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Bid online (new listings
posted Friday mornings): www.mcbreo.com
(Michael, Connor, Boul for HUD Homes). They pay commissions
commonly at a 5% commission rate to the selling agent, plus
an additional $500 bonus at closing. Also, they can pay up
to $2,500 if FHA financing to a buyer for closing or $1,000
if not FHA, and buyers need only need $100 down, but only on
properties above $25,000 including bonus. Go to Google” and
type “foreclosure properties” or “REO” properties.
(HUD properties, benefits and details are
currently changing). |
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www.realtor.org/subprime_lending.nsf/pages/subprime_lending.
The National Association of Real
Estate Professionals® has a consumer brochure called “Learn
How to Avoid Foreclosure and Keep Your Home”. It
covers dangerous mortgages, predatory lending and options to
foreclosure.
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www.dsnews.com
An online
magazine about the foreclosure industry. |
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MAR
Hotline:
800-522-2820 Monday – Friday 9-3pm. |
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2008 will be
the year of FHA, brush up and be ready to use the FHA
products to create business. Also remember that even
though interest rates are low, Rate Buy-Downs still have
some use with the new Risk Based Pricing for conventional
loans. An under 680 credit buyer may pay as much as 1.5%
higher, so keep the idea of a Rate Buy-Down handy, it could
be useful for your lower credit buyers to move them down to
a strong credit market rate. |
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www.Economist.com
Subscription
with Guarantee of satisfaction.
Economist.com is the premier online source for the analysis
of world business and current affairs, providing
authoritative insight and opinion on international news,
world politics, business, finance, science and technology,
as well as overviews of cultural trends and regular
industry, business and country special reports. |
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www.CNNmoney.com
Free Website loaded with financial information and specifics
about the Real Estate Industry. |
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www.hud.gov/foreclosure
HUD-approved counseling agencies by state |
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www.hud.gov/foreclosure
“How
to avoid Foreclosure” (HUD’s Internet page) is aimed at
borrowers with FHA-insured mortgages, but can help other
borrowers as well. |
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www.GinnieMae.gov
To help buyers estimate how much they can
afford “How Much Home Can You Afford” |
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www.federalreserve.gov/pubs/mortgage/mortb_1.htm
“Looking for the Best Mortgage”
brochure issued by 11 federal agencies on how to compare and
negotiate the best deal on a home loan |
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www.affil.org
Americans for Fairness in Lending:
To find consumer resources related to a variety of lending
issues |
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www.FederalReserve.gov
Consumer Handbook on Adjustable Rate
Mortgages (the “CHARM” booklet)
issued
by the Federal Reserve Board and the Office of Thrift
Supervision. Click on “publications and education
resources” and the on “consumer information brochures.” |
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Credit Reporting Agencies:
-
Equifax:
800-685-1111 or
www.Equifax.com
-
Experian:
888-397-3742 or
www.Experian.com
-
TransUnion 800-916-8800
or
www.TransUnion.com
-
Free
Copy of Credit Report
once a year 877-322-8228 or
www.AnnualCreditReport.com
See also:
www.FTC.gov |
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http://www.legalnews.com
Learn about Legal News and FAQ’s.
This will cost $149 for yearly subscription.
Does not include all counties in Michigan
yet. Check before you sign up. |
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www.Foreclosurefreesearch.com.
This site requires $9.95 weekly subscription and a free
seven day trial |
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www.Foreclosures.com
State-by-state laws, a comprehensive dictionary and more. |
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www.michigan.gov/taxes
Form #4640.
Conditional rescission of old principal residence exemption
when having purchasing new principal residence as homestead
exempted. (is for sale, not leased or avail for lease, not
business or commercial use). |
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VA
for loans and general information: 313-471-3700 |
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Http://www.lawyers.com/real-estate/browe-by-location.html
Real
Estate lawyers are excellent sources for short sales,
pre-foreclosure and foreclosures transactions. |
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www.reiclub.com
A
website for real estate investment clubs; there are links to
articles and resource throughout the country |
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http://www.realtor.org/libweb.nsf/pages/fg335
This
is a link to a field guide on the Realtor.org site. Articles
and information directed toward the real estate agent
regarding working with short sales |
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http://www.freddiemac.com/corporate/buydown/english/owning/avoid_foreclosure.html
Tips to help homeowners avoid foreclosure from Freddie Mac |
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Ø |
http://www.realtytrac.com
Over 1 million properties – updated daily, bank owned,
FSBO’s, auctions, new homes and MLS listings |
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|
Ø |
http://www.dsnews.com/index.cfm
Default servicing news service |
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|
Ø |
http://www.realestate.yahoo.com/foreclosures
Partnership between Yahoo and RealtyTrac that highlights
national news and trends in foreclosures. |
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www.reotech.com or
www.realtytrac.com/RAMS
REO Management
Software Resources |
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http://www.irs.gov/newsroom/article/0,,id-174034,00.html
IRS Q&A
regarding tax implications of foreclosure and debt
cancellation. |
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|
Ø |
Short Sale
Resource Guide
-
www.realtor.org/archives/shortsales200805 |
| |
|
|
Ø |
Field Guide to Short Sales –
www.realtor.org/library/library/fg335 |
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|
Ø |
NAR Legal Affairs Short Sales Work Flow
Report
www.realtor.org/MemPolWeb.nsf/pages/ShortSaleWorkFlow |
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|
Ø |
“Short Sales: Disclosing Distress” –
www.realtor.org/rmolaw_and_ethics/articles/2008/0808law |
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Short Sales Legal Podcast
(requires Realtor.org log-in):
www.realtor.org/letterlw.nsf/pages/legalaffairspodcast -
Scroll down to Episode 5 |
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An excellent
Webinar that lasts about 1 hour on Short Sales and
Foreclosures put on by NAR and Scott Thompson, Senior Vice
President, Mortgage Resolution Services, Inc.
www.mresolution.com, 916-631-6180, email:
help@mrseducation.com; Go to:
https://realtors.webex.com/realtors/lsr.php?AT=pb&SP=EC&rID=31334677&rKey=0A47780CB8D5BB39. |
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www.acornhousing.org
One of the
many HUD approved counseling agencies with offices
nationwide. |
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www.MakingHomeAffordable.gov
To see if
you qualify for Re-Financing or a loan modification.
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www.ForeclosureFish.com/blog
A great
website for researching procedures and definitions of short
sales, foreclosures and judgments on deficiencies.
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