Real Estate Mortgage
Real Estate Mortgage questions and answers
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Q: Would Real Estate and Mortgage Fraud make employnment worse?
I just read incredible article in local Florida newspaper of a police roundup of dozens of real estate, mortgage, appraisars, accountants, attorneys, etc. in two different cases. And many more of these arrests for different companies and individuals is expected.
So I wonder, been the market the way it is now, with wall street being thankfully helped by the U.S. Government, due to the real estate mess, how about the thousands of people who are left jobless once their bosses go to jail, or while the trials go on. People only tend to think of the homes not being sold, which is pretty bad in itself. But there are apparently thousands of people around the country who made those loans illegally to start with. And now the poor employees for those companies will have no job.
A: The thousands of people that are out of jobs are not out of jobs because of the loan fraud. The criminals are out of work because of loan fraud. There are two different situations you're talking about. The people who are going to jail deserve to be there, and the consumers they screwed over should be in court suing them. The job loss is due to lenders shutting down. It had nothing to do with breaking the law, it has to do with giving very high risk loans, as well as supply and demand. The majority of loans are sold on the secondary market to investors on wall street and the like. Those investors are no longer buying the high risk loans, thus putting companies out of business. Those "poor people" knew this was coming, and the smart one's prepared for it and already found other jobs. There are those who are going to have to find a different line of work, and most of those people had no business being in the mortgage world to begin with. But for the one's that are good at the job, there are plenty of jobs out there for them. I'm hiring here in Charlotte, NC :-)
Maybe no one remembers that there were no subprime loans 20 years ago, and in the late 90's the subprime market dissapeared all together as well. The world is not going to shut down because subprime loans aren't available anymore. It's a hype, it always bounces back.
Q: How do I become a Real Estate Mortgage Broker in my state of Illinois?
Is this something that someone can get into without a finance back ground, but is familiar with real estate and development? Would anyone suggest places to find investors for small real estate projects in the Chicago-land area? Looking for investors willing to invest a very small amount (under $200,000) 12-16 months with a substantial return on investment.
A: You definitely need a license to do ANY mortgage business in IL.
And good luck with that, IL is VERY restrictive, so much so that alot of Mortgage brokers have stopped doing loans there.
Q: what are current trends and opportunities in real estate and mortgage market?
I have my point of view on what are the opportunities in current real estate and mortgage markets, but I wonder if other folks want to share their thoughts.
A: Current trends: In most areas of the country--those that have experienced price declines--prices will continue to decline for at least a year. There are still a lot of properties that are going to go into foreclosure. And there's a lot of property currently held by banks that hasn't yet been listed. Meanwhile, some ARMs haven't yet reset; that'll send more owners over the brink.
There's also the psychological impact. Many potential buyers are nervous. On top of that, they see what's happening with Fannie Mae and Freddie Mac. They see what's happening with WAMU. They'll soon see what's happening with Bank of America.
Meanwhile, the overall economy isn't doing so well. Unemployment is up. Job growth is down. These factors--both actual and psychological--will dampen the market.
Opportunities: A lot of them. More than we've seen in the past 25 years; and more than we're likely to see for another 25. There are great bargains out there. It's a fabulous time to buy and hold.
Regarding mortgages, I suspect they'll bounce up and down a bit. Possibly drift a bit lower. Money is more difficult to get, but there are dozens of legitimate ways to buy property without a mortgage. And that offers even more opportunities for people who know those techniques. A lot of people will complain that they're not able to get mortgages; I answer a lot of questions here on Yahoo on that. It helps to have good credit; it helps to have savings. And it's necessary to know what you can and can't afford.
That's my thought on the topic.
Q: I want to open a business in reference to Real Estate, Mortgage & Management. How do I start and with whom?
I review files and clear files once it has been sold to a vendor. I want to be able to work from home. I know how to put a file together in reference to people looking for homes. I know how to manage apartments. I am desperate to open my own company and I am not sure where to give my services.
A: The first thing you'll need to do is see if you need to be liscenced. As a real estate agent I have to complete a certain amount of education and pass exams. I currently hold a sale person's license. Although I have my own business, I must work for 3 years under the supervision of a broker.
In addition, you'll need to see if it's legal to have a mortgage broker license and a real estate license at the same time. In most states it is considered a conflict of interest.
You could also look into being a virtual assistant, http://www.ireaa.com/
Q: Currently i have escrow, real estate, mortgage and insurance co. soon, How do i become a BILLIONAIRE?
I Would like to become a billionaire in 5 years. i only have a bacherlos in international business.
A: You could become a billionaire by the time you're old if you invest your money wisely, work every day and grow your business exponentially.
Q: What is a Real Estate mortgage note?
If I have discount property, a forclosure or can I sell the note to a bank or other lender? Thanks!
A: A mortgage note is a lot like a IOU secured against property. Terms of payment and interest rate are the most notable items you will find on a real estate mortgage note.
Its possible to sell them. It depends on the performance of the note and what you are willing to give as a discount. If the note is on a property you've foreclosed on, you might be better off just selling the property although there are investors out there that will buy non-performing notes but at a drastic discount.
Good luck.
Q: What does 'short sale' mean in real estate mortgage terms? How does it differ from foreclosure?
A: A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.
Like if you owe more than the property is worth because of a failing economy or a neighborhood change. It has nothing to do with foreclosure.
Read the full context of the statement around it and it will instruct you what the lender means.
Q: So, I want to have my own mortgage and Real estate office?
I am making a carrer change form property management to first the mortgage business, then to real estate sales. I currently have my Illinois Loan officer certification, now I am thinking of gettign my brokers license. I am asking you for any tips on how to succeed doing this, what it is like the first year, how do I become successful at this, who should I employ, how much should I pay, how to market, who can build an awsome web presence, any good books i should read, and most importantly how do I do this while haning on to my full time property management job (I have no money otherwise). Thanks, I figure a mortgage broker will give me some more time to spend with my 3 year old son.
A: that's fine go ahead
http://www.learn-more-business.110mb.com/
http://www.advertisinginfo4business.110mb.com/
Q: Any good forum for real estate and mortgage?
I was looking around the web and was wondering if there were any regular forums that people use for real estate and mortgages
A: There is one that i often visit at http://forum.dtfinancial.com There are a few real estate and mortgage professionals on there that give good and usually pretty quick replys to questions.
Q: How do I get a mortgage on real estate?
This property is my individual homestead with very old mobile home{singlewide}. One quarter acre of land. there is a connecting quarter acre with a wooden building in run down but usable condition,on a separate deed and is considered part of homestead on property appraisers list.There is another person on the deed whom I would rather not include in the mortgage decisions or paperwork at all.I only want ten or fifteen thousand dollars.Other person on deed has undischarged banruptcy from fourteen years ago.My credit is excellent, semi retired, with other real estate assets.
A: Since you have another on the deed, you probably will need them involved. You can probably get a home equity line of credit with your exixting mortgagor for 80% of the balance your property is worth, with the other person's approval. Try getting a credit card that will give you checks, if you don't want the other party to have knowledge. If your credit is good, it won't be an issue. Check your existing credit, close out unused lines of credit, you are entilted to one free credit report annually. try the link below.You may need more than one credit card to get the amount of cash you want. There may be fees involved too. Do you have access to a credit union or bank? Personal loans are also higher in interest rate. If you are retired you may want to look at your other assetts: 401 k, IRA, pension, etc.
Q: Is it illegal to do Real Estate and Mortgage Loans?
I heard that a well known real estate company was doing both loans and selling real estate and they were arrested recently. Is there a law that prohibits this practice. If you are licensed must you chose one or the other?
A: I know several agents that are mortgage brokers and real estate agents... it is not illegal.
They can NOT force you to use them for the mortgage, and if they give you "cash back" from their commission if you use them... their could be legal issues with that.
But offering you a mortgage as well as being your REA is perfectly fine.
Q: seeking techniques to market and capture new legal client real estate mortgage and bk?
i am a lawyer and seeking new strategies to capture legal clients
A: Form business relationships with collection agents.
Mass market to certain zip codes
Contact Tax Collector. Get list of those late on property taxes.
Don't forget to give me best answer. thx
Q: Should I trust a one-stop broker for mortgage and real estate, who uses Countrywide Bank as a lender?
I guess this is a two part question:
Should I use a one-stop broker who handles mortgage and real estate, in Houston? Then, they also use Countrywide Bank as their primary lending partner. Should I go with that company?
please read the description a bit more... it's not the mortgage broker that I am concern about, it's the one-stop real estate broker who has in-house mortgage dept. The real question is: should I worry if someone does both from same office?
A: Personally, I'd stay away from brokers unless you're credit is so bad you need someone to go to bat for you. Remember, a broker is a "middle man" who is receiving a fee. That means YOU are going to pay more, not the lender.
I'd first try a place like Lending Tree.
I would never go to a guy who plays both ends of the field like that. I wouldn't even go in his office. Like he's really going to lead you to the best deal. Find someone else.
Q: How to be a successful Real estate Agent/Mortgage Broker?
How to successed in Real Estate business, where to find customers and how to attract customers. any Mortgage leads company you guys used and were happy with, any source that helped you and worked for you, I am opening my own place and need a lot of advice and would appreciate every single advise from you guys. Anything u woanna share with me about Real estate business please do so. Thanks everyone
A: From One Agent To Another. I Learned That A Good Way To Succeed In The Business As Far As Getting Buyers Is To Try And Talk To 400 People A Week And Have 8 Showings A Week. As Far As Getting Listings, You Should Go FSBO'ing As We Call It Here In SW Florida. That Means, Drive Around And When You See A House With A For Sale By Owner (FSBO) Sign On It, Knock On Their Door, Introduce Yourself And Let Them Know About Yourself And Company. Maybe They'll Want To List Right Then And There. Maybe They Won't. But Always Make Sure To Leave Your Business Card And Follow Up At Least Once A Week. Also Do As Much Advertising As Your Budget Allows. Send Out Letters To Neighborhoods Introducing Yourself. You Can Also Compose An 'Expired' Letter & Send It Out To Those Who's Listing Has Recently Expired From The Market. And Maybe They'll Want To Relist! Just Never Give Up & Always Keep Pushing.
"When The Going Gets Tough, The Tough GIT-R-DONE!!!"
Q: I,m looking for a form on real estate mortgage and note. Can you help me?
I want to be able to type on thes form since I have no typewriter.
It would be nice to be able to just type my note and mtg. my self.
A: http://www.mortgage-investments.com/originate_private_mortgage_or_deed_of_trust/create_your_own_mortgage.htm
Go to this site hope it helps