3% Financing - No Credit Checks - No Bank Qualifying
Our new 3% funding program for buying real
estate is now available. This is great for
investors, agents, home builders and loan
officers looking to close more deals. We will
also pay you $400 for referrals.
The funds are available in all 50 states.
Credit scores are NOT a concern and NO bank qualifying.
**** **** ****
Wow! You are great.
If I were Obama, I would appoint you as the Secretary of Treasury. Clearly, your 3% loan is much better, even 1% less than those stupid senators' or Ms. Bair's ideas. Or even better, there is no credit needed. I am sure you can solve our housing crunch. The Main Dishes: Senators' Bullshit!
But there is no free lunch, what is the catch? Hummmm! I run into some "genius" who said "no monthly fee, no membership fee, ..... it is free for you to try a month." Well, it is useless service and I have to call them to cut it off. Well, what they said, "there is a disconnect fee of $35." Certainly, I disagreed. They had their firm position "Did we tell you there is no disconnect fee? Never!" Guess who parted with the $35? My lovely Pacific Bell has an agreement with them to charge me their fee without my notice. Am I going to be disconnected my business phone service for $35? You bet, they won, I lose.
Yes, you said no credit or my money upfront ($10 option fee is nothing). But at least you didn't say no credit needed from my buyer in line, right? If there is no next buyer, are you going to loan me that money indefinitely without monthly payment, until I find one who can qualify a bank finance to "cash me out" of the purchased property.
If you say "Yes, we are generous to help you buy. You pay only 3% fee after your final sale. In the between, there is absolutely nothing to pay in writing." Great! it is much better than Subprime loan, Option loan or any NINJ loan, I am sold and feel safe to yell "sign me in!" But mind you that it may take a long, long time (is it safe to say one year? I doubt, down the rough road, maybe 3-5 years is expected) for me to find a buyer in line, under the current tightening bank loan practice: 25% or more down payment, 700 FICO and good equity CMA appraisal.
I always surprised others by returning double amount than the favor given to me. You are so kind that you make me feel guilty if I just hand you back 3% of my profit. Judging from my past performance that is at least ***% a year, I will make a proposal that I will give you 25% (i.e., 2.5 times than the before tax profit earned by average American big companies) of my profit in a year, if you agree to provide fund with no interest, monthly payment or fees, whatsoever, until the properties I intend to buy are sold.
Hummm, Waite, that still make me feel guilty. I can do better than that, to further add that I will let you collect the first 25% and additional 2% every month after the first year. All paid in a lump sum the day when I have my project sold. Deal or no deal?
| 02/04/2009 12:29 PM | by Ed Tse (richvalley) | Edit | Delete |
I wish I could be wrong.
CNN said, there are 3 main dishes coming out of the Senate. Look at them, I feel so funny to smell something like bullshits.
Nobody is a fool when we look at the recent 3 days stock performance after the last Wednesday. On Wednesday 1-29, we saw Dow surged 200 points, Thursday it went down 226, Friday it further dipped another 148. After the weekend, this early morning today 2-2-2009, it heads down 104 points. Do those indices tell us one thing? Everyone shall clearly knows what it is, except those sweet-talking politicians.
This morning Inman send me an email with a topic: Inman AM: Housing fixes fall short. I am sorry I can't open the link so that I am not sure about its content. But I believe the article shares the one thing mentioned above: The Senators are farting and bring us all kinds Bullshit that are ineffective to revitalize the housing downturn.
Well, what kind of quality service we are getting from our senators' wisdom, knowledge or expertise? CNN reports that Senate is "PUSHING UP" more for the housing market, how come I felt they are "PULLING DOWN" it, if not "PUTTING DOWN" all the hopes?
I don't want to say too much because I am in the business, not in the Ivory Tower or on Fantasy Island to be a unreal idiot cassette player to reiterate "lip service". [NOTE: It depends on what kind of responses from AR bloggers. Maybe I will release a draft article "Do We Really Care?" to further express my disappointment at those politicians.] Just enclosed herewith an article to conclude my 2 pennies.
Here we go: If Christopher Dodd is Delighted ...
They should be concerned with guiding the US economy out of the wilderness and back to an equilibrium which we can use as a starting point for new growth.
Preventing foreclosures is like holding back the tides. It can't work for long and its likely to cause stiffer consequences.
******
Stimulus: Senate's housing hopes
Lower mortgage rates, a foreclosure moratorium and more attractive tax credits to spur home buying are among the contenders for amendments to recovery bill.
By Jeanne Sahadi, CNNMoney.com senior writer Last Updated: February 2, 2009: 9:51 AM ET
NEW YORK (CNNMoney.com) -- As the economic stimulus package moves to the Senate, the drumbeat is growing louder for new provisions that directly address the housing crisis.
Key senators from both parties said they will push for measures intended to spur sales and help homeowners at risk of foreclosure.
"We need to go right at the housing problem. That's what started all of this," Senate minority leader Mitch McConnell, R-Ky., told CNN.
The Senate floor debate is set to begin on Monday. Here are three ideas likely to show up in amendments:
Create a 4% mortgage: Senate Republicans are likely to introduce a provision that would encourage lenders to offer a 30-year fixed rate mortgage at 4% for a limited period of time. The loans would only be available to credit-worthy home buyers and homeowners seeking to refinance.
The government would guarantee the loan for a number of years, an aide to McConnell told CNNMoney.com.
Senate Republican Conference Chairman Lamar Alexander, R-Tenn., said on the Senate floor Friday that the measure could involve not only a government guarantee but a subsidy as well.
"If today's prevailing rate were 5.2 or 5.3 percent ... the government would make up the difference."
The cost of such a provision hasn't been determined yet, but the aide said Senate Republicans would seek to structure the proposal in a fiscally responsible way, without specifying exactly what that meant.
Offering government-backed low-rate mortgages "could be very popular politically as it tries to fix the banks by fixing consumers," financial services analyst Jaret Seiberg of the Stanford Group wrote in a research note.
But using government funds to force rates lower "could be very expensive," Seiberg said.
And as mortgage rates rise, which they have in recent weeks, such a proposal could grow even more expensive.
Expand home buyer credit: Senate Budget Committee Chairman Kent Conrad, D-N.D., said last week he would propose an expansion of a temporary $7,500 first-time home buyer credit so that it applies to all purchases of primary residences.
Some Republican senators have called for an increase in the credit to $15,000.
On "Face the Nation," Sen. Charles Schumer, D-N.Y., said Sunday that lawmakers "can do more for housing." The proposal to increase the home buyer credit to $15,000 and make it available to all home buyers is "something that we look favorably upon," he said.
The Senate recovery package as it stands now removes the requirement under current law that the credit be repaid by buyers over time, assuming they don't sell their home for three years after claiming the credit.
The credit phases out for individuals making more than $75,000 ($150,000 for joint filers).
Hold off on foreclosures:Senate Banking Committee Chairman Christopher Dodd, D-Conn., told reporters last week that he would like a provision in the stimulus package that would impose a 90-day moratorium on foreclosures. Dodd may consider other housing measures as well.
Postponing a foreclosure for three months might allow some troubled borrowers to keep their homes by buying them time to work out a new loan agreement with their mortgage servicer.
Obama housing proposals on deck
Advocacy in the Senate for more housing measures in the stimulus bill comes while President Obama is expected to release a comprehensive plan to fix the financial system within the next two weeks.
Obama has been promising for the past month that he would soon propose a foreclosure prevention program, and many believe that could be part of a plan he announces in the coming week. Indeed, he said Saturday that his plan will include a proposal to lower mortgage costs.
Last month, Obama's economic team promised lawmakers they would use $50 billion to $100 billion of the remaining money from the Troubled Asset Relief Program to prevent foreclosures.
Whether the housing measures proposed by Republicans on the Senate floor are intended to be in addition to Obama's proposals or as replacements isn't clear yet.
One of the ideas likely to influence Obama's plan is a loan modification program put forth by FDIC Chairman Sheila Bair that has garnered support from lawmakers. That plan would require that lenders reduce housing payments for delinquent borrowers to 31% of gross monthly income.
Lenders could achieve that by lowering mortgage rates to as low as 3% for five years, before increasing at an annual rate of 1 percentage point until they hit the prevailing market rate. Loan terms could be extended as long as 40 years.
In exchange, Bair proposed the government would share up to 50% of the losses if a borrower who gets a modified loan ends up defaulting anyway. And it would help foot some of the servicers' loan modification costs. 
Buyers, Please Wait 8 Months for a Good News to California
Dear Monte:
After receipt of your last email, I gave myself a 2nd thought in the deep late night. Even I planed to hand you my revised and signed all cash offer with 10% deposit check, I believe it is very difficult for you to get the condo for me at this moment with your determination to help. Maybe all your efforts can not convince the banker.
Most bankers are just a 9-5 conservative employee in a bureaucracy, not an aggressive self-employed entrepreneur with good judgment like you or me. They have to do business following the book. Most of them are still in the "denial" mentality to face the reality of crisis. I agree with you that the chance to get the condo at my price is not slim, but extreme slim at this time.
As I said, I can waite until the price going further down. We are going to see a lot of new listings, including REO, coming up like daisies in the Spring 2 months later. After the coming hot sale season, we will find the new low in this coming Fall, around September. Therefore, I decided not going to present the purchase offer to you tommorrow as scheduled.
I am sorry to bother you for your precious time. I owed you and Greg one this time; but I really appreciate your professionalism and can see your different spirit to help from other agents. I will definitely come back to you in a hope to return your favor.
If you happen to know some good deals or a banker is realistic, anxious and aggressive to sell their REO holdings in SoCal, let us know as soon as you think we may be able to help. We are willing to put our reserve fund, up to $300K per residential unit, to work harder for you, your banker friends and us.
Again, I apologize for putting this deal on hold and wasting your time. Hope we can repay you very soon. Any time you are welcome to give me an email as a good friend.
Thank you again,
ET
-- Monte <@gmail.com> wrote:
Greg told me to tell you if want to make a offer and with a 10% deposit and Prof of funds great. Other wise good luck to you. Also he feels your chance of getting acceptance at $200,000 are very slim .
Monte
On Wed, Jan 28, 2009 at 7:48 PM, ET@netzero.net wrote:
Dear Monte,
If I owned my appraisal firm, I could do it in 5 minutes through Data-quick as we used to do an "appraisal check" for agents. I really don't want to waste my time to study all the so-called "sold comps" you provide me today.
Just taking a look at the first 3 comps, there are 2 sales that are fake ones. NAR, National Association of Realtors, and most real estate websites love to fool people by factoring in a bank foreclosure as a normal sale transaction.
As the saying "figure don't lie, people fig." Be honest, NAR is trying very hard to play the number game by counting a foreclosure as a sale. The more volume foreclosed homes we have, the more sales show up in NAR or CAR' statistics. So, the more serious we are deep into downturn, the more rosy picture of the real estate they can show us, right? Does that make sense?
I believe you are smart enough to see the smoking gun. Do you think you can take the foreclosed price done at the court steps as a valid market price reflection or indicator? I don't think so, since I have seem a lot of REO were dumped by bankers at a fire sale price. In some markets, consider a banker is lucky if he is able to sell its REO at 80% off. I can easily find some properties listing or asking less than their sold price prior to 1989. Some are even 50% less than that. What kind of market is this?
I interpret it an "American Promise Land" full of opportunity.
Well, just for your reference.
ET
*** About CMA and Appraisal ****
Dear Monte:
Thank you for providing me the recent sold comps in the vincinity.
I used to be one of the 5 partners to run a reputable real estate appraisal service in SoCal. The most difficult time for an appraisal business is when there is a lot acitivities of uprising or a dying market in the latter. For the former, it is hard to catch the rising price due to its volatility and time lag of county reporting; it is also very difficult to do it when nobody buys, i.e. comparable sold comps are hard to find within 1 mile in the past 3 months.
Right now, as I was told by my previous partners, it is very difficult for an appraiser to prepare an unchallegeable report to a banker. Most bankers follow those new "tight" guidelines set by Chase Bank. An appraiser used to make a report by using 3 sold comps and 1 listing comp; but now most the bank underwriters require 5-6 sold comps and 2 listing comps. They are even so picky enough to insist on using a "normal" sale. Where can you dig sufficient sold "normal" sale comps, if 80% of market sales are involved in distressed sales, such as foreclosure and REO re-sales? Also, even if it is more tough to prepare a report, the bankers are paying less fee to an appraiser in order to save business costs, due to economic recession.
Anyway, that all may farting for your reference. Again, thank you for your kindness to give me info.
ET
Everyone is talking about buyer's or payer's credit score. Does it make sense after all these years practice?
Don't you think that is a man-made standard? Why we have to be confined or tied up by an artifical set of man's criteria? Maybe it is the tyranny of status quo so called by M. Fredman.
As a civilized society, we do need some sort of standard. We, the human creators, have created some rules or grades to classify all the people into categories. Even in the modern societies, we still label people as those "slave" systems adopted by the Roman Empire. By some institutions, we are just a numbers, no longer a human being with our own brain and dignity. We are facing the same problems as those "backward" nations evolved from a traditional society into more modern one.
(NOTE: After WWII, we used to play the arts of language arrogance to call them "developing countries" instead of "backard countries" and now, we have invented an improved formula to call them an "emerging county." Same old shits in essence, but more comfortable to meet those nationals' self-esteem, right?)
But do we periodly check into its validity or effectivity or efficiency? I doubt it.
The current economic downturn was partially created by the computer module set up by those Wall Street grading agencies. Nobody can argue with me those module is NOT working to perform its major function: to protect the financial firms or institutions from a deadly risk.
To the so-called "FICO" credit system, we created it to develop and survive a brand new "well-managed" profitable industry in the "service" sector in our modern economy. In the end, it come back to hunt us or make itself as a self-regulated or self-supportive monster as movie described an imagined war triggered by a super computer, to kill people at the end, at least to hurt some mis-fortunate to re-start ove again. Those financial institutions can base on FICO to refuse a loan approval to a decent people who just needs a little help in his difficult times, as those black kids used to be unfairly treated socially or educationally in the past as Dr. MLK claimed.
Even the refusal of a loan is simply caused by a banker who has no intention to loan out money, for whatever reasoon they may have, just as right now. They can always use a FICO score as a convenient excuse to treat people in need of a chance to get their feet up. Recently, we saw reports claiming refinancing applications are up. But did we see any report telling us how many those applications are APPROVED? Few, if not none, as a professional loan broker disappointedly wrote in his article. That's why I called it a "Fuck Score" to screw people up.
When a banker wants business, he doesn't care about FICO. That is why we have so many subprime loans in which FICO is not even a marginal factor. It was not a important factor for a banker to approve a subprime loan. If he intends not to make loan, what we see? All kinds of tools handy for his execuses. Among them, a FICO score is very common since it is legally safe to avoid any possible discrimination charge. Even creditors can claim credit score is the major part of their risk maangement and everyone does that, is it fair or humane? On the other hand, if that's so effective, realistic and reasonable to their financial safety, why now those SMART fat cats have to hands out to our government bailout money for their mistakes? Then, it tells us that there must be some other real core or key concerns in doing the financial business, not FICO.
Why we can have a black president today? Some people answered it by "the inspiration of Dr. MLK." Really? Then, we do need a great spirit to inspire all of us to cultivate a more humane way to treat people in the field of "credit" as Dr. MLK did in the field of race.
I have a dream: someday no human being shall be treated as a score. No one is a number.
Why I have such a thought, please see the following emails I exchanged with others today:
** 1 **
Hi! John, Here I am again, I need your opinion on this brand new (so-called "not seasoned") note. How much do you think I can get it if I sell it now? I will forward the official copy of the land contract I got from county deed desk. Enclosed herewith the following info for your reference:
1. Original Selling Price:
2. Down Payment:
3. Original Note Balance:
4. Months / Years Financed: Interest Rate:
5. Monthly Payment:
6. Balloon? Yes Date: 03/01/2019 Amount:
7. Date of First Payment: 1/8/2009 Current Appraised Value:
8. Current Balance:
9. Owner Occupied? Yes
10. Underlying Balance: No, this is the only lien against the said property.
11. Credit of Payer:
X Excellent to me, judging from the 3 month experience before the house was sold.
Although I have his SSN number, TX driver License number, and permission to check his credit, I didn't do it. This Payor/ buyer negotiated with me for about 3 months. He gave me an impression that he honors his words. Say, he would call me one the day if he said he was going to call me, without all those disappointment from others who screamed out "this is my dream home and consider it sold. Reserve it for me for one day and I will give you my downpayment tomorrow" and never show up without a phone explanation. After all, he put so much toward the downpayment and he is working for a local company, about 5 miles away from his purchase. At the beginning, we were working on a 30 year amortization schedule that will commit him to make monthly payment of ****, plus property tax and home insurance. After we went out for dinner to celebrate our accomplishment, he mentioned that he intended to pay me $*** or more each month two or 3 months later after the purchase.
According to Texas laws, I have to give him an annual financing statement, I rerun it and come out next day a 15 year amortization that is to his benefit, much better than his idea of making $200-300 prepayment every month later. He appreciated my kindness for the better option, even I told him that he needed more time to re-think his decision that will increase his monthly payment of less than $*00, instead of paying me $*** which has higher interest with 30 year amortization schedule. The total payment will be about $**** every month, including property tax and insurance (currently with state farm). I don't want him to stretch himself too thin. He accepted the idea of switching after reading the numbers. That's why we have a 15 year amortization now.
After sold, he came to visit me with fruit and soft drinks and repaired the whole kitchen faucet plumbing system. I wanted to pay him for the labor, he responsed: "No, don't you know I know how to appreciate people? You help me to get into my dream home?"
Yes, a modern person seems to forgot "appreciation" due to the idea of social entitlement. That's why I always try to help people as a human being: the spiritual sense of achievement out of helping has more value than the material one.
He is an employee who doesn't have the luxury to take time out so that he used his credit card and fax to set up his utilities to the house as he told me. At least, he still owns a credit card; and that means he is credit worth to someone else. To me, I believe he is decent and honest. But you don't have to take my words (I really don't care much about FICO from my business experience until retirement as long as there is enough downpayment or vest interest put up by a buyer. Now so many people who have good credit walked away from their houses.) and just run his credit check if you like.
NOTE: As a human being, we have created so many things, including laws, regulations, concepts and categories, etc. Some things we created are bad enough to tied us up. Take a good look at the ABS grading system set up by those Wall Street grading agency. The computer module they used lead us into this economic downturn. Do they work? You tell me.
Tell you the truth, I am a human being who is not going to take all the man-made standard or systems for granted. I refuse to be a slave confined by a man-made rule, norm or custom. I am not going to judge people by other artificial pre-set criteria as a classified society set by our ancestors in history. For example, so-called "FICO" credit system is no better than the Wall Street grading agency's. I look at "FICO" score as "FU*K" score, an artificial standard but far from a natural and realistic stuff to give you the true reality. See, they can't prevent those credit-worthy people walk away from their home with "option" loan. Does it work by treating a human being as a "number"?
Why I am so negative about FICO? Don't say I have a poor credit score from those 3 agencies. I guarantee that my score has been "excellent" in the last 15 years. Even I was graded "poor" during my divorce and after, in 1989-93. Simply my hardship was incurred by a divorce, unemployment, and a home being foreclosed happen at the same time. Am I not the same person? I doubt it.
I have known the payer for only 3 months and obseve his words and deeds. No need to tell me he is a decent and wonderful natural person, I can sense it. Here, please check the website link to get those pictures: http://www.zillow.com/homedetails/
12. Property Type
X Single Family Res:( ***2128 sqft)
X Land (half acre:175'x 125' corner residential lot) with Improvements (utilities) electrical, water, phone, cable ready, trash.
13. X Deed of Trust N Mortgage X Land Contract X Contract for Deed
14. Title Policy: Yes (I hold the legal title until my loan is paid off; and my original title insurance is still effective.)
15. Property Description and Location / Comments: Residential *** home with ½ acre home cornor lot (175‘ X125‘). It is in a county property setting, just one block south of city limit of **** and ***** new police headquarter. In the past two years, the community refused to be annexed into ********* city for too much property taxes and high utility charges. The property is right on the fastest growth path between ***** and ******. The best possible zoning usage is prime residential. I can see the public sewage system is approaching right at the intersection, there is only septic tank in the property.
** 2 **
--- J @.com> wrote:
From: .com>
Subject: [FWD: Mortgage Note Quote]
To: "E T" <e@yahoo.com>
Date: 9:55 AM
Hello Ed, how was your weekend?
I wanted to reach out to you this morning and see if you had any reaction to the quote i had sent over, if you had any questions, concerns, etc.
So please get back to me at your earliest convenience and let em know how things are going.
Awesome! thank you Ed.
JT
President
After I reply your email, I read this one email asking my other ntoe. Enclosed here for your reference.
ET P.S. I gave up the idea of convincing people to be realistic 5 years ago. As an individualist, I am NOT trying to change your idea or your own way to do business; and please do whatever you believe is right and comfortable. I will see if we can make a deal. If not, let it be. ET
--- On Wed, 1/21/09, ET <e@yahoo.com> wrote:
From: E T <e@yahoo.com>
Subject: Fw: Land contract
To: Date: Wednesday, January 21, 2009, 11:23 AM
|
Sorry, that note created about 3 years ago was paid off 27 months ago. That means I select my buyer very cautiously and effectively without my "depending" on so-called credit system or checking into her credit history. Here is a new one just created for your reference. ET |
|
CHARLES****** A******* INVESTMENTS LLC. (979)***-1933 MY NAME IS CHARLES *****, MY COMPANY IS A***** INVESTMENTS LLC. A NEW COMPANY THAT BUYS OWNER-SELLER FINANCED MORTGAGE NOTES, LAND CONTRACTS, DEEDS OF TRUST, TRUST DEEDS ETC. WE CAN CLOSE FAST ON THESE NOTES SO IF YOU OR ANY OF YOUR CLIENTS HAVE ANY THEY WOULD LIKE TO SALE, AND THERE TIRED OF WAITING MONTH AFTER MONTH FOR THESE PAYMENTS THEN A******* INVESTMENTS LLC. CAN HELP GET THE MONEY YOUR OWED TOMMORROW TODAY, CALL AND GET A FREE QUOTE WE CAN CLOSE FAST!!!!!! ******* A******** INVESTMENTS LLC. (979)***-1933 |
 |
A late Christmas present ...
|
From the Miami Herald: Refinance rates low; few qualify
Before LaPenta begins processing an application, he said he makes sure customers are aware of the essential criteria needed to refinance: 20 percent equity in the property, a homestead exemption, a credit score of 700 or higher, a mortgage debt-to-income ratio of no more than 45 percent and the ability to fully document income and assets.
Justin Miller, a broker with Resource Mortgage Group in Plantation, said the current rates, which essentially amount to ''free money,'' are, in a sense, unavailable to those most in need.
However, look at the following and you will hear some elites say "who says there is no free money? It's not me!"
AP study finds $1.6B went to bailed-out bank execs
ET said, "A step forward to following the downfall of Holy See in the 15-17th century."
As Ronald Reagon forgot, I don't remember anything. Did I work there in that little white cloudy house? Are you sure that was ME up there? How come I am down here? That's definitely not me!
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