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Many of you may have heard something about Self Direct Investing or buying a tax lien however, never really understood what it was all about because, you didn't have any resource. That has changed, REOPro is launching a new network www.MatherNetwork.com.

www.MatherNetwork.com is a network focused on giving you information on Self Directed Investing. Using money you already have, money you aren't paying your bills with and, showing you how to grow tax free wealth that you can retire on and leave to your family when you're gone.

It may all sound like a pipe dream but, I assure you, it isn't. I am a self directed investor myself and as the headline on this blog suggest, I have helped people with as little as $1,500.00 in their retirement account buy a tax lien and make a minimum 10% once the person whom the lien was against paid it. FYI: that 10% is law by the way....guaranteed.

So, if you want to learn more about Investing in Tennessee Tax Liens, visit my educational blogs on www.MatherNetwork.com of by visiting these links....

http://mathernetwork.com/profiles/blogs/investing-in-tennessee-tax-liens-101

http://mathernetwork.com/profiles/blogs/investing-in-tennessee-tax-liens-102

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How to Buy a Home Once You Have Completed a Short Sale

Short-Sale Wisconsin

Tragedy strikes across the country every year.  People lose jobs, injuries are sustained from accidents and financial hardships cause tough decisions.  Fortunately, most things improve with the passage of time.  Read on to see how you can prepare for your next home purchase once you have sold a home via short sale.

Option 1: Big Down Payment

One constant that has remained in mortgage lending in many years is the power of a large down payment.  Although it is uncommon to see someone with a 30% or more down payment, it does happen.  Especially for people who are recipients of a windfall, such as payment on a judgment or an inheritance.  If you can rationalize the high interest rates, and you have the funds for the large down payment, then you can usually find a private lender to set up a mortgage for you.

If you choose this route, be alert to a few items.  First, the lender may have a stiff penalty for paying off the loan within the first few years.  Secondly, the lender may attempt to set up the mortgage with a balloon payment.  Avoid these two snags at all cost.

Option 2:  Wait a Few Years

If you don’t have the money for a 30% down payment you can simply wait for three years.  The Federal Housing Administration (FHA) will ask that a person who sold their home via short sale to wait for three years before applying for a new mortgage.  However, if your circumstances show that the short sale was beyond your control, and you kept your payments up to date right up to the sale date, then you may be able to get the loan sooner.

People who would prefer to use conventional loans offered by Fannie Mae or Freddie Mac will have a similar wait.  Fannie Mae only asks that borrowers wait for two years if they are able to pay a 20% down payment.  For circumstances beyond your control Fannie may allow you a 10% down payment after a two year period.

Veterans who wish to use the VA loan will need to wait a full two years after their short sale to apply for a new loan.

Option 3: Lease with Option to Buy

It is not surprising that many home sellers have chosen to offer their homes with a lease and an option to purchase at a certain time and at a designated price.  Due to the economic slump over the past few years, home prices have dropped.  Sellers do not wish to sell their home at such a loss so many are willing to lease out the home in hopes that the market will rebound.  For buyers who are not quite ready to qualify for a traditional mortgage, buying with a lease-option could be the easiest way to get in to a home.

With a little planning and a little patience it is possible to find yourself holding the keys to your next home after you have made it through a short sale.

Original Post - Buying a Home after a Short Sale

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I have not heard this topic brought up much when taking REO courses and online discussions on how to grow your businees. I have read talks of failed banks on post and names of banks along with a direct link to US Treasury in various places but not how it relates to growing your REO business. I have to think there are numerous ways to use this list to help to gain new listings after all these banks have assets they are holding and if the bank is closing this would most likely direct you to think they may be toxic assets.

 

 

FDIC: Failed Bank List  here is a link to find the official list.


 

The FDIC has released the financial statistics on the banking industry for the of 2011 to date 116 .

 

As of May 20, 2011, the FDIC has participated in the closing of 116 banks this year.

With the first two quarter results now available we can observe the actual shrinkage in the number of banks in the United States.

On March 31, 2011 there were 6,453 banks in the United States, 77 less than existed on December 31, 2010.

There were 6,773 banks in existence a year earlier.

 

At the start of the recession in December 2009, there were 7,284 banks in the banking system.

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The largest drop in banks in the first quarter was in the smallest institutions: there were 51 fewer banks with assets of less than $100 million at the end of the quarter than at the end of 2010.

Banks between $100 million in asset size and $1.0 billion in asset size dropped in number by 34 units.

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Not to toot my own horn……………….ok…………….maybe a little but, it’s worth writing about.

I got an email from one of my Asset Manager’s a couple days ago, an Asset Manager I don’t hear much from. Don’t get me wrong, he keeps me busy, I have 6 of his listings but, as far as communication……we just don’t talk much. It really never bothered me, I always figured that if I am really doing my job well, he shouldn’t have to communicate with me much anyways but, after about 2 months of complete silence I started to wonder. Does he not like me, does he think ill of me, why isn’t he shooting me an email once in a while rather than res.net task.

I wake up one morning last week and boom….just out of nowhere, I get this email.

“I wish all my agents were as on top of things as you are!!! Not sure I have conveyed this before but the reason I am not calling or emailing you very often is because you are clearly very competent and doing a great job; I have a ton of agents who are not. If you ever really need me please call.”

Thanks!!!

Mark

What he doesn’t know, I was gleaming like a little school girl with a crush on my gym teacher. Better yet, I stopped and thought to myself, how many other agents out there…..even the good ones can say they get a compliment like this.

Mark actually feels he can put me on auto pilot and let go. Granted, I am sure that isn’t his normal practice, he is a very aware Asset Manage but, none the less, the point was made.

This is the type of business all of us REO agents who are currently working inventory should be running. Our Asset Managers should feel and be comfortable and CONFIDENT enough to say, in writing..,

“you are clearly very competent and doing a great job”

In fact, I have made it a goal of mine, I want to get at least one written compliment from my Asset Managers a month.

Just another thought real quick, before I end this blog. This kind of compliment shows you the passion I have for what I do. Passion that wakes me up in the morning, causes me to commit to not just doing my job but, making sure I am the best at my job. I didn’t enter the default real estate industry because it’s the hot market right now, I entered because I love it.

For all you Realtors who have decided that this default thing may be around longer than you expected and well…..you are going to have to try to make it happen or get out all together…..let me just say, “YOU BETTER WORK IT” because, I have set the bar high and if you don’t have passion, commitment, tenacity and a love for this industry, don’t expect to catch up.

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HELLO I RECEIVE THIS INFORMATION I HOPE IT CAN HELP BROKERS ON THOSE REGIONS.

July 20, 2010- Arlington, VA – Matt Martin Real Estate Management (MMREM) has been awarded three contracts by the U.S Department of Housing and Urban Development (HUD) under the Marketing and Management III procurement. The Federal Housing Administration (FHA), which is a part of HUD, provides federal mortgage insurance ensuring that mortgage lenders will be reimbursed in the event homebuyers default on their mortgage. When a lender is forced to foreclose on an FHA-insured single family home, townhome, or condominium because the owner can no longer make payments, it can file a claim with FHA for the balance due on the mortgage and convey title of the property to HUD. A HUD Home, therefore, is a one-to-four unit residence acquired as a result of a foreclosure on an FHA-insured mortgage. As the largest seller of real estate in the country, HUD has been outsourcing the disposition of its foreclosed FHA inventory under the M&M contracting process since 1999. After conducting extensive research into market-based best practices, HUD has developed its new M&M III disposition structure to streamline its operations, capitalize on the expertise of potential vendors and provide flexibility in a changing environment.

MMREM will be managing HUD assets for the following states: VA, DC, MD, WV, OH, PA, TX, CO, UT, NM, OK, MO, KS, AR, LA, and DE. All listing brokers in those States are encouraged to visit www.mmrem.com to apply as an approved listing broker. Once on the MMREM web page, brokers will simply click on the HUD tab, and then click “register” to begin the process of becoming a registered Local Listing Broker (LLB) with MMREM.
About Matt Martin Real Estate Management: MMREM is a Virginia-based financial services firm that focuses on the real estate and mortgage industries. MMREM provides services to a myriad of clients including Federal and State governments, mortgage servicers, banks, investors, and insurers.
Please direct all questions to questions@mmrem.net


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