Entries from Searchlight Crusade tagged with 'prevention'

My Thirty Second Public Service Announcement On Mortgage Loans (UPDATED)

I usually write medium-long articles, I try to write articles you can read in a few minutes, on break or lunch, but sometimes that's just not compatible with giving the readers an understanding of the subject. Part of that is...

Selling to Avoid Foreclosure in a Buyer's Market

Found this on a public forum I need help to stop foreclosure on my home. I need to sell quickly? I am a couple months behind on my payments and want to sell now. I am not looking to make...

The Difference Between Note Rate (APY) and APR

I am continually horrified how many people shop their loans by APR, just as I am by people shopping their loan based upon payment. Why? Because in either case, you're setting yourself up to spend a lot of money in...

Finding Bargain Real Estate: Work With the Buyer's Agent Who Actually Finds The Bargain!

Several times a month I get calls and emails. Sometimes, it's even people stopping in. "I've heard you're good at finding bargains." Well, yes I am. "Please tell me the addresses of some bargains so I can drive by."...

Real Estate and the Four Levels of Competence

People who talk about learning skills tend to discuss a model for learning called the conscious competence learning model. It starts with unconscious incompetence. You not only don't know how to do something, you don't realize that it is...

Avoiding Mortgage Prepayment Penalties by Partial Payment

I enjoy your blog very much and figured you would be a good person to ask this prepayment penalty question to. Is there a prepayment penalty if you dont pay down the whole amount? For instance, say I owe 620k...

The HUD-1 Form

I have mentioned this form several times in the past as the only form in the entire real estate loan process which is actually required to be accurate. Department of Housing and Urban development form 1, the so-called HUD 1...

Changing Rates and Streamline Refinancing - Reasons to Love Zero Cost Loans and Hybrid ARMs

(NOTE: AT this update, laws exist enacted in the latter part of the 2009-10 congressional session that essentially make it impossible to legally call zero cost and low cost loans what they are by requiring loan providers to count...

From How Much You Make to A Payment and Price You Can Afford

I'm clueless about how home loans work. Is there any way to figure out how much I can afford to spend per month on a home. If I were to get a home for $(figure) how much would that...

Real Estate Liquidation Auctions

Liquidation auctions were a big thing for a while there. They were just advertising one on all the stations around here. The other agents in my office asked if I was going, and I told them, "There will be...

Fixing A Bad Mortgage Sale

i was sold a bad home mortgage who do you talk to That was a search I got the other day. The answer depends upon where you are in the process. If you've just applied, not yet signed the...

Lenders Holding Your Money Hostage

My lender told me that there is an application fee? He said an application fee of $250 and then we'll need the appraisal fee and of course we'll need an inspection. Does all this sound legit, is there always...

The Self-Fulfilling Prophecy of Lender Fear

Most people, particularly first time buyers, want 100% financing or as close as they can get. Actually, most first time buyers don't have a down payment and couldn't put a significant down payment (5% or more) if they had...

What to look for at Loan Closing

I've said upon more than one occasion that the factors at closing are all in the loan provider's favor. Unless they signed up for multiple loans, the typical consumer has no leverage to get the loan provider to play it...

Differences Between Loans Look Smaller Than They Are

One of the things I keep getting told by people is that my loans are the same as everybody else's. When I originally wrote this, I had quoted a 5.625% with no points, and got told, "That's the same rate...

In Order To Deal With Looming Foreclosure, You Must Get Out of Denial

A while ago, I got a call from a hard money lender, asking what I could to to "rescue" one of his clients by refinancing. He was being about as altruistic as a drowning man. What he really wanted...

Buyer's Agency, Due Diligence, and the Illusion of Comity

Somebody sent me this story via e-mail: Feeling Misled on Home Price, Buyers Sue Agent Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing...

How Can Buyers Get the Lowest Possible Price on the Best Possible Property?

The first piece of advice I have for buyers who want to get a fantastic bargain is to find a good buyer's agent. Nothing else will make as much difference as a good buyer's agent who is dedicated to...

Why You Shouldn't Have All Your Money In Real Estate

Is there any problems with having all your money in only real estate? That was a question I saw. The answer is YES there are problems! 1) No diversification. The real estate market tanks and you are hosed. The...

How to Sell Your Home Quickly and For The Best Possible Price

There's really nothing mysterious about this. There are some subsidiary tricks and issues, but the most important thing is obvious. The economic games theory is crystal clear, as is the research into what really happens. But most people don't like...