Getting home loan? Get familiar with new 2010 mortgage regulations

HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. New RESPA regulations were published November 17, 2008 and are scheduled to take full effect on January 1, 2010. The "New RESPA Rule FAQs" were comprised from industry questions and are posted to facilitate implementation of these new requirements. MORE

Short Sale Supervisor Talks to a Real Estate Agent – Recorded Conversation

The Short Sales and Bank Fraud story continues to gain traction. After CNBC aired the story we brought them, dozens of other media outlets, bloggers and authorities have contacted me to discuss this topic.

Here is the story of how this fraud initially came to our attention, along with the evidence to back it up.

Last year, I was contacted by an experienced real estate agent in our network who negotiates many short sales. She had recorded a conversation between her and a supervisor in the loss-mitigation department at a major national lender, who she felt was trying to get her to do something illegal.

Here is the audio of that recording, along with the transcript. The names have been removed at the request of the agent to prevent backlash from the bank.
FULL STORY

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HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

HUD No. 10-011
Lemar Wooley
(202) 708-0685 FOR RELEASE
Friday
January 15, 2010

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties
WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization."

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

•All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
•In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
•The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website.

CLICK HERE FOR DETAILS

Questions to Reflect Upon For Sales Success in 2010

Questions to Reflect Upon For Sales Success in 2010

In his first TelE-Sales Tip for the New Year, Art Sobczak, the president of Business By Phone Inc., Omaha, Neb., gives his take on "How to Make 2010 Your Best Sales Year Ever." These are the similar tips to those he has given at the beginning of years past and they are worth the time for sales professionals to revisit them.

He declares "If you're serious about having your best year ever in 2010, today is the best time to start. I do suggest you take some time to sit down with these questions. Think about your answers. Challenge yourself. Write them down. Them go to work!

"It's quite simple: If you want to be better in 2010, you need to do more than simply want it. You need to make some changes. Start now."

Here are the questions Mr. Sobczak believes sales people need to examine at the beginning of the year to be successful in this (and any) year:

• What are you going to do to improve your industry and product knowledge in 2010?

• How many inactive customers will you revive and turn into regular customers again? What do you need to do to make that happen?

• What will you do to ensure you're protecting your best customers, and adding more value to the relationships? How will you sell even more to them?

• How many new customers will you bring on this year? How do you plan to do that, specifically?

• What will you do to improve your physical health in 2010?

• What, specifically, are your sales and production goals for 2010? How does that break down into quarterly and monthly goals?

• How much more money will you make in 2010? How will that happen? What will you need to do, today, to take the first steps in that direction?

• What will you need to do to increase that number by an additional 10%?

• What are you going to do every day to keep your attitude at a high level?

• How much time are you going to spend, daily, to improve your own sales skills? What will you do?

• How many referrals did you get in 2009? How will you get them? From whom? What will you do to turn them into sales?

• In which areas will you improve your personal, family and spiritual life?

• How are you going to maximize the use of your time? Where will you cut out the time-wasters in each day?

• What have you been putting off that you will take care of within the next two weeks?

• Who can you help to feel special every day?

• What challenge, wish or desire--that you've never attempted before--will you finally achieve in 2010? How will you do that? Why?

• Where are you going to write all of this down so you can review and revise your plans regularly?

• What will it look like when you accomplish everything you've just been thinking about?

• How good will it feel?

• What will it sound like when you achieve these things?

• Why couldn't you do all of this?

"Any answer to that last one is not a reason, but rather a self-imposed limitation, excuse, or lack of desire or effort. The biggest deterrent to success looks us in the mirror every day," Mr. Sobczak said.

For more info about Mr. Sobczak, go to http://businessbyphone.com.

 

CAMILO MORENO

Purchase Money Specialist

Great western Bancorp Inc.

6033 W. Century Blvd # 700

Los Angeles CA 90045

310 216 1700 ext 116

310 216 1750 Fax

www.gwbmortgage.com

 

 

 

 

 

The Truth About the Health Care Bills - Michael Connelly, Ret. Constitutional Attorney

Well, I have done it! I have read the entire text of proposed House Bill
3200: The Affordable Health Care Choices Act of 2009. I studied it with
particular emphasis from my area of expertise, constitutional law. I was
frankly concerned that parts of the proposed law that were being discussed
might be unconstitutional. What I found was far worse than what I had heard
or expected.

To begin with, much of what has been said about the law and its implications
is in fact true, despite what the Democrats and the media are saying. The
law does provide for rationing of health care, particularly where senior
citizens and other classes of citizens are involved, free health care for
illegal immigrants, free abortion services, and probably forced
participation in abortions by members of the medical profession.

The Bill will also eventually force private insurance companies out of
business, and put everyone into a government run system. All decisions
about personal health care will ultimately be made by federal bureaucrats,
and most of them will not be health care professionals. Hospital
admissions, payments to physicians, and allocations of necessary medical
devices will be strictly controlled by the government.

However, as scary as all of that is, it just scratches the surface. In
fact, I have concluded that this legislation really has no intention of
providing affordable health care choices. Instead it is a convenient cover
for the most massive transfer of power to the Executive Branch of government
that has ever occurred, or even been contemplated If this law or a similar
one is adopted, major portions of the Constitution of the United States will
effectively have been destroyed.

The first thing to go will be the masterfully crafted balance of power
between the Executive, Legislative, and Judicial branches of the U.S.
Government. The Congress will be transferring to the Obama Administration
authority in a number of different areas over the lives of the American
people, and the businesses they own.

The irony is that the Congress doesn't have any authority to legislate in
most of those areas to begin with! I defy anyone to read the text of the
U.S. Constitution and find any authority granted to the members of Congress
to regulate health care.

This legislation also provides for access, by the appointees of the Obama
administration, of all of your personal healthcare direct violation of the
specific provisions of the 4th Amendment to the Constitution information,
your personal financial information, and the information of your employer,
physician, and hospital. All of this is a protecting against unreasonable
searches and seizures. You can also forget about the right to privacy.
That will have been legislated into oblivion regardless of what the 3rd and
4th Amendments may provide.

If you decide not to have healthcare insurance, or if you have private
insurance that is not deemed acceptable to the Health Choices Administrator
appointed by Obama, there will be a tax imposed on you. It is called a tax
instead of a fine because of the intent to avoid application of the due
process clause of the 5th Amendment. However, that doesn't work because
since there is nothing in the law that allows you to contest or appeal the
imposition of the tax, it is definitely depriving someone of property
without the due process of law..

So, there are three of those pesky amendments that the far left hate so
much, out the original ten in the Bill of Rights, that are effectively
nullified by this law It doesn't stop there though.

The 9th Amendment that provides: The enumeration in the Constitution, of
certain rights, shall not be construed to deny or disparage others retained
by the people;

The 10th Amendment states: The powers not delegated to the United States by
the Constitution, nor prohibited by it to the States, are preserved to the
States respectively, or to the people. Under the provisions of this piece
of Congressional handiwork neither the people nor the states are going to
have any rights or powers at all in many areas that once were theirs to
control.

I could write many more pages about this legislation, but I think you get
the idea.. This is not about health care; it is about seizing power and
limiting rights. Article 6 of the Constitution requires the members of both
houses of Congress to "be bound by oath or affirmation to support the
Constitution." If I was a member of Congress I would not be able to vote for
this legislation or anything like it, without feeling I was violating that
sacred oath or affirmation. If I voted for it anyway, I would hope the
American people would hold me accountable.

For those who might doubt the nature of this threat, I suggest they consult
the source, the US Constitution, and Bill of Rights. There you can see
exactly what we are about to have taken from us.

Michael Connelly
Retired attorney,
Constitutional Law Instructor
Carrollton , Texas




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