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The Treasury Department will triple payments to mortgage investors for reducing borrower principal through an expanded Home Affordable Modification Program announced Friday.

Officials announced several critical changes to HAMP, including an enrollment extension to Dec. 31, 2013, from its original expiration date at the end of this year.

The Treasury will also require servicers to factor in second liens and other obligations in the debt-to-income ratio calculation. Previously, if a borrower’s first-lien mortgage monthly payment was below 31% of the income, the borrower was deemed ineligible. Factoring other debts to the DTI evaluation will expand the pool of borrowers who could receive the assistance.

To combat blight,

officials said they would also

expand HAMP to investors who are renting properties to tenants.

Since HAMP launched in March 2010, more than 900,000 permanent modifications have been conducted. The Treasury originally estimated the program to reach between 3 million to 4 million borrowers. As of Dec. 1, less than 1 million were estimated to be eligible for the program under past rules.

Of the modifications already given, roughly 36,400 resulted in reduced principal as of Dec. 1. The Treasury paid between six and 21 cents to the investors for each dollar forgiven under HAMP, but that will grow to between 18 and 63 cents, under the rule changes.

In a conference call Friday, Treasury Assistant Secretary Tim Massad would not estimate how many borrowers would be eligible after the changes, but he did say mortgage servicers were signaled some expansion, even for principal reduction.

“We have previewed the changes with the servicers,” Massad said. “We got a very positive initial reaction.”

Department of Housing and Urban Development Secretary Shaun Donovan said in the conference call Friday that the Treasury would make these payments to Fannie Mae and Freddie Mac if they participate in the principal reduction program.

To date, the GSEs have not committed to such a program.

Both GSEs owe the Treasury $151 billion in bailouts, and their regulator the Federal Housing Finance Agency said a wide-scale principal reduction program would cost Fannie and Freddie $100 billion.

Of the $29.9 billion allocated for HAMP and other housing programs, the Treasury has spent only $2.3 billion. The Treasury still owes another $9 billion to $10 billion for the modifications already done, Massad said.

Donovan renewed calls for servicers to ramp up principal reductions, and reiterated that they would be a main tool in crackdowns stemming from the ongoing foreclosure settlement talks and the securitization investigations launched this week.

“These changes aren’t going to solve all the problems in the housing market, but they shouldn’t have to wait for the market to hit bottom before getting some relief,” Donovan said.

article received from Jon Prior

 

“Losers live in the past.
Winners learn from the past and enjoy
working in the present toward the future.”

— Denis Waitley

Discover How You Can Get Tax Free Profit and Tax Free Income for LIFE using your Self Directed IRA

 

I Could Not Believe It.

Is This Really True?

It Is In The Planning Stages Now

The Federal Transaction Tax!

President Obama’s finance team and Nancy Pelosi are recommending a 1% transaction tax on all financial transactions.

It is true.

The bill is HR-4646 introduced by US Rep Peter deFazio D-Oregon and US Senator Tom Harkin D-Iowa.

Their plan is to sneak it in after the November election to keep it under the radar.
See what Nancy has to say about this wonderful idea!  http://tinyurl.com/24dn5ud

It’s only 1%! This is a 1% tax on all transactions to or from any financial institution i.e. Banks, Credit Unions, Mutual funds, Brokers, etc.

Any deposit you make will have a 1% tax charged.

Any withdrawal you make, 1% tax.

Any transfer within your account, a transfer to or from savings and checking, will have a 1% tax charged.

Any ATM transaction, withdrawal or deposit, 1% tax.

If your pay check or your Social Security is direct deposited, 1% tax.

If you carry a check to your bank to deposit, 1% tax.

If you take cash in to deposit, 1% tax.

If you receive any income from a bond or a dividend from stock, 1% tax.

Any Real Estate Transaction, 1% tax.

This is from the man who promised that if you make under $250,000 per year, you will not see one penny of new tax! Remember, he is completely honest and trustworthy.
Keep your eyes and ears open.

Folks, Nancy says this would be a minimal tax on the people, but 1 percent every time you pay a bill or make a deposit is not minimal. This would no doubt tax investment transactions as well as bank account transactions.

Excerpt from American Debt Relief

Contact Your U.S. Representative AND U.S. Senator Now

Here is the Link for fill-in-the-blank email to Your U.S. Representative

https://writerep.house.gov/writerep/welcome.shtml

 


 

 

Take a close read on this one. Not too long ago, one of my good friends and successful broker/investor who specializes in REO properties shared some insight with me.

I will not use his name because I would not “throw him under the bus.”

Let’s have fun with this and use a good old Kentucky stereotype name such as “Jethro.”

Jethro has been specializing in REOs for the last 8 years or so. He regularly attends national and regional conferences geared towards “asset managers” and folks involved in the bank owned, lender owned, and government owned real estate business.

Just like we attend conventions for real estate investing and landlording, Jethro gets exposed to all kinds of vendors, programs, updates and more in this arena.

Before our current President of U.S.A. took office, Jethro said his business was pretty good. (humble answer for a power house business Jethro shared since this new President, he is getting clobbered over the head every time he turns around.

Jethro says HUD Representatives always attend these conferences.

Before this new President, HUD Representatives shared a “let’s work together mindset” to efficiently work through this foreclosure mess.

After this new President took office, Jethro heard straight from the horse’s mouth… the New HUD Representatives made statements such as (I’m paraphrasing from our conversation) 

“We (HUD) believe it should be a crime to profit from housing in America. Our objective is to put investors and people just like you Jethro, out of business.”

Food for thought… here’s what came out of our nation’s capital yesterday.

—————————————————

Federal Reserve Chairman Ben Bernanke believes that one aspect should be a government support program that allows renters to move into those houses.

The government should consider helping the nation’s vacant, unsold stock of foreclosed properties by supporting initiatives to occupy.

In a letter Wednesday to ranking members on the House Committee of Financial Services, Reps. Spencer Bachus, R-Ala., and Barney Frank, D-Mass., Bernanke said that inefficiencies in the foreclosure and mortgage origination processes are dragging on the economic recovery.

However, solutions are available, he added.

“Preliminary estimates suggest that about two-fifths of Fannie Mae’s REO inventory would have a cap rate above 8% — sufficiently high to indicate renting the property might deliver a better loss recovery than selling the property,” Bernanke’s staff writes in a supporting white paper.

“Estimated cap rates on the Federal Housing Administration’s REO inventory are a bit higher — about half of the current inventory has a cap rate above 8% — because FHA properties tend to have somewhat lower values relative to area rents,” they said.

According to the white paper, Atlanta holds the largest amount of government-sponsored enterprises REO (5,000). Second place tieholders: Chicago, Detroit, Phoenix, L.A., are all below 3,000, by way of comparison.

In a scenario of declining house prices such as this, homeownership should be promoted, according to the white paper. Indeed, they argue that in many cases REO-to-rentals may be inappropriate. Yet unless mortgage origination requirements, with tighter underwriting standards, are loosened in the immediate future, borrowers may have little choice but to rent.

Furthermore, support for such a program will cost mortgage servicers, bond investors and even taxpayers. But it may be a sacrifice for the greater good.

“Some actions that cause greater losses to be sustained by the GSE in the near term might be in the interest of taxpayers to pursue if those actions result in a quicker and more vigorous economic recovery,” the white paper states.

———————————————-

Stay Tuned Fellow Investors

Mike Butler

 

QUESTION: From Guy D.,

Recently a Section 8 person moved in and we noticed some hallway fires being set by her kid. He set a paper sign on fire but it didn’t do any real damage and we couldn’t prove it was him. However on Christmas Eve, this tenant broke our rules and left a box of clothes in the hallway and then someone put a cigarette butt into the clothes and it started a hallway fire and did a lot of damage and smoke and the fire department had to be called. This tenant is leaving now voluntarily, but should we report her to section 8 and risk having to spend money fighting her to evict her in court or should we just let her leave and report her later to section 8 after she is not an additional expense to us? We are afraid that the cost to evict her will not be paid by Section 8 and that we can’t make fire claims against Section 8. Is there any type of Claims we can make against Section 8 to pay for the Fire Damage, etc.?

Thanks Mike

Guy in D.C.

 

ANSWER:

Recently we rented to a Section 8 person Family on Section 8 moved in and we noticed some hallway fires being set by her kid.

How?, Photos? statements? What is your proof?

 

He set a paper sign on fire but it didn’t do any real damage and we couldn’t prove it was him.

Then you can’t say “He set a paper sign on fire”.

 

 However on Christmas Eve, this tenant broke our rules

“our rules?” is the “our rules” spelled out clearly in your… Click Here for Full Video/Article (Members Only)

John Schaub Webinar Replay

 

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Just in case you have not heard about it, the new federal law scheduled to outlaw 100 watt light bulbs has been shot down.

Before being shot down, this new federal law scheduled to take effect in January 2012, outlawed 100 watt incandescent light bulbs. Edison would roll over.

Stay tuned for the fantastic educational video on lighting from Peter Konopka (this training was done before they shot down the new federal law)

This is a WHOPPER!

I just got this in the mail from my state’s Realtor Association

Please Pay Close Attention – Don’t Allow Yourself To Get In This Trick Bag

This is a very powerful “eye-opener” for the licensed agent, real estate investor, who is GREEDY and tries to play both ends against the middle.

If you have your license as an agent or broker, and you wish to make money representing buyers and sellers, then wear this hat professionally for the best interest of your client(s).

If you are licensed as an agent or broker, and want to use these resources to buy and sell for your real estate investing business, then follow the law and rules properly.

It all boils down to good old fashion doing business the right way and with 100% full disclosure and document your disclosures.

Read this one and enjoy

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Agent buys house from under client’s nose Lawsuit leads to out-of-court settlement

In a recent column, we asked if a person who serves homebuyers and sellers for a living should be held to different guidelines if they are competing to purchase a property.

For example, should the listing be exposed to the market for a certain amount of time (perhaps 48 hours) before a licensed agent can buy a home that somebody else is ready, willing and able to buy?

The question came in light of new research that revealed nearly 43 percent of all members of the National Association of REALTORS® owned at least one rental property.

The responses fell into two main pots:

  1. Readers said agents should be allowed to buy if it was in the best interest of the seller.
  2. Others who responded thought that agents should be allowed to purchase a property as soon as it is listed provided they knowingly had no other active clients who wanted the same home.

A recent Washington state case that was settled out of court (and whose financial terms remain confidential) contained that second caveat. The interesting, complicated affair included a short sale Click Here for Full Video/Article (Members Only)

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