Archive for the ‘Real Estate’ Category
7 Secrets for Finding a Rental After Foreclosure
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Author: Even though foreclosure activity declined by 9% in April, scores of individuals and families in America are still being forced out of homes they can’t afford. If you’re one of these unlucky individuals, you’ll likely need to find a rental after your foreclosure.
And that means finding a landlord who won’t put too much weight on the fact that your former home was foreclosed.
Remember that most landlords and apartment companies will run your credit report and review your credit history when you submit a rental application. The foreclosure may show up you on your credit report and could work against you when you are looking for a new place.
To get the apartment or rental home you want, use these tips to find a rental after foreclosure:
Investigate apartments online.
In recent years, a number of online apartment rating services have flourished, making it easier for prospective tenants to learn a
lot about a housing unit prior to even seeing it in person. So before you hit the pavement to go apartment hunting, use a service like ApartmentRatings.com or ApartmentSearch.com to discover everything from how much the rental units cost each month to whether an apartment accepts pets.
Some sites also show comments posted by others about the apartments – including viewpoints on how safe the neighborhood is or how responsive management is to fixing problems. After a bit of online sleuthing, you should be able to weed out higher-priced places you know you can’t afford. There’s no sense in going from one costly housing situation to the next.
Offer a higher deposit.
Some landlords may take you more seriously if you offer a higher-than-requested deposit. Do what you can to prove that you have
funds available to pay your rent on time, and the foreclosure on your credit history may not hurt you as much.
Since it’s taking much longer now for banks to repossess homes, perhaps you have the option of what’s known as squatter’s rent
available. If so, giving the landlord a higher deposit means the landlord can adequately cover any losses if you end up breaking your
lease agreement. Give your landlord some peace of mind, and you may find it much easier to secure the rental property you want.
Continue reading Lynnette’s article on WalletPop
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What Is A Real Estate Flopping Scam?
Flopping is the misrepresentation of housing value for purposes of illegal house flipping. Here’s how it works: A real estate agent or broker identifies
properties with severely depressed values. These could be properties with mortgages that exceed the present values or they could be short sales or foreclosures.
A property is valued using a “broker price opinion.” The broker’s “opinion” is a low-ball price, because his intention is to profit from a quick resale for a higher price.
A lender, believing the broker’s assessment is legitimate and unaware of any scheming, agrees to the lower sales price.
The broker buys it at the greatly reduced price, arranges for a “straw buyer” to purchase it, then flips it for a higher price than negotiated with the lender. The broker pockets the profits.
The broker pays off any of the participants that enabled the scheme, and then moves to the next target property.
Read more about flopping on Philly.com.
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Refinancing Tips If You Are Under Water
Q: My husband and I purchased our home a little over 5 years ago. We were looking at refinancing since the rates are low now. We have run into a couple of problems. First, we have two mortgages on the house since they would not cover the full amount of the loan for just one mortgage. Second, we owe more than the house is worth? The loan company we were going to work with suggested that we call the first loan company and see if we could negotiate a lower rate, which in turn would lower the payment. Is this something that you think we should try and do you have any other suggestions.
A: We asked mortgage expert Ray Kuplaste to help us answer your question. Here is what Ray told us:
There are several solutions to this problem depending on the type of loan they have and who the lender is:
Option 1: If the 1st loan is a Fannie Mae loan, you can refinance 1st loan only as a DU refinance plus, even if you are upside down.
Option 2: Call the 1st and 2nd loan note holder separately and try to lower the rate/payment.
Option 3: Call the 1st and 2nd loan note holder and try to negotiate a short payoff to be able to refinance.
Please note that options 2 and 3 will require some type of hardship in order to get the note holder to work with you.
Also note, for all FHA loans, you are able to do a Streamline refinance without an appraisal or income verification.
Ray Kuplaste is Vice President of Sales at UC Capital Lenders, a mortgage brokerage based in Philadelphia that specializes in residential and commercial mortgages. You can call Ray at: 1-267-334-2500 or reach him via email: ray(AT)uclenders.com.
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What Is Squatter’s Rent
Q: I’ve heard the term squatter’s rent used many times. Can you tell me what is the definition of squatter’s rent?
A: Squatter’s rent is the money someone saves up by not paying their mortgage. In many states, it is taking one year or more for someone who is behind on their house payment to be formally evicted or go through the process of foreclosure or a short sale. During that year or so, an individual or family that is not paying the mortgage may be strategically saving money for their next apartment, home or to payoff other bills. This saved cash is known as squatter’s rent. Squatter’s rent is a major consideration when someone is considering walking away form their home or doing a strategic default on their mortgage. Before you decide to walk away from your home, make a strategic default, or amass a pile of squatter’s rent, you should consider the impact that such impact could have on your credit score.
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What Is A Strategic Default?
Q: What is a strategic default?
A: A strategic default occurs when a homeowner who appears to have the ability to pay for their home nevertheless decides to stop making mortgage payments, yet continues to keep up with other financial obligations, such as credit card bills or auto loans. In addition to being underwater – or owing more on their homes than the properties are worth - strategic defaulters typically have better FICO scores, larger mortgages, and smaller amounts of credit card debt, according to a FICO study. Strategic default can have a significant negative impact on your credit score.
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