The Federal Trade Commission, Mortgage Assistance Relief Services (MARS) rule states that any Real Estate Broker negotiating with a lender on behalf of a borrower must abide by certain rules and guidelines.
The rule is lengthy and includes various point (54 pages worth), but the one that I thought was worth mentioning is that Real Estate agents may not collect up front fees to negotiate a short sale. In my opinion, this can be very predatory to a borrower who is in financial hardship and I am glad it is no longer allowed. Now before I get a inbox full of hate emails, let me clarify, not all agents who collected upfront fees were trying to take advantage of anyone. In fact, I know a couple of top agents who are the most honest hardworking people who did just this, and got the short sales done. However, I've seen far more times when Agents collect the upfront fee and then don't lift a finger to work the short sale.
Here is a link to the entire MARS rule: http://www.ftc.gov/os/fedreg/2010/december/R911003mars.pdf
For those who'd just like a summary click here: httphttp://www.aaronline.com/azr/2011/march/mars-rule-requirements-for-short-sale-brokers.aspx
Thursday, March 3, 2011
Monday, October 4, 2010
Higher Loan Limits Here to Stay!
New legislation recently signed by the president will allow the current loan limits to remain the same. In Maricopa county those limts are currently $346,250 for an FHA loan, and $417,000 for a Conventional loan. The legislation will allow these figures to remain in effect until 9/30/2011
This is important because normally these loan limits are set by median home prices. Since Maricopa County has seen drastic plunges in sales prices, the loan limits could have been set far lower.
This is important because normally these loan limits are set by median home prices. Since Maricopa County has seen drastic plunges in sales prices, the loan limits could have been set far lower.
Back on Track
I cannot believe it has been over a month since I've posted anything. It seems that the influx of work and some family events had kicked me off track with my "extracurricular" activities like my website and blog, but alas I seem to be back on track!
So, with that said let please check back often as there is tons of interesting bits of news to share lately. I will be sure to post often to keep you updated!
So, with that said let please check back often as there is tons of interesting bits of news to share lately. I will be sure to post often to keep you updated!
Wednesday, August 11, 2010
Drowning Impact Awareness Month!
August is DROWNING IMPACT AWARENESS MONTH! According the Phoenix Children's Hospital drownings are the "top cause of injury related deaths in Arizona" As a supporter of water awareness I invite you to visit the following pages to learn more about water safety tips and drowning prevention. Also, wear a purple ribbon to help raise awareness!!
In addition, if you know of anyone with children, who has an unfenced pool, and who demonstrates financial need, encourage them to apply for a pool fence through the adopt a fence program.
Click Here for more information.
Sunday, August 8, 2010
LOAN MODIFICATION SCAMS - BEWARE!!!
Let me preface this particular log by saying that loan modifications are ABSOLUTELY REAL!! However, one should NEVER EVER, EVER.. EVER.. EVER, pay an upfront fee for a loan modification! I simply cannot stress this point enough!
I have witnessed, first hand, the sly and cunning behavior of so called loan modification companies that collect an upfront fee to supposedly work out a loan modification for a home owner. I can honestly say that I have never heard a happy ending story in any of these situations. In fact, I've recently dealt with one such company who repeatedly told a homeowner (who had paid them $2500), "not to worry" about their impending foreclosure date. They assured them that the bank was reviewing their file and that "the foreclosure has been postponed." When I became involved (after the home had foreclosed), it was discovered that this particular company had never even contacted the bank in regard to the loan. Of course, the company did a lot of smooth talking, and ferocious back peddling, and tried to lay blame on everyone else but themselves. The homeowner attempted to recover his funds, but to no avail. Unfortunately, stories just like this are very common!
Many banks nowadays will not deal with a third party when negotiating a loan modification. They will, however, deal directly with the homeowner. Better yet, the process is not that difficult. If you are interested in a loan modification simply call your lender and request one. They will likely send you to their default services department and initiate the request by sending you a modification package to fill out. This package consists of documents that outline your income and debts. If you meet their criteria, the bank will offer a loan modification. The modification can range from lowering payments by extending the term of the loan, to lowering the interest rate, or even deferring some payments. The bottom line, is that it does not cost you anything, except a little bit of time to work this out with your bank.
HUD approved housing counselors are available to discuss options by calling 1-888-995-HOPE. They will even provide assistance if you are having trouble dealing with your loan company.
For more information on the Making Home Affordable click HERE!
I have witnessed, first hand, the sly and cunning behavior of so called loan modification companies that collect an upfront fee to supposedly work out a loan modification for a home owner. I can honestly say that I have never heard a happy ending story in any of these situations. In fact, I've recently dealt with one such company who repeatedly told a homeowner (who had paid them $2500), "not to worry" about their impending foreclosure date. They assured them that the bank was reviewing their file and that "the foreclosure has been postponed." When I became involved (after the home had foreclosed), it was discovered that this particular company had never even contacted the bank in regard to the loan. Of course, the company did a lot of smooth talking, and ferocious back peddling, and tried to lay blame on everyone else but themselves. The homeowner attempted to recover his funds, but to no avail. Unfortunately, stories just like this are very common!
Many banks nowadays will not deal with a third party when negotiating a loan modification. They will, however, deal directly with the homeowner. Better yet, the process is not that difficult. If you are interested in a loan modification simply call your lender and request one. They will likely send you to their default services department and initiate the request by sending you a modification package to fill out. This package consists of documents that outline your income and debts. If you meet their criteria, the bank will offer a loan modification. The modification can range from lowering payments by extending the term of the loan, to lowering the interest rate, or even deferring some payments. The bottom line, is that it does not cost you anything, except a little bit of time to work this out with your bank.
HUD approved housing counselors are available to discuss options by calling 1-888-995-HOPE. They will even provide assistance if you are having trouble dealing with your loan company.
For more information on the Making Home Affordable click HERE!
Monday, August 2, 2010
Nice Listing in Tolleson 8401 W Payson $103,000
Just listed a great property in Tolleson! 8401 W Payson is over 22oo sf, and has 4 bedrooms and 2.5 baths, plus an oversized loft. This one is clean move in ready...only $103,000!
Click on the photo to see the virtual tour!!
Sunday, August 1, 2010
Making My Real Estate Make A Difference...
One thing that is very near and dear to my heart is the fight to find a cure for cancer and leukemia. I have seen, first hand, how terrible these diseases are. I have also seen, first hand, how very small donations can make a world of difference in someone's life who is facing this terrible disease.
Not only have a dealt with cancer and leukemia among my own family and friend, but I have worked with Clients who have also battled these terrible diseases. None of us are immune.
Today is National Minority Donor Day, and I think it is a wonderful day to remind everyone to consider donating the gift of life by becoming an organ donor, or to contribute to an organization who is committed to finding a cure for these diseases.
With that said, I have committed to donate 5% of all of my commissions earned to the Children's Organ Transplant Association (COTA) in memory of Gavin Brunin, or to the Colon Cancer Association in memory of Andrew Canchola. Believe me, these small donations can, and do, make a difference....I implore you to make a difference too!
Not only have a dealt with cancer and leukemia among my own family and friend, but I have worked with Clients who have also battled these terrible diseases. None of us are immune.
Today is National Minority Donor Day, and I think it is a wonderful day to remind everyone to consider donating the gift of life by becoming an organ donor, or to contribute to an organization who is committed to finding a cure for these diseases.
With that said, I have committed to donate 5% of all of my commissions earned to the Children's Organ Transplant Association (COTA) in memory of Gavin Brunin, or to the Colon Cancer Association in memory of Andrew Canchola. Believe me, these small donations can, and do, make a difference....I implore you to make a difference too!
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