ORLANDO, FL - It was quite an honor to be asked by the folks at Rich Dad to speak on the subject of Short Sales and Foreclosures at their Annual Forum last week. It was four days of 12 hours a day intense real estate investing education. I feel like I met and spoke with just about everyone of [...]
Actor celebrity Brian Austin Green (Former 90210 star and now dating screen siren Megan Fox) is selling his home on a short sale. He purchased the home at the height of the market in 2006 for nearly $2,000,000 borrowing almost the entire purchase amount which created a monthly mortgage payment of nearly $70,000 per month. [...]
You’re not going to believe which organization just had to sell their headquarters building on a short sale. This is so embarrassing. Ready for this?
The Mortgage Banker’s Association.
No, this is not a joke. The Mortgage Banker’s Association (MBA), sold its Washington, DC headquarters building on a short sale for $41.3 Million, a little more than half the $79 Million they [...]
Banks across America are mounting a hiring surge right now. Why? They are gearing up for what lies ahead…more defaults, more short sales and more foreclosures. Collectively, the big 4, including Bank of America, Chase, Wells Fargo and Citi have recently added over 17,000 new employees to their payroll to help manage the volume of loan modification [...]
HUD announced Friday that the 90 day title seasoning requirement on FHA, Fannie Mae and Freddie Mac loans will be waived beginning February 1, 2010 for one year. This is the greatest news to hit the real estate investing world in the past 20 years. I’m sobbing from jubilation, trying to wipe back the tears as I type. [...]
A breaking new short sale trend for 2010 is shaping up that you need to know about…$500,0000+ deals. That’s right, loans with principal balances above $500,000 are making our students a fortune right now. Bloomberg News recently reported that $500,000+ loans are defaulting more than twice as often as $250,000 or less loans. What makes this so [...]
Department of Housing and Urban Development (HUD) just released FHA loan guidelines for prospective borrowers who have experienced a short sale. HUD sent a memo to all FHA lenders and underwriters explaining how to handle an FHA loan applicant with a short sale on their record. (Download the memo HERE). This is great news for hundreds of [...]
Don’t be fooled…we’re not out of the woods yet. Although sales temporarily increased in November (and now spilling into early December), property values continue to decline nationwide. The $8000 tax credit deadline of November 30th pushed a large number of buyers off the fence and into the buying mode but it didn’t solve the real [...]
It’s here, the much anticipated plan from the Treasury Department on how to streamline short sales was announced on Monday, November 30th. Since the Making Home Affordable program has been a miserable failure thus far, the Obama administration has turned their attention from loan modifications to short sales as a way to solve the real [...]
Have you given thanks today?
For me, all thanks go to the Good Lord for the many blessings he has provided:
My beautiful daughter Alexa born 09/09/09
My loving and supportive wife Monica
My physical, spiritual and financial health
A business that has not only survived during this real estate meltdown, but has thrived beyond my wildest dreams.
So many in [...]
