I just locked a 95% 30yr fixed FHA Rate & Term Refinance loan on a 30 day lock at 5%

No points No fees No costs to client...None...our Investor is paying us to deliver these loans to them.

This is what you need to do:

Call IET Capital at 562 360-1027

Click here to e-mail the first available rep

Or apply online at http://www.ietcapital.com/apply-financing.php

If you are not doing anything and everything you can to refinance right now you are missing out on what will most likely be a a once  in a lifetime opportunity...  I'm not going to apologize for coming across as too sale-esy or too strong here.  What I'm telling you to do is in your best interest.  There is no time to beat around the bush or think about this.  Fence straddlers Go Home!  This…

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For liability reasons it "wouldn't be prudent" for us to give you direct advice on this topic but here are some excellent sources of information for you to review with either your CPA or Tax Lawyer.

 

IRS Links:

IRS FAQ re: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

IRS News Update: Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form

IRS Publication 4681 re: Canceled, Debts, Foreclosures and Abandonments

IRS Form 982

 

 

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$8,000 2009 Home Buyer Tax Credit Details

click here if you are looking for info on the 2009-2010 tax credit extension that passed in November 2009?

The recently approved American Recovery and Reinvestment Act of 2009, combined with favorable resale prices and interest rates, offers home buying bargain hunters a once in a lifetime purchasing opportunity.  The measure has features designed to stimulate the economy and spur home sales with the hope that this will trigger a ripple effect throughout the overall economy. Features include:

 

  • An $8,000 tax credit - up from $7,500 - available to first-time home buyers for purchase of principal residence after January 1 and before December 1 2009.
  • The credit applies only to homes purchased during 2009.
  • The…

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Lots of lawyers or "Law Groups" are spending lots of money trying to convince consumers Mortgage Brokers and Real Estate Agents are bad and Lawyers are good.  To me this is like a fox offering a Chicken a "safe haven" in its den from a Cat its running for its life from.

Here are some issues a homeowner should be aware of before choosing any person or company to modify their loan:

  • Who is telling me what type of loan modification results I'm likely to get?  A salesperson on commission for getting my check? or someone with experience negotiating with different lenders' Loss Mitigation Departments?
  • Who will be negotiating with my lender?  An actual attorney, or an out of work, unlicensed, former sub-prime mortgage flunkee who is doing loan mods now? …

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Just wanted to start this thread to get some ideas out there.  I think too much negative energy is being spent on figuring out who to blame for our Economic problems and not enough positive focus on coming up with creative solutions.  These rough draft ideas are my humble attempt to put something out there to change that...

1)

Principal Reduction: Homeowners want it, Banks don't.  I believe there is a way to give principal reduction that would be less pain for banks than continuing with their current loss mitigation strategies. 

In many areas of the country there is big gap between current market value and amount owed against the property.  A foreclosure forces a lender to realize the loss immediately on books.  Why not reduce principal but create a…

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Interesting article, it says that only 25 people in the whole country have qualified for the "Hope for Homeowners" program...25 in the whole country... with the guidelines setup as they were though I'm surprised its even that high.  Despite its name this program has not exactly been what I would call a "light at the end of the tunnel" for US Households.

http://www.businessweek.com//bwdaily/dnflash/content/feb2009/db20090218_423745.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis

I do think there will be some major changes in lender willingness to do loan mods between now and end of 2009, especially with regard to their willingness to reduce principal balances, stay tuned...

Update 3/24/09:  Here is a new article from Inman News with some…

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Interesting article comparing Japanese economic recovery after real estate bubble in the 1990s that lead to severe recession and long period of deflation and decling asset values to current US economic crisis.  Lots of interesting parallels.  Hopefully we can learn from history and avoid some of the mistakes the Japanese government made...

 http://www.cnbc.com/id/29179715

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