. While individuals can file bankruptcy without an attorney. To represent yourself means to file “pro se.” To buy additional time, many homeowners will file bankruptcy themselves, hire an attorney afterwards, the attorney will ask for a dismissal of the case and then refile, often buying 90 days or more before the individual must appear in court. Bankruptcy is not something to toy with. If you do file yourself, hire an attorney as soon as possible. Bankruptcy has long-term financial and legal consequences - hiring a competent attorney is strongly recommended.
Debtors must list all property and debts in their bankruptcy paperwork. If a debt is not listed, it is possible the debt will not be discharged. The judge can also deny the discharge of all debts if a debtor does something dishonest in connection with the bankruptcy case, such as destroying or hiding property, falsifying records, or lying. Individual bankruptcy cases are randomly audited to determine the accuracy, truthfulness, and completeness of the information that the debtor is required to provide. Please be aware that bankruptcy fraud is a crime.
Credit Counseling
Individual debtors are generally required to obtain credit counseling from an approved provider within 180 days before filing a case, and to file a statement of compliance and a certificate of credit counseling furnished by the provider. Failure to do so may result in dismissal of the case, however; in most cases, if you file bankruptcy without completing the credit counseling, the court will require completion of the counseling before your first hearing giving you time to stay within the guidelines.
Finding an Attorney, including Free Legal Services
Debtors are strongly encouraged to obtain the services of competent legal counsel. Even if you cannot afford to pay an attorney, you may be able to qualify for free legal services. For information about hiring an attorney, or about free (also known as "pro bono") legal services, contact your state or local bar association. Many law schools have legal clinics that offer free legal services. Court web sites often have contact information for bar associations and pro bono legal service programs, as well as important procedural information.
For information about such legal resources, check the American Bar Association's Legal Help page, the Legal Services Corporation, or the web site of the bankruptcy court where you intend to file.
If you are filing or involved in a bankruptcy case and do not have an attorney, the web site of the bankruptcy court where the case has been or will be filed may be of assistance. The Bankruptcy Resources page may be of help as well.
Again....it is not the end of the world...Knowledge is power - so take time to research this before you make such a HUGE decision...
Have a Blessed Day,
Dwan
http://www.theieu.com/
Monday, August 18, 2008
Finally Home
Hi Friends,
We have been traveling everywhere this summer. We finally got home today. What a blast we had this summer! We went to Iowa, Ohio, Atlantic City, California, Tennessee, and every place in between. Traveling on the bus has been such a great experience. We take nieces, nephews, kids, cousins, and more. They all love it. We did so many things - I can't decide what my favorite was. I did so many things I never do namely- Bingo and Clogging. There is a whole different world out there:-). Who knew!
It is good to try new things...it keep us young:-).
We are starting the "Fall Series" training calls in two weeks. These calls will focus on homeowners and how to help them. It is important in this market to be able to help as many homeowners as possible. Unfortunatly, scumballs come out of the word work in these markets...that is why we are going to focus on homeowners and their needs...
Make sure to open the emails from our office to register for the series. You'll be glad you did.
Talk to you soon.
Have a Blessed Evening,
Dwan
www.theieu.com
We have been traveling everywhere this summer. We finally got home today. What a blast we had this summer! We went to Iowa, Ohio, Atlantic City, California, Tennessee, and every place in between. Traveling on the bus has been such a great experience. We take nieces, nephews, kids, cousins, and more. They all love it. We did so many things - I can't decide what my favorite was. I did so many things I never do namely- Bingo and Clogging. There is a whole different world out there:-). Who knew!
It is good to try new things...it keep us young:-).
We are starting the "Fall Series" training calls in two weeks. These calls will focus on homeowners and how to help them. It is important in this market to be able to help as many homeowners as possible. Unfortunatly, scumballs come out of the word work in these markets...that is why we are going to focus on homeowners and their needs...
Make sure to open the emails from our office to register for the series. You'll be glad you did.
Talk to you soon.
Have a Blessed Evening,
Dwan
www.theieu.com
Thursday, August 14, 2008
Mindset of a Distressed Homeowner
Hi Friends,
Ever wonder why homeowners act like they do? This will help you to understand where they are coming from...
The Typical Mindset of People in Distress
As an investor it is important to learn which mindset a homeowner is in, in order for you to help them.
As a homeowner it is important to recognize what mindset you are in, in order for you to move on.
As an investor in trouble it is important to recognize where you might be and what other investors are thinking when they offer to help you.
Denial is probably the hardest to overcome. When people (or investors who saw your name in the foreclosure filings) ask you what is going on, how they can help, is everything okay because you seem tense, why you are moving, you say things like:
I’ve already taken care of it
I’m listing my house with a Realtor
I hired an attorney
I’m going to re-finance and pull out some cash
I’m working with a mortgage broker
It’s already taken care of
I made up the back payments
The bank has the wrong house
Don’t worry about it, we’re fine
I have no idea what you are talking about
When people ask you how you got into trouble, you blame everyone else or deny the problem altogether. It is normal to feel denial. It takes time to process what is happening. We believe that investors have a harder time with denial than homeowners do because they are supposed to be buying and selling houses for a profit. They are supposed to be helping other people in distress, not be in it themselves.
When the market was going crazy and property values were going up at record speed, many people decided to try their hand at investing. Unfortunately, most people didn’t get the proper investing education and ended up in trouble while trying to gain wealth. It can be very difficult to come back from that. You might be skittish next time around or decide to give up. Remember, Henry Ford went bankrupt seven times. Never quit!
Anger is typically the next emotion. You have accepted the fact that you are facing financial hardship and are mad at the world because of it.
When people (or investors who saw your name in the foreclosure files) ask you what is going on or what they can do to help, you say things like:
Get off my property
Stay away from here
I’ll call the cops
You’re such a jerk coming to my house
Stop bothering me
Who do you think you are getting into my personal business
What makes you so different
I’m a good person, why is this happening to me
I didn’t do anything to deserve this
Typically with anger, you respond in an argumentive manner whenever anyone tries to find out what is happening. Deep inside you are mad at the world as well as being terribly embarrassed over things. As with denial, it is common to go from one emotion to the next. You may feel anger for a while, you figure out a possible solution, it falls apart and - bam - the anger comes back.
You see neighbors or family members who seem to have everything going in their direction and you feel angry about it – “why are you having all these problems and they aren’t, you’re a good person, why is this happening to you” - it is completely normal to have these feelings. That’s why they call it anger.
Take comfort in knowing that this too shall pass.
Fear might be the next emotion you experience. You lay awake at night wondering what you will do, where you will go, what will happen to your credit, will your marriage survive, why you bought those properties in the first place, if only you could take it back, and many more fearful worries.
When people ask you what happened (or an investor shows up at your door because of the foreclosure notice) you say things like:
I’m in so much trouble
The impact of this foreclosure is just killing me
I don’t know what I’m going to do
Thank God you’re here
Thank you for working with me
I can’t sleep at night
I don‘t know what will happen to my kids
How will I ever buy another house
While you are in the fearful mode, life may seem scary. As with all the other emotions, this one will pass as well. The great things about dealing with all your feelings is that once you accept them, you can start working toward a solution.
Depression is one of the toughest to overcome. Depression can cause people to take drastic measures – we have even seen people try to commit suicide. Remember, this is only a house … not a family member who is dying and you must start losing the emotional attachment to it. Once the emotional attachment is gone, life will get easy again and start going in the right direction. There is life after foreclosure, after losing something that was important to you, after losing a business, after all things – there is a new life waiting for you.
While feeling depressed you might say and think things like:
I’m in a hopeless situation
I’ve tried everything and nothing works
What do you think you can do to help, nothing is working
Other investors have tried
My life and family are ruined
I’m so screwed up
I’m such a loser
How will I ever face people again
Embarrassment is common to have throughout the entire process. You might feel anger for a while, then you’ll be embarrassed again, then in denial, then embarrassed again, then angry and then back to embarrassment.
We have both been in embarrassing situations before and no matter how many people help or how you resolve the situation, the fact that you were in it is embarrassing forever. We still get embarrassed (to a much smaller scale) talking about it and now we are sharing our personal situation with the world by writing this book. Talk about embarrassing! It’s kinda scary to know that your personal secrets are going to be exposed and for sale is every book store in America.
We’re sure that some people will judge us while others will look at what we have been through and who and what we have become today and it will give them hope. God has placed it on both of our hearts to share and help others to make a difference in their lives. Many of you don’t have family or resources, so we hope to be that person who helps you start over and begin a new, better, more exciting life.
Here are some of the feelings you might experience and some of the things you may say or think during the embarrassment phase:
My kids will have to change schools and people might figure out why we moved
Hope my neighbors don’t find out about this
How did you find this out
Who else knows
Please don’t park your car with those “I Buy Houses Signs” on it in front of my house
Please come in … hurry
What do you mean this is public record
What if my boss/family/friends find out
Every investor in town knows I am in trouble and I won’t be able to get back into the business later
What will people think of me as a person, mom, dad, or provider
As with the rest of the feelings, embarrassment will soon fade and that is when you can start dealing with what is happening to you and move on.
It is important to understand that harboring any type of negative feelings can result in many physical symptoms – lack of sleep, short temperedness, high blood pressure, heart attacks, strokes, anxiety attacks, break outs, loss of hair, and so many more things. Please don’t let stress and anger get the best of you. Trust us, someday you will look back on this as a learning experience. Maybe not for a while, but someday … what doesn’t kill you makes you stronger. Besides that, God says He won’t give you more than you can handle. NO matter how tough things are – you can handle it and start over.
Acceptance is the emotion to work toward. Once you have fully accepted your situation, you can really make things happen. You know you are in acceptance when you stop losing sleep, work diligently toward a solution, aren’t so mortified to talk about your situation, are beginning to accept advice and help from others, actually look forward to moving and starting over, begin to realize that you can invest again, know that people aren’t judging you and talking about you, you stop being paranoid and so on. It is a great day when acceptance sets in.
When acceptance sets it, don’t become complacent. Keep the ball rolling in the right direction.
Hope this helps to understand why homeowners act like they do...good luck.
Have a Blessed Evening,
Dwan
www.theieu.com
Ever wonder why homeowners act like they do? This will help you to understand where they are coming from...
The Typical Mindset of People in Distress
As an investor it is important to learn which mindset a homeowner is in, in order for you to help them.
As a homeowner it is important to recognize what mindset you are in, in order for you to move on.
As an investor in trouble it is important to recognize where you might be and what other investors are thinking when they offer to help you.
Denial is probably the hardest to overcome. When people (or investors who saw your name in the foreclosure filings) ask you what is going on, how they can help, is everything okay because you seem tense, why you are moving, you say things like:
I’ve already taken care of it
I’m listing my house with a Realtor
I hired an attorney
I’m going to re-finance and pull out some cash
I’m working with a mortgage broker
It’s already taken care of
I made up the back payments
The bank has the wrong house
Don’t worry about it, we’re fine
I have no idea what you are talking about
When people ask you how you got into trouble, you blame everyone else or deny the problem altogether. It is normal to feel denial. It takes time to process what is happening. We believe that investors have a harder time with denial than homeowners do because they are supposed to be buying and selling houses for a profit. They are supposed to be helping other people in distress, not be in it themselves.
When the market was going crazy and property values were going up at record speed, many people decided to try their hand at investing. Unfortunately, most people didn’t get the proper investing education and ended up in trouble while trying to gain wealth. It can be very difficult to come back from that. You might be skittish next time around or decide to give up. Remember, Henry Ford went bankrupt seven times. Never quit!
Anger is typically the next emotion. You have accepted the fact that you are facing financial hardship and are mad at the world because of it.
When people (or investors who saw your name in the foreclosure files) ask you what is going on or what they can do to help, you say things like:
Get off my property
Stay away from here
I’ll call the cops
You’re such a jerk coming to my house
Stop bothering me
Who do you think you are getting into my personal business
What makes you so different
I’m a good person, why is this happening to me
I didn’t do anything to deserve this
Typically with anger, you respond in an argumentive manner whenever anyone tries to find out what is happening. Deep inside you are mad at the world as well as being terribly embarrassed over things. As with denial, it is common to go from one emotion to the next. You may feel anger for a while, you figure out a possible solution, it falls apart and - bam - the anger comes back.
You see neighbors or family members who seem to have everything going in their direction and you feel angry about it – “why are you having all these problems and they aren’t, you’re a good person, why is this happening to you” - it is completely normal to have these feelings. That’s why they call it anger.
Take comfort in knowing that this too shall pass.
Fear might be the next emotion you experience. You lay awake at night wondering what you will do, where you will go, what will happen to your credit, will your marriage survive, why you bought those properties in the first place, if only you could take it back, and many more fearful worries.
When people ask you what happened (or an investor shows up at your door because of the foreclosure notice) you say things like:
I’m in so much trouble
The impact of this foreclosure is just killing me
I don’t know what I’m going to do
Thank God you’re here
Thank you for working with me
I can’t sleep at night
I don‘t know what will happen to my kids
How will I ever buy another house
While you are in the fearful mode, life may seem scary. As with all the other emotions, this one will pass as well. The great things about dealing with all your feelings is that once you accept them, you can start working toward a solution.
Depression is one of the toughest to overcome. Depression can cause people to take drastic measures – we have even seen people try to commit suicide. Remember, this is only a house … not a family member who is dying and you must start losing the emotional attachment to it. Once the emotional attachment is gone, life will get easy again and start going in the right direction. There is life after foreclosure, after losing something that was important to you, after losing a business, after all things – there is a new life waiting for you.
While feeling depressed you might say and think things like:
I’m in a hopeless situation
I’ve tried everything and nothing works
What do you think you can do to help, nothing is working
Other investors have tried
My life and family are ruined
I’m so screwed up
I’m such a loser
How will I ever face people again
Embarrassment is common to have throughout the entire process. You might feel anger for a while, then you’ll be embarrassed again, then in denial, then embarrassed again, then angry and then back to embarrassment.
We have both been in embarrassing situations before and no matter how many people help or how you resolve the situation, the fact that you were in it is embarrassing forever. We still get embarrassed (to a much smaller scale) talking about it and now we are sharing our personal situation with the world by writing this book. Talk about embarrassing! It’s kinda scary to know that your personal secrets are going to be exposed and for sale is every book store in America.
We’re sure that some people will judge us while others will look at what we have been through and who and what we have become today and it will give them hope. God has placed it on both of our hearts to share and help others to make a difference in their lives. Many of you don’t have family or resources, so we hope to be that person who helps you start over and begin a new, better, more exciting life.
Here are some of the feelings you might experience and some of the things you may say or think during the embarrassment phase:
My kids will have to change schools and people might figure out why we moved
Hope my neighbors don’t find out about this
How did you find this out
Who else knows
Please don’t park your car with those “I Buy Houses Signs” on it in front of my house
Please come in … hurry
What do you mean this is public record
What if my boss/family/friends find out
Every investor in town knows I am in trouble and I won’t be able to get back into the business later
What will people think of me as a person, mom, dad, or provider
As with the rest of the feelings, embarrassment will soon fade and that is when you can start dealing with what is happening to you and move on.
It is important to understand that harboring any type of negative feelings can result in many physical symptoms – lack of sleep, short temperedness, high blood pressure, heart attacks, strokes, anxiety attacks, break outs, loss of hair, and so many more things. Please don’t let stress and anger get the best of you. Trust us, someday you will look back on this as a learning experience. Maybe not for a while, but someday … what doesn’t kill you makes you stronger. Besides that, God says He won’t give you more than you can handle. NO matter how tough things are – you can handle it and start over.
Acceptance is the emotion to work toward. Once you have fully accepted your situation, you can really make things happen. You know you are in acceptance when you stop losing sleep, work diligently toward a solution, aren’t so mortified to talk about your situation, are beginning to accept advice and help from others, actually look forward to moving and starting over, begin to realize that you can invest again, know that people aren’t judging you and talking about you, you stop being paranoid and so on. It is a great day when acceptance sets in.
When acceptance sets it, don’t become complacent. Keep the ball rolling in the right direction.
Hope this helps to understand why homeowners act like they do...good luck.
Have a Blessed Evening,
Dwan
www.theieu.com
Friday, August 8, 2008
Mortgage Debt Relief
Morning Friends,
Here is some information to help you if you are struggling to pay your mortgage payment.
Mortgage Forgiveness Debt Relief Act
In order to see what exemptions you qualify for, if any, check out the following sites:
www.irs.gov
www.whitehouse.gov
www.govtrack.us
www.sccgov.org
The following information is from the www.irs.gov website:
What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.
What does that mean?
Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income.
Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or cancelled debts?
No, the Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.
What about refinanced homes?
Debt used to refinance your home qualifies for this exclusion, but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.
Does this provision apply for the 2007 tax year only?
It applies to qualified debt forgiven in 2007, 2008 or 2009.
If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and the Form 982 must be attached to your tax return.
Do I have to complete the entire Form 982?
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.
Where can I get this form?
You can download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.
How do I know or find out how much was forgiven?
Your lender should send a Form 1099-C, Cancellation of Debt, by January 31, 2008. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.
Can I exclude debt forgiven on my second home, credit card or car loans?
Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion.
If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?
Yes. The forgiven debt may qualify under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982.
Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?
There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982, page 4.
Is there anything else I need to know before filing?
Yes. Because the Mortgage Forgiveness Debt Relief Act of 2007 was passed so late in the year, the software systems used by tax preparers and at the Internal Revenue Service need to be updated to accept the revised Form 982. The IRS expects to be able to process the new Form 982 electronically on March 3, 2008.
Hope this helps...
Have a Blessed Day,
Dwan
www.theieu.com
Here is some information to help you if you are struggling to pay your mortgage payment.
Mortgage Forgiveness Debt Relief Act
In order to see what exemptions you qualify for, if any, check out the following sites:
www.irs.gov
www.whitehouse.gov
www.govtrack.us
www.sccgov.org
The following information is from the www.irs.gov website:
What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.
What does that mean?
Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income.
Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or cancelled debts?
No, the Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.
What about refinanced homes?
Debt used to refinance your home qualifies for this exclusion, but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.
Does this provision apply for the 2007 tax year only?
It applies to qualified debt forgiven in 2007, 2008 or 2009.
If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and the Form 982 must be attached to your tax return.
Do I have to complete the entire Form 982?
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.
Where can I get this form?
You can download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.
How do I know or find out how much was forgiven?
Your lender should send a Form 1099-C, Cancellation of Debt, by January 31, 2008. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.
Can I exclude debt forgiven on my second home, credit card or car loans?
Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion.
If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?
Yes. The forgiven debt may qualify under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982.
Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?
There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982, page 4.
Is there anything else I need to know before filing?
Yes. Because the Mortgage Forgiveness Debt Relief Act of 2007 was passed so late in the year, the software systems used by tax preparers and at the Internal Revenue Service need to be updated to accept the revised Form 982. The IRS expects to be able to process the new Form 982 electronically on March 3, 2008.
Hope this helps...
Have a Blessed Day,
Dwan
www.theieu.com
Thursday, August 7, 2008
Scratch and Dent - YOU MUST READ!
Good Morning Friends,
I have some good news and some bad news. Because of our growing business, we started our own product development and shipping department – that’s the good news. Thanks for helping us grow. We are loving the fact that we have so many successful students.
In fact, take a minute after you read this, to look at a few videos of some successful students and some greats deals at our You Tube page. I am going to post a really funny video of Bill today – he doesn’t know it yet. You’ll laugh your butt off. www.youtube.com/dwanbenttwyford
Back to the point - We then called our current shipping company and asked to have all our products shipped to us so we could handle our own products. They weren’t as happy as one would think. The bad news – many of the products came in less than perfect condition.
Since we speak publicly, we can’t sell products with chipped binder corners or wrinkled plastic wrap or anything that is in less than perfect condition.
So – the great news for you…we are going to have our first ever “scratch and dent sale.”
If you have been waiting to invest in more training programs, but money has been tight, now is your chance. As long as you don’t mind a chipped corner – take advantage of our loss. All the products have the CD’s, forms discs, the contents are in perfect condition…the wear and tear is on the binders. The shipping company did not take the usual care and use bubble wrap (or at least not enough of it) and we have lots of chipped corners.
Here is how I am going to do this. Since I don’t want to create a lot of extra work for my staff by having them prepare a sales page, take a bunch of calls, and answer a ton of emails, I am going to have you fax your order to my personal fax number that rings in my house. I’ll take the orders to the office later today so we can ship tomorrow. I haven’t told my staff I am doing this and I’m sure they will flip when they see all the work I am creating for them. This is one advantage of being the boss.
Fill out this form and fax it to 303-838-5504:
Name: _________________________________________________________________________
Email: _________________________________________________________________________
Products: Investment:
1. _____________________________________ ___________________
2. _____________________________________ ___________________
3. _____________________________________ ___________________
4. _____________________________________ ___________________
5. _____________________________________ ___________________
TOTAL INVESTMENT: ___________________
FREE PROGRAM: ______________________________________________________________
Credit Card Number: ____________________________________________________________
Expiration Date: ____________________________________________________________
I UNDERSTAND THESE PRODUCTS HAVE SLIGHT DAMAGE. THIS ORDER IS NON-REFUNDABLE. I WAIVE ALL RIGHTS TO CANCEL THIS ORDER OR RETURN THE PRODUCTS. I ALSO UNDERSTAND THAT I MAY NOT GET MY FREE PRODUCT OF CHOICE. FLASH CARDS WILL BE INCLUDED.
Signature (you MUST sign this):______________________________________________________
Here are the conditions for these killer prices. Please don’t call the office asking questions (seriously, they won’t know what you are talking about); please don’t email asking questions; please don’t ask for a discount; please don’t ask for FREE products; and please don’t complain if you just bought something for less at an event. I am losing money here and am willing to pass my misfortune on to you because you are a loyal student.
This is what I have:
17 Short Sale Secrets – retail $1,497. Your price - $249
22 Fast Cash Forms – retail $997. Your price - $179
(all the legal forms we use including Land Trusts)
16 Foreclosure Fortunes (deal finding) – retail $997. Your price - $179
19 Rehab Riches – retail $897. Your price - $149
14 Shut Up! Stick to the Script - retail $1,497. Your price - $249
22 Communication Mastery (Bill’s NLP program) – retail $997. Your price - $179
31 Mastering Your Phone Skills – retail $997. Your price - $179
29 Short Sale Case Studies – retail $997. Your price - $179
12 Advanced Concepts –retail $897. Your price - $149
7 Fast Track (28 CD’s, 4 training manuals (500 pages), document discs) $1,497
This one actually made me mad – I mean, how hard it is to use bubble wrap.
Fast Track is a 12-week live training program that sells for $7,495
We also have 1,500 sets of Flash Cards in stock. Since they are not in binders, they are actually in great shape. As an extra way of saying “Thanks for Helping”, I’m going to throw in ONE set of FREE Flash Cards with each order. As you know, they sell for $799.
I am going to limit the number of products to five. For each person who orders five programs – I’ll throw in ONE FREE program in addition to the Flash Cards – (Fast Track excluded). Please list the program you’d like to get free and I’ll do my best to give it to you; however, I’ll send whatever I have left.
This offer is good until the products are gone. Don’t delay … Fax your order to 303-838-5504 right now.
Don’t forget to take a look at You Tube – I have some great stuff on there. – www.youtube.com/dwanbenttwyford
If you know anything about me, you know that I don’t use sales ploys and fake sales pitches to get your business. This is not a sales pitch - this is a real situation. My office is in the process of making hundreds of new products, I hired four full-time people in product development, I bought equipment, and – honestly - I need the space for the new inventory. I really want you to take advantage of this opportunity and get whatever you don’t already own.
Have a Blessed Day,
Dwan
www.theieu.com
I have some good news and some bad news. Because of our growing business, we started our own product development and shipping department – that’s the good news. Thanks for helping us grow. We are loving the fact that we have so many successful students.
In fact, take a minute after you read this, to look at a few videos of some successful students and some greats deals at our You Tube page. I am going to post a really funny video of Bill today – he doesn’t know it yet. You’ll laugh your butt off. www.youtube.com/dwanbenttwyford
Back to the point - We then called our current shipping company and asked to have all our products shipped to us so we could handle our own products. They weren’t as happy as one would think. The bad news – many of the products came in less than perfect condition.
Since we speak publicly, we can’t sell products with chipped binder corners or wrinkled plastic wrap or anything that is in less than perfect condition.
So – the great news for you…we are going to have our first ever “scratch and dent sale.”
If you have been waiting to invest in more training programs, but money has been tight, now is your chance. As long as you don’t mind a chipped corner – take advantage of our loss. All the products have the CD’s, forms discs, the contents are in perfect condition…the wear and tear is on the binders. The shipping company did not take the usual care and use bubble wrap (or at least not enough of it) and we have lots of chipped corners.
Here is how I am going to do this. Since I don’t want to create a lot of extra work for my staff by having them prepare a sales page, take a bunch of calls, and answer a ton of emails, I am going to have you fax your order to my personal fax number that rings in my house. I’ll take the orders to the office later today so we can ship tomorrow. I haven’t told my staff I am doing this and I’m sure they will flip when they see all the work I am creating for them. This is one advantage of being the boss.
Fill out this form and fax it to 303-838-5504:
Name: _________________________________________________________________________
Email: _________________________________________________________________________
Products: Investment:
1. _____________________________________ ___________________
2. _____________________________________ ___________________
3. _____________________________________ ___________________
4. _____________________________________ ___________________
5. _____________________________________ ___________________
TOTAL INVESTMENT: ___________________
FREE PROGRAM: ______________________________________________________________
Credit Card Number: ____________________________________________________________
Expiration Date: ____________________________________________________________
I UNDERSTAND THESE PRODUCTS HAVE SLIGHT DAMAGE. THIS ORDER IS NON-REFUNDABLE. I WAIVE ALL RIGHTS TO CANCEL THIS ORDER OR RETURN THE PRODUCTS. I ALSO UNDERSTAND THAT I MAY NOT GET MY FREE PRODUCT OF CHOICE. FLASH CARDS WILL BE INCLUDED.
Signature (you MUST sign this):______________________________________________________
Here are the conditions for these killer prices. Please don’t call the office asking questions (seriously, they won’t know what you are talking about); please don’t email asking questions; please don’t ask for a discount; please don’t ask for FREE products; and please don’t complain if you just bought something for less at an event. I am losing money here and am willing to pass my misfortune on to you because you are a loyal student.
This is what I have:
17 Short Sale Secrets – retail $1,497. Your price - $249
22 Fast Cash Forms – retail $997. Your price - $179
(all the legal forms we use including Land Trusts)
16 Foreclosure Fortunes (deal finding) – retail $997. Your price - $179
19 Rehab Riches – retail $897. Your price - $149
14 Shut Up! Stick to the Script - retail $1,497. Your price - $249
22 Communication Mastery (Bill’s NLP program) – retail $997. Your price - $179
31 Mastering Your Phone Skills – retail $997. Your price - $179
29 Short Sale Case Studies – retail $997. Your price - $179
12 Advanced Concepts –retail $897. Your price - $149
7 Fast Track (28 CD’s, 4 training manuals (500 pages), document discs) $1,497
This one actually made me mad – I mean, how hard it is to use bubble wrap.
Fast Track is a 12-week live training program that sells for $7,495
We also have 1,500 sets of Flash Cards in stock. Since they are not in binders, they are actually in great shape. As an extra way of saying “Thanks for Helping”, I’m going to throw in ONE set of FREE Flash Cards with each order. As you know, they sell for $799.
I am going to limit the number of products to five. For each person who orders five programs – I’ll throw in ONE FREE program in addition to the Flash Cards – (Fast Track excluded). Please list the program you’d like to get free and I’ll do my best to give it to you; however, I’ll send whatever I have left.
This offer is good until the products are gone. Don’t delay … Fax your order to 303-838-5504 right now.
Don’t forget to take a look at You Tube – I have some great stuff on there. – www.youtube.com/dwanbenttwyford
If you know anything about me, you know that I don’t use sales ploys and fake sales pitches to get your business. This is not a sales pitch - this is a real situation. My office is in the process of making hundreds of new products, I hired four full-time people in product development, I bought equipment, and – honestly - I need the space for the new inventory. I really want you to take advantage of this opportunity and get whatever you don’t already own.
Have a Blessed Day,
Dwan
www.theieu.com
Tuesday, August 5, 2008
New Tips From Mr. Landlord - great info!
Morning Friends,
I recieved some more great tips from my friend, Jeffery Taylor - aka Mr. Landlord. He is the nations foemost expert on landlording and offers great weeky tips. I'll post a few here and there...
CONTINUALLY LEARN FROM OTHER LANDLORDS
Study other successful landlords to find the good traits and practices they use. This is one of the best benefits of joining a local landlord association. In addition, always look for ways to improve various aspects of your rental operation by discussing various topics with other landlords including: rental criteria for selecting residents, rental application questions, maintenance tricks of the trades and favorite lease clauses.
STAY ABREAST OF THE POLITICAL WINDS
Be aware that the city, the state department of health, and other agencies all can begin to target communities where your rental properties are, and this can be true for even well-maintained properties in good condition. Especially for aging communities and properties, areas where you have rentals, may soon become a target if it they have not already in the current political/socio-climate of the day. I think it would pay all landlords to stay abreast of coming changes, political winds (lead, mold, etc.) and not grow complacent that your cities and communities will not be affected. This is another big reason to stay actively involved in a local association, where landlords can show their strength in numbers and stay informed of what's happening with any potential changes with legislation, zoning, housing enforcement and otherwise in your area. You can do all you can to maintain your properties in a professional manner but still get caught if you aren't aware of how the future is going for your investment property. Be it mold, lead, asbestos, or even off-gassing of chemicals from NEW construction. Stay abreast!
GO TO COURT BEFORE YOU HAVE TO
This advice is especially important if you will soon have to take a tenant to court and have never had to take a tenant to court before. Before your actual scheduled court date, go and simply sit in on landlord/tenant court cases (stay a few hours if necessary) so that you have a good grasp of how the judge operates and what they are looking for from the landlord to prove their case. In my area, eviction cases happen once a week. In larger cities, it might be every day, However it works, you need to see not only how the Judge operates, but what makes him mad, how do successful people speak to him, and how do they present. The Judge does not care about your story, he wants to make a good decision, get you out of his face, and move to the next case so he can go home. Also, very important, you want to see what defenses are presented by tenants or their attorneys and which defenses cause the judge to rule in favor of the tenant or give the tenant more time. Watching all this is very valuable education for any landlord.
ADVANTAGE OF REQUIRING RENTER'S INSURANCE
I require tenants to have renter's coverage. It's up to them to continue coverage that is as agreed in the lease. For myself, I have an umbrella policy with adequate coverage. I had one occasion where there was flooding in the basement of a house where they had things stored. When they asked me if I had insurance to cover their things, I said of course not! Just file on the renters insurance you're required to have as part of the rental agreement. There were no more questions on their part.
LOVING YOUR FAMILY
I got a wonderful piece of advice a few months ago about creating an "I love you" drawer. The advice was to have in this drawer a collection of all important documents (insurance policies, mortgage papers, bank accounts, will and testament, etc) that you compile for your heirs and family members in case "the worst" should happen. A grieving loved one should not have to hassle with trying to find papers at a time of tragedy. We show how we love them by how we care for them before tragedy strikes. Though this is a subject many rental owners don't stop to think about, because landlords have such a wide range of documents connected to potentially valuable assets, it is important not to let a lot of what you have worked so hard for become a burden and not a blessing for the next generation.
These tips are from tips shared on MrLandlord.com website and in the Mr. Landlord newsletter. To receive a free sample of the newsletter visit Jeffery's website at MrLandlord.com and register to win a free landlording book.
Hope you all have a great day. We are back in Iowa working on our new training center...we are so excited to have training classes here. I can't wait for you to see what we have in store for you...
Have a Blessed Day,
Dwan
www.theieu.com
I recieved some more great tips from my friend, Jeffery Taylor - aka Mr. Landlord. He is the nations foemost expert on landlording and offers great weeky tips. I'll post a few here and there...
CONTINUALLY LEARN FROM OTHER LANDLORDS
Study other successful landlords to find the good traits and practices they use. This is one of the best benefits of joining a local landlord association. In addition, always look for ways to improve various aspects of your rental operation by discussing various topics with other landlords including: rental criteria for selecting residents, rental application questions, maintenance tricks of the trades and favorite lease clauses.
STAY ABREAST OF THE POLITICAL WINDS
Be aware that the city, the state department of health, and other agencies all can begin to target communities where your rental properties are, and this can be true for even well-maintained properties in good condition. Especially for aging communities and properties, areas where you have rentals, may soon become a target if it they have not already in the current political/socio-climate of the day. I think it would pay all landlords to stay abreast of coming changes, political winds (lead, mold, etc.) and not grow complacent that your cities and communities will not be affected. This is another big reason to stay actively involved in a local association, where landlords can show their strength in numbers and stay informed of what's happening with any potential changes with legislation, zoning, housing enforcement and otherwise in your area. You can do all you can to maintain your properties in a professional manner but still get caught if you aren't aware of how the future is going for your investment property. Be it mold, lead, asbestos, or even off-gassing of chemicals from NEW construction. Stay abreast!
GO TO COURT BEFORE YOU HAVE TO
This advice is especially important if you will soon have to take a tenant to court and have never had to take a tenant to court before. Before your actual scheduled court date, go and simply sit in on landlord/tenant court cases (stay a few hours if necessary) so that you have a good grasp of how the judge operates and what they are looking for from the landlord to prove their case. In my area, eviction cases happen once a week. In larger cities, it might be every day, However it works, you need to see not only how the Judge operates, but what makes him mad, how do successful people speak to him, and how do they present. The Judge does not care about your story, he wants to make a good decision, get you out of his face, and move to the next case so he can go home. Also, very important, you want to see what defenses are presented by tenants or their attorneys and which defenses cause the judge to rule in favor of the tenant or give the tenant more time. Watching all this is very valuable education for any landlord.
ADVANTAGE OF REQUIRING RENTER'S INSURANCE
I require tenants to have renter's coverage. It's up to them to continue coverage that is as agreed in the lease. For myself, I have an umbrella policy with adequate coverage. I had one occasion where there was flooding in the basement of a house where they had things stored. When they asked me if I had insurance to cover their things, I said of course not! Just file on the renters insurance you're required to have as part of the rental agreement. There were no more questions on their part.
LOVING YOUR FAMILY
I got a wonderful piece of advice a few months ago about creating an "I love you" drawer. The advice was to have in this drawer a collection of all important documents (insurance policies, mortgage papers, bank accounts, will and testament, etc) that you compile for your heirs and family members in case "the worst" should happen. A grieving loved one should not have to hassle with trying to find papers at a time of tragedy. We show how we love them by how we care for them before tragedy strikes. Though this is a subject many rental owners don't stop to think about, because landlords have such a wide range of documents connected to potentially valuable assets, it is important not to let a lot of what you have worked so hard for become a burden and not a blessing for the next generation.
These tips are from tips shared on MrLandlord.com website and in the Mr. Landlord newsletter. To receive a free sample of the newsletter visit Jeffery's website at MrLandlord.com and register to win a free landlording book.
Hope you all have a great day. We are back in Iowa working on our new training center...we are so excited to have training classes here. I can't wait for you to see what we have in store for you...
Have a Blessed Day,
Dwan
www.theieu.com
Thursday, July 31, 2008
Requirements for Financially Distressed Homeowners - Shorting Your Own Property
Hi Friends,
We have been getting so many emails from homeowners and investors who are in trouble. Many of you are wanting to do your own short sale. Here are some guidelines to help...
Assuming you are at least one payment late, we’ll qualify you under financially distressed homeowners. In the next section, we will talk about what to do if you haven’t missed any payments yet.
The number one thing the bank always requires is proof that your story is true. Anyone can call and state that they can’t afford their house anymore and that they want to walk away from it. With proof, banks can be surprisingly easy to work with. Here are the cold, hard facts that the banks have to consider:
Markets are down.
It is taking months to sell properties.
Property values have dropped over 30 percent in most states.
Insurance rates are rising.
Taxes are going up.
Gas is out of control.
Interest rates are up.
Payments are resetting at record increases.
Unemployment is high.
Bankruptcies have never been higher in our countries history.
Banks are painfully aware that these circumstances can lead to increased foreclosures.
If you are behind in payments, but not yet in foreclosure, a short sale is definitely possible. You’ll start by contacting the work-out department. Your property would not yet be in the loss mitigation department. Typically, loss mitigation comes into the picture once the foreclosure paperwork has been filed. People are often confused about what a foreclosure is and what a pre-foreclosure is. Here is how we classify the terminology:
A pre-foreclosure is a property where the payments are late, but the foreclosure papers have not been filed.
A foreclosure is a property where the foreclosure papers have been filed, but the homeowners still own the house.
A bank-owned property is where the payments were late, the foreclosure papers were filed, the house went to the sale, and the bank now owns the property.
Many people consider a foreclosure a property that already went through the entire process and is now owned by the bank. We want to make sure you use the proper terminology so that when you are reading the papers, watching the news or talking to loss mitigation, you know what everyone is really talking about.
Since financial hardship typically does not happen overnight, gather information from the past two years. Typically, a homeowner begins by missing a payment here and there: being 30 days late on a mortgage payment, missing an insurance payment, being late on a credit card, paying two months of electric at once, and so on. Once the foreclosure is filed, things seem to spin out of control. This is why we want you to gather information from the past two years. It shows the unravel of your finances.
If you are an investor and bought properties at the top of the market, find articles that show the beginning of the market decline, when your tenants moved out, copies of late payments and all of the other items we mentioned above.
Since you are financially distressed, again, proof is your best bet. Start putting your “Proof of Hardship Package” together. The last chapter in this section has a complete hardship package that we have put together for you – letters, websites, forms, and so on. Some of the information we can’t put together for you; it is information only you can provide. Here is a list of information you will need. Gather and photo copy as much of these items as possible:
Two years of tax returns that show your income has dropped.
Copies of lay-off notices or proof that you were let go.
Copies of late electric bills.
If you are involved in a divorce, provide proof.
Copy any medical bills you have had in the past two years.
Articles of market declines in your area.
Copies of any investment properties you bought that have dropped in value.
Proof of empty rentals.
Proof of any rentals that were trashed by tenants.
If you are not getting child support, show proof.
Write a letter explaining your hardship – a sample letter is in the last section of this chapter.
If you or anyone in your family has been to counseling, show proof. Counseling shows emotional distress.
If there is a probate situation, get a copy of the death certificate.
Copies of your bank statements – savings and checking. We are assuming that your cash flow is very low right now. If the bank sees that you have cash, it will want it.
If you have tapped into your 401 or any retirement fund, show that as well. We are going to talk about this later – not going broke over a property.
If you have cashed out a life insurance policy to make mortgage payments, show proof.
Maybe you have used the college fund to keep up with the mortgage payments.
If you have pawned something, show proof.
If you are in jail or know the owner of any property who is in jail – definite hardship.
If you have refinanced any property and used the money to make mortgage payments, show proof.
We’re sure you get the idea. The more financial hardship you can prove, the deeper the short sale. The deeper the short sale, the easier it will be for you to sell the property and start over.
* Something to remember – whether investor or homeowner – whether in distress or not – once a bank accepts a short sale, you must sell the property. The bank wants the property off the books.
We hope this helps. The most important thing to remember is that the banks are in just as much trouble as you are...
Have a Blessed Day,
Dwan
www.theieu.com
We have been getting so many emails from homeowners and investors who are in trouble. Many of you are wanting to do your own short sale. Here are some guidelines to help...
Assuming you are at least one payment late, we’ll qualify you under financially distressed homeowners. In the next section, we will talk about what to do if you haven’t missed any payments yet.
The number one thing the bank always requires is proof that your story is true. Anyone can call and state that they can’t afford their house anymore and that they want to walk away from it. With proof, banks can be surprisingly easy to work with. Here are the cold, hard facts that the banks have to consider:
Markets are down.
It is taking months to sell properties.
Property values have dropped over 30 percent in most states.
Insurance rates are rising.
Taxes are going up.
Gas is out of control.
Interest rates are up.
Payments are resetting at record increases.
Unemployment is high.
Bankruptcies have never been higher in our countries history.
Banks are painfully aware that these circumstances can lead to increased foreclosures.
If you are behind in payments, but not yet in foreclosure, a short sale is definitely possible. You’ll start by contacting the work-out department. Your property would not yet be in the loss mitigation department. Typically, loss mitigation comes into the picture once the foreclosure paperwork has been filed. People are often confused about what a foreclosure is and what a pre-foreclosure is. Here is how we classify the terminology:
A pre-foreclosure is a property where the payments are late, but the foreclosure papers have not been filed.
A foreclosure is a property where the foreclosure papers have been filed, but the homeowners still own the house.
A bank-owned property is where the payments were late, the foreclosure papers were filed, the house went to the sale, and the bank now owns the property.
Many people consider a foreclosure a property that already went through the entire process and is now owned by the bank. We want to make sure you use the proper terminology so that when you are reading the papers, watching the news or talking to loss mitigation, you know what everyone is really talking about.
Since financial hardship typically does not happen overnight, gather information from the past two years. Typically, a homeowner begins by missing a payment here and there: being 30 days late on a mortgage payment, missing an insurance payment, being late on a credit card, paying two months of electric at once, and so on. Once the foreclosure is filed, things seem to spin out of control. This is why we want you to gather information from the past two years. It shows the unravel of your finances.
If you are an investor and bought properties at the top of the market, find articles that show the beginning of the market decline, when your tenants moved out, copies of late payments and all of the other items we mentioned above.
Since you are financially distressed, again, proof is your best bet. Start putting your “Proof of Hardship Package” together. The last chapter in this section has a complete hardship package that we have put together for you – letters, websites, forms, and so on. Some of the information we can’t put together for you; it is information only you can provide. Here is a list of information you will need. Gather and photo copy as much of these items as possible:
Two years of tax returns that show your income has dropped.
Copies of lay-off notices or proof that you were let go.
Copies of late electric bills.
If you are involved in a divorce, provide proof.
Copy any medical bills you have had in the past two years.
Articles of market declines in your area.
Copies of any investment properties you bought that have dropped in value.
Proof of empty rentals.
Proof of any rentals that were trashed by tenants.
If you are not getting child support, show proof.
Write a letter explaining your hardship – a sample letter is in the last section of this chapter.
If you or anyone in your family has been to counseling, show proof. Counseling shows emotional distress.
If there is a probate situation, get a copy of the death certificate.
Copies of your bank statements – savings and checking. We are assuming that your cash flow is very low right now. If the bank sees that you have cash, it will want it.
If you have tapped into your 401 or any retirement fund, show that as well. We are going to talk about this later – not going broke over a property.
If you have cashed out a life insurance policy to make mortgage payments, show proof.
Maybe you have used the college fund to keep up with the mortgage payments.
If you have pawned something, show proof.
If you are in jail or know the owner of any property who is in jail – definite hardship.
If you have refinanced any property and used the money to make mortgage payments, show proof.
We’re sure you get the idea. The more financial hardship you can prove, the deeper the short sale. The deeper the short sale, the easier it will be for you to sell the property and start over.
* Something to remember – whether investor or homeowner – whether in distress or not – once a bank accepts a short sale, you must sell the property. The bank wants the property off the books.
We hope this helps. The most important thing to remember is that the banks are in just as much trouble as you are...
Have a Blessed Day,
Dwan
www.theieu.com
Sunday, July 27, 2008
FREE Government Money
Good Evening Friends,
My friend, Chris Johnson, specializes in how to get free government money. He graciously provided these web sites. See if anything will help you - there is money for houses, rehab, foreclosures, down payments, rent, and so much more. In today's market, even investors are in big trouble...
Government Programs to Aid Owners in Distress
In order to get help from the government, you’ll need to start in the white pages. There are many agencies that offer emergency payments for electric bills, water, mortgage payments (more difficult on an investment property), food, diapers, baby milk, insurance, doctors, and much, much more.
The downside to using a government organization is that the red tape can take so long. If you need emergency assistance, you might not have 30 days to wait.
Most individual cities have local government funding. These departments are given a budget each year and if they don’t use the entire budget, they lose it or it is reduced.
There are also grants for home repairs – handy for investors – down payments on another property, closing costs grants, and many more. With most grants you have to live in the property for at least two years and then the money becomes free. If you move or sell before then, you have to pay the money back.
We have a very good friend, Chris Johnson, who specializes in free government money. Chris was very generous to provide these sites for you. For more information, contact him at www.ChrisFreeMoneyJohnson.com – he is happy to help in any way possible.
FINANCIAL RELIEF
Soldiers' and Sailors' Civil Relief Act
www.defenselink.mil/specials/Relief_Act_Revision/
If you are a reserve component service member called to active duty, you may qualify for any or all of the following:
• Reduced interest rate on mortgage payments
• Reduced interest rate on credit card debt
• Protection from eviction if your rent is $1,200 dollars or less
• Delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings
Housing Choice Tenant-Based Voucher
www.hud.gov/offices/pih/programs/hcv/tenant.cfm
This program enables a family to choose housing, then rental subsidy payments are made to the owner to subsidize occupancy by the family.
Low Income Home Energy Assistance Program
http://liheap.ncat.org/sp.htm
LIHEAP offers one-time financial assistance to qualifying low - income households who require support in paying their home heating or cooling bills.
Trade Readjustment Allowances (TRA) Income Support
www.doleta.gov/tradeact/benefits.cfm#6
Trade Readjustment Allowances (TRA) provide income support while you are participating in full time training.
Rural Housing Rental Assistance Program
www.rurdev.usda.gov/rhs/
Rent subsidies under the Rental Assistance Program ensure that elderly, disabled, and low-income residents of multi-family housing complexes financed by HCFP are able to afford rent payments. With the help of the Rental Assistance Program, a qualified applicant pays no more than 30 percent of his or her income for housing.
Earned Income Credit
http://www.irs.gov/individuals/article/0,,id=96406,00.html
The Earned Income Credit (EIC), is a refundable federal income tax credit for low-income working individuals and families. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
Farm Loan Programs
www.fsa.usda.gov/FSA/webapp?area=home&subject=fmlp&topic=landing
FSA makes direct and guaranteed farm ownership and operating loans to family-size farmers and ranchers who cannot obtain commercial credit from a bank, Farm Credit System institution, or other lender. FSA loans can be used to purchase land, livestock, equipment, feed, seed, and supplies. Their loans can also be used to construct buildings or make farm improvements.
Scholarships for Disadvantaged Students
http://bhpr.hrsa.gov/dsa/sds.htm Mortgage Relief
The Scholarships for Disadvantaged Students program provides scholarships to full-time, financially needy students from disadvantaged backgrounds, who are enrolled in health professions and nursing programs.
State Financial Assistance Programs
States have their own funding for their low-income or unemployed residents. The guidelines and rules vary from state to state, so check to see what your state offers:
Alabama - www.dhr.state.al.us/page.asp?pageid=359
Alaska - health.hss.state.ak.us/dpa/programs/atap
Arizona - www.de.state.az.us/faa/appcenter.asp
California - www.dss.cahwnet.gov/foodstamps/PG839.htm
Colorado - www.cdhs.state.co.us/coworks/
Connecticut - www.dss.state.ct.us/svcs/tanf.htm
Delaware - www.state.de.us/dhss/dss/tanf.html
District of Columbia - www.dhs.dc.gov/dhs/cwp/view,A,3,Q,492411.asp
Florida - www.dcf.state.fl.us/ess/tanf.shtml
Georgia - dfcs.dhr.georgia.gov/portal/site/DHR-DFCS/
Hawaii - www.realchoices.org
Idaho - healthandwelfare.idaho.gov/portal/alias__Rainbow/lang__en-US/tabID__3328/DesktopDefault.aspx
Illinois - www.dhs.state.il.us/page.aspx?item=30358
Indiana - www.in.gov/fssa/families/tanf/index.html
Iowa - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://www.dhs.state.ia.us/PolicyAnalysis/PolicyManualPages/Manual_Documents/Forms/470-0462.pdf
Kansas - www.srskansas.org
Kentucky - https://apps.chfs.ky.gov/Office_Phone/index.aspx
Louisiana - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://www.dss.state.la.us/departments/ofs/Family_Independence_Temporary_.html
Maine - www.state.me.us/dhs/bfi/tanf/TANF.htm
Maryland - www.dhr.state.md.us/how/cashfood/tca.htm
Massachusetts - www.mass.gov/dta
Michigan - www.michigan.gov/fia/0,1607,7-124-5453_5526_22957---,00.html
Minnesota - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://www.dhs.state.mn.us/main/idcplg?IdcService=GET_DYNAMIC_CONVERSION&RevisionSelectionMethod=LatestReleased&Redirected=true&dDocName=id_005325
Mississippi - www.mdhs.state.ms.us/ea_tanf.html
Missouri - dss.missouri.gov/fsd/tempa.htm
Montana - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://www.dphhs.state.mt.us/about_us/divisions/human_community_services/additional/tanf_eligibility.htm
Nebraska - www.hhs.state.ne.us/fia/adc.htm
Nevada - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://dwss.nv.gov/index.php?option=com_content&task=view&id=122&Itemid=319
New Hampshire - www.dhhs.nh.gov/DHHS/TANF/default.htm
New Jersey - www.state.nj.us/humanservices/dfd/dfdcwa39.html
New Mexico - www.hsd.state.nm.us/isd/fieldoffices.html
New York - www.otda.state.ny.us/main/ta/
North Carolina - www.dhhs.state.nc.us/dss/ei/ei_hm.htm
North Dakota - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://lnotes.state.nd.us/dhs/dhsweb.nsf/e486bc94591422b58625662c007143ec/33755491882e73ec862566730069c62e?OpenDocument
Ohio - jfs.ohio.gov/localservices/
Oklahoma - www.okdhs.org/programsandservices/tanf/
Oregon - www.oregonhelps.org/
Pennsylvania - www.dpw.state.pa.us/About/OIM/003670281.htm
Rhode Island - www.dhs.state.ri.us/dhs/dfipref.htm
South Carolina - www.state.sc.us/dss/contact.html
South Dakota - www.state.sd.us/social/TANF/index.htm
Tennessee - www.state.tn.us/humanserv/st_map.htm
Texas - https://www.yourtexasbenefits.com/wps/portal
Utah - www.utah.gov
Vermont - www.dcf.vermont.gov/esd/reach_up
Virginia - www.dss.state.va.us/form/index.html#financial
Washington - www.workfirst.wa.gov/
West Virginia - www.wvdhhr.org/bcf/family_assistance/wvworks.asp
Wisconsin - www.dwd.state.wi.us/dws/w2/default.htm
Wyoming - dfsweb.state.wy.us/districts/base2.htm
MORTGAGE RELIEF
HomeFree-USA “Save A Family” Foreclosure Prevention Fund
www.homefreeusa.org/ht/d/sp/i/4943/pid/4943
Thousands of American families face threats to their homeownership every day. Unemployment, illness, and predatory lending practices threaten the most valuable investment that a homeowner can possess, their home. On average, five families call HomeFree-USA for help every day. As a HUD approved housing counseling agency, HomeFree-USA is required to help these at risk families with no charge to them.
In some cases, they need help to pay the mortgage for a month or two. In other cases, they need an advocate and assistance with their lender to forestall foreclosure. In all instances, a significant amount of time and/or money must be spent to ensure a positive outcome.
With more than a decade of experience and a 0 percent foreclosure rate, HomeFree-USA has the knowledge, experience and willingness to help at risk families to successfully protect their homes.
To help with the financial aspects of saving a family, HomeFree-USA has established the “Save a Family” foreclosure prevention fund. HomeFree-USA solicits contributions to this fund to offset expenses related to saving a family from the pain and degradation caused by the loss of a home. These expenses may include funding to ensure that at risk families have basic necessities such as goods and clothing as well as housing.
Home Equity Loss Prevention Program (HELP)
www.acornhousing.org/TEXT/fap8.php
If you are behind on your mortgage, ACORN housing counselors may be able to intervene on your behalf with your lender in order to come to a resolution that will ultimately bring your loan current. The HELP program has established relationships with 43 major lenders in the U.S. in order to get loans out of foreclosure. Recently, they assisted over 4800 families in working out repayment plans, forbearance plans, loan modifications, refinances and partial claims, which allowed these families to keep the equity that they built in their homes.
Mortgage Relief Fund
www.mortgagerelieffund.com
The Mortgage Relief initiative has grown from five regional banks to nearly fifty banks of every size, with branches throughout much of New England. The participating banks represent a safe and sound place to discuss your credit needs and financial situation, with expertise and respect.
Whenever possible, the banks participating in the initiative will help eligible homeowners refinance into conventional loans that will better meet their needs. The banks aim to help homeowners who are having difficulty making payments (or expect to) because of high-rate, nontraditional, or resetting loans.
Hope Now Alliance
http://www.hopenow.com/members/members.html
The Hope Now Alliance is a cooperative effort between the US government, counselors, investors, and lenders to help homeowners who may not be able to pay their mortgages. Created in response to the subprime mortgage crisis, the alliance claims to have helped over one million homeowners avoid foreclosure.
Housing Partnership Fund
www.housingpartnership.net/lending/housing_partnership_fund/
The Housing Partnership Fund is a CDFI-certified lending affiliate of the Housing Partnership Network that provides members with short-term, equity-like financing for affordable housing rental and ownership development.
The Fund's loans, which offer terms of up to three years, generally bridge public subsidies that are not committed at the time of acquisition.
USDA Centralized Servicing Center (CSC)
www.rurdev.usda.gov/rhs/sfh/bor_sfh.htm#What if I have financial difficulties?
To improve service and cut taxpayer costs, USDA Rural Development created the Centralized Servicing Center (CSC), which uses an automated system to expand benefits to new and existing home loan borrowers nationwide. The CSC services all USDA Rural Development single-family housing loans.
Veterans’ Mortgage Relief
www1.va.gov/opa/pressrel/pressrelease.cfm?id=1514
Hope this helps some of you...
Have a Blessed Day,
Dwan
www.theieu.com
My friend, Chris Johnson, specializes in how to get free government money. He graciously provided these web sites. See if anything will help you - there is money for houses, rehab, foreclosures, down payments, rent, and so much more. In today's market, even investors are in big trouble...
Government Programs to Aid Owners in Distress
In order to get help from the government, you’ll need to start in the white pages. There are many agencies that offer emergency payments for electric bills, water, mortgage payments (more difficult on an investment property), food, diapers, baby milk, insurance, doctors, and much, much more.
The downside to using a government organization is that the red tape can take so long. If you need emergency assistance, you might not have 30 days to wait.
Most individual cities have local government funding. These departments are given a budget each year and if they don’t use the entire budget, they lose it or it is reduced.
There are also grants for home repairs – handy for investors – down payments on another property, closing costs grants, and many more. With most grants you have to live in the property for at least two years and then the money becomes free. If you move or sell before then, you have to pay the money back.
We have a very good friend, Chris Johnson, who specializes in free government money. Chris was very generous to provide these sites for you. For more information, contact him at www.ChrisFreeMoneyJohnson.com – he is happy to help in any way possible.
FINANCIAL RELIEF
Soldiers' and Sailors' Civil Relief Act
www.defenselink.mil/specials/Relief_Act_Revision/
If you are a reserve component service member called to active duty, you may qualify for any or all of the following:
• Reduced interest rate on mortgage payments
• Reduced interest rate on credit card debt
• Protection from eviction if your rent is $1,200 dollars or less
• Delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings
Housing Choice Tenant-Based Voucher
www.hud.gov/offices/pih/programs/hcv/tenant.cfm
This program enables a family to choose housing, then rental subsidy payments are made to the owner to subsidize occupancy by the family.
Low Income Home Energy Assistance Program
http://liheap.ncat.org/sp.htm
LIHEAP offers one-time financial assistance to qualifying low - income households who require support in paying their home heating or cooling bills.
Trade Readjustment Allowances (TRA) Income Support
www.doleta.gov/tradeact/benefits.cfm#6
Trade Readjustment Allowances (TRA) provide income support while you are participating in full time training.
Rural Housing Rental Assistance Program
www.rurdev.usda.gov/rhs/
Rent subsidies under the Rental Assistance Program ensure that elderly, disabled, and low-income residents of multi-family housing complexes financed by HCFP are able to afford rent payments. With the help of the Rental Assistance Program, a qualified applicant pays no more than 30 percent of his or her income for housing.
Earned Income Credit
http://www.irs.gov/individuals/article/0,,id=96406,00.html
The Earned Income Credit (EIC), is a refundable federal income tax credit for low-income working individuals and families. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
Farm Loan Programs
www.fsa.usda.gov/FSA/webapp?area=home&subject=fmlp&topic=landing
FSA makes direct and guaranteed farm ownership and operating loans to family-size farmers and ranchers who cannot obtain commercial credit from a bank, Farm Credit System institution, or other lender. FSA loans can be used to purchase land, livestock, equipment, feed, seed, and supplies. Their loans can also be used to construct buildings or make farm improvements.
Scholarships for Disadvantaged Students
http://bhpr.hrsa.gov/dsa/sds.htm Mortgage Relief
The Scholarships for Disadvantaged Students program provides scholarships to full-time, financially needy students from disadvantaged backgrounds, who are enrolled in health professions and nursing programs.
State Financial Assistance Programs
States have their own funding for their low-income or unemployed residents. The guidelines and rules vary from state to state, so check to see what your state offers:
Alabama - www.dhr.state.al.us/page.asp?pageid=359
Alaska - health.hss.state.ak.us/dpa/programs/atap
Arizona - www.de.state.az.us/faa/appcenter.asp
California - www.dss.cahwnet.gov/foodstamps/PG839.htm
Colorado - www.cdhs.state.co.us/coworks/
Connecticut - www.dss.state.ct.us/svcs/tanf.htm
Delaware - www.state.de.us/dhss/dss/tanf.html
District of Columbia - www.dhs.dc.gov/dhs/cwp/view,A,3,Q,492411.asp
Florida - www.dcf.state.fl.us/ess/tanf.shtml
Georgia - dfcs.dhr.georgia.gov/portal/site/DHR-DFCS/
Hawaii - www.realchoices.org
Idaho - healthandwelfare.idaho.gov/portal/alias__Rainbow/lang__en-US/tabID__3328/DesktopDefault.aspx
Illinois - www.dhs.state.il.us/page.aspx?item=30358
Indiana - www.in.gov/fssa/families/tanf/index.html
Iowa - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://www.dhs.state.ia.us/PolicyAnalysis/PolicyManualPages/Manual_Documents/Forms/470-0462.pdf
Kansas - www.srskansas.org
Kentucky - https://apps.chfs.ky.gov/Office_Phone/index.aspx
Louisiana - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://www.dss.state.la.us/departments/ofs/Family_Independence_Temporary_.html
Maine - www.state.me.us/dhs/bfi/tanf/TANF.htm
Maryland - www.dhr.state.md.us/how/cashfood/tca.htm
Massachusetts - www.mass.gov/dta
Michigan - www.michigan.gov/fia/0,1607,7-124-5453_5526_22957---,00.html
Minnesota - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://www.dhs.state.mn.us/main/idcplg?IdcService=GET_DYNAMIC_CONVERSION&RevisionSelectionMethod=LatestReleased&Redirected=true&dDocName=id_005325
Mississippi - www.mdhs.state.ms.us/ea_tanf.html
Missouri - dss.missouri.gov/fsd/tempa.htm
Montana - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://www.dphhs.state.mt.us/about_us/divisions/human_community_services/additional/tanf_eligibility.htm
Nebraska - www.hhs.state.ne.us/fia/adc.htm
Nevada - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://dwss.nv.gov/index.php?option=com_content&task=view&id=122&Itemid=319
New Hampshire - www.dhhs.nh.gov/DHHS/TANF/default.htm
New Jersey - www.state.nj.us/humanservices/dfd/dfdcwa39.html
New Mexico - www.hsd.state.nm.us/isd/fieldoffices.html
New York - www.otda.state.ny.us/main/ta/
North Carolina - www.dhhs.state.nc.us/dss/ei/ei_hm.htm
North Dakota - http://www.govbenefits.gov/ExternalLinkPageFlow/ExternalLinkPageFlowController.jpf?&url=http://lnotes.state.nd.us/dhs/dhsweb.nsf/e486bc94591422b58625662c007143ec/33755491882e73ec862566730069c62e?OpenDocument
Ohio - jfs.ohio.gov/localservices/
Oklahoma - www.okdhs.org/programsandservices/tanf/
Oregon - www.oregonhelps.org/
Pennsylvania - www.dpw.state.pa.us/About/OIM/003670281.htm
Rhode Island - www.dhs.state.ri.us/dhs/dfipref.htm
South Carolina - www.state.sc.us/dss/contact.html
South Dakota - www.state.sd.us/social/TANF/index.htm
Tennessee - www.state.tn.us/humanserv/st_map.htm
Texas - https://www.yourtexasbenefits.com/wps/portal
Utah - www.utah.gov
Vermont - www.dcf.vermont.gov/esd/reach_up
Virginia - www.dss.state.va.us/form/index.html#financial
Washington - www.workfirst.wa.gov/
West Virginia - www.wvdhhr.org/bcf/family_assistance/wvworks.asp
Wisconsin - www.dwd.state.wi.us/dws/w2/default.htm
Wyoming - dfsweb.state.wy.us/districts/base2.htm
MORTGAGE RELIEF
HomeFree-USA “Save A Family” Foreclosure Prevention Fund
www.homefreeusa.org/ht/d/sp/i/4943/pid/4943
Thousands of American families face threats to their homeownership every day. Unemployment, illness, and predatory lending practices threaten the most valuable investment that a homeowner can possess, their home. On average, five families call HomeFree-USA for help every day. As a HUD approved housing counseling agency, HomeFree-USA is required to help these at risk families with no charge to them.
In some cases, they need help to pay the mortgage for a month or two. In other cases, they need an advocate and assistance with their lender to forestall foreclosure. In all instances, a significant amount of time and/or money must be spent to ensure a positive outcome.
With more than a decade of experience and a 0 percent foreclosure rate, HomeFree-USA has the knowledge, experience and willingness to help at risk families to successfully protect their homes.
To help with the financial aspects of saving a family, HomeFree-USA has established the “Save a Family” foreclosure prevention fund. HomeFree-USA solicits contributions to this fund to offset expenses related to saving a family from the pain and degradation caused by the loss of a home. These expenses may include funding to ensure that at risk families have basic necessities such as goods and clothing as well as housing.
Home Equity Loss Prevention Program (HELP)
www.acornhousing.org/TEXT/fap8.php
If you are behind on your mortgage, ACORN housing counselors may be able to intervene on your behalf with your lender in order to come to a resolution that will ultimately bring your loan current. The HELP program has established relationships with 43 major lenders in the U.S. in order to get loans out of foreclosure. Recently, they assisted over 4800 families in working out repayment plans, forbearance plans, loan modifications, refinances and partial claims, which allowed these families to keep the equity that they built in their homes.
Mortgage Relief Fund
www.mortgagerelieffund.com
The Mortgage Relief initiative has grown from five regional banks to nearly fifty banks of every size, with branches throughout much of New England. The participating banks represent a safe and sound place to discuss your credit needs and financial situation, with expertise and respect.
Whenever possible, the banks participating in the initiative will help eligible homeowners refinance into conventional loans that will better meet their needs. The banks aim to help homeowners who are having difficulty making payments (or expect to) because of high-rate, nontraditional, or resetting loans.
Hope Now Alliance
http://www.hopenow.com/members/members.html
The Hope Now Alliance is a cooperative effort between the US government, counselors, investors, and lenders to help homeowners who may not be able to pay their mortgages. Created in response to the subprime mortgage crisis, the alliance claims to have helped over one million homeowners avoid foreclosure.
Housing Partnership Fund
www.housingpartnership.net/lending/housing_partnership_fund/
The Housing Partnership Fund is a CDFI-certified lending affiliate of the Housing Partnership Network that provides members with short-term, equity-like financing for affordable housing rental and ownership development.
The Fund's loans, which offer terms of up to three years, generally bridge public subsidies that are not committed at the time of acquisition.
USDA Centralized Servicing Center (CSC)
www.rurdev.usda.gov/rhs/sfh/bor_sfh.htm#What if I have financial difficulties?
To improve service and cut taxpayer costs, USDA Rural Development created the Centralized Servicing Center (CSC), which uses an automated system to expand benefits to new and existing home loan borrowers nationwide. The CSC services all USDA Rural Development single-family housing loans.
Veterans’ Mortgage Relief
www1.va.gov/opa/pressrel/pressrelease.cfm?id=1514
Hope this helps some of you...
Have a Blessed Day,
Dwan
www.theieu.com
Thursday, July 24, 2008
Short Sale Deal Coordinating Sheet
Good Evening Friends,
When we work on more than one short sale, we use this form to keep track of who everyone is. When working on 15 or 20 short sales at once all the different people seem to run together. You will find this form helpful, especially if this is your first short sale. Whether you do just this one, are a full-time investor now, or decide to help homeowners for a living, keeping track of the different players, the different calls, faxes, emails, and more is crucial to your deal. You certainly don’t want to call loss mitigation and forget where you are in your deal.
Date: ____________________________
PROPERTY ADDRESS: _____________________________________________
_______________________________________________________________
PURCHASE PRICE $_______________________________________________
Listing Agent: __________________________________________________
Email:___________________________________________________________
Cell Ph:___________________ Office Ph:_______________ Fax: _______________
Buyer’s Agent: __________________________________________________
Email:________________________________________________________________
Cell Ph:__________________ Office Ph:_______________ Fax: ________________
Owner or Seller: ________________________________________________
Email:________________________________________________________________
Cell Ph:__________________ Office Ph:_______________ Fax: ________________
Short Sale Bank Name(s):_________________________________________
Email:________________________________________________________________
Cell Ph:__________________ Office Ph:_______________ Fax:_________________
End Buyer:_______________________________________________________
Proof of Funds: _______________________________________________
Email: _________________________________________________________
Cell Ph:__________________ Office Ph:______________ Fax:_________________
Closing Information:
Title Company #1: _______________________________________________ Contact:_________________________________________________________
Office Ph:________________________ Fax: _________________________
Email: _________________________________________________________
Buyers Mortgage Broker/Lender: __________________________________
Cell Ph:______________________ Office Ph:________________________
Fax:_______________________ Loan info: __________________________
Sellers Lender: _________________________________________________
Cell Ph:__________________________ Office Ph:____________________
Fax:_____________________________ Loan info: ____________________
Real Estate Commissions Due:
Realty & Fee: ___________________________________________________
Assignment Fee: _________________________________________________
Consulting Fee: _________________________________________________
BACK UP OFFERS: _________________________________________________
Straight Sale: __________ Assignment: ___________ Double Closing: ____________
Closing Date:___________ Time:________________ Location: _________________
Hope this helps you...it does us..
Have a Blessed Day,
Dwan
When we work on more than one short sale, we use this form to keep track of who everyone is. When working on 15 or 20 short sales at once all the different people seem to run together. You will find this form helpful, especially if this is your first short sale. Whether you do just this one, are a full-time investor now, or decide to help homeowners for a living, keeping track of the different players, the different calls, faxes, emails, and more is crucial to your deal. You certainly don’t want to call loss mitigation and forget where you are in your deal.
Date: ____________________________
PROPERTY ADDRESS: _____________________________________________
_______________________________________________________________
PURCHASE PRICE $_______________________________________________
Listing Agent: __________________________________________________
Email:___________________________________________________________
Cell Ph:___________________ Office Ph:_______________ Fax: _______________
Buyer’s Agent: __________________________________________________
Email:________________________________________________________________
Cell Ph:__________________ Office Ph:_______________ Fax: ________________
Owner or Seller: ________________________________________________
Email:________________________________________________________________
Cell Ph:__________________ Office Ph:_______________ Fax: ________________
Short Sale Bank Name(s):_________________________________________
Email:________________________________________________________________
Cell Ph:__________________ Office Ph:_______________ Fax:_________________
End Buyer:_______________________________________________________
Proof of Funds: _______________________________________________
Email: _________________________________________________________
Cell Ph:__________________ Office Ph:______________ Fax:_________________
Closing Information:
Title Company #1: _______________________________________________ Contact:_________________________________________________________
Office Ph:________________________ Fax: _________________________
Email: _________________________________________________________
Buyers Mortgage Broker/Lender: __________________________________
Cell Ph:______________________ Office Ph:________________________
Fax:_______________________ Loan info: __________________________
Sellers Lender: _________________________________________________
Cell Ph:__________________________ Office Ph:____________________
Fax:_____________________________ Loan info: ____________________
Real Estate Commissions Due:
Realty & Fee: ___________________________________________________
Assignment Fee: _________________________________________________
Consulting Fee: _________________________________________________
BACK UP OFFERS: _________________________________________________
Straight Sale: __________ Assignment: ___________ Double Closing: ____________
Closing Date:___________ Time:________________ Location: _________________
Hope this helps you...it does us..
Have a Blessed Day,
Dwan
Tuesday, July 22, 2008
How To Aggressively Sell Your Property In Today's Market
Good Evening Friends,
We have been traveling around the country all summer and have run into an astounding number of people in financial trouble - investors and homeowners alike. If you are in trouble and need to sell, here are some great tips that will help...
Whether an investor or a homeowner in distress, selling your property is always going to be your best option. If it sells before the sheriffs sale (the foreclosure sale date) you won’t have a final foreclosure on your credit report. Your credit report will reflect that a foreclosure was filed, but that it was solved before the final sale date. It does help your credit when starting over.
If you are an investor who owns several investment properties, selling them will help a lot. Having ten foreclosures is hard to recuperate from. You might be better filing bankruptcy and wiping the slate clean.
Let’s cover aggressive ways to sell your property. If this does not work, we have many other options for you – a short sale, deed in lieu, renting, and much more – so please keep reading.
Financially Distressed Owners Who Can’t Sell Their Property
You’re in foreclosure or behind in payments and have made the decision to sell. You may still be experiencing a hard time emotionally, but you are one-step closer to getting back on track and getting on with your life.
Before you call a real estate agent and list your house, try a few other options first:
* Place an ad on www.craigslist.com
* Place an ad on www.ebay.com
* Place an ad on www.loopnet.com
* Place other ads on any “For Sale By Owner” site you can find
If you have a $200,000 property, you could save $12,000 in real estate commission, which means you can sell the house for less. We suggest trying to sell your property yourself only for 30 days. If you get no bites, consider listing it.
To determine what your house is worth, look on www.zillow.com for comparable sales. Zillow is a free service that offers comps. Remember, you are facing hardship so sell the house for a low as possible to unload it. Now is not the time to get greedy and look to make a profit. Now is the time to move is as quickly as possible before you lose it.
Here are a few sample ads that have worked great for us:
2/1/cp. Seller desperate. Will pay cc. New w/d, c/h/a. 555-5555 $99K
4/1½/1. c/h/a. New everything. Motivated seller. Will pay cc.
555-5555 259K OBO
3/2/1. seller will pay costs. Newly remodeled. Need to sell. w/d/c/h/a. 349K
555-5555
Bring your toothbrush, 3/2 spotless & ready for your family $99,700 Desperate Seller! 555-5555
Low down, Seller will help" - 3/2 Dollhouse, needs nothing but your furniture. Seller will help. $57,400 555-5555. OBO
Low down, low monthly to qualified buyer. Seller will help. 2/1/1,fcd yd, fm rm. $69,900, 555-5555
You pay for each line when running ads so abbreviate everything. The goal is to put as much information in the ad as possible. Look at ads in your local papers to get a feel for what they abbreviate. The person taking the ad should help with this. Most papers will allow you to place an ad and will bill you in 30 days. This helps cut immediate costs. Here are what some of the abbreviations mean...
3/2/1cg = 3 bedroom, 2 bath, 1 car garage
2/1/cp = 2 bed, 1 bath, carport
4/1½/1 = 4 bed, one and a half baths, 1 car garage
fc yd = fenced yard
fm rm – family room
OBO = or best offer
CC = closing costs
w/d= washer/dryer
c/h/a= central, heat, and air
Notice in our ads we state “seller desperate” or “motivated seller” or something along those lines. This will cause your phone to ring. The more calls you get, the better your chances to sell your property quickly.
Don’t be embarrassed to use these words in your ads. You want your phone to ring and other people are always looking for a good deal and it will generate interest.
* Always advertise your property as far below market as you can to sell it before the foreclosure goes any further.
If properties are selling for $150,000, sell yours for $129,900. Again, the goal is to sell your house as quickly as possible. The lower the price; the more buyer’s who will show interest. Even if you have 20 houses in your neighborhood that are for sale, do not let this intimidate you. Yours could be the perfect house for someone else and might sell the first day.
If, after 30 days of trying to sell it yourself, no one has shown any interest, consider listing it with a real estate agent. Real estate agents will also run comps and give you their opinion of value, have you sign a listing agreement, and put it on the market. Since many people looking to buy a house use an agent, it might prove worthwhile.
The downside to listing your house is that most people who use agents look for new listings. Once another 30 days had passed, your listing will be old and will get very little attention. Also, many agents take as many listings as possible just hoping that one will close and don’t put much effort into the actual selling process. They rely on agents who show houses to sell their listings. You have listing agents and selling agents. Look for a selling agent.
Take time to interview an agent. Ask how many listings they took in the last six months and how many of their own listings they sold. If they took 25 listings and didn’t sell any, your house won’t sell either.
There are many reasons your house might not sell in time to beat the foreclosure sale:
* You owe more than your house is currently worth.
* It needs too much work to sell it retail.
* You are in one of the many areas that is very depressed.
* Industry is moving out of your area and there are no jobs.
If any of these situations apply to you, we have a possible solution – a short sale. We will talk about short sales a little later, but the jest of it is this:
* A short sale is where you negotiate with the bank to accept less than what you owe against your property as full payment. For example, you have a house worth $100,000, you owe $100,000 and are facing foreclosure. You call the bank, ask them to do a short sale, they agree and they accept $60,000 as a full payoff. Now you can sell your house below market and get out of foreclosure. Banks will short sale investment properties, too.
Many times a real estate agent can list your house and in the “special clauses” section of the listing agreement put the words - “Bank will accept a short sale. Bring all offers.” The agent then takes any offer given and presents it to the bank. The bank will then decide to either accept or pass. Because of the millions of foreclosure that are predicted, banks are doing more and more short sales everyday.
I hope this helps...
Have a Blessed Day,
Dwan
We have been traveling around the country all summer and have run into an astounding number of people in financial trouble - investors and homeowners alike. If you are in trouble and need to sell, here are some great tips that will help...
Whether an investor or a homeowner in distress, selling your property is always going to be your best option. If it sells before the sheriffs sale (the foreclosure sale date) you won’t have a final foreclosure on your credit report. Your credit report will reflect that a foreclosure was filed, but that it was solved before the final sale date. It does help your credit when starting over.
If you are an investor who owns several investment properties, selling them will help a lot. Having ten foreclosures is hard to recuperate from. You might be better filing bankruptcy and wiping the slate clean.
Let’s cover aggressive ways to sell your property. If this does not work, we have many other options for you – a short sale, deed in lieu, renting, and much more – so please keep reading.
Financially Distressed Owners Who Can’t Sell Their Property
You’re in foreclosure or behind in payments and have made the decision to sell. You may still be experiencing a hard time emotionally, but you are one-step closer to getting back on track and getting on with your life.
Before you call a real estate agent and list your house, try a few other options first:
* Place an ad on www.craigslist.com
* Place an ad on www.ebay.com
* Place an ad on www.loopnet.com
* Place other ads on any “For Sale By Owner” site you can find
If you have a $200,000 property, you could save $12,000 in real estate commission, which means you can sell the house for less. We suggest trying to sell your property yourself only for 30 days. If you get no bites, consider listing it.
To determine what your house is worth, look on www.zillow.com for comparable sales. Zillow is a free service that offers comps. Remember, you are facing hardship so sell the house for a low as possible to unload it. Now is not the time to get greedy and look to make a profit. Now is the time to move is as quickly as possible before you lose it.
Here are a few sample ads that have worked great for us:
2/1/cp. Seller desperate. Will pay cc. New w/d, c/h/a. 555-5555 $99K
4/1½/1. c/h/a. New everything. Motivated seller. Will pay cc.
555-5555 259K OBO
3/2/1. seller will pay costs. Newly remodeled. Need to sell. w/d/c/h/a. 349K
555-5555
Bring your toothbrush, 3/2 spotless & ready for your family $99,700 Desperate Seller! 555-5555
Low down, Seller will help" - 3/2 Dollhouse, needs nothing but your furniture. Seller will help. $57,400 555-5555. OBO
Low down, low monthly to qualified buyer. Seller will help. 2/1/1,fcd yd, fm rm. $69,900, 555-5555
You pay for each line when running ads so abbreviate everything. The goal is to put as much information in the ad as possible. Look at ads in your local papers to get a feel for what they abbreviate. The person taking the ad should help with this. Most papers will allow you to place an ad and will bill you in 30 days. This helps cut immediate costs. Here are what some of the abbreviations mean...
3/2/1cg = 3 bedroom, 2 bath, 1 car garage
2/1/cp = 2 bed, 1 bath, carport
4/1½/1 = 4 bed, one and a half baths, 1 car garage
fc yd = fenced yard
fm rm – family room
OBO = or best offer
CC = closing costs
w/d= washer/dryer
c/h/a= central, heat, and air
Notice in our ads we state “seller desperate” or “motivated seller” or something along those lines. This will cause your phone to ring. The more calls you get, the better your chances to sell your property quickly.
Don’t be embarrassed to use these words in your ads. You want your phone to ring and other people are always looking for a good deal and it will generate interest.
* Always advertise your property as far below market as you can to sell it before the foreclosure goes any further.
If properties are selling for $150,000, sell yours for $129,900. Again, the goal is to sell your house as quickly as possible. The lower the price; the more buyer’s who will show interest. Even if you have 20 houses in your neighborhood that are for sale, do not let this intimidate you. Yours could be the perfect house for someone else and might sell the first day.
If, after 30 days of trying to sell it yourself, no one has shown any interest, consider listing it with a real estate agent. Real estate agents will also run comps and give you their opinion of value, have you sign a listing agreement, and put it on the market. Since many people looking to buy a house use an agent, it might prove worthwhile.
The downside to listing your house is that most people who use agents look for new listings. Once another 30 days had passed, your listing will be old and will get very little attention. Also, many agents take as many listings as possible just hoping that one will close and don’t put much effort into the actual selling process. They rely on agents who show houses to sell their listings. You have listing agents and selling agents. Look for a selling agent.
Take time to interview an agent. Ask how many listings they took in the last six months and how many of their own listings they sold. If they took 25 listings and didn’t sell any, your house won’t sell either.
There are many reasons your house might not sell in time to beat the foreclosure sale:
* You owe more than your house is currently worth.
* It needs too much work to sell it retail.
* You are in one of the many areas that is very depressed.
* Industry is moving out of your area and there are no jobs.
If any of these situations apply to you, we have a possible solution – a short sale. We will talk about short sales a little later, but the jest of it is this:
* A short sale is where you negotiate with the bank to accept less than what you owe against your property as full payment. For example, you have a house worth $100,000, you owe $100,000 and are facing foreclosure. You call the bank, ask them to do a short sale, they agree and they accept $60,000 as a full payoff. Now you can sell your house below market and get out of foreclosure. Banks will short sale investment properties, too.
Many times a real estate agent can list your house and in the “special clauses” section of the listing agreement put the words - “Bank will accept a short sale. Bring all offers.” The agent then takes any offer given and presents it to the bank. The bank will then decide to either accept or pass. Because of the millions of foreclosure that are predicted, banks are doing more and more short sales everyday.
I hope this helps...
Have a Blessed Day,
Dwan
Tuesday, July 8, 2008
Top Notch Landlord Tips from Mr. Landlord
Hi Folks,
Wow - sorry I have not been on for a week or so. We arrived in Iowa to get our amazing space ready for our training classes and we had some flooding issues. It has been a mess trying to get things ready.
With the help from many people - we are about ready to roll....
My friend, Jeffery Taylor, is know as Mr. Landlord. He is one of the nations top experts on how to maximize rent and keep happy tenants. I wanted to share his tips this month. I love the one about the "dog run" - what a great idea.
From time to time - I am going to share tips from others in the industry. Jeffery has a fantastic newsletter you should subscribe to...
MRLANDLORD.COM TIPS ON MANAGEMENT
USE A LIMOUSINE TO FILL VACANCIES - One Michigan rental owner said one of the most popular strategies to fill vacancies was to use a Limousine. The owner bought a limousine no longer in use at a big discount. Then he advertised the fact, the limousine was an exclusive bonus perk available to those who rent his properties. Residents could “hire” out the limousine for practically nothing (just the minimum cost of paying a low hourly fee to the driver). Prior to the “limousine” advertising, the owner had a 20% vacancy rate. Now the owner has a waiting list.
EVER THOUGHT OF BUYING A USED U-HAUL? - A Missouri landlord bought an out-of-service U-haul truck to offer as an extra perk to rental applicants and new residents. The used truck was bought for just a few thousand dollars. When applicants are applying, the landlord makes mention of the fact that he can offer them free moving assistance with a truck. This perk definitely gives the landlord an edge over his competition. Obviously the truck also comes in handy for general maintenance use in the landlord's normal rental operation, transporting carpet, appliances, etc when needed. And if a resident goes sour, the truck can be used to assist in helping a problem resident get moved out of the property so that it can be more quickly turned around and ready for the next resident. Depending on the circumstances, the move-out assistance however, may or may not be offered for free.
Wow - sorry I have not been on for a week or so. We arrived in Iowa to get our amazing space ready for our training classes and we had some flooding issues. It has been a mess trying to get things ready.
With the help from many people - we are about ready to roll....
My friend, Jeffery Taylor, is know as Mr. Landlord. He is one of the nations top experts on how to maximize rent and keep happy tenants. I wanted to share his tips this month. I love the one about the "dog run" - what a great idea.
From time to time - I am going to share tips from others in the industry. Jeffery has a fantastic newsletter you should subscribe to...
MRLANDLORD.COM TIPS ON MANAGEMENT
USE A LIMOUSINE TO FILL VACANCIES - One Michigan rental owner said one of the most popular strategies to fill vacancies was to use a Limousine. The owner bought a limousine no longer in use at a big discount. Then he advertised the fact, the limousine was an exclusive bonus perk available to those who rent his properties. Residents could “hire” out the limousine for practically nothing (just the minimum cost of paying a low hourly fee to the driver). Prior to the “limousine” advertising, the owner had a 20% vacancy rate. Now the owner has a waiting list.
EVER THOUGHT OF BUYING A USED U-HAUL? - A Missouri landlord bought an out-of-service U-haul truck to offer as an extra perk to rental applicants and new residents. The used truck was bought for just a few thousand dollars. When applicants are applying, the landlord makes mention of the fact that he can offer them free moving assistance with a truck. This perk definitely gives the landlord an edge over his competition. Obviously the truck also comes in handy for general maintenance use in the landlord's normal rental operation, transporting carpet, appliances, etc when needed. And if a resident goes sour, the truck can be used to assist in helping a problem resident get moved out of the property so that it can be more quickly turned around and ready for the next resident. Depending on the circumstances, the move-out assistance however, may or may not be offered for free.
OFFER DOG RUN AS A SERVICE UPGRADE - A Southern California rental owner shared what he offers pet-owning residents as a service upgrade. He offers to put up a fenced in Dog Run. His dog-owning applicants love the idea and are willing to pay an extra $45 per month for this upgrade. Residents who desire this added service upgrade sign an additional service agreement which permits the owner to increase his income even in a rent-controlled area. The landlord also loves the added benefit that with the addition of the Dog-Run, there is less wear and tear and less property destruction to the property by the dogs that are now in a fenced area.
GOOGLE THEM! - When screening rental applicants, consider using both Google.com and MySpace.com. To do so, start by asking for email addresses on the rental application. Sometimes a red flag can be raised by the email address that some applicants use. For example: hotmama@escortservices.com or pothead@xxx.com. Google not only the email address, but also google the applicant's name and phone number.
In regard to MySpace, you want to see if applicants have a MySpace account. More and more rental applicants have one, as many as one third to half or more depending on your target market, especially if you rent to those in their 20s. By checking MySpace, you can often learn interesting tidbits about the applicant’s lifestyle, hobbies, pets, work and more. To search MySpace, go their home page, click the Search link which will allow you to search by name or email address. Google and MySpace are just two more tools that a landlord can take advantage of using when screening rental applicants.
STRESS IMPORTANCE OF ON-TIME PAYMENTS - Explain your rent collection policy to all new residents before they move in. Have this policy in writing, and stress the seriousness of prompt payment. Remind new residents that late payments may affect their credit rating. Have the new resident circle and initial the lease section that says rent due on the 1st. Because many owners offer grace periods, residents may think rent is due on the 5th. Consider, if your state permits, not providing a grace period. “Rent is due on the first with a $XX late charge on the second.” Sounds tough, but it works! But you must enforce late charges. Threatening late charges but never enforcing them only causes more delinquency. The residents will see you as all “bark” and no “bite.” If you clearly communicate the rent collection policy before move-in and reinforce your conversation by giving new residents the policy in writing, then they will believe and expect you to enforce the policy.
GOOGLE THEM! - When screening rental applicants, consider using both Google.com and MySpace.com. To do so, start by asking for email addresses on the rental application. Sometimes a red flag can be raised by the email address that some applicants use. For example: hotmama@escortservices.com or pothead@xxx.com. Google not only the email address, but also google the applicant's name and phone number.
In regard to MySpace, you want to see if applicants have a MySpace account. More and more rental applicants have one, as many as one third to half or more depending on your target market, especially if you rent to those in their 20s. By checking MySpace, you can often learn interesting tidbits about the applicant’s lifestyle, hobbies, pets, work and more. To search MySpace, go their home page, click the Search link which will allow you to search by name or email address. Google and MySpace are just two more tools that a landlord can take advantage of using when screening rental applicants.
STRESS IMPORTANCE OF ON-TIME PAYMENTS - Explain your rent collection policy to all new residents before they move in. Have this policy in writing, and stress the seriousness of prompt payment. Remind new residents that late payments may affect their credit rating. Have the new resident circle and initial the lease section that says rent due on the 1st. Because many owners offer grace periods, residents may think rent is due on the 5th. Consider, if your state permits, not providing a grace period. “Rent is due on the first with a $XX late charge on the second.” Sounds tough, but it works! But you must enforce late charges. Threatening late charges but never enforcing them only causes more delinquency. The residents will see you as all “bark” and no “bite.” If you clearly communicate the rent collection policy before move-in and reinforce your conversation by giving new residents the policy in writing, then they will believe and expect you to enforce the policy.
Move quickly on delinquencies. All residents who have not paid by the first must be sent notification on the second. If the resident says, “It’s in the mail,” ask for a substitute check and return the mailed check when it arrives. Again, the key is acting immediately. Demonstrate an expectation to every resident that you know they will pay rent on time. When a resident is late, be understanding, but make it clear to the resident “We want the rent, and we want it now.” Do not accept excuses nor negotiate with the resident to catch up next Friday. One possible option for stimulating payment of rent is the "emergency contact". Hopefully your rental application gives you permission to contact all "emergency" references in case of non-payment. If so, notify the resident’s emergency contact if rent is not paid on time. Yes, our residents sometimes have legitimate financial problems. Job lay offs, car troubles, or medical emergencies can really put some of your great residents in a financial bind. Yet, your obligation to your family is to collect ALL the rent remains. The ethical thing for you to do is aggressively go after full payment and late charges. Your response to the delinquent resident should be, “Sorry you were laid off from your job, but your rent is due now. Let me suggest the following options.” 1) Ask for a loan from family or friends. 2) Use a credit card for a cash advance, 3) Take money out of savings or retirement fund, 4) Contact your church or some other agency to see if you can get help.
If a residents pays, but pays a couple of days late, remind the resident of the actual due date and asses appropriate charges if they were not included. Say something like, “We really appreciate your rent, but since it was paid after the due date, the following amount is now immediately due to avoid eviction proceedings. Thank you!” Be aware of all residents who are delinquent. Do not harass or embarrass the delinquent resident, but be firm with your policies. Do not entertain options that do not include the resident paying the rent ASAP. If you negotiate and let the resident off easy, the real loser is you! And never use the eviction as an empty threat or a mere collection strategy. When you start to evict, go through with the process. These tips are from excerpts and tips shared on MrLandlord.com website and in the Mr. Landlord newsletter. To receive a free sample of the newsletter, call 1-800-950-2250 or visit their informative website at MrLandlord.com and register to win a free landlording book.
If a residents pays, but pays a couple of days late, remind the resident of the actual due date and asses appropriate charges if they were not included. Say something like, “We really appreciate your rent, but since it was paid after the due date, the following amount is now immediately due to avoid eviction proceedings. Thank you!” Be aware of all residents who are delinquent. Do not harass or embarrass the delinquent resident, but be firm with your policies. Do not entertain options that do not include the resident paying the rent ASAP. If you negotiate and let the resident off easy, the real loser is you! And never use the eviction as an empty threat or a mere collection strategy. When you start to evict, go through with the process. These tips are from excerpts and tips shared on MrLandlord.com website and in the Mr. Landlord newsletter. To receive a free sample of the newsletter, call 1-800-950-2250 or visit their informative website at MrLandlord.com and register to win a free landlording book.
Great tips Jeffery...thanks for sharing with us..
Have a great day Friends...
Dwan
Friday, June 27, 2008
How To Find a Good Title Company
Good Evening Friends,
I need some help here....I am very confused. I want to see what your opinion is about a matter I am having a problem with...
If someone buys a training program - uses ALL the coaching (three months), takes the ENTIRE three month course, KEEPS all the programs - is this person entitled to a full refund?
Please let me know what you think...
Now - on to business... I get so many calls from people who are having a hard time finding a title company or understanding their role in the closing. Maybe this will help...
Title companies can be found through numerous sources. Your real estate broker may be able to recommend a trustworthy company that you can try. It is good to know that people you respect use a particular title company that they like well enough to recommend.
Meet with a representative at the title company to discuss how the company can service your needs. Title companies handle closings, sometimes called settlements. A title company performs title searches. This is a search, sometimes called an abstract search, through the title of the property beginning with the original owner and continuing through the current owner. This search is performed to locate any unpaid liens or judgments existing against the property or the owners of the property. Occasionally, a lien will be overlooked and for this reason title insurance is available. Once a title search is completed, and if clear, the title company will provide an owner's title insurance policy. This is a policy issued to you, at your option, to protect against arising liens or claims of ownership not found in the title search.
Generally, if a purchaser will be placing a mortgage against the property in order to purchase it, the mortgage holder will require a mortgagee's title insurance policy, which will be issued to them by the title company and paid for by the borrower. This policy is issued to the mortgage holder to insure against arising liens not found in the search.
When the title company receives a Contract For Sale and Purchase, including the earnest money deposit posted under the contract, it places that deposit in escrow. An escrow account, also known as a trust account, is a non-interest bearing bank account set up to hold a deposit until the closing occurs. The title company will prepare an escrow letter for the lender. This is a letter stating that a deposit is being held pending a certain contract. In most states, without a deposit being held, no valid contract exists, regardless of signatures.
The title company does not represent the seller or the buyer in the transaction and has no duty to protect their interest. The title company is being hired for a transaction. In order to fully protect your rights as a seller or a buyer, hire an attorney. As closing nears, the title search will be completed and a title commitment will be issued to the lender. This is a commitment to the lender that title is clear and a policy will be issued.
At closing, all agents, buyers, and sellers meet to execute the closing documents and exchange money, keys, and warranties (if any). The title company will either overnight mail or courier the deed, mortgages, etc. to the courthouse for recording. If you establish repeat business by using the same title company to purchase and then to sell, discuss reduction of your costs. Ask to pay "promulgated rate" for title insurance. This is the lowest rate (price) allowable by law that a title company can charge for title insurance.
Remember, almost all costs are negotiable.
Hope this helps...
Have a Blessed Evening,
Dwan
http://www.theieu.com/
I need some help here....I am very confused. I want to see what your opinion is about a matter I am having a problem with...
If someone buys a training program - uses ALL the coaching (three months), takes the ENTIRE three month course, KEEPS all the programs - is this person entitled to a full refund?
Please let me know what you think...
Now - on to business... I get so many calls from people who are having a hard time finding a title company or understanding their role in the closing. Maybe this will help...
Title companies can be found through numerous sources. Your real estate broker may be able to recommend a trustworthy company that you can try. It is good to know that people you respect use a particular title company that they like well enough to recommend.
Meet with a representative at the title company to discuss how the company can service your needs. Title companies handle closings, sometimes called settlements. A title company performs title searches. This is a search, sometimes called an abstract search, through the title of the property beginning with the original owner and continuing through the current owner. This search is performed to locate any unpaid liens or judgments existing against the property or the owners of the property. Occasionally, a lien will be overlooked and for this reason title insurance is available. Once a title search is completed, and if clear, the title company will provide an owner's title insurance policy. This is a policy issued to you, at your option, to protect against arising liens or claims of ownership not found in the title search.
Generally, if a purchaser will be placing a mortgage against the property in order to purchase it, the mortgage holder will require a mortgagee's title insurance policy, which will be issued to them by the title company and paid for by the borrower. This policy is issued to the mortgage holder to insure against arising liens not found in the search.
When the title company receives a Contract For Sale and Purchase, including the earnest money deposit posted under the contract, it places that deposit in escrow. An escrow account, also known as a trust account, is a non-interest bearing bank account set up to hold a deposit until the closing occurs. The title company will prepare an escrow letter for the lender. This is a letter stating that a deposit is being held pending a certain contract. In most states, without a deposit being held, no valid contract exists, regardless of signatures.
The title company does not represent the seller or the buyer in the transaction and has no duty to protect their interest. The title company is being hired for a transaction. In order to fully protect your rights as a seller or a buyer, hire an attorney. As closing nears, the title search will be completed and a title commitment will be issued to the lender. This is a commitment to the lender that title is clear and a policy will be issued.
At closing, all agents, buyers, and sellers meet to execute the closing documents and exchange money, keys, and warranties (if any). The title company will either overnight mail or courier the deed, mortgages, etc. to the courthouse for recording. If you establish repeat business by using the same title company to purchase and then to sell, discuss reduction of your costs. Ask to pay "promulgated rate" for title insurance. This is the lowest rate (price) allowable by law that a title company can charge for title insurance.
Remember, almost all costs are negotiable.
Hope this helps...
Have a Blessed Evening,
Dwan
http://www.theieu.com/
Wednesday, June 25, 2008
Thanks to Everyone
Hi Everyone,
I want to thank all of you so much for your support. Our book launched and we went to #1 on Amazon in four categories!
#1 Real Estate Book
#1 Business Book
#1 Business & Investing Book
#1 Professional and Technical Book
We also hit #3 for new releases and #4 for best sellers! Wow - I can't say thanks enough!
What a crazy week we have had and so much fun. If you haven't done so yet, please order a copy today. If you order from www.amazon.com and then email your receipt to www.dwan@theieu.com - you will get a bunch of FREE bonuses like - free training classes from several speakers and so much more.
I am already working on a new book for underwater homeowners. It is due out in January. I am hoping for the same great results.
Since I haven't been on for a few days, I want to cover a few short sale things....here is an excerpt from our new book...
I want to thank all of you so much for your support. Our book launched and we went to #1 on Amazon in four categories!
#1 Real Estate Book
#1 Business Book
#1 Business & Investing Book
#1 Professional and Technical Book
We also hit #3 for new releases and #4 for best sellers! Wow - I can't say thanks enough!
What a crazy week we have had and so much fun. If you haven't done so yet, please order a copy today. If you order from www.amazon.com and then email your receipt to www.dwan@theieu.com - you will get a bunch of FREE bonuses like - free training classes from several speakers and so much more.
I am already working on a new book for underwater homeowners. It is due out in January. I am hoping for the same great results.
Since I haven't been on for a few days, I want to cover a few short sale things....here is an excerpt from our new book...
HOW TO PRESENT YOURSELF TO THE BANK...
The package is ready. It’s time to contact the bank. The department you want to speak with is called Loss Mitigation. Believe it or not, loss mitigation reps can be very difficult to deal with. The key to success is to pin the rep down as to when you can expect an answer.
If you are dealing with a bank for the first time, you may want to call loss mitigation to confirm that they short sale before you spend time preparing the entire package.
All of the larger banks do:
- Washington Mutual
- Bank of America
- Wells Fargo
- Country Wide
- First Union
- Fifth/Third and so on.
- Option One
- Ocwen
- First Franklin
- Fairbanks
- Litton Loan Servicing
There are many more. The problem with calling the bank first is that you may get a new person who has no idea what a short sale is and tells you no, when, in fact, the bank does short sale. I prefer to prepare the package, call loss mitigation, and ask who I need to fax the package to in order to get my deal accepted. I assume that all banks will say yes.
Most banks do say yes to some sort of a short sale. If you have a property worth $100,000, with a $100,000 mortgage balance and the bank accepts $90,000, the bank considers that a short sale. It’s just not a short sale I would accept.
If the bank does not have a loss mitigation department, ask for the foreclosure department, work out department, loan modification department, late payment department, bankruptcy, or who ever helps homeowners in distress.
Give the seller’s name and loan number and ask for the representative who is handling the seller’s account. Once you have the right person on the line, ask for the fax number and fax the authorization to release while you are on the phone with the rep.
Before you begin dealing with the loss mitigation reps, it is important you understand the mind-set of this person. Most of these folks are overworked and underpaid. Some reps have as many as 500 files on their desk at any given time. Because these reps are so overwhelmed with their case loads, they often blow you off on the phone if you don’t appear to know what you are doing.
There are several ways to represent yourself to loss mitigation:
* As a friend - You could represent yourself as a friend trying to help. The problem with this approach is that the rep may think you have no experience and may not want to bother with you. On the positive side, the bank may like the fact that you are not a smooth talking investor.
* As an investor - As an investor the rep may think you are out to take advantage of the homeowners as well as make a killing from the banks loss. On the positive side, the rep may like the fact that you have experience and will be less trouble than someone with no experience.
* As a real estate agent (if you have a license) - As an agent the bank looks at you like a neutral third party, but may not have the confidence that you will follow through without a buyer as agents show houses, not purchase them. On the positive side, the bank may take your offer more seriously because you are an agent and are considered a professional.
You have to decide in which role are you most comfortable. I have used all three with great success. There is no right or wrong way to present yourself.
The key is let the rep know that you are easy to work with and will make the transaction as smooth as possible.
When speaking with the loss mitigation representative, always be professional and refer to the sellers by their first names as often as possible.
Bring as much emotion into the conversation with the rep as possible.
This will hopefully help the decision to accept a short sale become more meaningful rather than just financial.
Hope this helps.
Again....thanks for your support.
Have a Blessed Day,
Dwan
BTW - check out the video of Sharon and Juan's "Short Sale Baby" at my youtube page. www.youtube.com/dwanbenttwyford - it's great!
Tuesday, June 17, 2008
How To Recognize You Are In Trouble
Hi Folks,
We just got home from Iowa last night. Wow - the flooding is incredible....so much devastation. It makes me even more excited to move our training classes there. There are so many homeowners who need our help right now. The short sale opportunities will be amazing...
The more we travel, the more we see people in trouble. It stuns us how many homeowners get into trouble and don’t realize it until it is too late. One of the biggest problems is that many creative loans make it so easy to buy a house. In the early part of the 2000’s a bank would lend you money based on your debt to income ratio and your credit score. Back then, a maximum of 30 percent to 40 percent of your income could be used toward a mortgage payment. Meaning, if your monthly income is $2,000, you could qualify for a mortgage payment between $600 and $800 per month PITI– with the proper credit.
Banks figured that if you used more than 40 percent of your income for the mortgage payment, you would be “house poor.” If you used $800 of your $2,000 income for a mortgage payment, that leaves $1,200 for everything else.
Let’s look at what this could mean:
Income - $2,000
Mortgage - $800
Electric - $150
Car Payment - $300
Gas - $250
Phone - $100
Groceries - $400
Based on these very realistic figures, you are dead broke every month. What if you have a car repair, medical bills, need a home repair, need to buy clothes, or anything else? Where does the money come from? What about trying to save for retirement or trying to care for ailing parents?
Sometimes life just takes over, you have a problem, you use some of the money that should be used for the mortgage payment, and next thing you know – you’re one payment late, then two, then three, then the bank files foreclosure papers, and then everything spirals out of control.
Most Americans live paycheck to paycheck. The best way to stay ahead of the game is to control your debt. If you are a two-income family, our thought is to live on one paycheck. This way, if one of you gets sick and can’t work or if you fall victim to divorce, your lifestyle won’t change. We realize that right now may of you are thinking – no way could I possibly do that, our bills are too high. By living on one of the two incomes, you can get so far ahead – it would stun you.
If you are a one-income family, try living on 80 percent of your income. I realize how hard that can be, especially if you are a single parent. You must cut back, downsize your lifestyle, get a smaller house or apartment, drive a less expensive car, pay off credit card debt, save 10 percent of your income for emergencies, and don’t forget to tithe 10 percent of your income to God.
Don’t worry about keeping up with the neighbors. The neighbors aren’t going to pay your bills if you get into trouble. In fact, my guess is that most of your neighbors will gossip about you if you do get into trouble. It is sad how shallow our society has become. You don’t have to have the best of everything. You do need to be prepared for emergencies and hard times. Our economy isn’t going to pick up for several years and we don’t want to see you fall victim to the hard times that lay ahead.
If you have already fallen into hard times – don’t worry about it. We have so many great ideas for you and you can start over. Did you know that Henry Ford went bankrupt seven times? Think about it – he started a company and went bankrupt; started another company and went bankrupt; started another company and went bankrupt again; started yet another company and went bankrupt again; now it’s getting hard to read – he started another company and went bankrupt yet another time; with all the naysayers in his life he started another company and went bankrupt again; still not defeated, he started another company and went bankrupt again; then he started Ford Motor Company – who you may be making payments to right now.
If you look at the average life span, we live to be 75 or so. If you are in financial hardship and it takes you three years to recover, in the big picture, it’s not that much time. When you recover and start over, you’ll have many more good years than bad.
People tend to live above our means in this country. We have both traveled extensively around the world and we are the most spoiled country. Personally, we like living a spoiled lifestyle, but we didn’t come by it easy. We have both had financial problems in the past, been divorced, suffered foreclosures, and barely gotten by. Through a lot of hard work, cutting back, and many blessings from God, we were able to make it to the top percentage in the entire country.
In the mid 2000’s, the mortgage industry came up with what seemed like a good ideal at the time – easy loans to boost the economy. These loans were designed to give as many people as possible the chance to live the American dream – homeownership. People are often so focused on owning a home that they are willing to stretch themselves just to do it. This is where is all started to go downhill. Too many people went out on a limb. These creative loans did just what they were supposed to do - boosted the economy. The problem is that no one really thought it all the way through.
Over the next few weeks, I am going to offer advice to people who might be struggling as well as those of you who are or want to be investors.
Folks, remember - no matter how bad your day seems or how many problems you might be having - God loves you...and so do I!!!!
Dwan
www.youtube.com/dwanbenttwyford
We just got home from Iowa last night. Wow - the flooding is incredible....so much devastation. It makes me even more excited to move our training classes there. There are so many homeowners who need our help right now. The short sale opportunities will be amazing...
The more we travel, the more we see people in trouble. It stuns us how many homeowners get into trouble and don’t realize it until it is too late. One of the biggest problems is that many creative loans make it so easy to buy a house. In the early part of the 2000’s a bank would lend you money based on your debt to income ratio and your credit score. Back then, a maximum of 30 percent to 40 percent of your income could be used toward a mortgage payment. Meaning, if your monthly income is $2,000, you could qualify for a mortgage payment between $600 and $800 per month PITI– with the proper credit.
Banks figured that if you used more than 40 percent of your income for the mortgage payment, you would be “house poor.” If you used $800 of your $2,000 income for a mortgage payment, that leaves $1,200 for everything else.
Let’s look at what this could mean:
Income - $2,000
Mortgage - $800
Electric - $150
Car Payment - $300
Gas - $250
Phone - $100
Groceries - $400
Based on these very realistic figures, you are dead broke every month. What if you have a car repair, medical bills, need a home repair, need to buy clothes, or anything else? Where does the money come from? What about trying to save for retirement or trying to care for ailing parents?
Sometimes life just takes over, you have a problem, you use some of the money that should be used for the mortgage payment, and next thing you know – you’re one payment late, then two, then three, then the bank files foreclosure papers, and then everything spirals out of control.
Most Americans live paycheck to paycheck. The best way to stay ahead of the game is to control your debt. If you are a two-income family, our thought is to live on one paycheck. This way, if one of you gets sick and can’t work or if you fall victim to divorce, your lifestyle won’t change. We realize that right now may of you are thinking – no way could I possibly do that, our bills are too high. By living on one of the two incomes, you can get so far ahead – it would stun you.
If you are a one-income family, try living on 80 percent of your income. I realize how hard that can be, especially if you are a single parent. You must cut back, downsize your lifestyle, get a smaller house or apartment, drive a less expensive car, pay off credit card debt, save 10 percent of your income for emergencies, and don’t forget to tithe 10 percent of your income to God.
Don’t worry about keeping up with the neighbors. The neighbors aren’t going to pay your bills if you get into trouble. In fact, my guess is that most of your neighbors will gossip about you if you do get into trouble. It is sad how shallow our society has become. You don’t have to have the best of everything. You do need to be prepared for emergencies and hard times. Our economy isn’t going to pick up for several years and we don’t want to see you fall victim to the hard times that lay ahead.
If you have already fallen into hard times – don’t worry about it. We have so many great ideas for you and you can start over. Did you know that Henry Ford went bankrupt seven times? Think about it – he started a company and went bankrupt; started another company and went bankrupt; started another company and went bankrupt again; started yet another company and went bankrupt again; now it’s getting hard to read – he started another company and went bankrupt yet another time; with all the naysayers in his life he started another company and went bankrupt again; still not defeated, he started another company and went bankrupt again; then he started Ford Motor Company – who you may be making payments to right now.
If you look at the average life span, we live to be 75 or so. If you are in financial hardship and it takes you three years to recover, in the big picture, it’s not that much time. When you recover and start over, you’ll have many more good years than bad.
People tend to live above our means in this country. We have both traveled extensively around the world and we are the most spoiled country. Personally, we like living a spoiled lifestyle, but we didn’t come by it easy. We have both had financial problems in the past, been divorced, suffered foreclosures, and barely gotten by. Through a lot of hard work, cutting back, and many blessings from God, we were able to make it to the top percentage in the entire country.
In the mid 2000’s, the mortgage industry came up with what seemed like a good ideal at the time – easy loans to boost the economy. These loans were designed to give as many people as possible the chance to live the American dream – homeownership. People are often so focused on owning a home that they are willing to stretch themselves just to do it. This is where is all started to go downhill. Too many people went out on a limb. These creative loans did just what they were supposed to do - boosted the economy. The problem is that no one really thought it all the way through.
Over the next few weeks, I am going to offer advice to people who might be struggling as well as those of you who are or want to be investors.
Folks, remember - no matter how bad your day seems or how many problems you might be having - God loves you...and so do I!!!!
Dwan
www.youtube.com/dwanbenttwyford
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