Stay Tuned, the financial tsunami is not over. 157 Banks failed in 2010. This is why banks are so reluctant to make loans, especially to investors. The Federal Bank Examiners are actually doing their job now when compared to how they were so laid back a couple of years ago during the “Fog This Mirror and You Are Approved” lending bonanza.
– Mike Butler

By THE ASSOCIATED PRESS
Published: January 7, 2011

Regulators on Friday shuttered a Florida bank, the first closure of 2011 after 157 banks succumbed last year to the struggling economy and mounting bad loans. The Federal Deposit Insurance Corporation took over First Commercial Bank of Florida, based in Orlando, with $598.5 million in assets and $529.6 million in deposits. First Southern Bank, based in Boca Raton, Fla., agreed to assume the assets and deposits of the failed bank. The failure of First Commercial Bank of Florida is expected to cost the deposit insurance fund $78 million.

A tremendous turn out today about “Arm’s Length Transactions” and Self Directed IRAs.

As promised, here is your link for IRS Publication 590 regarding Individual Retirement Accounts

http://www.irs.gov/pub/irs-pdf/p590.pdf

Click the link above to get the complete report in PDF Format

Mike Butler Shares How You Can Pay Off Your Loans FASTER without Making Any Extra Payments. Not a Misprint. This is True.

Mike shares one simple example of this with his daughter in her new home.

Click Here for Full Video/Article (Members Only)

This is NOT New for those who attended the Great Investor Cruise or attend our POWER LUNCH Series.
My CPA, Mike Grinnan shared this troublesome news several months ago.  (another reason to stay tuned to AskMikeButler.com) The most disappointing aspect of this new tax law is the “targeting” of landlords and real estate investors.
The rest of the world has an effective date of Jan 1, 2012; however, real estate investors and rental property owners effective date is Jan 1, 2011. NOW!
Every “anything or anybody” that gets paid more than $600 by you in the calendar or tax year, you must now send them a 1099.
But hold on, this includes utility companies, Home Depot,… Click Here for Full Video/Article (Members Only)

Landlords are beginning to act more like airlines—using supply and demand to make quick adjustments to rent prices.

Long an old-fashioned bunch known for thick bundles of leasing agreements, some landlords are now using sophisticated computerized models to monitor competition, upcoming vacancies and seasonal patterns to determine optimal rent. While it’s not quite the blink-and-you’ll-miss-it tactics of airlines, rents can change quickly, sometimes day to day.

For landlords, it is about “being able to react quicker, changing your Click Here for Full Video/Article (Members Only)

The Power of Rent Talk

Rent Talk System and DVD is an absolute must for every investor and landlord. This is your New Tenant Welcome and Orientation Video. It Works!

 

 

What Is A Land Trust, a 5Minute Land Trust?

 

Get More Information and Your Own 5M Land Trust

www.5mLandTrusts.com


Tips for Goal Setting, Monitoring, and Measuring For Results

This is an ODV PREVIEW

Members can view full On Demand Video by clicking link below

Click Here for Full Video/Article (Members Only)

Bank executives who were hoping for a quiet end to this fall’s controversy over irregularities in the foreclosure process are facing a new threat: state judges. 
 
The chief justice of New Jersey’s Supreme Court, Stuart Rabner, announced Monday that the state’s courts would stop foreclosures by big banks if they cannot show they’re following state law when foreclosing. 
 
Rabner made the announcement after assigning a judge to oversee foreclosure matters. That judge, Mary C. Jacobson, issued an order Monday requiring six banks – Ally Financial, Bank of America, J.P. Morgan Chase, Wells Fargo, OneWest Bank and Citigroup – to appear in court and explain why she shouldn’t suspend foreclosures. 
 
The New Jersey action stems from the controversy over questions surfaced over the legality of documents submitted to courts in foreclosure proceedings. 
 
"Today’s actions are intended to provide greater confidence that the tens of thousands of residential foreclosure proceedings underway in New Jersey are based on reliable information," Rabner said in a statement. "Nearly 95 percent of those cases are uncontested, despite evidence of flaws in the foreclosure process." 
 
The six banks must by Jan. 19 show the court why it should not suspend foreclosures. The order said the banks were chosen "based on a public record of questionable practice." 
 
Only one bank would comment on Monday. Mark Rodgers of Citigroup said the bank would review the judge’s order and ensure that it is in compliance. 
 
Banks are expected to argue that problems in the foreclosure process have been minor and the vast majority of those facing foreclosure lost their homes because they didn’t pay their mortgages for many months. 
 
They’re also likely to say that a protracted freeze in foreclosures could have a negative effect since it would keep those vacant homes out of the market. 
 
But homeowner advocates and others will likely argue that banks’ problems with following the letter of the law in foreclosure proceedings reflect a range of harmful practices that have hurt borrowers trying to avoid foreclosures. 
 
 
By Zachary A. Goldfarb 
For more: http://wapo.st/gxhd7G

STRUGGLING homeowners can sometimes benefit from hiring a lawyer to try to modify a mortgage or avert foreclosure, but avoiding scam artists and sketchy practices requires vigilance.

 
Carefully vetting lawyers to weed out the good from the bad can mean the difference between saving tens of thousands of dollars in fees and actually having a loan modified — and being out the cash, with your home in foreclosure and a radioactive credit score.
 
“It’s difficult for consumers to differentiate between the bad actors and the ones who can help, because they’re so inundated with scams these days,” said William Mackin, a bankruptcy lawyer in Woodbury, N.J.
 
So what are some of the potential red flags?
 
According to PreventLoanScams.org, a new online site operated by the nonprofit Lawyers’ Committee for Civil Rights Under Law, homeowners should be cautious about: any guarantees that a loan will be modified, since not all can be; requests for an upfront fee or that the property title be signed over to a third party; and offers to redirect the monthly mortgage payments to a third party who will forward them to the lender or mortgage servicer.
 
“My best advice is, be wary of the too-good-to-be-true remedies,” Mr. Mackin said.
 
Brian E. Sullivan, a spokesman for the Department of Housing and Urban Development, says homeowners may want to contact a HUD-approved housing counseling agency before hiring a lawyer. A list of nonprofit counselors — some of which offer free loan-modification services, and others that refer clients to outside loan-modification lawyers — can be found on HUD’s Web site.
 
One benefit of using lawyers is that they typically know the ins and outs of the welter of government homeowner-assistance programs. Those homeowners who decide to hire one should contact their local bar association to ensure they find “an ethical law firm” that does loan modifications, said Thomas Martin, president of America’s Watchdog, a nonprofit consumer advocacy group.
 
Lawyers typically charge $1,500 to $2,000, and up, for a loan modification. But they might be reluctant to accept clients who have lost their jobs and have no other outside income, as arguing with the bank or servicer in that situation can be pointless.
 
A lawyer will typically ask for
– your last two federal income tax returns,
– two most recent W-2 forms,
– six months’ worth of pay stubs,
– evidence of other income
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