| The Daily Show with Jon Stewart | Mon - Thurs 11p / 10c | |||
| Residential Evil | ||||
| ||||
Saturday, May 11, 2013
What Few People Get About the Foreclosure Problem
John Stewart on the Daily Show explains why we have so many foreclosures clogging up our legal system - Pure Greed
Friday, May 3, 2013
WELL AS WE FEARED THE BANKSTERS HAVE GOT THEIR FRAUDULENT BILLS THROUGH THE SENATE TODAY. BUT ALL IS NOT LOST. IN ADDITION TO THE UNCONSTITUTIONAL ISSUES ALREADY COMMUNICATED TO YOU, WE HAVE LEARNED TODAY THAT HB 87 WAS UNLAWFULLY SET FOR A HEARING PRIOR TO THE BEGINNING OF THE LEGISLATIVE SESSION IN VIOLATION OF FLORIDA CONSTITUTION ARTICE III SECTION 3 WHICH BY LAW RESTRICTS THOSE HEARINGS TO BEING HELD WITHIN THE LEGISLATIVE SESSION.
INJUNCTIONS ARE CURRENTLY BEING INVESTIGATED BY ATTORNEY HENRY P. TRAWICK AND OTHERS, BUT TODAY WE NEED ALL OF YOU TO PHONE TO GOVERNOR AND TELL HIM NOT TO SIGN THIS UNCONSTITUIONAL BILL INTO LAW AND TELL HIM THAT IT VIOLATES A NUMBER OF FLORIDA CONSTITUTIONAL ARTICLES, INCLUDING ARTICLE I SECTIONS 9 & 10 AND ARCILE III SECTION 3.
IF SCOTT SIGNS THIS UNCONSITUTIONAL GARBAGE INTO LAW THE HANGING TOGETHER FOR JUSTICE FOUNDATION AND OTHER GROUPS ARE GOING TO LAUNCH A MASSIVE CAMPAIGN TO EXPOSE THE SIGNORS.
FOR YOUR INFORMATION IT LOOKS AS THOUGH ALL BUT ONE DEMOCRAT VOTED AGAINST SB1666 AND ONE WHO DID NOT VOTE. HB87 WHICH HAD BEEN UNLAWFULLY SUBSTITUTED FOR SB1666 AFTER SB1666 HAD BEEN AMENDED AT ITS SECOND READING YESTERDAY AND ALL REPUBLICANS VOTED FOR ITS PASSAGE AND WHAT WAS UNLAWFULLY DESCRIBED AS THE THIRD READING OF SB1666 WHEN IT WAS IN FACT HB87 WHICH HAD NEVER BEFORE APPEARED ON THE FLOOR OF THE SENANTE. HOW MUC MORE UNLAWFUL AND UNCONSTITUTIONAL CAN THESE ENEMIES OF THE PEOPLE FLEX THEIR POWER MUSCLES FOR THE BENEFIT OF THEIR CORPORATE BANKSTER MASTERS?
THIS IS BOTH UNLAWFUL AND POLITICAL. ITS TIME FOR THESE PEOPLE TO BE KICKED OUT OF THEIR CUSHY OFFICES AND TO BE BROUGHT TO JUSTICE FOR THEIR CRIMES AGAINST THE PEOPLE OF FLORIDA.
PLEASE CALL RICK SCOTT ON (850) 488-7146 AND TELL HIM NOT TO SIGN THIS UNCONSTITUTIONAL BILL INTO LAW.
THIS IS VITALLY IMPORTANT AND WILL LAY THE FOUNDATION FOR ALL OF OUR NEXT MOVES IF HE DECLINES.
INJUNCTIONS ARE CURRENTLY BEING INVESTIGATED BY ATTORNEY HENRY P. TRAWICK AND OTHERS, BUT TODAY WE NEED ALL OF YOU TO PHONE TO GOVERNOR AND TELL HIM NOT TO SIGN THIS UNCONSTITUIONAL BILL INTO LAW AND TELL HIM THAT IT VIOLATES A NUMBER OF FLORIDA CONSTITUTIONAL ARTICLES, INCLUDING ARTICLE I SECTIONS 9 & 10 AND ARCILE III SECTION 3.
IF SCOTT SIGNS THIS UNCONSITUTIONAL GARBAGE INTO LAW THE HANGING TOGETHER FOR JUSTICE FOUNDATION AND OTHER GROUPS ARE GOING TO LAUNCH A MASSIVE CAMPAIGN TO EXPOSE THE SIGNORS.
FOR YOUR INFORMATION IT LOOKS AS THOUGH ALL BUT ONE DEMOCRAT VOTED AGAINST SB1666 AND ONE WHO DID NOT VOTE. HB87 WHICH HAD BEEN UNLAWFULLY SUBSTITUTED FOR SB1666 AFTER SB1666 HAD BEEN AMENDED AT ITS SECOND READING YESTERDAY AND ALL REPUBLICANS VOTED FOR ITS PASSAGE AND WHAT WAS UNLAWFULLY DESCRIBED AS THE THIRD READING OF SB1666 WHEN IT WAS IN FACT HB87 WHICH HAD NEVER BEFORE APPEARED ON THE FLOOR OF THE SENANTE. HOW MUC MORE UNLAWFUL AND UNCONSTITUTIONAL CAN THESE ENEMIES OF THE PEOPLE FLEX THEIR POWER MUSCLES FOR THE BENEFIT OF THEIR CORPORATE BANKSTER MASTERS?
THIS IS BOTH UNLAWFUL AND POLITICAL. ITS TIME FOR THESE PEOPLE TO BE KICKED OUT OF THEIR CUSHY OFFICES AND TO BE BROUGHT TO JUSTICE FOR THEIR CRIMES AGAINST THE PEOPLE OF FLORIDA.
PLEASE CALL RICK SCOTT ON (850) 488-7146 AND TELL HIM NOT TO SIGN THIS UNCONSTITUTIONAL BILL INTO LAW.
THIS IS VITALLY IMPORTANT AND WILL LAY THE FOUNDATION FOR ALL OF OUR NEXT MOVES IF HE DECLINES.
Monday, April 15, 2013
Buying Real Estate When Your Credit Is Whacked!
After the economic abundance that our country enjoyed prior to 2006, we have come to an unfortunate place where many people have been displaced from their homes due to foreclosure. Similarly, many homeowners can no longer afford their homes due to employment changes but their credit has already been destroyed and they see no options. They pray for modifications and short sales options which have not been too forthcoming leaving desperate homeowners underwater and feeling helpless.
The banks are out of control. They have committed numerous frauds and our legislators have not adequately punished them because we are told, "they are too big to fail". So they continue to receive bailouts and monetary "punishments" which is ultimately chanelled back to benefit the banks. This is all done against the majority's wishes and there seems to be not a darn thing we can do about it. The banks can falsify documents, charge exorbitant fees without disclosing them and the average family is suffering terribly from their unfettered greed.
There was a time when money from the banks was so cheap and easy that buyers had no need for owner financing and real estate was selling so quickly that few sellers offered it. Then everything changed! Home sellers are now competing with bank foreclosures to sell their homes and a large number of buyers are cash investors looking for "deals". Even though sales are up, it's important to know who's buying and who's selling. Let me share some statistics from the Tampa Bay area for real estate sales in March 2013:
Short Sales seem to be picking up - 15% of all sales.
REO's (bank owned foreclosures) accounted for 18% of sales
Non foreclosure sales were 67% of all sales
So 33% of all sellers are either banks or homeowners who are upside on their mortgage. Upside down on a mortgage means that the homeowner owes more than the home is worth. There are also many homeowners who are distressed but are not upside down on their mortgage. These homeowners may still have some equity left but their financial situation has changed and they can no longer afford their homes. So they are hoping to use that equity for a down payment on a smaller home and they can't afford to sell too low. Many of these struggling homeowners have managed to keep their home but have been late on their mortgage and other payments so their credit is shot. Again for the month of March 2013:
50% are buyers are paying cash with no financing
Almost 75% of bank owned properties (REO's) are being bought cash
The banks are out of control. They have committed numerous frauds and our legislators have not adequately punished them because we are told, "they are too big to fail". So they continue to receive bailouts and monetary "punishments" which is ultimately chanelled back to benefit the banks. This is all done against the majority's wishes and there seems to be not a darn thing we can do about it. The banks can falsify documents, charge exorbitant fees without disclosing them and the average family is suffering terribly from their unfettered greed.
There was a time when money from the banks was so cheap and easy that buyers had no need for owner financing and real estate was selling so quickly that few sellers offered it. Then everything changed! Home sellers are now competing with bank foreclosures to sell their homes and a large number of buyers are cash investors looking for "deals". Even though sales are up, it's important to know who's buying and who's selling. Let me share some statistics from the Tampa Bay area for real estate sales in March 2013:
Short Sales seem to be picking up - 15% of all sales.
REO's (bank owned foreclosures) accounted for 18% of sales
Non foreclosure sales were 67% of all sales
So 33% of all sellers are either banks or homeowners who are upside on their mortgage. Upside down on a mortgage means that the homeowner owes more than the home is worth. There are also many homeowners who are distressed but are not upside down on their mortgage. These homeowners may still have some equity left but their financial situation has changed and they can no longer afford their homes. So they are hoping to use that equity for a down payment on a smaller home and they can't afford to sell too low. Many of these struggling homeowners have managed to keep their home but have been late on their mortgage and other payments so their credit is shot. Again for the month of March 2013:
50% are buyers are paying cash with no financing
Almost 75% of bank owned properties (REO's) are being bought cash
So this tells us that close to half of all buyers are investors and these cash buyers are buying bank owned foreclosed homes. Lending has not gotten easier for prospective buyers and distressed sellers find that they must become delinquent before the bank will even consider doing a short sale. The question then came to mind, how can sellers save their credit and how can buyers purchase a home when their credit is shot? Believe it or not, there is a way, actually 2 ways.
1) Owner Financing - OK so most sellers say "no way". I need my money now! Did you ever consider how the banks got so rich? Lending money. When an owner offers financing, they call the shots. Generally, they should require some sort of down payment and then they charge interest on the balance which often can double or triple what they make on the sale of that home depending on how long they are willing to hold the note. They can offer balloon payments, say after 3 or 5 years or they may choose to offer a fully amortized loan for 15-30 years.
So how does this help the seller? Well, they can generally get a higher selling price for their home plus additional interest, yielding a significantly higher yield from the sale. They can save their credit because someone else is paying their mortgage payment.
2) Non-qualifying Assumable Mortgages - Yes, there still are some out there. Assumable loans have not been offered for a very long time but they are still out there from people who purchased many years ago and have not yet paid them off. The aging population and economy in Florida has caused many to downsize and some of these people who have had mortgages for over 20 years may be selling a home with an assumable mortgage. There are 2 types of assumable mortgages: Qualifying and Non-Qualifying. They are just what they say. A qualifying assumable mortgage means you have to apply, have credit etc to qualify. Non-qualifying assumable mortgages are the gold. These loans can be assumed by a buyer without credit checks or income qualification and is quite a find for the buyer who has suffered economic hardship.
The next question one might have is "do these options really exist?" Below are the listings available (separated by county and property type) at the date of this blog post that are offering owner financing or non-qualifying assumable loans. At this time there are 192 listings (122 homes and 70 condos) offering alternative financing in the greater Tampa Bay Area.
Pinellas County:
Single Family Homes with owner financing or non-qualifying assumable mortgages
Condos with owner financing or non-qualifying assumable mortgage
Pasco County:
Single Family Homes with owner financing or non-qualifying assumable mortgages
Condos with owner financing or non-qualifying assumable mortgage
Hillsborough County
Single Family Homes with owner financing or non-qualifying assumable mortgages
Condos with owner financing or non-qualifying assumable mortgage
Remember there are still ways to secure your future by purchasing a home, even when you have suffered a foreclosure or mortgage delinquency. Seller Financing can be a win-win situation that buyers and sellers should investigate.
1) Owner Financing - OK so most sellers say "no way". I need my money now! Did you ever consider how the banks got so rich? Lending money. When an owner offers financing, they call the shots. Generally, they should require some sort of down payment and then they charge interest on the balance which often can double or triple what they make on the sale of that home depending on how long they are willing to hold the note. They can offer balloon payments, say after 3 or 5 years or they may choose to offer a fully amortized loan for 15-30 years.
So how does this help the seller? Well, they can generally get a higher selling price for their home plus additional interest, yielding a significantly higher yield from the sale. They can save their credit because someone else is paying their mortgage payment.
2) Non-qualifying Assumable Mortgages - Yes, there still are some out there. Assumable loans have not been offered for a very long time but they are still out there from people who purchased many years ago and have not yet paid them off. The aging population and economy in Florida has caused many to downsize and some of these people who have had mortgages for over 20 years may be selling a home with an assumable mortgage. There are 2 types of assumable mortgages: Qualifying and Non-Qualifying. They are just what they say. A qualifying assumable mortgage means you have to apply, have credit etc to qualify. Non-qualifying assumable mortgages are the gold. These loans can be assumed by a buyer without credit checks or income qualification and is quite a find for the buyer who has suffered economic hardship.
The next question one might have is "do these options really exist?" Below are the listings available (separated by county and property type) at the date of this blog post that are offering owner financing or non-qualifying assumable loans. At this time there are 192 listings (122 homes and 70 condos) offering alternative financing in the greater Tampa Bay Area.
Pinellas County:
Single Family Homes with owner financing or non-qualifying assumable mortgages
Condos with owner financing or non-qualifying assumable mortgage
Pasco County:
Single Family Homes with owner financing or non-qualifying assumable mortgages
Condos with owner financing or non-qualifying assumable mortgage
Hillsborough County
Single Family Homes with owner financing or non-qualifying assumable mortgages
Condos with owner financing or non-qualifying assumable mortgage
Remember there are still ways to secure your future by purchasing a home, even when you have suffered a foreclosure or mortgage delinquency. Seller Financing can be a win-win situation that buyers and sellers should investigate.
Friday, April 5, 2013
Wednesday, March 13, 2013
What is Senate Bill 1666 FLORIDA FORECLOSURE LEGISLATION-HOMEOWNERS VOTE...
Both Florida Senate and House of Representatives seek to use bank fraud fines to push homes through foreclosure by eliminating Floridians constitutional rights. Senate bill 1666 denies Floridians the right to be heard by a duly elected judge. Learn more:
Subscribe to:
Posts (Atom)