Looking for a house to buy on contract in the Waterloo/Cedar Falls area.

nope

Downey failed and was bought by US Bank. US Bank states that Downy sold my loan to a Secondary Market Investor after the loan was originated, which turns out to be Wells Fargo Trust. It was sold into Scrutinized Trusts. US Bank is the Servicer, Wells Fargo is the Master Servicer. They are telling me although I qualify for the HAMP loan modification which is a Making Home Affordable program, they have to deny me help because the loan was sold and the agreement with the new owners of the loan is to offer no loan modification to me under any circumstances. — I feel this is just their way of burying the bad paperwork and getting the house out of my hands and into a new package with someone new so I will go away and the bad paperwork wont have to be dealt with. — I found in my Countys Recorders office no other paperwork has been filed with the County to show a new owner, which apparently is the Wells Fargo Trust. Only the original Downey Note Claim from 2005. Since then, the loan was sold and assigned to Wells Fargo Trust & US Bank. There are no records from either bank with my Countys Records office. So if US Bank and Wells Fargo Bank tried to Foreclose on my house, well, are they really the Owners? Do they have the right? Did they even have the right to sell my loan to a Trust? Ive owned this house for 10 years. I did a refi in 2005. Now this. I am a victim of The Banks being greedy and giving so many loans in 2005, 2006, 2007 during the boom and to lessens their processing load, they sold my loan like a poker chip for less than its worth to a Scrutinized Trust. These banks dont want to help people with these sold Trust loans because the Banks make MORE money off foreclosing a home rather than helping the owner/Loan Bearer into a more affordable loan. They get Reimbursement money off of their Insurance Policy that they Hold in case the borrow defaults on their loan. That is another reason why they deny Short Sales by the way, because they make Insurance Money off Defaults and Foreclosures. They wont even offer a forbearance. The greedy banks caused this economy problem in the US. They affected the Companies and companies had to lay off people. Well I am in HR Staffing Manager and Senior Recruiter and was laid off during this economy crash, they caused me to loose my job in a RIF with half of my company. When there are no jobs, who needs a Staffing recruiter? I was out of work for over a year. I spent my whole savings trying to pay my bills and save this house. Now I have had a job for 6 months making Half of what I made before in my job of 3 years that they caused me to loose. Now that I can pay and keep this house, they are denying me help! This is absurd! So I would like to find a Class Action suit I can join to try to stop this Foreclosure and have my Loan Payment plan be adjusted permanently or temporarily so I can be helped. Please advise me to the contact the right people! I want my old life back! If I cant get it, then at least help me get the help the US Government set up and asked the banks to promote, which is a HAMP Loan Modification under the making Home Affordable Program. Shame on you Downey, US Bank and Wells Fargo Trust! —- Any direction, contacts, web sites that you can suggest to me to help would be so appreciated! (P.S. I have sent a QWR and other docs recently so I have that in process. Loansafe.org has been somewhat helpful in info) I need to find a lawyer to help me get leverage over the banks to leverage them in to granting me my HAMP Assistance! Thanks!!!!

I feel your pain, I talk to people in situations similar to yours much more than I would like.

The problem with HAMP is that it is voluntary for the lenders, they are under no obligation to participate.

The horses are already out of the barn, we bailed out the banks and they in turn are not under much scrutiny or requirement to help keep people in their homes.

Yes, they can sell your loan. They do it all the time.

I do not know of a solid lawyer or firm that is taking up this charge. Why? Because there is very little they can do. What the banks are doing is wrong, but it is not illegal.

I would suggest you keep hammering on your lender for a modification.

keep the insurance money and not repair the house (sell as is) or do I have to repair it?
the damage is on the inside
I owe less than 20k.

Is the house mortgaged? If so…the mortgage company will be listed on the check. As such, you will have to either repair the home or pay off the mortgage.

I understand it is a way of selling your home quicker. Who is biuying your home? Why is it so much faster? Is this negative? I dont understand why if it is so much faster why people everywhere dont do this instead of traditional selling your home through a realtor. Please help, thanks in advance!

They don’t do this because of the money they would lose. You will take a really big hit when you go for a quick sale. These outfits make money by buying your home for a much lower price, sprucing it up, and then turning around and selling it for its market value. The companies which buy this way are looking for distressed properties where the owner needs to bail out in order to Avoid Foreclosure or where the property needs work in order to be saleable in the normal market.

What should owners of homes know about dealing with today’s economy? The new words of “Short Sale”, “short refi”, “Loan Mods” and “Loan Mortgage Modification” are new terms that homeowners never thought they would need to hear or understand what they mean in order to possibly save their homes or their credit. No one planned for such a drop in home values and such a rise in costs.

With all the new terms and with all the sever changes in this economy, it is no wonder that homeowners fear doing anything when they are faced with financial hardship. Homeowners need not longer fear these terms and more importantly understand why loan modifications and short sale refinancing may make the difference between a homeowner keeping their home, avoiding bankruptcy and saving their credit.

We all heard about the great “bailout” of 2008 which congress passed that was to help control the foreclosure problem while encouraging new lending of home loans by banks and mortgage providers. We all heard both the pros and the cons with our government bailing out several banks, insurance companies, financial institutions and etc. However, the biggest pro for homeowners will come from this bailout. The pro is that mortgage companies are now starting to stop foreclosure sales, short sales and going back to the owners to modify their loans so to allow them to keep their home irrespective of their failure to pay their mortgage payments. Therefore, debtors will begin to see an order of process for homeowners to fight to keep their homes in these unprecedented times of financial suffering.

A loan modification will be likely the first step for homeowners to consider. A loan modification is simply a homeowner asking the mortgage company to modify the current terms of their mortgage. Homeowners will ask a mortgage company to modify their mortgage because of being late on payments, variable interest rates, too high of monthly mortgage payments and etc. Homeowners can seek this relief on their own directly with the mortgage company. However, the process is very time consuming and often frustrating for a homeowner. It recommended that you hire a law firm to help get you through the process.

If a homeowner cannot pay the loan modification that was negotiated with the mortgage company, a Short Sale may be the next option. A Short Sale is simply the sale of a home for less than the value of the mortgage owed on the property. It is no secret that most home values are much less than homeowners purchased their homes. Short Sales are a good option if the homeowner simply does not want to save their home and needs to get out from underneath the debt of the mortgage. The best part of a Short Sale for the homeowner is that any amount due owing to the mortgage due to the shortness of the sale the homeowner is released from liability coupled with a release of tax liability pursuant to the 2007 mortgage forgiveness relief act.

One very important point is that mortgage companies today are requiring that loan modifications be conducted first and attempted by the homeowner before they will even consider a Short Sale.

What is the gist of the forgoing? If you are struggling with debt; if you are inundated with creditors calling; if your home is in jeopardy of foreclosure, or simply feel overwhelmed by your financial responsibilities, there are a number of potential debt relief solutions at your fingertips.

As always, all situations relative to a strategy for bankruptcy and lien stripping should be discussed in detail with a bankruptcy attorney to understand all your avenues open to you.

Michael Goldstein, Esq.

As a real estate investor and as a radio program host and commentator, I am frequently asked “how do I go about stopping foreclosure?” While there are a number of factors you need to be careful and watch for. There are some things that will jump out and say this house has a mortgage that can be renegotiated. Or we can stop the foreclosure or in some other way.

Are you behind on your payments? If you are not behind on your payments many mortgage lenders, particularly at the customer service line will not be willing to negotiate with you. This is because of that particular line of employee at the mortgage company does not understand the nature of your circumstances. If you are not yet behind on your payments, but in jeopardy of falling behind on your payments. You need to find the home retention unit or equivalent at your mortgage company. This division is empowered with the ability to work with you stopping foreclosure and seeing your mortgage stays current and you get to keep your house

How much can you afford to pay for rent? If you are in the position that you can barely afford your payments for your mortgage, but can afford a roughly similar payment in a rent. Let’s say your mortgage is $1000 a month, but you could afford $800 a month in rent. The mortgage company may be willing to stop foreclosure proceedings and renegotiate the loan with you. Renegotiation is also called modification. When the mortgage company can modify the loan rather than foreclosing on it. They would rather do that because it’s less expensive, and it continues to keep a performing asset in the portfolio.

Would a small amount of relief take care of the problem? Many people get into foreclosure trouble because they really just needed a couple of months break from payments. Unfortunately, when you add up all late fees and all the costs and stride to answer the demands of the mortgage company, it becomes too difficult to catch up. Stopping foreclosure in this case can require a call to the mortgage company to explain to them that you just needed a break from payments for a short period of time. And that you can get back on track just as soon as they negotiate with you. They don’t want your house and so they’ll be happy to negotiate with you in most cases. All you need to do is prove that once you have the negotiated the payments, you can continue to make them on a regular monthly basis.

Have you refinanced in the last three years? Knowing the answer to this may be an important tool in stopping foreclosure. If this was a refinance on your principal residence certain rights inure to the refinancer or if the mortgage company did not do all the things that they were supposed to do and required by law to do. Then you may have a claim against the mortgage company. Under the truth in lending act, exercising your rights under the act will absolutely stop your foreclosure and put the mortgage company on the defensive.

Have you tried speaking with your mortgage company? It may surprise you to learn that a great many people I speak to were in trouble on their mortgage and need me to step in to stop foreclosure have not even made a simple phone call to their mortgage company. They haven’t answered the phone when the mortgage company called. They haven’t opened the mail of the mortgage company sent. They know they’re behind and they don’t want to hear about it from the mortgage company. However, if they just answered the phone, open the mail or called the mortgage company, they may find that the mortgage company is in a great mood to refinance the mortgage. And when they do it for you on this basis it’s not called a refinance it’s called a modification. A modification has nothing to do with your credit. If the mortgage company feels that you can continue to make a payment they will offer you a modification so that your loan in their portfolio remains a performing asset and they do not have to go through the pain and the expense of actually foreclosing on your home.

The mortgage company doesnt want your house. They would prefer to see you stay in your house and continue to pay the mortgage. If you haven’t tried to renegotiate your mortgage, now is your chance to make a call. There’s a lot of new things coming along, particularly with regard the new laws, the new bailout and the new presidency, that are going to have a positive impact on your ability to keep your home and stop foreclosure. It’s worth a phone call. Make the call today.

Mark Elkins

What should owners of homes know about dealing with today’s economy? The new words of “Short Sale”, “short refi”, “Loan Mods” and “Loan Mortgage Modification” are new terms that homeowners never thought they would need to hear or understand what they mean in order to possibly save their homes or their credit. No one planned for such a drop in home values and such a rise in costs.

With all the new terms and with all the sever changes in this economy, it is no wonder that homeowners fear doing anything when they are faced with financial hardship. Homeowners need not longer fear these terms and more importantly understand why loan modifications and short sale refinancing may make the difference between a homeowner keeping their home, avoiding bankruptcy and saving their credit.

We all heard about the great “bailout” of 2008 which congress passed that was to help control the foreclosure problem while encouraging new lending of home loans by banks and mortgage providers. We all heard both the pros and the cons with our government bailing out several banks, insurance companies, financial institutions and etc. However, the biggest pro for homeowners will come from this bailout. The pro is that mortgage companies are now starting to stop foreclosure sales, short sales and going back to the owners to modify their loans so to allow them to keep their home irrespective of their failure to pay their mortgage payments. Therefore, debtors will begin to see an order of process for homeowners to fight to keep their homes in these unprecedented times of financial suffering.

A loan modification will be likely the first step for homeowners to consider. A loan modification is simply a homeowner asking the mortgage company to modify the current terms of their mortgage. Homeowners will ask a mortgage company to modify their mortgage because of being late on payments, variable interest rates, too high of monthly mortgage payments and etc. Homeowners can seek this relief on their own directly with the mortgage company. However, the process is very time consuming and often frustrating for a homeowner. It recommended that you hire a law firm to help get you through the process.

If a homeowner cannot pay the loan modification that was negotiated with the mortgage company, a Short Sale may be the next option. A Short Sale is simply the sale of a home for less than the value of the mortgage owed on the property. It is no secret that most home values are much less than homeowners purchased their homes. Short Sales are a good option if the homeowner simply does not want to save their home and needs to get out from underneath the debt of the mortgage. The best part of a Short Sale for the homeowner is that any amount due owing to the mortgage due to the shortness of the sale the homeowner is released from liability coupled with a release of tax liability pursuant to the 2007 mortgage forgiveness relief act.

One very important point is that mortgage companies today are requiring that loan modifications be conducted first and attempted by the homeowner before they will even consider a Short Sale.

What is the gist of the forgoing? If you are struggling with debt; if you are inundated with creditors calling; if your home is in jeopardy of foreclosure, or simply feel overwhelmed by your financial responsibilities, there are a number of potential debt relief solutions at your fingertips.

As always, all situations relative to a strategy for bankruptcy and lien stripping should be discussed in detail with a bankruptcy attorney to understand all your avenues open to you.

Michael Goldstein, Esq.

In this day and age, there really shouldn’t be any reason to make certain financial mistakes. Do a search of the internet and you will find that there are thousands of articles out there that warn you of the pitfalls of certain choices. Advice for living a financially stable life is everywhere. What are you waiting for?

Here are the most common mistakes that I’ve seen people make. I’ve even made a few of them myself. These are the financial mistakes that you can learn from. You’ve probably made a few of them yourself, they are very common.

Mistake #1: Using that little plastic card to get what you want.

We’ll just start off with the number one mistake out there. This is probably the most common mistake in the country. Almost every person in the US today has a credit card. It is almost like a right of passage when you turn eighteen. There are even people out there that aren’t eighteen yet that have them.

Credit card debt is the fastest way to ruin your finances. It is easy to acquire and difficult to pay off. The minimum balance doesn’t pay off enough of your outstanding balance to help you very much. You will be paying on your balances for decades. Even a $500 balance can take you over a decade to pay off if you simply make the minimum payment.

Add in the interest rate, which rarely goes down. If you miss a payment, you will really be paying the bank. Thirty percent interest is common on a credit card once a payment has been missed. And you only have to miss that payment by a day — which can happen in the mail or processing if you don’t plan ahead well enough.

Mistake #2: Buying more home than you can afford.

With the real estate market in the state it is today, many people are regretting their housing decisions. Adjustable rate mortgages are acceptable loan products for some people. But only if they can afford the maximum rate that the loan can hit if interest rates go up. Too many people only consider that introductory rate. They stretch and purchase as much as they can afford. Then, when rates go up and their rate adjusts, they can’t afford the payment. Add that to a slowing housing market, and you may have a foreclosure on your hands.

If you are going to buy a home, make sure that you purchase what you can afford. Take out a fixed-rate mortgage so that you know what your payments will be. If rates go drastically down in the next couple of years, you can always refinance. If rates go up, you are protected. Try to aim for a 15-year mortgage over a 30-year. It will save you hundreds of thousands in interest. But if you can’t do it, a 30-year fixed-rate mortgage is an acceptable loan choice for the purchase of a home.

Mistake #3: Not controlling your money.

Too many people live paycheck to paycheck. They have no savings. They have no retirement plan. They have nothing to back them up in the case of an emergency. They have no control over their money.

You have to take control of your finances if you want to retire someday. You have to learn how to budget, save, invest and spend. All it takes is a little time. And once you get in the habit, you will notice that your life has more control. You should say where your money goes, not lenders or creditors or anyone else.

Mistake #4: Not saving for retirement.

There are more seniors in the work place now than there were twenty years ago. And even more than there were fifty years ago. If you want to retire with enough money to live comfortably, you have to start putting something back today. Start an IRA. Contribute to your employer’s 401(k) plan. Figure out how much you need to invest and find a way to do it. This is your future. You don’t want to reach sixty and realize that you can’t afford to stop working. There is no guarantee that you will be able to draw social security or other forms of assistance then. What if you become ill and have to retire? What if you get hurt? Prepare for the future. Start saving for retirement today.

Martin Lukac
http://www.articlesbase.com/finance-articles/financial-mistakes-to-learn-from-83435.html

With more and more Bank Owned Homes come on the Market, you may be wondering how do I purchase one of those Bank Owned Homes. Is it by auction? Is that the starting bid? Well, when you buy a Bank Owned Home from the San Diego MLS, it is not a by auction and the asking price isn’t the starting bid. The Bank is just like a traditional Seller that hired a Real Estate Brokerage to sell their home. The difference is the Bank has its own Addendum’s and is Exempt on some disclosures.

Now since you know it is not by Auction and the asking price isn’t the starting bid, you may be thinking what to offer if I see a Bank Owned home that I like. Well, you can offer whatever you want, below the asking price or even above the asking price. Many of these Bank Owned Homes are selling fast and some are selling above the asking price. So the best way to approach is to find out if the Bank Owned Home has any offers and depending on the number of offers, you may have to be really aggressive on your offer. If no offers, it’s time to negotiate to try to get the home a great price.

I did mention earlier about the Bank has its own Addendum’s and you will see them when you and the Bank has a mutual agreement on the price and terms. Well as for those Addendum’s, all Banks are different but you will typically see the Bank is selling the Home “Sold As Is” and are Exempt to certain Disclosures because the Bank has never lived in the home. What does this all really means, the Bank doesn’t know much about the home so you should do Home Inspections. So if it is a Home General Inspection, Foundation Inspection or Mold Inspection, whatever it is you have a concern about the home and want a piece of mind about, do the Inspection.

Now for the Disclosures. The Bank isn’t Exempt from all Disclosures. The common Disclosure that the Bank is Exempt from is the Real Estate Transfer Disclosure Statement (TDS). This Disclosure asks key questions to the Seller about the condition of the home. Remember, the Bank doesn’t have to fill this out because they are Exempt so do your inspections. One major Disclosure that Bank isn’t Exempt from is the Natural Hazard Disclosure Report (NHD). The Natural Hazard Disclosure Report will be ordered during Escrow and this report is important. This report will include information about the home such as if it is in a Earth Quake Fault Zone, Flood Area Zone, Fire Hazard Area Zone and much more.

In the end, you can get a great deal on these Bank Owned homes. You will see a great price for these homes and would want to jump on them right away. You can jump on them but be sure what you are doing and know what you are buying.

Paul Caparas
http://www.articlesbase.com/real-estate-articles/buying-a-bank-owned-home-listed-on-san-diego-mls-751541.html

When it comes to selling your home, you want to make a profit. Many homeowners don’t fully understand the tax implications of Selling a Home. It is important to know when profit turns into taxable income.

Individuals can exclude up to $250,000 in profit from the sale of a main home. Married couples get to combine that exclusion for a total of $500,000. You simply have to own the home and lived in the home for at least two years. The two years do not need to be consecutive. In the five years before the sale of the home, you must have lived in the home for at least 24 months.

You are allowed to use this two-out-of-five year rule every time you sell or exchange your main home. You simply have to live in the home for two years first.

But as with everything, there are exceptions to the rule.

If you have lived in the home for less than 24 months, you may be able to exclude a portion of your gain.

If you live in your house for less than two years, you can still exclude a portion of your gain if your work location has changed. It doesn’t matter if you are starting a new job or being transferred by your existing employer. The IRS understands that you have to move.

Health concerns can also provide you with an exemption. If you are selling your home for medical or health reasons, you will need to document this with a letter from your doctor. It will not need to be filed with your tax return, but you will need it in case the IRS needs further information.

There are several unforeseen circumstances that could cause you to sell your property. If you are selling your home due to an unforeseen circumstance, you will need to be able to document the situation. The IRS defines an unforeseen circumstance as “the occurrence of an event that you could not reasonably have anticipated before buying and occupying your main home.” For example:

a natural disaster

act of war

terrorism

change in employment

unemployment

death

divorce

legal separation

multiple births from the same pregnancy

If you have lived in your home for less than two years and meet one of the above exceptions, you will be able to take a partial exclusion on your profits. This is calculated by the amount of time you lived in the home.

For example, you live in your home for 12 months before being transferred to a European office for your company. You are single and able to sell your home for a healthy profit. To calculate your partial exclusion you divide 12 months by 24 months for a total of 0.5. Multiply this by your maximum exclusion of $250,000. The result is that you can exclude up to $125,000 in gain. If you sell your home for a higher gain, you will count any amount over $125,000 as taxable income.

But it doesn’t go both ways. You aren’t able to deduct any losses that occur in the sale of your main home.

Gains on real estate are reported on Schedule D as capital gains. If you owned your home for one year or less, the gain is considered a short-term capital gain. If you owned the property for over a year, the gain is considered a long-term capital gain.

Remember that there is more than just your purchase price to consider when figuring your gain or loss. The cost basis on your home includes the purchase price, purchase costs, improvements and selling costs. You subtract these from the selling price. So keep all records from when you purchased your home. Keep all documents from home improvements as well. These will help you offset your gain.

Martin Lukac
http://www.articlesbase.com/investing-articles/taxes-and-selling-your-home-91346.html