Archive for February, 2012
HUD SECRETARY: MORTGAGE SETTLEMENT DEAL “VERY CLOSE”
Posted by: | CommentsWASHINGTON – The federal government is “very close” to a settlement with mortgage servicers that could help a million homeowners by reducing what they owe on their mortgages, Housing Secretary Shaun Donovan told a meeting of the nation’s mayors Wednesday.
Donovan said the so-called robo-signing scandal, in which mortgage servicers were accused of initiating foreclosures based on inaccurate and sometimes fraudulent documents, “exposed a whole slew of problems in servicing these mortgages that need to be fixed.”
In addition to principal reductions, the settlement would provide cash payments to a smaller number of families who were directly harmed by the servicers’ conduct, Donovan said.
He suggested an announcement could come within weeks. Any deal would also need to be approved by state attorneys general and the major mortgage servicers. “We think we are getting really close to reaching a potential settlement,” said Geoff Greenwood, spokesman for owa Attorney General Tom Miller. He’s leading the discussion on behalf of the attorneys general. Settlement talks between state and federal officials and the servicers began in March, but a finalized deal has proved elusive for months.
If one is reached, the $19 billion to $25 billion deal is expected to cover the five biggest servicers: Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial. The settlement may also enable more borrowers to refinance into lower-interest-rate loans, even if they owe more on their homes than they’re worth, and to set more stringent mortgage servicing standards for the entire industry. Nationwide, almost one of five homes with a mortgage are “underwater,” or 11 million borrowers, market researcher corelogic says.
The attorneys general hope to demonstrate that principal reductions reduce the risk that homeowners will default on loans. To date, loan owners have largely shunned reducing principal, saying that hasn’t been proven to work. Not all states are involved in the negotiations but could join a final deal. Massachusetts Attorney General Martha coakley, speaking to business leaders Wednesday, said she’d “keep an open mind” but was concerned that even a$25 billion deal may not mean that Massachusetts borrowers get their share.
The state in December sued servicers for alleged unlawful Foreclosures.
THE WEB CORNER
Posted by: | CommentsBrand Name Discounted Inventory
Land Trusts & Property Management Expert
All equipment rental companies
Ohio Department of Rehabilitations
www.irs.gov/businesses/small/index.html
compares cell phones, gas stations, credit
State Criminal Records:
www.drc.state.oh.us./search2.htm
Sex Offender Registration:
Ohio – www.esorn.ag.state.oh.us/Secured/pl.aspx
Michigan – www.mipsor.state.mi.us/mipsor/default.htm
Are You Looking For Houses To Buy?
Do You Need Help With Rentals?
www.OhioHousingLocater.org (free ads)
Do You Need Help With A Project?
Are You Looking For Comps?
www.realestate.yahoo.com/realestate/homevalues
Need To Find Someone?
Lead Based Paint Pamphlets?
Tenant Check?
What Happened At The Courthouse Today?
Local Courts:
President’s message: Make it quick, fun and easy
Posted by: | CommentsPresident’s message
Make it quick, fun and easy
“Firsts” are always the hardest. Your first deal, your first million, your first pitch to an investor, your first closing, your first citation from city inspectors, your first tax bill, your first deal gone badly, etc. The first time jitters in anything can be so negatively overpowering that they often stop good and capable people from doing the most simple, and in hindsight, easy things.
I’ve tried to maintain an attitude that you might find helpful. When encountering something that’s difficult I remind myself that many others have faced the same thing and have learned to handle it well. Experience has taught them to handle this exact same difficulty and handle it with ease. Just because I haven’t learned it yet, I will now. My time is now.
Then I remind myself that I can make it as easy or as hard as I want. The choice is mine. Since I don’t like to make things any harder than they already are I consistently try to find a way to do the difficult things in the most quick, fun and easy way possible.
In utilizing this mindset do you know what I’ve discovered? I’ve found that you can make any tough job quick, fun and easy. Speed, fun and simplicity are mindsets you bring to a task, not qualities inherent in the job itself.
Try this on the hardest and most prickly problem you face today. Don’t out-trick yourself; just keep your mind set on finding a quick, fun and easy way to solve the problem. This works. When you find that it works much better than the old fretful, stressful way of handling things, apply it. The hard part is not finding out that it works. The hard part is getting out of the habit of making solutions difficult, mean and slow.
Make investing quickly fun and easy. Join Toledo REIA Tuesday night.
Anna Mills, President
Toledo Real Estate Investors Assn
Ohio & National Real Estate Investors Assn past president.
419 283-8427, 419 472-0082 fax
AnnaMills@bex.net
www.ToledoREIA.com
Ask The Experts Workshops
Posted by: | CommentsFeb. 12, 2012 - 500 and growing real estate investors - meeting time: 6:30 pm
2nd Tues. Monthly - knights of Columbus hall - 4256 secor road toledo, oh 43623
Come and attend as many as you want in one evening!
From Evictions to Collections – 1 Stop Shop – Matt Weisenburger
Truly a real estate firm that has dealt the law end of real estate for decades. Get all your questions about legal service, evictions, 2nd cause, collections and much much more answered for free. Understand the basic eviction filing: three day notice, timeline, eviction strategies. The collection process and options: the collection basics, time lines, collection strategies
Cool Phone Apps & FREE Ads for You – Jarid Johnston
Looking for those cool programs to simplify your real estate business. From mortgage calculators to amortization sheets, get the scoop on the best free one’s out there.
Automate Your Rental Payments – Directions Credit Union
Directions cu will be presenting information about how financial institutions can help landlord and tenants can arrange for rent payments in a way that will be beneficial to both. Directions cu have been serving members with the highest quality financial services since 1953. Directions, now serves approximately 70,000 members, and can auto-mate your collections.
Hard to Find Protections – Michael Fitzpatrick, Mullan Insurance
Uninsurable?? Need coverage for vacant properties? Will my insurance pay if my tenant’s dog bites someone? Why did my rates just go up? How much insurance should I buy? …..and all those tough situations. Put mike on your team to constantly keep your protections the best for the lowest.
Top 10 Tips to Minimize Taxes on the 2011 tax Return for RE Investoreturs – Jeff Ogg, CPA
Every year, many real estate investors fail to take advantage of investment property tax savings-tax deductions available for rental property owners. Jeff Ogg is going to give his top ten tips for the 2012 filing season as well as an update on legislation passed in 2011 that will impact real estate investors. He will talk about maximizing deductions in depreciation, interest as well as discuss capital gains and losses when selling investment property. He will also discuss the 1099 rules for rental property owners. Insider information on real estate investor discounts, reductions, and exemptions
Stay Smart Stay Safe – Cleveland’s Outdoor World
Cleveland’s Outdoor World Cleland’s will be offering information on personal safety, both lethal and non-lethal, for members who are exposed to threatening situations in their work. Cleland’s has been family owned and operated since 1967. Cleland’s Outdoor World offers professional service, delivered by experienced hunters and shooters.
Smoke FREE Units – It’s in everybody’s Best Interest – Stu Kerr, Health department
Last month, Maine became the first state in which all public housing authorities are smoke free. Come September, Boston will be the biggest city to prohibit smoking in its public housing. Detroit, San Antonio and Portland OR already have similar restrictions in place. Regardless of who your clients are, it’s in your best interest to make your units smoke-free. The regulations are largely a response to the understanding that eliminating secondhand smoke in all indoor spaces is the only way to fully protect nonsmoking adults and children. Receive a copy of “A smoke-free apartment policy is legal and protects health while saving money” and learn about other resources.
When the Banks say NO… Where do YOU go? – Compound Profit of Ohio, Ryan and Shannon Mackey
- Out of the box thinking when you need money
- Cost. Vs. Opportunity
- Bad Credit?? What are my options?
Compound Profit of Ohio offer business financing solutions to businesses of all industry types, age, and stage. We are an “Out of the Box” company. We do not offer traditional mortgages. Let’s say that we can still get deals done when the banks say NO.
