Cowboy Surfer Grill Restaurant – Corona, CA

$8000 Tax Credit for First Time Home Buyers with Low Down Payment. Lender Finance Program with Low Payment and Fixed Interest Rate on FHA Mortgage and Government Assistance. Go To http://RealEstateMarketingThisWeek.com

Part 8 (Excerpt)

Analyzing tax returns for self employed and small business owners; Use a Mortgage Planning Expert

Credit scores now are a major factor with interest rates. You see the liars up on the internet with interest rates being at 4.625% and all this kind of hocus pocus, its not true. You are never going to qualify for that rate today. They are going to lie to you, once you sign and see the fine print you are going to realize that it is a ridiculous idea to pay that amount of money in fees.

Credit scores have to be significantly higher than they used to, but again I have to tell you, its my opinions that a 70% no doc loan with someone who has a 720 or higher credit score I believe is a good loan. I personally believe that at some point it will be brought back.

I am not arguing with that, with a good FICO score I can agree with a 20% down for a stated income loan. People are encouraged through our tax system to write off all of their expenses and so often we have small business people who really are making money but because they take advantage of our tax system they are not able to get a loan. They cant qualify based upon their income.

In a lot of cases yes, but once again I definitely want to point his out just because someone is self employed and owns a small business and they do write everything off, that does not mean that they will not qualify. They may have been told now that they have to go stated income because of tax returns, but most people, the small business owner, the consumer doesnt know how to analyze his taxes, whether or not he is going to qualify for financing thats not his area.

Most CPAs dont even know how to analyze taxes to extrapolate enough income back out where we can use it as income, so just because a person is self employed does not mean that they cant qualify for financing and honestly nothing could be further from the truth. Plenty of people self employed, small business owners will qualify using their tax returns.

I think that anyone right now who doesnt own a home should be giving you a call getting pre-qualified. If nothing else give you a call and see what you can do. So you say, I wrote off a bunch of stuff last year and I am not going to be able to buy a house well maybe you can. But get in there, have a professional, have someone who knows what to do, whos been in the business for 15 years, have them take a look at it and decide whether or not you can really get that loan.

One of the things with my mortgage education; I am a certified mortgage planner. I am a certified mortgage analyst and a certified mortgage planning specialist. The significant part of that training and those certificates is in analyzing complex tax returns and we analyze complicated tax returns for professional athletes, for professional musicians, all the time. There is income always, it is just a matter of knowing how to get all of it out there. So I think we have kind of hit that.

So yes if you dont own a home today and you have been told NO, you need to find out if the person who told you no is qualified to tell you no, #1, and #2, less than 15% of the lenders in Arizona are qualified to do FHA loans. Those are the loans we are talking about, $100 down to buy a HUD-home, less than 3.5% down to buy a house with the best interest rates that we have seen in my career, its crazy not to look at your options.

If a lender does tell you no, it would be like going to a doctor and he says you have to have your arm amputated because you have a pimple on it. I think you are going to go get a second opinion, maybe even a third. To make sure you dont have to have it cut off. And that is exactly what we have here, if you go to a lender and he says, Well you are going to have to put down 20% you know he is not an FHA lender. So run out of there and call Michael at Velocity Financial and get yourself pre qualified.

Dan Havey, you have a great website, its called http://discountdreamhome.com and why dont you talk real quick about that. Its real simple, if you are looking to buy a foreclosed home, and as we discussed earlier they are many times the best homes to buy right now, they are vacant, they obviously have a highly motivated seller. You dont have to deal with all the troubles you would have to deal with from a regular or as we refer to them, an organic seller, because a lot of these people are upside down.

Duration : 0:7:49

(more…)

Technorati Tags: 1st, 8000, advice, assistance, bank, bill, breaks, buy, Buyer, credit, debt, Deduction, Down, downpayment, Estate, Federal, FHA, finance, financial, First, Fixed, foreclosure, Government, grant, guide, guidelines, help, home, homebuyer, House, Housing, incentives, Income, Information, interest, lease, lend, lending, limits, loan, low, Modification, mortgage, New, no, owner, package, Payment, plan, Price, Program, property, purchase, qualifications, rate, Real, rebate, refinance, Rent, requirements, Sale, Short, stimulus, Tax, Time, tips

There are reasons which make credit card interest rates so high. High credit card interest rates make having this kind of debt a bad idea especially if it compounds very quickly after we bought things that quickly lose their value.

Duration : 0:3:49

(more…)

Technorati Tags: bonds, book, business, card, cards, compounding, credit, economics, finance, invest, investing, investment, money, save, saving, Savings, stocks, wealth

Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com

Part 4 (Excerpt)

1099 C is for Cancellation of Debt Income Only, not for Interest Rate and Payment Reduction

So for people who find themselves in a very difficult situation considering these options whether it’s a loan modification or a short sale, whatever they need to do to relieve themselves of this particular burden of a mortgage, that for whatever reason they’re no longer able to maintain, they are not always considering the tax ramifications associated with taking a specific course of action, like this example the short sale option.

Right there is actually two pieces of tax component here, you have the forgiveness of debt income that we talked about, they still have the fact that you sold your house and you have to see if there was a gain on that. Over and above the cost basis of the home.

We talked about the 1099Cs a few moments ago, did you say that the lender sends a copy of the 1099C to the IRS? Absolutely.

Now I’m the guy for a few minutes ago who bailed on $400,000 and sold it for $300,000 am I going to get a copy of the 1099C if I haven’t given my lender my new address. Well that could be a problem, they will send it to the last address they have on record for you. And as a homeowner it’s my problem.

The IRS will get a copy, so they will look for it on your return, if you forget to put it on then you’re going to get a friendly notice from the IRS.

If somebody is going to do a short sale, its a fairly civil transaction and when I say civil I mean going for a short sale is horrible for them and their family, but it beats the alternative which is foreclosure, and I think the real problem is when there’s a foreclosure and the guy just walks away and moves off to El Centro California, he’s the one who’s really getting hurt.

So in the event that somebody takes a course of action, and I know that Velocity financial and Michael Barnes, youre not necessarily advocates for that short sale approach. It’s not normally the best course of action, we’ve been talking about loan modifications and it would help me when I talk to clients, or people who call from radio broadcasts who asked questions about loan modification process as part of a financial strategy, help me with some of the tax ramifications. Let’s say that I have a loan and I know the best thing for me is a loan modification, am I going to be faced with a 1099? A tax bill at the end of a loan modification?

Yes, the first of the two tax implications will apply which will be the debt forgiveness part.

I didn’t mean to interrupt you Mike, well I said there are several different types of loan modifications, I believe are you asking about when the loan modification is where they actually do forgive some of the debt?

Thats a point, I know there’s been a lot of discussion on the use of the TARP funds especially from the federal government regarding these banks that qualify for some of these funds, they have to do principle reductions for their mortgages. So let’s say there isn’t a principal reduction involved, from that aspect, its not a taxable event that could take place, since I’m not reducing my principal, I’m simply getting a reduction in my term or my rate.

That’s right, the only time that taxes would come into play is when the principal gets reduced because thats forgiveness of debt.

So let’s take that one step further, whatever mortgage interest I’m able to deduct on my taxes may be impacted if it’s a lower percentage, right because youll be paying less interest, but there’ll be no surprise 1099 coming your way if its just an interest modification.

One of the things that I like to make thing clear is that were trying to do the best for you the homeowner so you can stay in your home. The situation I’m talking about, the $400,000, the lender is more likely than not is not going to forgive $100,000, however the same lender is more than willing to reduce your interest rate so that your payment would be the same if they have done the principal reduction, because it’s not a permanent loss for the bank. If there is someone out there who’s telling you that they can have your mortgage reduced by tens of thousands or hundreds of thousands of dollars, it’s not going to happen and I doubt it’s going to happen anytime soon.

Duration : 0:5:58

(more…)

Technorati Tags: Adjustable, Administration, ARM, Attorney, Avoid, bank, Bankruptcy, Buyer, Closing, Corporation, Cost, credit, Down, Estate, Expert, Fannie, fed, Federal, FHA, First, Fixed, FNMA, foreclosure, Fraud, Freddie, Funds, Future, home, Housing, Income, Insolvency, interest, lender, loan, Loss, Mac, mae, Marketing, Median, Meltdown, Mitigation, Mod, Modification, mortgage, Negotiate, Owned, Payment, Price, Program, purchase, rate, Real, Realtor, refinance, Rent, REO, Repo, Resolution, RTC, S&L, Sale, Savings, Scam, Seller, Servicer, Short, TARP, Tax, Time, Trust

BOAT FINANCING AT THE LOWEST BOAT LOAN INTEREST RATES-MORTGAGES-FINANCING-LOANS-VISIT US NOW AND APPLY ONLINE NO FEES APPROVAL GUARANTEED If You Are Buying a New Or Used Boat or Yacht OR Refinancing Your Boat or Yacht We Can Help You Secure your boat loan or luxury yacht financing.
Boat Loans From $25,000 To Ten Million Dollars. No Doc Stated Income / Low Doc Boat and Yacht Loans Refinancing Boat Loans begin at $25,000
Loan Financing Terms To 30 Years.
And We Also Provide Your Loan Closing Documentation Service Extended Boat or Yacht Warranty Services also available
New and Used boat loans available. to know more please visit Private Fast Loans.com

advance loans alternative student loans apply for a loan auto loans bad credit auto loans bad credit home mortgage loan bad credit loan bad credit loans bad credit personal loan bad credit personal loans bank loan bank loans boat loans business loans car loans cash advance loans cash loan cash loans cheap loans collateral loans college loan college loan consolidation college loans college student loans commercial loan commercial loans consolidate loans consolidate student loans consolidating student loans consolidation loans consumer loans debt loans defaulted student loans direct loan direct loans easy loans education loan education loans emergency loan equity loans fast cash loans fast loan fast loans faxless payday loans federal loan consolidation federal loans federal student loan federal student loan consolidation federal student loans fha loans financial loans get a loan government loans graduate loans graduate student loans guaranteed loan guaranteed loans hard money loan hard money loans high risk loans home equity loans home improvement loans home loan home loans home mortgage loans house loan i need a loan instant loan instant loans loan application loan brokers loan companies loan company loan consolidation loan for bad credit loan for people with bad credit loan rates loan with bad credit loans loans com loans for bad credit loans for people with bad credit loans online loans with bad credit low interest loan low interest loans low interest student loans military loans money loan money loans morgage loans mortage loans mortgage loan mortgage loans motorcycle loans need a loan no credit check loan no credit check loans no credit loans online loan online payday loan online payday loans pay day loans payday loan payday loan store payday loans personal loan personal loans personal loans for bad credit personal loans for people with bad credit personal loans with bad credit plus loans poor credit loans private loan consolidation private loans private student loan private student loan consolidation private student loans quick loan quick loans real estate loans refinance loans school loan school loan consolidation school loans secured loan secured loans secured personal loans short term loan short term loans signature loan signature loans small business loan small business loans small loans small personal loans student loan student loan consolidation student loan default student loan interest rate student loans student loans bad credit student loans for bad credit student loans with bad credit students loans subprime loans unsecured loan unsecured loans unsecured personal loan unsecured personal loans advance loans alternative student loans apply for a loan auto loans bad credit bad credit auto loans bad credit home mortgage loan bad credit loan bad credit loans bad credit payday loan bad credit personal loan bad credit personal loans bad credit unsecured loan bank loan bank loans boat loans borrow money business loans car loans cash advance cash advance loans cash advances cash loan cash loans cheap loan cheap loans collateral loans college loan college loan consolidation college loans college student loans commercial loan commercial loans commercial mortgage consolidate loans consolidate student loans consolidating student loans consolidation loans consumer loans credit loan debt loans defaulted student loans direct loan direct loans easy loans education loan education loans eloan emergency loan equity loans fast cash fast cash loans fast loan fast loans fast payday loan faxless

Duration : 0:6:20

(more…)

Technorati Tags: advance, advances, bad, bank, boat, borrow, business, car, cash, cheap, collateral, college, commercial, consolidate, consolidating, consolidation, credit, loan, loans, money, mortgage, payday, personal, student, unsecured

Finding the lowest home equity loan interest rates can be done by checking Bankrate.com or by consulting a local financial broker in a particular market place. Locate a home equity line of credit with a minimal interest rate and save money with tips from a registered financial consultant in this free video on finance and investment.

Expert: Patrick Munro
Contact: www.northstarnavigator.com
Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace.
Filmmaker: Reel Media LLC

Duration : 0:1:2

(more…)

Technorati Tags: bonds, cd, credit, finance, investment, IRA, money, mortgage, pension, retirement

I don’t know about you, but it’s really tough when you don’t have a car. This was the lowest point in my life. Luckily, it caused me to take action.Now not only am I able to get a loan any time I want at the lowest interest rate, I have been able to help thousands of people like you raise their credit scores, reduce their monthly payments, and get loans they never would have gotten before. After this dark day in my life when they repossessed my car, I spent the next 14 months reading everything I could get my hands on about the subject of credit. I made some astonishing discoveries and found out secrets that can skyrocket your credit that only a handful of people know about. I spent hundreds of hours researching how to rebuild my credit. Now you can take advantage of all my efforts and learn in just minutes what took me months. Let me share with you some of the discoveries and secrets on how you can dramatically increase your credit score fast. to learn more about this life changing offer, please visit our website at PrivateFastLoans.com

loans personal loans payday loans student loans bad credit loans home loans auto loans car loans home equity loans unsecured loans fast loans countrywide home loans bad credit personal loans pay day loans cash loans small business loans fha loans mortgage loans online loans business loans debt consolidation loans private student loans direct loans loans for bad credit bad credit car loans students loans unsecured personal loans online payday loans secured loans bank loans consolidation loans no credit check loans loans for people with bad credit college loans faxless payday loans va home loans bad credit personal signature loans quick loans bad credit home loans no fax payday loans commercial loans cheap loans unsecured debt consolidation loans bad credit student loans personal loans for bad credit used car loans fha home loans bad credit auto loans loans investment mobile home loans consolidating student loans government loans compare personal loans federal student loans personal loans for people with bad credit military loans equity loans loans with bad credit car title loans countrywide loans real estate loans sallie mae student loans construction loans loans online cash advance loans title loans poor credit loans short term loans va loans astrive student loans sba loans installment loans signature loans easy to get payday loans manufactured home loans same day payday loans quicken loans fast cash loans motorcycle loans bad credit payday loans high risk personal loans stafford loans consolidate student loans chase student loans payday loans or cash advances home improvement loans bad credit installment loans instant payday loans high risk loans home settlement loans school loans instant loans used auto loans hard money loans personal loans with bad credit loans cash unsecured bad credit loans poor credit personal loans personal loans bad credit quick cash loans

Duration : 0:4:36

(more…)

Technorati Tags: astrive, bad, cash, credit, day, easy, fast, get, high, home, installment, loans, manufactured, motorcycle, payday, quicken, same, sba, Short, signature, student, term, to, va

The mortgage interest rate is a constantly fluctuating rate the is based on a benchmark set up by the U.S. Treasury on prevailing interest rates. Keeping up with current interest rates is difficult because of the constant change but the process can be figured out easier with tips from a registered financial consultant in this free video on finance and investment.

Expert: Patrick Munro
Contact: www.northstarnavigator.com
Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace.
Filmmaker: Reel Media LLC

Duration : 0:1:4

(more…)

Technorati Tags: bonds, cd, credit, finance, investment, IRA, money, mortgage, pension, retirement

The lower mortgage rates and a first time homebuyer tax credit are giving hope to home sellers as well as buyers.

Duration : 0:1:50

(more…)

Technorati Tags: Buyer, credit, Estate, home, mortgage, rate, Real, Tax

http://www.FreeDebtExam.com
http://www.Debt-Professor.com
Find out why most Americans are paying illegal interest rates on their credit cards.
If you want FREE help with credit card debt, take the Free Debt Exam at:http://www.FreeDebtExam.com

Duration : 0:5:42

(more…)

Technorati Tags: advice, card, credit, debt, help, illegal, interest, rates

First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com

Part 7 (Excerpt)

The old rules no longer apply and Suze Ormond should know that.

We have Dan Havey the author of Real Estates Future in the studio today.

Michael, I was just curious, back when I got into the industry many, many years ago there used to be a rule of thumb that if you were going to refinance you had to lower your interest rate by at least two percent and I know as time went along and products changed that really became unnecessary, but I am just curious in todays mortgage market its a lot different than we were dealing with even two years ago. Is that still true that there is a 2% rule? Whats going on now?

I happened to catch Suze Orman on television and she was talking about mortgages, the caller who called in to the program, the question became I believe similar to what Dan just asked, her comment was that basically if you’re in 6% interest rate or above now is the time to re-fi. That is what she said, a blanket recommendation. I know a lot of people put a lot of credence into what she says, maybe you could speak to that, the lowest interest rates you’ve seen in your career, you have been doing this for a while.

I have, and they are. You know there was a lot of speak the last couple weeks about the Fed, the Fed funds rate by the way is the lowest it’s ever been in history. As of this week the discount rate is to the point that banks are lending money to each other at nothing, the Fed funds rate for intrabank lending is at zero, the problem is the banks don’t have any money.

To be serious about the refinancing, because its a serious topic, I think people are starting to see their mail boxes filled with lots of advertising crap about refinance. I believe that doing the refinance is no different from doing a loan modification or buying a house, you need to sit down with the human being that’s local, that you can know is a legitimate source. You’re going to give all this personal information about you, your family, your kids, your Social Security number, you want to make sure you have somebody there that you know whos legit.

In regard to the old rule of thumb 2%, nothing could be further from the truth, and I will expand, but to the point of Ms Ormond that if youre at 6% or higher, that is a blanket statement and blanket statements never work. We just did a refinance for a guy who was at 5 1/2%, and it makes sense. Every situation is different, as far as how much do I have to lower my interest rate to make it work? It depends on the type of mortgage that you get.

The only type of loan to get today in December of 2008 is a 30 year fixed. I know that one of the things that was really interesting to me, and that you and I have referred clients to one another for several years, so we share a number of clients, were familiar with those families and those households, and this is Wednesday, on Monday and Tuesday of this week I’ve had seven phone calls from clients who you’ve already done loans for, refinances for, asking if this is the time to refinance a loan that is only a couple years old.

And I know in several of those cases the answer is yes you’re actually helping families right now with that process. I am and we do. To answer the question, you need to determine what the payback term is, in other words when your refinance is done it’s a new loan, there’s the title insurance, appraisals, lots of different things may need to be done, not in every case, but in most cases there are costs associated with that. The cost has to be offset by the amount of savings. Its a breakeven analysis

Absolutely it is, the shorter the breakeven the better the loan. I am working on a case right now which is going to be done in the next couple of days where the guy lowered his interest rate by an1/8 of a percent and it made sense for him. It’s not for everybody, 2 percent or lower, 2% is significant, now you’re talking about really significant savings in terms of cash flow…

Duration : 0:6:31

(more…)

Technorati Tags: Adjustable, Administration, ARM, Attorney, Avoid, bank, Bankruptcy, Buyer, Closing, Corporation, Cost, credit, Discount, Down, Estate, Expert, Fannie, fed, Federal, FHA, First, Fixed, FNMA, foreclosure, Fraud, Freddie, Funds, Future, home, Housing, Income, Insolvency, interest, lender, loan, Loss, Mac, mae, Marketing, Median, Mitigation, Mod, Modification, mortgage, Negotiate, no, Owned, Payment, Price, Program, purchase, rate, Real, Realtor, refinance, Rent, REO, Repo, Resolution, RTC, S&L, Sale, Savings, Scam, Seller, Servicer, Short, TARP, Tax, Time, Trust