Calling all RE investors…House Bill 1728 may hurt your livelihood. Read my new blog post http://ping.fm/RWsMf to learn more.
Add comment June 12, 2009
Just got back from the Foresthill Chamber meeting and found out a free boot camp for businesses. Love networking!
Add comment June 11, 2009
Loan Mod Educational Webinar link: www1.gotomeeting.com/register/406024600
Add comment June 10, 2009
Educational webinar on June 18th
1pm to 2pm PST
“What is a loan modification and does this work for investors?”
What is a Loan Modification?
A Loan modification is the restructuring of mortgage terms to meet the current situation of the homeowner.
This agreement can be negotiated directly by the homeowner but the results are usually poor. Banks do not have the time and resources to negotiate a loan modification with every homeowner who decides to call.
The truth is that lenders have so many people currently in default on their home loans that they may not even talk with a homeowner until they have gone late on their payment or are in default. By this time it may be too late.
Federal and state governments are placing enormous pressure on lenders to negotiate with homeowners who want to save their homes. This market is exploding as more homeowners realize that there are other options available to them when facing the loss of their home.
“At least 7.5 million Americans owe more on their mortgages than their homes are currently worth, according to a real estate research firm’s report released Friday. In other words: If they sold their homes today, they’d have to bring a check to the closing. Ouch.
Another 2.1 million people stand right on the brink, according to the report by First American CoreLogic. Their homes are worth less than 5% more than the mortgages they’re paying on them.”
Learn if Loan Modifications are right for you…
Join our webinar www1.gotomeeting.com/register/406024600
Who Qualifies for a Loan Mod?
Nearly every homeowner who is experiencing a hardship and has a true desire to save their home, qualifies for a loan modification. This can be a one time permanent solution to a serious problem. It is not a short term fix or a temporary solution.
A homeowner who qualifies for a loan modification usually fits into these four categories.
1) They must have a genuine hardship. This can be a loss of employment, a rate increase, a decrease in property value, or other situation which makes it difficult to make their monthly payments. Talk with your clients and “Explore Their Pain”
2) They must have made the decision to save their home. They have to be sure that they want to absolutely save their home and will continue to stay current on the new monthly mortgage payments.
3) They must be able to afford the terms of the new modification. They must be able to stay current with the terms and payments of the newly modified loan.
4) They must be able to afford the modification service. A client may need to put something else behind this month to pay for the loan modification, however we NEVER advise that they skip a mortgage payment.
A Loan Modification is available to investors but I will be honest – it is difficult to qualify. Banks are more likely to work on a loan for a personal residence but let me state this,” It is not impossible.”
I know you have heard the horror stories of people being ripped off. It has even been featured on 60 Minutes. Loan Modification is a valid process but not everyone is qualified to perform a loan modification. Several of the brokers that got people into the bad loans in the first place have jumped on the band wagon and now state they are qualified to perform a Loan Mod. The truth is they must follow strict guidelines set by The Department Of Real Estate. I looked on the DRE list and was amazed how short the list was compared to the 1000’s of people who advertise that service. It is so important to do your homework before handing over any money.
What to look for:
Are they on the DRE list which is posted on their website?
If they are a broker are they in good standing?
Is the work being performed by an attorney?
Is the attorney in good standing?
Are there any complaints against them?
Check with the Better Business Bureau?
Google them and see of there are any complaints on line.
MOST IMPORTANTLY do not pay any money up front. A company should offer a free review/audit to see if they can even help you and offer some type of refund if during the process they determine they can’t.
Let our attorney, past president of the DRE and a real estate attorney, help you with your loan modification. We evaluate your file for free. If your file is accepted we have a 95% success rate.
Email us at loanmod@theforesthillgroup.com or call 877.281.6643
Why use us? We can get you a DISCOUNTED Rate!
For this months F*R*E*E* Educational Webinar
Learn if Loan Modifications are right for you!
Thurs June 18th
1:00 pm to 2:00 pm PST
www1.gotomeeting.com/register/406024600
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To your success,
Lisa Marston, President
www.theforesthillgroup.com
877-281-6643
Add comment June 10, 2009
When was the last time you thought about your credit?
Like many of you I listen to webinars trying to keep up with the industry especially in these economic times.
“I have to share”
The other night I listened to a webinar on credit. I know a lot about how credit works, it is after all, the lifeblood of an investor, but I have noticed a change. The Credit Card and Mortgage Companies are constantly calling, my limits are being lowered, and a lot of the rewards programs are diminishing even though I am paying on time. So I was very interested in what would be discussed in the webinar.
Jeremy Roberts was the presenter and clearly stated at the beginning that these are his opinions, but he has been in the business of helping people with their credit for many years.
First he provided the break-down of how your credit is determined:
40% is based on your payment history
– Are you making your payments on time
– Have you ever been 30, 60 or 90 days late
and how many times
32% is based on revolving credit history
-How much credit you have
18% is based on the length of established credit
– it is crucial that you do not close your accounts
– your credit score is based on all available credit
vs. all credit debt
10% is based on new credit
– it is important to continue to grow your credit
Helpful Tips:
*Have several credit cards; doesn’t mean you have to use them, but have them so that your total available credit is high.
*If you make around $50K a year, try to have 4 credit cards. If you make $100K a year you should have more than 6.
*Don’t put everything on one card; spread the charges out and keep the balance under 50% of the available credit as this will help your score. Don’t ever use all the available credit on one card even if you pay off the full amount each month; it will still hurt your credit score during the month it was maxed out.
*If you have a card that is about to expire, the credit card company may not send you a new card and close the account because of “lack of use”. Do not let them do this. Mark on your calendar when your cards are to expire and make sure you call them and ask for new cards.
*Keep in contact with the credit card companies, loan companies, and mortgage companies. Everytime you call they capture that in their computer system. They are more willing to work with people who are in communication with them.
*Pull your credit report every month and work hard to remove all negative items. Keep copies of all the paperwork that was provided in order to remove the negative remarks from your credit in a folder as they may reappear on future reports.
*Every Quarter try to get your credit limit increased and your interest rate lowered.
This may seem like a lot of work but these days everyone from employers, insurance companies, banks, cell phone companies and even utility companies look at your credit to determine…how risky you are.
Now what are the credit card companies doing?
I couldn’t figure out why the credit card companies where lowering my available credit limit even though I either paid off my cards each month or made above the minimum payments on time each month.
The answer…
Credit card companies are hurting. Today Capital One reported huge loses and expects it to get worst for 2009. A way for them to capitalize is to lower the available credit; in turn this hurts your credit score, which means they can charge you a higher interest rate because you are now considered risky. Yes you read that right… It does not matter if you are a great client they need to get those interest rates up! Also, consumer beware! I don’t know if you have noticed but many credit card companies do not give you a grace period to pay your bill. If they do not receive payment on the 1st you are late.
It is vital that you start looking carefully at your credit. Don’t throw your hands up and not use your credit cards because that will hurt your credit score as well. We as consumers just have to pay more attention!
Wishing you continued investment success,
Lisa Marston
President, The Foresthill Group, Inc.
Add comment February 3, 2009
Last day to register for the Jan. 27th Chapter Meeting
WOMEN ON THE MOVE JANUARY CHAPTER MEETING
Today is the last day to register online
Date: Tuesday, January 27, 2009
Time: Registration and Light Dinner 5:30-6:00 PM
Speaker: 6:00-8:00 PM
Cost: $25/pp
Location: An Afternoon to Remember, 452 Main St., Newcastle, CA 95658
Speaker: Amy Lawrence, Owner of An Afternoon to Remember.
Amy had a passion for tea and decided to open a small tea shop 5 years ago. She will share with us what it takes to be a small business owner in this economy, her successes and challenges.
With the New Year come new challenges and new opportunities.
But don’t let that scare you!
Our first meeting on January 27, 2009 will focus on setting goals, brainstorming for new ideas and writing down our action items. It is time to take charge and focus on the positive! This will be an interactive session with “take home” ideas facilitated by Lisa Marston, Founder of Women On The Move.
Come and enjoy the great food the tea house has to offer and start 2009 by setting your personal goals, determine “what’s next for your personal finances, new business ideas, investing and more!
Register online at www.womenonthemovenow.com.
For more information call 530-888-1136 or judy@womenonthemovenow.com.
Please RSVP as the owner needs to know how much food to prepare. Thank you.
Don’t forget to ask about discounts for 10 or more.
Add comment January 23, 2009
Want to showcase your business?
“WE NEED YOUR HELP”
Add comment January 21, 2009
Continuing Our Support For Wellspring Women’s Center
We are collecting feminine hygiene items, individual packets of cereal, diapers and baby food at our events for Wellspring Women’s Center.
Wellspring Women’s Center is located in Oak Park and is a drop-in center for low income women and their children established to foster innate goodness and self-esteem of all who enter its doors. Volunteers provide supervised and creative play for guests’ children. Mental health counseling is available with a staff member with LCSW credentials. Women are provided with referrals for needed services with local agencies.
Add comment January 20, 2009
