Justin Williams - Loan Officer

This Labor Day Weekend at the Ocean Front on 5th Street in Virginia Beach will bring back a blast from the past.

Here is the line up

Friday August 29th 6:30 PM: Morris Day & The Time (with En Vogue and Bell Biv Devoe)

Saturday August 30th 7 PM: Billy Idol (with The Blackjacks)

Sunday August 31st 6:30 PM: B-52s (with The Motels featuring Martha Davis)

You can buy an all ticket pass for $30 Dollars or buy individual tickets between $15-25 each.

Personally I am attending the Show on Saturday to go see Billy Idol, I am an 80's child and 80's music is my guilty vice.

*Fun Fact* The Character Spike from Buffy the Vampire Slayer show was inspired by Billy Idol's look and attitude.

Have a Great Labor Day Weekend!!

Fresh New Start After A Bankruptcy

Just because you filed for a Chapter 13 Bankruptcy, doesn't mean that all hope is lost.

Yes! You can obtain a Chapter 13 Refinance utilizing a Bankruptcy Buyout putting all your worries behind you.

Nobody is perfect and many homeowners file for a Chapter 13 for a variety of reasons but the bottom line is everyone deserves a second chance and a chance to get a fresh new start.

There are still many programs out there even on Government loans that can help you obtain peace of mind.

The ABC's of the Bankruptcy Buyout

1. Need to have paid your Trustee on time for at least 12 months.
2. You need to obtain permission from the courts to get an "OK" to refinance and buy out your remaining Bankruptcy Balance.
3. Must have equity in your home to payoff your Bankruptcy balance, Closing costs and Attorney fee.
4. Last step, Contact an experienced Mortgage Professional who can help guide you along the way in getting that fresh new start.

The Benefits

• Putting distance quicker from your bankruptcy discharge date to help re-establish your credit. In many cases your FICO scores can raise as much as 60 points after 6 months of your discharge.
• Savings in many cases over $500 dollars a month due to the high payment plan and list of creditors that are outstanding.
• The greatest benefit is PEACE OF MIND, not having to worry that you are still in Bankruptcy and can redirect your focus on rebuilding your credit.

If you have any additional questions regarding a Chapter 13 Bankruptcy Buyout feel free to contact me.

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Just-In-Time's Loans - Mortgage Needs and Advice on Time. (757-228-3668)

Quick Market SnapShot in the 757

As you can see in the Demographic Stats above for the Virginia Beach Area, the numbers has it's Pros and Cons.

Pro

• We are not in a Declining Market compared to the rest of the Nation and even our brothers and sisters up North in Virginia. Having a 0.9 Ratio in foreclosures is pretty tame.
• We are not in a Upside Market compared to the rest of the Nation. The Median LTV is 85% which is excellent in having that emergency equity.

Cons

• 50% Late Payments in the last 12 months. Seems like we are in a bind in trying to keep our payments on time.
• We have a HIGH ratio in ARMS(Adjustable Rate Mortgages) and ARM RESETS very soon. Almost 65% are in ARMS now and almost 42% will reset very soon.

Solution

Let's be proactive in converting your Adjustable Rate Mortgages over to a Fixed term to give you some peace of mind. Most Clients I run across have had already their rate Adjusted and were just putting off refinancing till the last minute or way past the deadline.

I know it's the start of Summer and you have a very busy schedule but don't delay in talking to your Mortgage Specialist in starting the process early so you can make time for your other priorities. By delaying, you can potentially lose out hundreds of dollars each month that you can better use for a much needed vacation or home repairs.

Can't ignore the inevitable, Get yourself into a Fix Rate Loan before it's too late, and then you can have the peace of mind of Enjoying your Summer :)

I know I will be, here's a photo of Alexander On The Bay at sunset.

A Client called me up today wanting to refinance with cash out. I asked the client what the purpose is for the addtional cash.

She had replied that she is very nervous and excited about adding a new addition to the family. I was thinking well she must be pregnant but to my surprise the new addition was for an...ADOPTION

Adoption Costs

Now many people may not realize this but Adoption Costs can be very expensive.

According to Adoption.com ( http://costs.adoption.com/ ) The typical Adoption Costs are as follows:

Agency and private adoptions can range from $5,000 to $40,000 or more depending on a variety of factors including services provided, travel expenses, birth mother expenses, requirements in the state, and other factors.

International adoptions can range from $7,000 to $30,000.

Not including are the new addition factors including that can range from $1,000 to $5,000.

Shocking isn't it that adoptions can be very costly.

Adoption Buzz

Over 5 million Adoptees in America according to the Census Bureau.

November 20th is National Adoption Day.

Last November a National Poll conducted on adoption had 58% of respondents said they have had a "personal experience'' with adoption -- meaning that they, a family member, or a close friend had been adopted, had adopted a child, or had placed a child for adoption.

Popular A-List Actress Angelina Jolie has created a positive picture for adoptions with 3 adopted children whose images were reported at $10 million dollars for a record of the most expensive celebrity image of all time.

Madonna and other famous stars, soon followed suit.

Adoption Financing

Check with your local Mortgage Consultant to see if Refinancing with Cash out or doing a HELOC loan is more beneficial for you. Rates are at an all time low so if you have the equity to tap into, this could be a wonderful resource to utilize to your amazing new addition to the family.

The IRS has helped with the Adoption Tax Credit given to families applying for adoptions that can be found here http://tax-credit.adoption.com/

The Tax Credit is $10,960 per child which is an amazing benefit for adopting families. Consult with your Tax Advisor on how to apply the credit towards your tax returns.

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I personally loved doing all the research on this Blog learning about how adoptions work and all the other fascinating stories involved with adoptions. I am really glad there are tons of Adoptions each year and if you are thinking about doing an adoption in the future, may god bless and best wishes.

Just-In-Time's Loans - Mortgage Needs and Advice on Time. (757-228-3668)

Need to tap into your Rental property?

Investment Properties are hotter than ever with all the current Short Sales anf Foreclosures going in the market.

So now that you captured a rental property and are utilizing a stable rental income for quite some time now, it has come to attention than an unxepected financial need arises and have to decide if tapping into your investment property is worthwhile.

Analyzing your Rental income, Mortgage and Rental Lease

There's 3 main factors come into play with your Rental are as follows

1. Rental Mortgage: - Does your investment property have a mortgage tied to it? If so how much is the current mortgage.
2. Rental Income: - Now after paying the mortgage and all the other expenses that comes into play, how much does your Rental Income bring forth as a profit, if any?
3. Rental Lease: - Here's the big "R". What are you charging for your Rent? Is this outdated, is there room to grow?

ABC is easy as 123

So lets put all the factors into play, shall we. Let's say for example:

You need an extra $25,000 for a much needed College Tuition for your Son/Daughter.

You have a $50,000 mortgage at $375 and $500 Rental Income on your investment property.

You spoken with your Mortgage Expert :) and the Extra 25k will put your new mortgage at $560

Uh-Oh your new Mortgage is higher than your Rental Income, Don't Despair, it's time to check if it's time to upgrade your Rent.

Afterall we are in a HOT HOT HOT rental market!!

Rentometer

I actually stumbled upon this site using stumbledupon, its a real cool site that randomly stumbles websites linked to your preferences.

This website is FREE to use and you can use this tool to see if you are charging to little for rent and seeing what the other rental properties in your area are going for.

The website is a mashup with Googlemaps data, feeded rental listings via the net and other rental listing websites out there.

The website can be found here http://www.rentometer.com/ and is very easy to use, just put in your address and the search results will display a meter indicating where you rank in Rental income and also displays the Googlemap to click on markers near your property to get individual results, cool right?

So there you have it, your very own free tip tool to find out if you need to hike up your rental price, and for the previous example, lets say you found that properties in your area are renting for about $600, there you go a Win/Win Situation :)

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As always thanks for checking out my blog, feel free to leave a comment and have a great day!

Just-In-Time's Loans