You need to tell your customers and clients to contact the lender as soon as you realize that they have a problem making the notes. The lender doesn't want to take the house . They're there to try to help them find suitable options to help them get through the most difficult financial times, review those options and try to determine just what is best to meet their needs when they meet these difficult crossroads. How do you deal with it? 05/06/2008

                                                        I wanted to share some thoughts about foreclosure with you: If you keep getting behind it's going to become real tough to reinstate your loan or work out some kind of arrangement to get caught up. Stay on top of things all the time. If you don't you'll lose your home. Don't ignore the mortgage ! Don't ignore the correspondence ! Your home is probably your most important investment, after your family and children, and protecting it is the first order of priority. Brush the mortgage aside and your spelling disaster. 05/06/2008

                                     Federal and State laws make it illegal to deny housing based on a person's religion, color, race, sex, handicap, familial status or national origin. Here are some things that can really get you in trouble: 1. Refusing to sell or rent to, or to carry out negotiations with a renter or buyer. 2. Setting terms and conditions that are different for your buyer or renter. 3. Denying that housing is available to be inspected or that it's not for rent or sale when it is. 4. Directing your buyer or renter away from a particular area. 5. Refusing accomodations or housing to a disabled person. What kind of situations have you seen that are questionable or real example? Remember that equal housing opportunity is a basic right, and it's your duty to report unfair ... 05/06/2008

Day-Long Fundraising Event To Benefit Habitat For Humanity At Memphis real estate company Whitehaven Office - 1396 East Shelby Drive in MemphisMEMPHIS TN Real Estate - Crye-Leike, REALTORS is proud to announce it's Whitehaven branch sales office is having a Parking Lot Sale on Saturday May 17th, 2008. All proceeds from the fundraising event will benefit Habitat for Humanity. Affiliate Broker Beulah Daniel is organizing the day-long sale at the Whitehaven office located at 1396 East Shelby Drive in Memphis. The sale will take place from 8am - 4pm on the 17th. "Giving of service to the community is a very important part of my real estate business," said Beulah. "The Parking Lot Sale is just a small part of our fundraising efforts this year to benefit Habitat for Humanity." The event is pa... 05/06/2008

                                              Let's say that right after you get your mortgage you get a letter from your lender stating that the monthly payments that they had scheduled for you were actually going to be higher than what you expected or were told. Not only that, but the lender goes on to tell you that the new payments will include the escrow for taxes and insurance even though your paying those items yourself, and that the lender had approved this arrangement so that you could pay them yourself originally. On top of that, you get a letter following this one that says your being charged late fees. And you know full well and have proof that your payments were on time. And better yet, next comes a letter that says that you didn't maintain the required property insurance on... 05/06/2008

                                 When it becomes necessary to explain or come up with a definition for the type of ownership in a property to be enjoyed by a grantee, a neat little article in the deed will show up called the habendum clause. Habendum is a term that means 'to have and to hold'. The habendum clause will follow a granting clause and begins with the words 'to have and to hold'. The provisions of the habendum clause have to agree with the provisions stated in the granting clause. A well know example of this is where the grantor might convey a time-share interest in a property or an interest that is considered less than fee simple absolute. The habendum clause would detail the owner's rights, but it would also specify how those rights are limited regarding the activities allo... 05/06/2008

                                               A graduated payment mortgage (GPM) is a fixed-rate loan that has lower payments in the early stages or years of the term of the loan. This loan provides for specified payment increases each year until a maximum loan payment amount is reached. At this point, the payment remains the same for the rest of the term. Is this loan just for low income buyers who expect to make more money in the future? What kind of properties are eligible? Have you used this type of loan for your clients ?  What are some pros and cons? 05/06/2008

                                      What is the 203k? It's a rehab loan. It's provided by the Federal Housing Administration. It insures mortgages used to purchase, or refinance, and rehabilitate residences with up to four units. A portion of the loan proceeds are used to purchase the property or refinance an existing mortgage, and the remaining funds are deposited into a Rehabilitation Escrow  Account or REA. The REA funds are released while the work to repair the property is in progress. Homes financed under this program must be at least one year old. The FHA also imposes a certain level of structural and energy-efficient standards that must be met on all rehabilitation work. Improvements that qualify for rehabilitation extend over a wide range and the costs of the upgrade work must... 05/06/2008

                                          Here are some watchdog tips you should use if you think you smell a stink bomb when your considering a home loan or home improvement loan. If you can think of some others post them. 1. They tell you that refinancing can solve your credit problems and make you some fast money. 2. They tell you that you can only get the best deal on a home improvement if you finance the loan with the lender that they're asking you to finance the loan with. 3. They tell you that the FHA (Federal Housing Administration) has insurance that protects you against property defects and loan fraud, and they know full well that it will not. 4. When you get to the closing table you realize that the loan terms and the costs associated with the loan are not the terms that you ... 05/03/2008

                                          Divorce is so ugly. It's such a common story. It's destroyed so many good people. It's ruined their lives, forced them into bankruptcy, destroyed their credit, cost them their children, cost them their jobs and their health. Two people have reached the end of their marriage. They can't stand it any longer. The divorce is granted and the house is ordered sold by the judge. The home is listed and stays under exclusive contract for nine months. Both spouses are on the deed of trust and the mortgage. One won't leave the house and he tells his best friend that he wants the house to go into foreclosure so he can ruin his ex-wife's credit. He occasionally shows the home to stay out of contempt of court but usually refuses to show the home. He keeps the... 05/03/2008

                                          We all know that many families are suffering because of the fuel crisis, housing and credit issues. Many are being forced to sell their homes because they can't afford them any longer. You might see signs that indicate that your clients need more than just a home sale. They might need nutrition for their families during these terrible days of economic suffering; they may need to feed themselves and their children. Familiarize yourself with our government's Food Stamp Program. More than anything else, the future and good health of your client's children may depend on this information. Demonstrate that you care and help them. Don't allow any family to go hungry during this time. The United States Department of Agriculture has a toll free number an... 05/03/2008

                                               Most every buyer needs it if they put less than 20% down on a mortgage. Lenders usually require a downpayment that equals 20% of a property's value before you can refuse private mortgage insurance or PMI. PMI is basically an indemnity that will protect your borrower's lender against the cost of a foreclosure in the event that one occurs. When a lender is insured against this type of a loss it makes it possible for them to accept a lower downpayment from the buyer. This helps the buyer out also so they don't have to come up with as much money at the closing table. Basically, the private mortgage insurance is providing what the equity of a larger downpayment would have covered satisfying the lender's need to blanket any possible lossess in th... 05/03/2008

                                     People are losing their homes everywhere because of some bad schnooks that call themselves lenders, mortgage brokers, appraisers, home improvement contractors; people who give bad names to those who legitimately, lawfully and honorably claim these titles within our industry. These are some of the signs to watch out for so you can avoid these schnooks: 1. They target vulnerable homeowners for cash-out refinancing deals when they know very well that borrowers are distressed and in need of cash because of debt, unemployment or medical reasons. 2. They sell properties for much more than their worth using phony appraisals. 3. They use high pressure sales tactics to sell needless home improvements and finance these improvements at high interest rates. 4. T... 05/03/2008

                                             Let's say that you've agreed to sign for a mortgage with terms that look acceptable to you. When you get to the closing table the lender gives you some papers to sign that include additional charges for 'credit insurance' or 'other benefits' that you don't remember asking for or didn't want in the first place. Well, Mr. Snake Eyed lender hopes that you didn't notice this, but, by golly, you sure as heck did, and Mr. Lender still asks you to 'just sign the loan papers' where your supposed to scribble your John Hancock. The good old lender doesn't even tell you or explain to you how much extra money this 'other benefit' will cost you each month on your loan. We'll you did notice this 'other charge' and a little cog begins turning in your mind a... 05/03/2008

                                             When your clients move to a new neighborhood their kids may be entering new schools as well. Usually, children entering private and public shcools have to meet four basic requirements for admission : 1. Proof of required immunizations. 2. Proof of medical examinations. 3. A certified birth certificate from the county of their birth for kindergarten and 1st grade. 4. A Social Security number. Can you think of other items children might need before entering or transferring to new schools? What do your districts require? It's good to have this information ready for your clients so you can help their children make a smooth transition to their next school. You'll get an 'A' for it. 05/03/2008

                                             Ww know that when our clients relocate with their pets they need to know about the available pet care in their new communities and the laws that govern the care for their little family members. In most communities, all dogs and cats must be vaccinated against the dreaded disease of rabies. Usually, pets older than 3 months can get their vaccinations at any veterinarian's office. You can check with your local humane society to find out what the requirements of your locality are. Be mindful of leash laws also. Cats usually are not required by law to be under control at all times, however, the same is usually not true for dogs. It's a good idea to let your clients know what is required for the best attention possible for their little loved ones.... 05/03/2008

                                                 We all know that lenders may sell mortgages to investors. But did you know that the interest rate that a lender charges a borrower for a loan might be less than the yield or the rate of return that an investor wants from their investment? How does the lender make up that difference? The lender does it with a finance charge paid at the beginning of a loan called points, or more specifically, discount points. The number of points in the equation usually will depend on two things: 1. The difference between the interest rate of the loan and the yield or rate of return the investor wants and; 2. How long the lender believes that it's going to take the borrower to pay off the loan. What experiences have you had with points?  What are some of th... 05/03/2008

                                       It's simple. Ask for leads. Leave your business card. Your name.  Your number. All the other contact information that you can provide with the postman, your neighbors when you run into them at their gagrage sales (which might be a clue that they're fixing to sell), flea markets and other places. But is it ok to tell them that you'll give them a hundred bucks for any sale that you complete based on their lead, or does RESPA draw the line? What are your experiences? 05/03/2008

                                                  How can you possibly close a sale if you don't believe in yourself? Don't we want to impart things to our buyers that reflect our own levels of confidence? How can there be a closing without the conviction to close firmly embedded in your purpose? It's gratifying when we make our clients happy and when they share our enthusiasm. How do you feel about it? 04/28/2008

                                                    Is it true that all buyers have weaknesses that need exploiting? When your buyer says that he or she doesn't want the place are you motivated enough to keep going? Do you believe that just because your client resounds with "no" that they can't be sold? It sounds like it's time to put on the schmaltz that helps the buyer overcome their weaknesses, and that maybe you need to push them a little bit. When does the pushing become a little bit to hard on the buyer, and when should it be applied? How long do you keep up the momentum after the buyer's said no?   04/28/2008