http://www.bloomberg.com/news/2010-10-08/bank-of-america-extends-freeze-on-foreclosures-to-all-50-states.html

This is incredible.  I sense another bailout request rearing its ugly head due to this situation they have put themselves in.
It seems to me the only banks that aren’t worried about this potentially illegal or fraudulent foreclosure filings are the smaller community banks… you know, the one’s that don’t have any of our TARP money and are WAY more likely to be shut down by the bank regulators.  This is just one more reason we should not be propping up the “Too Big To Fail” banks.  They have no clue what is going on in their own organization.  How could any outside regulator possibly understand the complexities in these giant banks.  I think they are all wrought with fraud and illegal procedures that the public may never hear about.  I say “Bring them back down to a sensible size.”

We should be promoting more community banks, not less of them.

I recently wrote an article about this very topic right here on my blog.

The only reason the smaller banks are getting shut down every Friday is because no one helped them out with TARP money.  If they were able to get access to some “FREE” money just like BAC, PNC, ALLY/GMAC, and 5/3rd. etc., we wouldn’t already have 129 failed banking institutions in 2010.

Go read the article on Bank Of America halting their foreclosures and then leave a comment below or click here if you don’t see the “Comments” section and then scroll to the bottom of the page.

Technorati Tags: Bank negotiation, Bank of America, Foreclosure, Foreclosure prevention

A total of seven (7) banks were closed on Friday, March 19th.

That’s the highest number since November 3, 2009 when twelve (12) banks were closed on the same day.  Go look at the FDIC website and find their “Failed Bank List” if you want to research further.

This is the list of banks this past Friday that were shutdown.

State Bank of Aurora, Aurora, MN
First Lowndes Bank, Fort Deposit, AL
Bank of Hiawassee, Hiawassee, GA
Appalachian Community Bank, Ellijay, GA
Advanta Bank Corp., Draper, UT
Century Security Bank, Duluth, GA
American National Bank, Parma, OH

What does this have to do with real estate investing, you should start dripping your marketing to these acquiring institutions to get on their short list of investors to buy the troubled assets in their acquired portfolios.  They will NOT want to hang onto all of those garbage mortgages.

Can you say Note Purchase?  They also may have REOs that they need to get rid of quickly.  Contact them and then keep contacting them.  They will absolutely try to blow you off for a few calls until they realize you are serious.  I don’t mean to call them several times a day.  Get on the radar by calling and leaving a message every few days until you get a response.

Find out who is in charge of REOs or special asset sales.  Those are the folks you want to speak with, not the teller at the front counter.  They do not know anything about the troubled assets.  When you find the name of the person in charge of special assets or REOs, send them a short personal letter to better identify yourself.  They will likely try to tell you that all of their sales go through real estate agents.  This may or may not be true.  If they want to sell a package of deals, those likely will not be sold through an agent.  You do have to play by their rules, but these people know much better how to deal with the assets than they will let on to you over the phone.

Are you tired of Super Hot Competitive niches in real estate investing?

Check out this video.

http://rapidreiresults.com/wordpress/real-estate-investing/unbelievable-real-estate-niche-30-appreciation-over-the-past-two-years/

Technorati Tags: Foreclosure, real estate investing

ECONOMIST’S COMMENTARY ON JOBLESS CLAIMS – CREDAA.

Technorati Tags: Foreclosure

Last year, we had a total of 140 banks close.
Are you a real estate investor or are you trying to figure out a way to get into real estate in these troubling times?

Despite what some people may be saying in the media, you can still make money in real estate. In fact, when times are their toughest is actually when you can do even better in any type of investment strategy. The reason for that is because all of the fearful investors that do not know any better are still running for the hills to take cover.

One of the greatest things you can do right now is to learn about short sales. In fact, if you want to get into real estate, you simply MUST know about short sales because you will run into potential short sale deals every day in bad economic times.

I would like to help you learn more about short sales.
If you are interested in learning what a short sale is and how you can profit from them while helping the troubled homeowner, put your name and e-mail address below. I will send you a few e-mails with more information to really get you up to speed on short sale investing or pre-foreclosure investing in real estate.

See you on the other side.

Technorati Tags: Foreclosure, real estate, real estate investing, short sale invest, short sale investing, short sales, Wholesaling Real Estate

You have found your perfect deal. Now you are looking for a government grant or program to help you out.

This all requires a great team. Who is on your side?

My most common response to many who ask the question is that make sure you have a lawyer and accountant who know more than you.

Don’t get into a position where you need to educate your vendors.

Having a quality lawyer can get your deal closed that much quicker, while having a quality accountant can make sure your finances are in order.

A few questions for your potential staff:

Are you familiar with Government Financing?
Have you closed any subsidized transactions?
Do you know anyone from the allocating agency?
At least 2 of the three questions should be “yes” and should help you to make an informed decision. You may also want to inquire about the program you are seeking as well.

Count it as a bonus question!

–

Sean Carpenter is the nation’s leading expert on Government Deal Funding for Real Estate Investors and Developers and has spent the last 12 years both consulting and getting funding for his own deals. I’ll be offering an encore webinar of a special interview with Sean coming up on Wednesday, February 24th at 9:00 PM EST, 6 PM PT where I’ll be asking him about what’s involved in getting funding for your deals courtesy of Uncle Sam.

Find out more and pre-register for the call by entering your name and e-mail address below:

______________________________
Material Connection Disclosure: If you click on a link on this website, you may be using an affiliate link. This means I may be compensated if you purchase something from the company on the other end of the link.

Disclaimer: This is not legal advice or even financial advice. The opinions and information here are written to entertain and inform you of my experiences from Real Estate Investing. I can’t possibly know your financial situation or whether you will have the ability, motivation or determination to put forth the effort that is required to put a system or idea in motion to profit from it.

Before embarking on any business venture, you should consult with your financial advisor, accountant, lawyer and other professionals to help you determine if it is a worthwhile venture and to discuss the risks. I make no claims about how much money YOU will make with any of the information shared here on this site or any other website or e-mail that I may send you.

As in ANY business, your results will vary based on your own knowledge, determination, motivation and financial resources available to you.
____________________________________

Technorati Tags: Foreclosure, funding solutions, government funding, investing education, Loan Mod, real estate investing, realestate, tax credit, Wholesale real estate

When you do, I will also send you a 100 Page E-book titled “Beginners Guide to Internet Marketing”. While it is not Real Estate Industry specific, it will give you a great overview of how to use the Internet to market your business.

It is geared more for someone that wants to start making money online, but the concepts translate very well to Real Estate or any business that is not getting enough traffic from their online efforts.

So, sign up below and I will rush that 100 Page E-Book over to you…It’s free, at least check it out.

Technorati Tags: Finding Buyers, Foreclosure, Foreclosure prevention, government funding, Hiring Contractors, Internet Marketing, investing, investing education, Marketing for Buyers, Marketing Properties, Online Marketing, private investors, private lenders, private money, Property Inspection, Property Values, real estate, real estate investing, Retirement Savings, Short Sale, short sale investing, short sales, shortsale, Virtual Investing, webinars, Wholesale real estate, Wholesaling Real Estate

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

The 90 day seasoning rule was instituted to try to keep “Illegal flips” from occuring. I have “illegal” in quotes because it is only illegal if someone is committing fraud by getting an appraiser to appraise the property for MUCH higher than the real value of the property.

This is totally illegal and I’m pretty sure you can be put in jail for that. Again, I’m not an attorney so don’t take my word for that.

However, the way most of these transactions are happening is this. An investor purchases a property either from a bank or from a homeowner in distress at a substantial discount because of the distressed situation.

Banks do NOT want to spend money to fix up foreclosed homes.

Homeowners that are having trouble making house payments do not want to make repairs either. They are struggling just to pay their bills.

Why would they continue to repair a home they are likely going to lose in foreclosure anyway?

So these properties NEED an investor buyer to step in and buy the home and rehab the home back to move-in ready condition.

Well, in these times of tight credit, it’s next to IMPOSSIBLE to get a decent rate on a long term loan for an investor. So, rather than holding the property as a rental, the investor fixes up the home using high interest loans.

The investor then turns around the property and finds an end buyer that wants to live there. Typically, the end buyer still gets a really good deal on now an updated home rather than a distressed property.

Well, when FHA decided to implement the 90 seasoning rule, that eliminated a TON of buyers, especially first time home buyers that typically rely on FHA programs to get in with low down payments.

They don’t typically have extra money to fix up a home.

So, I welcome this change for everyone involved. It is going to speed up the acquisition of these distressed properties because now the investor will have an easier time finding a buyer.

What do you think of this plan?
Leave some feedback below.

Technorati Tags: Bank negotiation, Build my IRA, Bulk Real Estate, Bulk REO, Cincinnati Real Estate, Determining Property Values, First Time Home Buyer Tax Credit, first time homebuyer, forbearance, Foreclosure, Foreclosure prevention, funding solutions, government funding, Hiring Contractors, Home prices, investing, investing education, lender Negotiation, preforeclosure, private investors, private lenders, private lending, private money, Property Inspection, Property Values, real estate financing, real estate investing, realestate, Retirement Savings, Short Sale, short sale invest, short sale investing, short sales, shortsale, tax credit, Virtual Investing, webinars, Wholesale real estate, Wholesaling Real Estate

If you are an investor, you can’t use these loans to purchase investment property, however, if you have a property you need to sell, this is a great way to open it up to more buyers.

Check with your local lender to find out if the home qualifies. It must be located in a “Rural” area as defined by the USDA.

There are several requirements that a buyer needs to meet including income limits and total debt limits, but this is a great program to help more people afford a home.

http://www.rurdev.usda.gov/rd/pubs/pa1501.pdf