Daniel Reynolds's Discussions

Who was your lender?Did they try and help you?Did you attempt a loan modification?

There are several ways to calculate this. The recommended way without having to call a Loan Officer is to take the highest payment you feel comfortable with and subtract about 150.00 for taxes and insurance. So 1400 payment per month minus 150 taxes and insurance would be 1250 Pi payment. Then take that amount x 175= 220k. Which based on 30 years 5.1% APR is your overall purchase buying power?This is one method. Please feel free to share any other methods. 

http://www.cnbc.com/id/30068875Top federal and state officials on Monday announced a broad crackdown on mortgage modification scams, accusing "criminal actors" of preying on desperate borrowers caught up in the nation's housing crisis.Government officials say scammers are seeking to take advantage of borrowers in danger of default by charging them upfront fees of $1,000 to $3,000 for help with loan modifications that rarely, if ever, pay off.The frauds often involve companies with official-sounding names designed to make borrowers think they are using the Obama administration's efforts to help modify or refinance 7 million to 9 million mortgages.Officials say such operations almost always are fraudulent, and that help is available for free from government-approved housing counselors.http://www.cnbc.com/id/30068875

overnment officials say scammers are seeking to take advantage of borrowers in danger of default by charging them upfront fees of $1,000 to $3,000 for help with loan modifications that rarely, if ever, pay off.The frauds often involve companies with official-sounding names designed to make borrowers think they are using the Obama administration's efforts to help modify or refinance 7 million to 9 million mortgages.Officials say such operations almost always are fraudulent, and that help is available for free from government-approved housing counselors."These predatory scams callously rob Americans of their savings and potentially their homes," Treasury Secretary Timothy Geithner said. "We will shut down fraudulent companies more quickly than before. We will target companies that otherwise would have gone unnoticed under the radar."http://www.cnbc.com/id/30068875

The frauds often involve companies with official-sounding names designed to make borrowers think they are using the Obama administration's efforts to help modify or refinance 7 million to 9 million mortgages.Officials say such operations almost always are fraudulent, and that help is available for free from government-approved housing counselors."These predatory scams callously rob Americans of their savings and potentially their homes," Treasury Secretary Timothy Geithner said. "We will shut down fraudulent companies more quickly than before. We will target companies that otherwise would have gone unnoticed under the radar."The Federal Trade Commission has sent warning letters to 71 companies it says were running suspicious advertisements.http://www.cnbc.com/id/30068875

I have seen so many properties that should have been reduced in price several thousand dollars. Have you been showing properties and find the list price is no where near the actual value?

Request a short sale packet from the bank. Complete it, send it in and hope your lender is not Saxon Mortgage. (They can take six months for a response). After that, you'll have three years from the date of short sale or foreclosure to borrower money (FHA) again. Or you can visit our website and look for seller carryback homes. Seller Carrybacks are the fastest way to home ownership with damaged Credit. 

I've been working mainly lower income housing. Prices around 20k in Phoenix. I have many investors interested in these homes. They're cash only properties, which if that tells you anything, they need work. Most stil have their AC units and only need new carpet and possibly a new kitchen. I recently was able to get a duplex contracted for 10k..no joke. I would try and stay away from properties that costs you over 30k. Just for the cash flow fact. If you can buy 3 properties around this price for the price of one nice looking homes which is better? 3 homes x 500 per month rent = 1500. One home for 90k rent = 900 at best. You'll have 600 per month cash flow. Now that's a smart investment. Even better, let's say 3 of these properties appreciated 100% to 60k. That's 90k in appreciation. The most a 90k could appreciate anytime soon would be 140k. Difference of 40k. All the numbers point to lower income housing. Banks are giving these homes away. The proof is in the numbers. 

If you are obtaining financing then your lender will not allow you to close on the property if it's upside down. The builder will want the property sold, I assure you. You can always request to renegotiate the contract. Try contacting your buyers agent and have him represent your best interest. That is what you hired him for. 

Have you chose a Realtor Yet?