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Understanding Foreclosure

November 30th, 2018 Comments off

The real estate business is witnessing a downturn; house foreclosure is a common word we hear these days. Most of homeowners are ignorant of what it actually means and end up putting themselves in the worst of situations.

Foreclosure is a legal process instigated by the lending institution to terminate a homeowner’s right to reinstate the mortgaged estate. As a result the lender becomes the authorized owner of the property and can also sell the property to recover the principal money. Foreclosures only happen when homeowners fail to pay the stipulated payments as mentioned in the deed of trust for a period of more than 3 months.

These proceedings normally begin by sending a letter of notice called a notice of default to the homeowner demanding the mortgage payments. There are different types of house foreclosure and their application varies from state to state. However, the two most widely used and common types are by power of sale and by judicial sale.

America has experienced a large increase in foreclosure proceedings, above 79 percent in many cases. How do we put an end to this house foreclosure crisis? What follows are a group of tips that can at least help you individually to make a guide toward foreclosure stop.

First and foremost is communication. You must quickly and clearly communicate with your mortgage lender when you anticipate financial problems. Do not wait to receive a notice of default.

With an increasing number of foreclosure cases, you can easily find professionals to bail you out of such circumstances. The second step therefore is to seek professional help. If you are short of finances it is prudent not to hire them but rather simply ask for advice.

Finally, realize there are other sources of help out there and you are not alone. Ask those that are involved in the process: your lender, professional help to point you toward other helpful institutions or information. Just by doing a search on Google you can find multiple helps and aids in your area so do not give up!

One the most important aspects of avoiding a foreclosure is awareness of your financial situation and the aforementioned timeline. Keep your emotions in check it is very easy to let them overtake you and shroud you in depression and worry, just relax and be hopeful. Use the experts from the mortgage company and those you have sought out for vital support and information and as I’ve said hope for the best!

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The When of Commercial Real Estate Investing

November 20th, 2018 Comments off

Income property investors are wondering if now is the right time to buy. It might seem that good investment opportunities fluctuate with the market but the truth is, depending on the investment type, now may or may not be an ideal time to buy.

It is important to note that in the case of acquiring income property the timing of the purchase is not as important as how the property is purchased. The method of purchase offers protection from the ups and downs of economic cycles.

There is both support of and opposition to this method, but the fact remains that to allow this spending, new bills have been printed; therefore, there is too much money in existence.

Using historical statistics, the current climate can be dissected to some extent. Net Gain describes a recession as a manner of alleviating surplus. There have been 20 prior recessions since the start of the 20th century, all of which have made a full recovery. Statistics show that the length of time between peaks of a recession determines the level of excess, which indicates the severity of the next recession.

History can lend some insight into what the present situation means for investing in income property. The current recession is in its 20th month. Based on past recession averages of 59 months peak to peak and 14 months peak to bottom, now should be a good time to invest.

But knowing that the time is right doesn’t mean the process for buying the property is irrelevant. As with every past recession peak, investors that are hurting financially today probably made poor decisions at the time of the purchase. Entering into poorly written agreements, acquiring excessive debt, failing to account for expenses, and other pitfalls can turn an investment into a money pit.

As NetGain has addressed in previous articles, these issues are not to be taken lightly and should be strongly considered and addressed before making the decision to invest. Right now terms of mortgage are a critical point of focus due to the influx of currency. With increased interest rates, inflated prices, and strategic terms, investors can ultimately use money of decreased value to repay the mortgage.

The key is to negotiate the mortgage correctly using the following guidelines: -Interest Rate: Should always remain fixed -Term: 20 years or more -Due Date: None -Mortgage should be eligible for gradual liquidation or prorated write-off -Debt should be non-recourse -No lock-ins over one year -No pre-payment penalties over 1.5% -Eligible assumptions will be accepted

Today’s economic environment presents an attractive investment opportunity for acquiring income property. Considering the key components discussed in this article will ensure that the transaction goes smoothly and the investment is set up for success.

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The Long Mile Of The Mortgage Modification Business

November 6th, 2018 Comments off

Who is there to Help Those Who are Called to Provide Help? I work at a Foreclosure Defense Law Firm which happens to also engage in the practice of Loan Modifications. I am not an lawyer nor am I here to provide or imply legal advice. The Loan Modification & Foreclosure Defense business has gotten a bad rap due to some rotting apples in the bunch but there are some of us who actually care about what we do.

It’s terrible that myself and others are subjected to the very inaccurate and fictitiously skewed perspectives that is constantly broad casted by the media without conscience to the patriotic men and women who give up valuable time with their own families in an effort to restore stability to families. The Broadcasters as a whole has been quick to tell stories that tell of bad lenders and what were once prominent mortgage lenders now well on their way to becoming cell mates at local and federal correction institutions nationwide.

But what about people like myself, people with a sincere, moral, and ethical motivation to assist their fellow Homeowners in saving their American Dream? It is amazing to see how many of us really do have an impeccable work ethic and are passionate about aiding homeowners in distress.

Not only do we deal with the bad Info of the self serving and often relentless broadcasters but many of us are faced with a tragic and sometimes devastating dilemma, the mortal fact that we are exactly that, we are only human. In my personal experience it has become difficult at times to walk away from my job at the end of the day. Every day at the Law Firm it seems there is a more horrible or unjust case than the last, but still they seem to keep coming, almost as if there were no end in sight. For anyone with a heart or anyone who is truly undaunted in their faith, although it can be spiritually and financially rewarding at times, the Foreclosure & Loan Modification business can become truly draining after prolonged exposure. To the credit of those who possess the inner strength and choose to answer the call of servant leadership, I am writing this to acknowledge the truth behind the old saying “Never judge a man until you walk a mile in his shoes.” and to add that “working a day in his suit might not be a bad idea either”.

During the course of our own personal disasters, there is a lot to be said for the idea of taking a marginal step back, and away from the situation or stepping outside one’s self to reflect for a moment that there are many variables in every equation and sometimes all is not what it seems. This is the moral of the story, to better illustrate I will share something with those who took a moment to look a little further into this article. judging my intentions based on my statements is that I and the majority of our clients could actually be considered one and the same if you were to make a generalization or attempt to categorize me.

mortgage What do I mean by that? What I am making an effort to convey is that sometimes it seems like the worst enemy a borrower can have in the courtroom is not the Lender threatening to take back the house and not even the Law Firm representing them. The worst enemy that many Homeowners face while facing a possible or impending Foreclosure is the enemy they find staring back at them in the mirror each day. That enemy is Homeowners themselves, in my experience it seems to be the most common recurrence among cases I have seen during my time working in the Foreclosure Defense industry. Homeowners and in many cases family members alike are so concerned with getting cheated that in reality they wind up cheating themselves. In conclusion I will provide you with the missing material fact which should re-calibrate even the most skeptical perspectives. In approximately 30 days from today I will be going before a judge in an effort to save my own home from a pending foreclosure which I have fought long and hard to overcome. The truth is that was my original reason for getting involved in the industry, I did it to find a solution for the Foreclosure that has been looming like a dark shadow of unknown demise over my own life. You see I too share all the same concerns and all the same fears as so many other American Homeowners do in this country today. You wouldn’t believe how often people misconstrue the sincere empathy and sense of urgency which I often tend to convey. Many misunderstanding what they sense immediately defaulting to the negative which has been cultivated by our society today. This almost automatic defense system has left many Homeowners and their families almost completely defenseless and unable to protect their homes due to their inability or refusal to act. I also have been fighting to save my last and final property that I own and live in. So in final it is with great sincerity that I offer this humble opinion. Never judge a book by it’s cover because it might end up costing you more than you thought it would ever be.

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Do You Need A CPA?

November 5th, 2018 Comments off

Each day, we all pass through life, hearing things that we’re not completely sure of. Honestly, with all of the information that we are expected to retain; it would be easy to see how some details start leaking back out. When you’ve come to this point in your life, you may benefit from hiring a certified public accountant.

While they serve many functions, the primary role of a certified public accountant is to track and control where the money goes. The Internal Revenue Service requires us to account for every single penny we make and those that we give away. It can be a daunting task, following the paper trail.

Certified public accountants have been taking care of financial matters for the small business sector for a very long time. It was the business owners who needed their personal wealth looked after, as well, who really made a difference in the way things are done these days.

As wealth grew over time, personal wealth separate from business owners, the need became apparent for the public sector, not just the private one. The Internal Revenue Service goes after both business and personal individuals, alike.

Certified public accountants review documents for companies and individuals. They look for errors in addition, subtraction and much more. They sift through files and find receipts. They make sure that every cent that has been spent or earned is accounted for.

CPA’s do so many things with your finances; it’s not as broad of a subject as some may think. CPA’s work with tax records, billing, and much more. They will help get your past records taken care of as well as getting all of your current dealings in order.

Your certified public accountant will see to it that you turn in correct documentation in the future to the government and will keep you from any future harm or issues with tax returns, payments and deferrals. If you have any questions regarding tax laws and payments, as well as state and federal mandates, your CPA is well versed in this information and will be a valuable resource to you.

Not only do large corporations need the services of certified public accountants, many people who find themselves in possession of sudden riches also seek their assistance. When you’re accustomed to having very little money and suddenly, money no longer becomes an issue, it is wise to have someone who can not only advise you on financial decisions, but also assist you in keeping track of your wealth.

People who have a lot of money in stocks, bonds and other investments find it very useful to have a certified public accountant in their corner. Keeping an eye on your financial decisions, your accountant can work alongside or completely solo, ensuring that your choices are going to be lucrative.

When you’ve got investments in the market or elsewhere, your CPA will work side by side with your broker and handle all of the important issues. You’ll sleep better knowing that you don’t have anything to hide or anything to fear when it comes to the IRS.

If you need a CPA, check out local accountants online. Find one who has experience working with financial situations that are much like yours. It’s also good to find a CPA who is close in proximity to your home or will be happy to come to you when you need him.

Bulk REO Investing In Today’s Market

November 4th, 2018 Comments off

Bulk REO Investing is proving to be one of the most profitable fields of investment during this year and potentially beyond. Bulk REO Investors profit by buying groups (commonly called portfolios) of properties from lenders who have foreclosed the properties and have urgent desire to reduce pressure on their balance sheets. Due to the urgency of the balance sheet needs of the banking institutions coupled with the investors ability to purchase a package of REO properties rather than singular properties, its quite possible for a well-financed bulk reo investor to acquire REO packages at extremely attractive deals.

They are now starting to accept Bitcoin as a payment method and as an new investment profit, which is a great profitable market booming right now with the best penny cryptocurrencies which are getting lots of movement in the market which are giving a huge profit in value and now investors are making it an active to make more possibilities  in the real estate market.

Most bulk REO real estate investors make offers to lending institutions on the basis of a percentage of unpaid mortgage balance. This means that if the investors make an offer of 60 cents on the dollar for a package of loans with a remaining balance of $3,000,000 in principal balance, then they pay $1,800,000 to acquire that group of houses.

At the conclusion of the reo portfolio transactions, investors own multiple properties which must then be monetized to bring a return to their portfolio. To do this, they typically resell the properties to retail home buyers via owner financing. By cutting traditional lenders out of their transactions, REO investors are able to sell their properties more quickly and at very appealing terms.

Find out when the banks financial quarter ends. This is where they report their quarterly earnings and financials and when most of upper management get evaluated for bonuses. Just like any business, banks dont want to have these underperforming assets on their books especially when their earnings reports are due.

Analyze the deals, determine what you want to get them for, and put in your second (or third) best offer (never offer your best offer first).

Negotiate until its a win for all: you get to have several properties at lower than market value the bank walks away with those deals off of their books just in time for the quarterly earnings reports to shareholders.

The future seems bright for savvy Bulk REO investors.

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