Jeremy R Erickson

Opt out from credit card offers

Jeremy — Sat, 27 Feb 2010 03:28:19 +0000

Are you sick of all the credit offers you get in the mail? Tired of spending time shredding all that excess junk mail that just goes down the tubes. If you like getting credit offers because it strokes your ego don’t read any further. All these credit companies have ability to do “Soft hits” on your credit. They do effect your credit, and they also send you tons of junk mail trying to get you to sign up for their credit programs. What you need to do to opt out is go to optoutprescreen.com. The form is simple to complete and will get you off the leads list and save your credit from minor hits. All you have to do is put your information in, and hit submit. You have three options, and I think the online one is 5 year opt out. You can also opt out forever, but you must send the form in by mail. This link is verified, and it came from reputable source, its not some phishing site.

[View with PicLens]

Go to optoutprescreen.com

Jeremy Erickson

Stop throwing your money away!

Jeremy — Sun, 21 Feb 2010 00:55:07 +0000

JRerickson can make a video for you too. I specialize in editing video. Need a video made for some online marketing? Let JRerickson.com help you today. This video was made for Blackstead Building Co.

Foreclosures Deflate Home Prices further

Jeremy — Tue, 16 Feb 2010 17:37:34 +0000

You need to read this article, it gives some good info on what are future looks like in the next 2-5 years. Foreclosures are going to keep us level for quite a while.

By JAMES R. HAGERTY at WSJ

More waves of foreclosures will keep downward pressure on home prices in parts of the U.S. over the next several years, two new studies project.

The studies—by John Burns Real Estate Consulting Inc. and Standard & Poor’s Financial Services LLC—conclude that most efforts to modify loans with easier terms will delay, not prevent, the loss of homes to foreclosure.

The Treasury Department is expected to give its latest update this week on government efforts to avert foreclosures.

The John Burns study estimates that five million houses and condominiums on which mortgages are now delinquent will go through foreclosure or related procedures that put them on the market over the next few years. That would represent the bulk of the estimated 7.7 million households behind on their mortgage payments.

This “shadow inventory” of homes expected to hit the market is enough to last about 10 months, based on the average sales rate over the past decade, the Irvine, Calif., firm says.

The problem is concentrated in Arizona, California, Florida and Nevada. The shadow inventory is equivalent to 27 months of sales in Orlando, 24 months in Miami and 18 months in Las Vegas, the study estimates.

Over the past nine months, home prices as measured by the S&P/Case-Shiller index have risen modestly after a three-year plunge. That is largely because efforts to avert foreclosures have slowed the flow of foreclosed homes onto the market, temporarily constricting supply.

John Burns, CEO of the consulting firm, said investor demand for foreclosed homes remained strong. Thus, he said, prices were likely to be about level over the next few years, despite the looming foreclosure supply, if the economy continued to recover and mortgage interest rates didn’t rise sharply. But if the economy slumped anew and interest rates jumped, he said, “that’s going to cause prices to fall further.”

The S&P study also says that the “overhang” of foreclosed homes expected to go on the market points to lower home prices.

Some borrowers are catching up on payments after having their loan terms modified, but S&P says current trends suggest that 70% of such borrowers eventually will redefault. Loan modifications “may be helping marginally, but they are not going to solve the whole problem,” said Diane Westerback, a managing director at S&P.

Loan servicers, firms that collect payments and handle foreclosures, seem to have “nearly exhausted the supply of plausible candidates for loan modifications” and will find that many loans are “unredeemable,” the S&P study says. As a result, servicers increasingly are looking to arrange “short sales,” in which homes are sold for less than their loan balances.

Mailplane is awesome, I love using it for all my gmail accounts!

Jeremy — Thu, 11 Feb 2010 02:11:11 +0000

I love my Mailplane app that I use for all of my gmail accounts. Its so amazing, the best mail client I have ever used. If your not using gmail, I feel bad for you. And if you are using Gmail, and not with mailplane, you are missing out. Oh yes, and if your not using a mac, I feel even worse for you. This is a Mac email client, not windows.

Posted via email from Jeremy R Erickson

Borrower Eligibility and Time Requirements for New Loan after default

Jeremy — Wed, 03 Feb 2010 16:09:44 +0000

Conventional Financing – Fannie/Freddie

Foreclosure/Short Sale/Deed-in-Lieu – 4 years must have elapsed – If more than 4 years but less than 7, you can only do a purchase of a primary residence and you must have a 680 middle FICO score with at least 10% down. Please keep in mind; however, if you put less than 20% down you need mortgage insurance and you can’t get mortgage insurance in Nevada without having at least a 720 mid FICO score.

Chapter 7 Bankruptcy – 4 years from discharge or dismissal.

Chapter 13 Bankruptcy – 2 years from discharge or dismissal.

FHA & VA Financing

Foreclosure – 3 years must have elapsed. In FHA’s 4155 Manual it does state that these actions were a result of extenuating circumstances beyond the control of the borrower such as serious illness or death of a wage earner and not due to inability to sell the property because of a job transfer or relocation, and they have reestablished good credit, then an FHA underwriter can make an exception to the 3 year policy. The bottom line is investors (banks) don’t make exceptions, not when we have a national foreclosure and global credit crisis. Moral of the story, if the borrower doesn’t have 3 years seasoning, don’t expect to get an FHA loan.

Deed-in-Lieu – 2 or 3 years must have elapsed depending on automated underwriting findings. Basically, I would take a full application, run credit and then run the loan through FHA’s automated underwriting engine and it would state either 2 or 3 years. We would have to abide by these findings.

Short Sale – 2 years must have elapsed. The underwriter would most likely ask for a HUD-1 on the short sale and the clock would start from the date that transaction closed. I have at times been able to do these depending on if it was reported on the credit report or not and what the statement under the account said.

Chapter 7 Bankruptcy – 2 years from date of discharge or dismissal. Once again, the 4155 Manual does state that as long as at least 12 months have elapsed and the Chapter 7 was due to extenuating circumstances that can be documented and they have reestablished credit with no derogatory credit since, an exception can be made. Investors will also not make exception. If the borrower doesn’t have 2 years, they will not get an FHA loan because no bank will loan the money for FHA to insure.

Chapter 13 Bankruptcy – If the borrower has completed a full 12 months of their payments, and provide proof (cancelled checks for example) of 12 consecutive months of on-time, complete payments, and can get a letter of permission from the bankruptcy trustee, they can get an FHA loan. If not then the Chapter 13 has to be discharged or dismissed.

USDA Financing

Chapter 7 & 13 Bankruptcies – Must be discharged a minimum of 3 years.

Foreclosure/Deed-in-Lieu/Short Sale – 3 years must have elapsed.

The Creative Bouquet website is in process

Jeremy — Tue, 26 Jan 2010 01:05:13 +0000

I am working on a new website, its still under construction. The Creative Bouquet I love building these, its way fun.

Distressed Property Guide

Jeremy — Sun, 24 Jan 2010 07:35:27 +0000

Good document to read if you are needing some help figuring out terms in the distressed property world

Distressed Property Guide

Increase in Upfront Premiums for FHA Mortgage Insurance

Jeremy — Fri, 22 Jan 2010 20:45:13 +0000

Increase in Upfront Premiums for FHA Mortgage Insurance

FHA loans with a case number assigned on or after April 5, 2010, will have a 2.25% upfront mortgage insurance premium. This is a .5% increase. Case numbers are generally assigned when there is a contract with a property address, and a closing date AND the borrower has committed to go forward with the loan.

Annual premiums (remitted on a monthly basis) will not change at this time.

Please go to http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf. for more information. or go to the bottom of the page and view document in the viewer

Other changes include:

New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. Borrowers with less than a 580 FICO score will be required to put at least 10% down.

NOTE: Most lenders will not make loans to borrowers with FICO scores lower than 620.

Seller concessions will be reduced from 6% to 3%. HUD has not yet released an effective date for this change.

Mortgagee Letter 2010-02

Home Builders Expect Construction Recovery – WSJ.com

Jeremy — Wed, 20 Jan 2010 17:01:31 +0000

By JAMES R. HAGERTY And DAWN WOTAPKA

LAS VEGAS—Housing construction is expected to rebound this year from the severely depressed 2009 level, but the market remains fragile as foreclosures continue to rise.

Builders are likely to start construction on 610,000 single-family homes this year, up 38% from last year, according to David Crowe, chief economist for the National Association of Home Builders, which is meeting this week for its annual convention. That forecast assumes that the total number of U.S. jobs will start growing again in the second quarter. Housing starts would remain far below the 2005 peak of 1.7 million.

Mr. Crowe cautioned that the housing market remains tenuous, partly because foreclosures are still increasing, job growth this year is likely to be tepid, and builders are having trouble getting credit.

The convention drew more than 50,000 builders, suppliers and other participants, down from more than 60,000 last year and 140,000 in 2007, a spokeswoman for the home builders said. Many suppliers were touting energy-efficient products rather than glitzy décor. “The builders here are the survivors,” Mr. Crowe said.

Less than three miles from the convention, around 60 people perched on folding chairs in a parking lot to bid on foreclosed homes, a daily feature of the Las Vegas market. About 60% of Las Vegas home sales in December were foreclosed properties, according to the Greater Las Vegas Association of Realtors.

Many builders are focusing on low-cost homes to compete with foreclosures. In Las Vegas, the typical new house from KB Home is priced in a range of about $150,000 to $170,000. Four years ago, typical new homes in Las Vegas were in a range of $400,000 to $550,000.

Frank Nothaft, chief economist at the government-backed mortgage investor Freddie Mac, said the percentage of people who are behind on their mortgage payments probably won’t peak until the second half. As of Sept. 30, about 14% of American home-mortgage borrowers were at least 30 days behind on payments or in foreclosure, according to the Mortgage Bankers Association.

John Burns Real Estate Consulting, an Irvine, Calif., firm that advises home builders, said sales of new homes and visits from potential buyers have picked up in recent weeks after a lull in last year’s final quarter.

Many builders are starting the year with low inventories of completed homes, the firm said. That should spur building in the months ahead as builders seek to have houses ready for people who want to make purchases before the April 30 deadline to qualify for a tax credit for home purchases.

Write to James R. Hagerty at bob.hagerty@wsj.com and Dawn Wotapka at dawn.wotapka@dowjones.com

via online.wsj.com

I always like hearing the news coming out of the Annual Builders Conference down in Vegas. Sounds like there is some optimism on the horizon.

Posted via web from Jeremy R Erickson

FHA Waiver 24 CFR 203.37a(b)(2)

Jeremy — Mon, 18 Jan 2010 23:17:09 +0000

Fha Flip Waiver

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSURES

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

The waiver will take effect on February 1. 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner.

Limits to waiver:

All transactions must be arms length.
In cases in which the sales price of the property is 20% or more above the seller’s acquisition cost, the waiver will only apply if the lender meets certain specific conditions.
The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program. Specific condition and other details are in the text of the waiver at www.hud.gov

Thanks to Heffner Home loans for this info. you can visit their site here: http://www.guildmortgage.net/terryheffner