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Duration : 0:1:13
Mortgages : How Do Mortgage Companies Work?
In order to comprehend how mortgage companies work, it’s important to know the difference between local banks, correspondent lenders and mortgage brokers. Discover how mortgage rates differ and how to get a loan with tips from a licensed mortgage broker in this free video on individualized finance and real estate.
Expert: Adriel Torres
Contact: ultimatecredittoday.com
Bio: Adriel Torres has been in the mortgage business for over a decade. He has owned two mortgage companies and is a licensed mortgage broker.
Filmmaker: Christopher Rokosz
Duration : 0:1:19
Private Lending Investing Outperforms Stock Market, IRAs, CDs, Money Market, etc.
The Residential Equity Group, LLC uses Private Lenders to fund high yielding real estate investments. Our investment model makes sense in today’s economy. We have been healthy to buy single and multiple family properties at astounding prices. We are putting tenant/buyers into the homes while working with them to remember to purchase.
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Duration : 0:3:49
Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 6 Nov08 Recourse vs Non-Recourse
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 6 (Excerpts)
Arizona is not a recourse state, so chances are you will not owe 1099 C Income
In Arizona, typically its not a recourse state, so if they are telling you that theyre going to garnish your consequence because you didnt pay back your entire mortgage, there is a local bank ,that was threatening a very good colleague of ours about a small second mortgage that mortal had taken out. Threatening to send it to collections and garnish her wages. It simply isn’t going to happen.
But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze. There is a lot to it, you need to protect yourself. You talked about bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people dont comprehend the bankruptcy laws. They are so tight now and your feet are really held to the fire from the federal government right now. It’s not like you just didn’t make your mortgage payment, so you go file bankruptcy, it’s just not realistic. Assuming bankruptcy is the last resort option for everybody. And we certainly want to refrain that, it would not be sound financial advice from any credible source that I can think of.
Let’s achievement through a case scenario, somebody who is listening to this broadcast, their head is spinning right now, they’re thinking, oh my gosh. I should have known about the tax implications, a short understanding versus loan modification. Let’s begin at the top and work through a swift scenario. And then we’ll point out the specifics of what they should be considering right now.
For example, we speak about this all the time and to your credit Michael Barnes and to Velocity Financials credit, you were primeval in bringing out the loan modification for people who were in a distress situation regarding a mortgage, maintaining or keeping up with the mortgage payment. So you started going down the path where the refinance started to become a much more difficult option, with new constraints and all the other factors that led to part of this economic crisis, a loan modification has become a buzz topic today. Driving to the station today, driving down Camelback Road, I see a sign on the corner. You know, one of those stick in the ground, homemade jobs, that states don’t refi a Loan, modify, with some success rate and the phone number.
Hang on there I want you to say the success rate. The sign literally said, 99% success rate, and it goes back to the point that you prefabricated when they say that they can reduce your mortgage principal by tens of thousands, hundreds of thousands of dollars, thats the absolute last resort for any lending institution. Thats not what this is about, so let’s begin with that, then we will work on the tax ramifications of how that might work in the overall financial strategy.
I am familiar with the loan modification industry here in Arizona. There is no regulation, unfortunately. We at Velocity Financial work with a national network of attorneys, so if you’re the guy in El Centro California, or youre in Phoenix, or youre in Alaska it doesn’t matter where you’re at. We have someone who is an expert in that field in that say because the laws are different. But without the regulations some mortal with the unsightly yellow sign on the side of the road states he has a 99% success rate, I don’t believe him it’s probably not using an attorney, who knows, dont purchase into that garbage. Were going to tell you the truth, if we cant do a loan modification, we will tell you that we cant do it. And if a loan modification is not the ideal thing for you, you can find the some of these other options.
Duration : 0:5:19
How to Obtain a Mortgage : Types of Mortgage Lenders
Mortgage brokers give you more financing options than mortgage bankers. Learn the differences between mortgage lenders in this free individualized finance video from a loan officer and mortgage closing specialist.
Expert: Sherry Berrier
Bio: Sherry Berrier worked for major banks such as Bank of USA for seven years as a loan officer specializing in mortgages. She is a mortgage closing specialist in closing loans.
Filmmaker: Reggie Hayes
Duration : 0:1:6