Ron Beyer - Non-realtor@,Real Estate Probate, Living Trusts

Thursday, February 3, 2011

Introduction... what I do

Preparing the Way Ministries

Personnel- Relationships (all)

· Debt options

· Relationship options

· Estate options

1. End of life issues

2. Avoiding Probate

3. Senior Issues

Business –Relationships-

· Starting, expanding, closing, asking Q’s

· Grants and Funding options

· Real Estate “How to Questions” What are your options

Vision- Mission statement:

1 Cor: 13 FAITH, HOPE AND LOVE

Eph 3:20 God Will do Exceeding and Abundantly more…

John 14:26 The comforter , the Teacher, The Power within

Pet Peeve: FEAR, GUILT AND INTIMIDATION

Tuesday, August 10, 2010

5 Ways to Postpone a Trustee's Auction

How to Postpone a Trustee's Auction

5 Ways to Postpone a Trustee's Auction

By Elizabeth Weintraub, About.com Guide

.See More About:foreclosureshort salemortgage financingreal estate agents

To postpone an auction might only delay the inevitable if you can't reach a permanent solution with the bank.

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To postpone an auction, which in real estate is generally referred to as a trustee's auction or trustee's sale date, the borrower must first be in default. Going into default means the borrower is not making mortgage payments. Borrowers who stop making mortgage payments will sooner or later cause the bank to foreclose. Now, how that foreclosure is handled depends on state law. More than half of the states in the United States are trust deed states, and foreclosures in trust deed states are handled by the trustee.

Bear in mind that Fannie Mae short sales that are in default are handled differently. Fannie Mae and Freddie Mac do not ordinarily postpone trustee's auctions.

Prior to Postponing the Auction

After a borrower stops making the mortgage payments, the lender notifies the trustee to initiate foreclosure proceedings. The trustee is a third party to the trust deed, a position some call "holding naked title."

Although there is no required time period prior to filing a Notice of Default, most lenders prefer to try to collect during the first 60 to 90 days that a borrower falls into arrears, rather than jump into foreclosure proceedings. Some states such as California require the lender to give the borrower at least 30 days' notice before filing a Notice of Default.

Once the Notice of Default is filed, a borrower has about 90 days to reinstate the loan by making up the back payments and paying late charges, which include the trustee's fees.

5 Ways to Postpone a Trustee's Auction

•Redeem the mortgage.

There is a difference between reinstating a mortgage and redeeming a mortgage but you will often hear the words used interchangeably, which is wrong. To redeem a mortgage is to pay off the mortgage; to reinstate, a mortgage is brought current. During the final days of a non-judicial foreclosure process, a lender is not required to accept a reinstatement but must allow a redemption.

•Apply for a loan modification.

Lenders are also not required to postpone an auction in exchange for a loan modification, but most banks will try to work out a temporary repayment schedule. This does not mean the bank will not send the home to auction, so be careful. Borrowers may want to ask the bank for a written promise not to move forward with the auction.

Some banks are sneaky. These banks will grant a temporary loan modification and, after 3 to 6 months, tell the borrower they are filing foreclosure because the borrower does not qualify for a permanent loan modification. They say thanks for the partial payments and file a Notice of Default.

•File for Bankruptcy

A bankruptcy filing does not permanently stop an auction but it could postpone the auction for a while. When a debtor files for bankruptcy, the court issues an order known as an Automatic Stay that stops attempts from creditors to collect money, which includes postponing an auction. It's like telling a trained dog to sit and stay. But the lender can then file a motion to lift the Automatic Stay, especially if the Notice of Default was already filed.

•File a Temporary Restraining Order

Most people associate a temporary restraining order with domestic abuse, but petitioning the court for protection from abuse can also include a request to postpone an auction. Borrowers will need to hire a lawyer to file a temporary restraining order, and that lawyer might need to find a reason based on fraud or some type of wrong doing on the lender's part. Even if the lawyer is successful and wins the argument, the restraining order is not permanent.

•Attempt to Do a Short Sale

Telling a lender that the borrower is attempting to do a short sale is generally not enough. The borrower must submit an offer to the bank from a qualified buyer. The real estate agent or lawyer handling the negotiation for the borrower then calls the bank's negotiator and requests a postponement of the auction. Often, banks will not consider a request for postponement until the auction is a few days away. It's as though the bank like to make borrowers sit on pins and needles, wondering if the auction will be postponed.

Monday, August 2, 2010

Like the pro's...ACQUISITION INSPECTION FORM

ACQUISITION INSPECTION FORM

EXTERIOR

Land Grading Satisfactory___ Low Spots___ Needs Re-grading___ Landscaping Good___ Fair___ Poor___ Privacy Good___ Fair___ Poor___

Driveway Good___ Fair___ Poor___ Walkways Good___ Fair___ Poor___ Garage Good___ Fair___ Poor__ Attached__ Detached __ No. Cars__

Decks Good___ Fair___ Poor___ Patios Good___ Fair___ Poor___ Replace___ Porches Good___ Fair___ Poor___ Replace___

Screen Good__ Fair__ Poor___ Retaining Walls Good___ Fair___ Poor___ Replace___ Roof (Type) Asphalt Shingle___ Slate___ Tile___ Cedar___ Tar/Gravel ___Other___ Roof (Condition) Good___ Fair___ Poor___ Sags___ Replace___ # of Sq. ______ Roof Leaders & Gutters Good___ Fair___ Poor___ Replace___ Chimney Good___ Fair___ Poor___ Not Plumb___ Replace___ Exterior Facades (Type) Wood Siding___ Aluminum Siding___ Vinyl Siding___ Stucco___ Stone___ Brick___ Wood Shingles___ Asbestos Cement Shingles___ Exterior Facades (Condition) Good___ Fair___ Poor___ Bulges___ Replace___ Exterior Trim Good___ Fair___ Poor___ Warped___ Replace___ Windows (Type) Single Glazed___ Double Glazed___ Single Hung___ Louver___ Windows (Condition) Good___ Fair___ Poor___ Replace___ # to Replace ___ Exterior Doors Good___ Fair___ Poor___ Replace__ # to Replace___ Additional Appoint/Amenities___________________________________________

Comments ___________________________________________________________________________________________________________

INTERIOR

Ceilings (Type) Sheetrock___ Plaster___ Paneling___ Acoustic___ Tiles___ Tin ___ Ceilings (Condition) Good___ Fair___ Poor___

Evidence of Water Damage___ Cracks___ Peeling Paint___ Needs Repainting___ Needs Repair__ Acoustic Patch __ Walls (Type) Sheetrock___ Plaster___ Paneling___ Wallpaper___ Needs Repair___ Walls (Condition) Good___ Fair___ Poor___ Cracks___ Peeling Paint___

Needs Repainting___ Needs Removal of Wallpaper___ Needs Repair___ Sq. Ft ___ Needs Removal of Paneling___ Evidence of Water Damage____ Floors (Type) Hardwood___ Ceramic Tile___ Marble___ Vinyl___ Carpet___ Slate___ Terrazzo___ Stone ___ Cement ___ Other_______________

Floors (Condition) Good___ Fair___ Poor___ Squeaks___ Un-level___ Warped___ Closets Adequate___ Inadequate___ Hi-Low__ Shoe Rack__ Bins__ Cal Closet___ Window Treatments Included___ Not Included___ Good___ Fair___ Poor___ Built In Furniture Included___ Not Included___ Good___ Fair___ Poor___ Ceiling Fixtures Included___ Not Included___ Good___ Fair___ Poor___ Doors Good___ Fair___ Poor___ Needs New Doors___ # of Doors___ Source Of Heat In Each Room Yes___ No___ Source Of Air Conditioning in Each Room Yes___ No___

Additional Appoint/Amenities____________________________________________________________________________________________

Comments __________________________________________________________________________________________________________

KITCHEN

General Condition Good___ Fair___ Poor___ Needs Remodeling ___ Appliances Good___ Fair___ Poor___ Replace___ Exclusions Fridge___ Dish___ Cabinets & Counters Adequate___ Good___ Fair___ Poor___ Replace___ Pantry Space Good___ Fair___ Poor___ Replace___ Eat In Kitchen ___ Comments _________________________________________________________________________________________________

BATHROOMS

Number Full___ Half___ Condition Good___ Fair___ Poor___ Remodel ___ Fixtures Good___ Fair___ Poor___ Faucets Good___ Fair__ Poor__

Cabinets Good___ Fair___ Poor___ Jacuzzi___ Steam Shower___ Wall Tile Good___ Fair___ Poor___ Repair ___ Replace___ # of Sq. Ft.___

Fiberglass Enclosures Good___ Fair___ Poor___ Re-tile___ Replace____ Comments ________________________________________________

LAUNDRY

Condition Good___ Fair___ Poor___ Washer/Dry_____ Exclusions_____ Comments________________________________________________

ATTIC

Type Walk-up___ Access Via Hatch___ Room For Storage___ Insulation Adequate___ Inadequate___ Blown___ Fiber Roll___ R Factor___

Ventilation Adequate___ Inadequate___ Skylights___ Skylight Leaks___ Evidence Of Past Water Intrusion No___ Yes (Location)_____________

Truss Structure Good___ Fair___ Poor___ Cracked Structure___ Sags___ Comments ________________________________________________

BASEMENT

Type Full___ Partial___ Crawl___ Room for Storage___ Foundation Walls Good___ Fair___ Poor___ Cracks___ Bulges___

Basement Structure Good___ Fair___ Poor___ Cracked Structure___ Water/Insect Damage___ Sags___ Wood Rot___ Sweating___ Mold___

Evidence Of Past Water Intrusion No___ Yes (Location)_____________ Sump Pump___ Dehumidifier___ Standing Water___ Smells___ Damp___

Comments ___________________________________________________________________________________________________________

ELECTRICAL SYSTEM

Service To House Overhead___ Underground___ Amperage 30___ 60___ 100___ 125___ 150___ 200___ Voltage 110___ 110/220___

Service Panel Circuit Breakers___ Fuses___ Electrical Outlets Adequate___ In-adequate___ Rewiring Needed___ Lighting Good___ Fair___ Poor___ Exclusions ________________________ Comments __________________________________________________________________

PLUMBING SYSTEM

Source Of Water Municipal___ Community___ Private Well___ Private Well Pump, Pressure Tank Good___ Fair___ Poor___ Replace___

Water Pressure Adequate___ Inadequate___ Domestic Hot Water Source Separate Tank___ Oil Fired___ Gas Fired___ Electric___ Integral with Space Heating System___ Water Pipes Copper___ Brass___ Steel___ Lead___ Plastic___ Water Pipe Condition Good___ Fair___ Poor___

Leaks___ Replace___ Drainage, Waste, Vent Pipes Copper___ Cast Iron___ Steel___ Plastic___ Drainage, Waste, Vent Pipe Condition Good___ Fair___ Poor___ Replace___ Sanitary Waste Disposal Municipal___ Community___ Private___ Comments _____________________________

HEATING/AC SYSTEM

System Type Steam___ Warm Air___ Hot Water___ Hydro-aired___ Heat Pump___ Electric Resistance Heaters___ Boiler___ Radiant___

System Fuel Oil___ Natural Gas___ Propane Gas___ Electric___ System Condition Good___ Fair___ Poor___ Aged___ Replace___

Oil Tank Visible___ Buried___ A/C Central___ Window/Wall___ None___ HVAC Systems/Zones 1___ 2___ 3___ 4___ 5___ 6___ Other_______

A/C Handler___ Good___ Fair___ Poor___ Replace___ Piping/Duct Condition Good___ Fair___ Poor___ Leaks___ Replace___

Ducts Good___ Fair___ Poor___ A/C Condenser Good___ Fair___ Poor___ A/C Central___ Window/Wall___ Duct Condition Good___

Fair___ Poor___ Evidence Of Asbestos Insulation on Pipes/Ducts Yes___ No___ Heating Source Radiators___ Heating Baseboards___

Heating Registers___ Fireplaces Masonry___ Prefab___ Good___ Fair___ Poor___ Replace___ Comments _______________________________

Comments ___________________________________________________________________________________________________________

Find market value like the professionals

ACQUISITION WORKSHEET

Deal Information

Locator Name____________________________________ Member Number ___________ Phone__________________

Mobile ___________________ Fax___________________ Email ___________________________________________

Subject Property Address_______________________________________________ City ________________ St_____

Subdivision____________________________________ Zip___________ County_____________________________

Owner’s Asking Price $____________ Offer Price/Bid $___________ Tax Assessed Price $__________ Tax Year _______

Is subject property listed with an agent? ___ No ___Yes Do you have the subject property under contract? ___ No ___Yes

Listed Price$__________ D.O.M. (days on market) ________ Fair Market Value (based on below comps) $_____________ Percentage Under Fair Market Value (after subtracting repair/rehab costs listed at the bottom of this page) __________%

Is this property an REO (bank/lender owned)? ___ No ___Yes (REO properties must be a minimum 40% below FMV)

Deal Type (check one)

___ Assignment of Contract - Associate % of Contract Price __________%

___ Joint Venture - Associate % of Net Profit __________%

Contract Expiration Date: ______________ Rehab Type: (check one) Light-Rehab____ Rehab-Plus____ Full Rehab____

Comments: ______________________________________________________________________________________

Subject Property Information

Bedrooms______ Bathrooms ______ Sq. Ft. Under Air/Heat __________ Total Sq. Ft. __________ Year Built _________

Garage? ___ No ___Yes # of Cars - ______ Pool? ___ No ___Yes Basement? ___ No ___Yes Finished? ___ No ___Yes

House Style _______________________ Lot Size (in acres) ____________ Lot Type _____________________________

Special Amenities _________________________________________________________________________________

Comparable Properties Information (minimum of 3 sold comparables are required)

1.) Sold Comparable Address______________________________St_____ Zip___________ County_______________

Bedrooms______ Bathrooms ______ Sq. Ft. Under Air/Heat __________ Total Sq. Ft. __________ Year Built _________

House Style ______________ Lot Size (in acres) _______ Lot Type _____________ Subdivision___________________

Distance from Subject Property (in miles)________________ Condition_______________________________________

Special Amenities _________________________________________________________________________________

Listed Price $____________ Sold Price $____________ Sold Date ____________ D.O.M. (days on the market) ________

2.) Sold Comparable Address______________________________St_____ Zip___________ County_______________

Bedrooms______ Bathrooms ______ Sq. Ft. Under Air/Heat __________ Total Sq. Ft. __________ Year Built _________

House Style ______________ Lot Size (in acres) _______ Lot Type _____________ Subdivision___________________

Distance from Subject Property (in miles)________________ Condition_______________________________________

Special Amenities _________________________________________________________________________________

Listed Price $____________ Sold Price $____________ Sold Date ____________ D.O.M. (days on the market) ________

3.) Sold Comparable Address______________________________St_____ Zip___________ County_______________

Bedrooms______ Bathrooms ______ Sq. Ft. Under Air/Heat __________ Total Sq. Ft. __________ Year Built _________

House Style ______________ Lot Size (in acres) _______ Lot Type _____________ Subdivision___________________

Distance from Subject Property (in miles)________________ Condition_______________________________________

Special Amenities _________________________________________________________________________________

Listed Price $____________ Sold Price $____________ Sold Date ____________ D.O.M. (days on the market) ________

4.) Sold Comparable Address______________________________St_____ Zip___________ County_______________

Bedrooms______ Bathrooms ______ Sq. Ft. Under Air/Heat __________ Total Sq. Ft. __________ Year Built _________

House Style ______________ Lot Size (in acres) _______ Lot Type _____________ Subdivision___________________

Distance from Subject Property (in miles)________________ Condition_______________________________________

Special Amenities _________________________________________________________________________________

Listed Price $____________ Sold Price $____________ Sold Date ____________ D.O.M. (days on the market) ________

Due Diligence Items Available Check available items (these items are not required).

[ ] Receipts for Repairs [ ] Insurance [ ] Existing Loan Documents [ ] Existing Liens [ ] Second Mortgage(s) [ ] Copy of Deed(s) [ ] Survey(s) [ ] Lease(s) [ ] Service Contracts [ ] Copies of Appraisals

[ ] Utility Bills [ ] Property Taxes [ ] Bank Statements

Repair Cost/Rehab Cost

Repair Estimate/Bid Total $________________ Is a detailed repair estimate available in writing? ___ No ___Yes

Labor $ ___________ Materials $___________

Sunday, July 19, 2009

Foreclosure Time line

Foreclosure Process for Dummies

A basic understanding of the foreclosure process is critical in figuring out exactly how much time you have to do whatever it is you plan to do when facing foreclosure.
The foreclosure process varies in every state and it's imperative that homeowners understand this process. One this is for sure, time is NOT on your side. But, an educated consumer is always an informed consumer who can make a "good" decision based on facts. Learn everything you can because this will affect you in every which way and it is something that should not be taken lightly.

Day 1 - Borrower misses first payment by a day. No penalties assessed at this timeDay 16-30 - A late charge is assessed to the borrower's payment.The lender or mortgage servicer will attempt to make contact with the borrower for an explanation.
On day 16, however, a late fee is assessed. At this point there are no ramifications beyond that late fee and maybe a "friendly reminder" call from the lender's customer service department. The late payment probably won't even show up on the borrower's credit report. On Day 30 that changes. At that point the borrower is in default and things quickly turn serious and the foreclosure process speeds up.

Day 45-60 - The servicer sends "demand" or "breach" letter to the borrower stating the mortgage terms that have been. The borrower is given only 30 days to resolve the delinquent amount.
During these few months of the foreclosure process, the servicer will offer the borrower two primary options to cure the mortgage -- a repayment plan and a loan modification. With a repayment plan, the company agrees to tack, say, half the amount of the first missed payment onto each of the next subsequent two payments. These plans provide some breathing room for borrowers with short-term financial problems, such as expensive car repairs that make it too difficult to pay the mortgage for one month.

Day 90-105 -The servicer refers the loan to its loss mitigation department / foreclosure department and retains an attorney or other firm to handle the foreclosure proceedings. Depending on the state where the home is located, the servicer's representative may record a notice of default at the local courthouse and it will be published in the local newspaper
The servicer will still try to arrange a repayment schedule. But the borrower will likely have to pay a third to a half of the delinquent amount upfront, and then pay off a portion of the remaining balance each month for a year or more.

"In a repayment plan, the borrower agrees to do a payment and a half, a payment and a quarter, etc., for whatever number of months is needed to make that loan current," says Fannie Mae's Smith.Loan modificationsgo a step further and they're designed for customers that can't afford repayment plans. In a modification, the servicer actually halts the forelcosure process and adjusts the terms of the loan to make it affordable. It may lengthen the amortization schedule or lower the interest rate to cut the monthly payments, or roll the past due amount into the loan and re-amortize the new balance so the borrower can pay the additional debt back over time.If the customer has a more serious financial problem, such as a longer-term job loss followed by rehire at another company that pays much less, alternatives still exist. The servicer may agree to a "short sale." In such sales, the lender lets the borrower sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining overage. Banks are willing to do so because they often lose less on these deals than they do in foreclosures.

Day 150-415 -A notice of trustee Sale is filed and the home is scheduled to be soldat foreclosure sale or auction. This time range varies due to individual state laws and requirements.States with judicial foreclosures / where foreclosures are done via the court system, can sometimes extend this period to a year or more.
Nonjudicial foreclosure states can foreclose in as little as two months.Day 150-415 - Some states offer what is called a redemption period after the foreclosure sale in order to give the borrower time to purchase the property if they have the ability. However, most will be forced out of their home by the local sheriff's department.
The law in most states gives the homeowner every opportunity to stop the process leading to foreclosure, right up to the minute that the auctioneer's gavel comes down and sometimes even beyond. In some states there is a period after the foreclosure during which the homeowner can redeem the property (right of redemption.).
Following the same logic, customers should try to negotiate the best deal they can get without feeling guilty. Someone whose property has fallen in value below the mortgage amount because of a neighborhood decline, for example, should consider pushing for a short sale or short refinance rather than a repayment plan. That way, the borrower doesn't pay more money than necessary. Nevertheless, the best way for consumers to get out of foreclosure without racking up extensive legal bills and ruining their credit histories is to start working on a solution before their problems get out of hand.

To learn more about the foreclosure process and to get free foreclosure help online then please join our forum.

Tuesday, July 14, 2009

Links to Hud 1 statement for short sales

The following are links to understanding your HUD 1 statement for closing.

http://www.presidentialbankmortgage.com/pbm_pdf/HUD-1_Explanation_Guide.pdf

http://www.lightning-mortgage.com/Answers/HUD1Explained.php

http://mortgage-x.com/library/closing.htm

http://www.lawfirmsoftware.com/free/info/closing/instructions_hud1.htm

Monday, July 13, 2009

Billings Montana Links