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Did you know that some lenders that will not lend in Cook County (Chicago, Ill) Cayuga County (Cleveland, OH) and Wayne County (Detroit, MI)?

 Did you know that 100% financing, does not really exist?

Did you know that they have a radio advertisement stating that they could show consumer how to purchase property with no money down?

Did you know that ARV means After Repair Value?

Did you know that a Conventional Loan is a loan that is based on ICE?

Did you know that ICE is Income Credit and Equity?

Did you know that an Asset Based loan is a loan that is based on the equity in the property?

Did you know that if you own a property free and clear and you get a loan to pull equity from the property, that is a Asset Based Loan

Did you know that being vested in a mortgage deal is not enough?

Did you know that Lenders want you invested in a Conventional lenders prefer around 10 to 20% and a Hard Money lenders  prefer 30 to 40%?

Did you know that some lenders that will not lend in Cook County (Chicago, Ill) Cayuga County (Cleveland, OH) and Wayne County (Detroit, MI)?

Did you know that Foreclosing  in those states listed  is a process that takes years to complete ( 2 to 3)?

 Now if you didn’t know, now you know…

To see more did you know that trivia click here


10 kids by 8 women: ex-NBA player’s child support


Yesterday, “Nancy Grace” did a segment on former NBA player Jason Caffey and his child support suits and bankruptcy. The report is Caffey owes over $400,000 in child support payments for 10 children by 8 different women in 5 different states. And I guess these are the ones, as Nancy put it “that we know about.” According to Grace, bankruptcy doesn’t exempt a parent from paying child support.
They reported that he claims $11,000 as his monthly income and pays out almost $7,000 per month. Caffey, over the span of his eight-year career played professional basketball for the Chicago Bulls, the Bucks, and Warriors, they estimated his annual salary to be at least $5 Million per year, and he retired five years ago.
His college sweetheart and mother of his first child was on the show. It looks as if she has moved on, because she was photo’d in what appeared to be a wedding gown with a man, and perhaps a family photo with the guy, and a young boy. She reported when he worked, he paid his child support. After he retired, payments were inconsistent. This is one mother. He claims after retirement, he does not make the same income, and should not have to make the same payments.
Nancy gets into what she calls his string of businesses that he is reported to have, and one of her guests talks about him having had supposedly having a history of a “mental illness—social anxiety disorder.” What it has to do with payments, who knows? Several obvious issues are in play, besides the one of responsibility. However, is this too logical—when you are changing jobs or moving from a certain income level to a lesser level, doesn’t the parent go into court and say in the beginning, “I can’t afford these payments?” I don’t know what his situation was, because I have not followed his story.
No one knows all the financial details, but they had some of his financial information on supersoakerstyle blast. It looked like snippets of an annual report statement up on the screen. I mean WOW. I must really be out of the loop, because I thought people stopped having so many kids-here-there-everywhere. Anyway, a whole lotta dynamics are working this issue.

28 people got busted August 17, 2014

To See more of Who Got Busted In Memphis click here.


100% financing, does it really exist?

100% financing, does it really exist? Yes and no. So too begin why I even choose this subject. Around August or September of 2014 I had been hearing this radio advertisement stating that they could show consumer how to purchase property with no money down. So 3 to 4 times monthly I get calls from new investors who want to know the qualification for obtaining a hard money loan. I am figuring that this is people who have attended this seminar and now they are ready to try out what they learned.

So to begin if you don’t have any money, who do you expect to lend to you? Second if you have bad credit, that is usually grounds for a turn down. Now let me put clarity on a couple of things that the new investors love telling me. “I found this property for $20,000 and after the ARV the property will be worth $150,000″. So as I listened as they tell me the scenario. It does not take long to figure out that he did not have a clue! So I asked him what is ARV, his answer was ” I don’t know”. So with a deep sigh I explained what ARV is. ARV means After Repair Value. So who ever gives the seminars really stress that they can get a hard money, based on the ARV. So my next question is do you know what a Hard Money Loan is. In so many words no, they don’t have a clue. So to explain a hard money loan I must first explain what a Conventional Loan is. A Conventional Loan is a loan that is based on ICE. Okay ICE is Income Credit and Equity. So lenders determine if they will loan you money based on your ICE. So now a Hard Money is usually based off of the equity in a property that you own, not one that you are trying to purchase! Although after the housing crash in 2007 it changed the way lenders lend money. Now Hard Money Lenders want to see credit with equity. Credit can kill a deal if its horrible (550 or lower). So the difference between a Hard Money Loan and a Conventional Loan is that what you need to qualify for a loan. With a Hard Money Loan it is generally Equity and Credit.

Now an Asset Based loan is a loan that is based on the equity in the property. If you own a property free and clear and you get a loan to pull equity from the property, that is a Asset Based Loan! Now because you are buying a property with equity. Please remember that is not your equity, its the sellers equity, until you buy it!

Now lets get back to the Myth of the 100% financing. 10 years ago it did exist, but in this day and time, no it does not! Nothing is more frustrating to me than someone who blew smoke and filled people heads with the ideal that they can buy property with no money down. “REALLY”. Let me break it down a little more. If a lender did loan you $100,000 dollars to fix and flip a property and it did not cost you 1 cent. So what if you are working on the property and a problem pops up that is going to cost you $20,000 more than what the Lender Loaned to you, what are you going to do? You are vested in the deal because you are overseeing the project. Yet you don’t have credit and no money, and believe it or not this is the easiest loan to walk away from. Now imagine that you walked away from the loan, and the lender is stuck with the property for $100,000 that you were suppose to rehab. So the money that they had is now sitting in real estate which is waiting to be sold.

Now this is the reality that everyone must face, all lenders want you invested in a deal. Conventional lenders prefer around 10 to 20%. Hard Money lenders  prefer 30 to 40%. When you are invested in a deal, nobody wants to loose there money. So they are going to fight harder to not let the deal fall. So here is something else if they loan you $60,000 dollars on a property that is worth $150,000 they have a better opportunity to come out smelling like a rose.

So I do have some lenders that will loan money on ARV but they have stipulations that you must qualify under or they will not do the loan. 1st and most important credit score must be 700. 2nd area specific. Not all states qualify! I have several lenders that will not lend in Cook County (Chicago, Ill) Cayuga County (Cleveland, OH) and Wayne County (Detroit, MI). Simply because to Foreclose in these states is a process that takes years to complete ( 2 to 3). Who wants to have a few Hundred thousand dollars tied up in property that you can not touch?

Even if a Hard Money Lender want to lend you money for the ARV you still have to pay closing cost, and those are not cheap!

So in reality no there is no such thing as 100% financing, so when you hear that talk, go the other way.


Did you know that there were two types of Stated Loans programs, SISA & NINA?

Did you know that a stated income loan is a mortgage where the lender does not verify the borrower’s income by looking at their pay stubs, W-2
(employee income) forms, income tax returns, or other records. Instead,
borrowers are simply asked to state their income, and taken at their
word?

Did you know that Stated income loans were originated by Ameriquest?[2]

Did you know that there were two types of Stated Loans programs, SISA & NINA?

Did you know that one type of Stated Loan is SISA?

Did you know that SISA meant Stated Income Stated Asset?

Did you know that NINA means No Income No Asset?

Did you know that a SISA Loan program was used with when the husband had average credit and the wife had good credit?

Did you know that NINA intended for self-employed borrowers, or
other borrowers who might have difficulty documenting their income?

Did you know that Stated Loans are simple targets for fraud.[3]

 Did you know that U.S. Senator Chuck Schumer is currently leading an effort to restrict stated income loans;[5]
his Borrower’s Protection Act of 2007 would essentially forbid them?

Did you know that Stated Loans qualification requirements are based on stable employment, good
reserves, good FICO and no less than 40% equity position in the
property?

Did you know that Stated Loans loan availability changes state to state?

 Now if you didn’t know, now you know…

To see more did you know that trivia click here


43 person got busted August 16, 2014

To See more of Who Got Busted In Memphis click here.


80 people got busted August 15, 2014

To See more of Who Got Busted In Memphis click here.


73 people got busted August 14, 2014

To See more of Who Got Busted In Memphis click here.


Did you know that Set To Go Loans can give loans on free and clear property even if you have bad credit?

Did you know that Set to go Loans closed 3 loans in the month of November 2014?



Property Location: Memphis, TN
Property Value: $67,000
Loan Amount: $36,570
Closed: November 2014
Refinanced


Property Location: Memphis, TN
Property Value: $99,000
Loan Amount: $36,570
Closed: November 2014
Refinanced

Property Location: Memphis, TN
Property Value: $140,000
Loan Amount: $74,200
Closed: November 2014
Refinanced

Did you know that Set To Go Loans can give loans on free and clear property even if you have bad credit?

Did you know that Set To Go Loans has over 100 lenders in there portfollio?

Did you know that Set To Lo Loans has bought people out of a chapter 13?

Did you know that Set To Go Loans has lenders that lend in all 50 states

 Now if you didn’t know, now you know…

To see more did you know that trivia click here


Did you know that when you work a job that pays you tips you still can create a paper trail?

Did you know that you if you are not a w-2 employee that you can create a paper trail?

Did you know that a paper trial means the written evidence of someone’s activities.

Did you know that when you work a job that pays you tips you still can create a paper trail?

Did you know that if you deposit once a week, that you will create a paper trail of how much money you earn in a week or month?

Did you know that creating a paper trail also allows you to prove you income and qualify for a loan or credit?

 Now if you didn’t know, now you know…

To see more did you know that trivia click here


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