March 17, 2010  Are these loan modification and short sale consultants any good for you.

The short answer is no.  Stay as far away as possible from anyone who says they can "help" you with your mortgage or "reduce" your mortgage.  They are all out to scam you.  If you are having trouble paying your mortgage, click on the following government sponsored web site to find out how to get professional and FREE help.

US Departmant of Housing and Urban Development - Avoiding Foreclosure

November 22, 2009  What can bankruptcy do for you?

The main reason to think about bankruptcy on a real estate web page is this.  If done right, it can delay foreclosure on your home for maybe 3 or 4 weeks.  This may be all the time you need to get your sale or short sale accomplished.  Of course, you must have enough money currently to pay your attorney or you won't be able to do a bankruptcy.  A good bankruptcy attorney is important because you want to be sure that, in addition to the order discharging all possible debt, all liens are cleared.  Bankruptcy can discharge your unsecured dept without taking your pension and some of your other assets you can keep too.  When your finances get to the point where you have more liabilities than you have assets, it is time to think about bankruptcy.  If you think you might need bankruptcy and are not sure, contact a good attorney.  You will have to go through debt counseling before filing bankruptcy anyway and most attorneys can help you get into a program.

October 12, 2009 Buying a condo requires more due diligence.

Condo Associations come under several laws.  The Planned Community Act, the Condominium Act and the Non Profit Corp Act are the main three.  These laws cover most of the practical considerations of the condo associations as well as HOA assessments, collection procedures, and other legal steps.   Much of the information you will want to review before buying a condo has to be recorded with the county so you should be able to get these from your title agent.  These include the Articles of Incorporation and the Declarations and Bylaws, commonly referred to as the CC&Rs.  Do not forget to also get copies of all Meeting minutes, notices to homeowners, resolutions, collection information, enforcement policies and reserve study documents.  These are not recorded so therefore you must get them from an association member or their management.  Finally deciphering the legal ramifications of all this information could be confusing and you may want to consult with an attorney.  Call me if you need a name.

August 22, 2009  What has changed about the lending  process?

I'll keep this short.  Here it is, the lending process will take longer than it used to.  Why?  Because of HERA - Housing and Economic Recovery Act. This act which became effective July 31, 2009 heaps a lot of new compliance requirements on your mortgage broker.  These new procedures will probably add about 2 weeks onto the waiting closing period so the 30 day close is pretty much a thing of the past.  Actually I love this new law.  Finally the borrower gets some protection from the lender and the banks.  Previously borrowers were charged way more than should be for their loan because it was so hard to comparison shop.  The bankers made off with huge profits from us by keeping the process obscure.  They won't admit it and will hate me for saying so but it is true.  This new law is supposed to include a form(TIL-Truth in Lending Form) that the borrower gets that lays out the real costs of your loan AND how much your banker is going to make on the deal.  I want to see these before I get too excited. 

July 19, 2009  Are the banks lending?

Sure they are if you "qualify".  Do you qualify?  Basically you will have to have a decent "average" credit rating, savings(3% of purchase price minimum), and a job(or verifiable income).  If you are reading this and are not sure if you are eligible for a mortgage or not sure for how much, you should definitely contact the Portland Housing Center.  There are all sorts of education, credit help, and mortgage assistance programs(free money, low interest money, and down payment money).  The Portland Housing Center is a free non profit agency that can make sure you get all you are eligible for and work with you to become eligible for quite an array of programs.  They know just about every mortgage assistance program out there from the State and Federal Governments, Portland Development Commission(PDC) and others.  In addition they can find you an honest mortgage banker to do business with.  I cannot stress this enough, everyone should contact the Portland Housing Center before buying a home.  Call Michelle Puggarana, Program Manager 503-282-7744.  Their Website is www.PortlandHousingCenter.org

Go to my "Money Calculator" page and play around with that to see if your situation might seem ok with the banks. 

June 24, 2009  Fixers and bidding wars.

I have had a lot of experience selling and buying investment properties.  If you are looking for a fixer be sure to bring a pen and paper along with you when you do your search.  Write everything down that needs to be fixed along with the cost.  If you have time before the bidding is over call your subs to be sure your repair costs are realistic or to have the sub take a look.  Make sure you are including everything.  Don't forget sewer work and oil tank decommissioning. Chances are if the fixer is priced right that there will be multiple offers.  In that case the best offer might be for cash and require no contingency inspections.  This will be a hard offer to beat so if you can be clear on your costs without having to do inspections you are going to have a good chance to win the bidding war.