All Forum Posts by: Jim Gordon

Advice---Next time don't wait so long!

At the closing you sign a satement for the lender that nothing substantial has happened with you credit. Getting a loan on another home is substantial so when you close on that second one it would be considered loan fraud.

If the property is going be owner occupied you can get a FHA loan but on a NOO about the only way to go is a HML if the LTV is right.

The Feds are always in first posistion

Looks like to me they can lien the property but consult a good lawyer

Government Collection Procedures on Defaulted Student Loans
The Higher Education Technical Amendments of 1991 (HEA) eliminated all statutes of limitations for any collection action by a school, guaranty agency, or the United States under a federal loan program. The amendments also eliminated all limitation periods for tax intercepts, wage garnishments, and other collection efforts.
If you’re not able to discharge your student loans in bankruptcy or establish a repayment plan in a Chapter 13 proceeding, the federal Department of Education has the right to:

Tack collection fees of 25% and collection agency “commission” fees of approximately 28% onto the principal, interest and penalties you already owe
Take your federal income tax refund until all your defaulted student loans have been paid
Garnish up to 10 percent of your wages, without suing you first
Take as much as $750 per month (up to 15 percent of your income) in federal benefits to which you might be entitled, including social security retirement and social security disability income, and apply that amount toward your outstanding defaulted student loan debt
Sue you for your outstanding student loan debt and place liens on your property

Student loans are not dischargeable in bankruptcy unless you can show that your loan payment imposes an "undue hardship" on you, your family, and your dependents. Non-dischargeable debts are those debts that you cannot totally eliminate when you file for bankruptcy and will have to be paid by you.

It is almost impossible to show an undue hardship unless you are physically unable to work and the chances of your obtaining any type of gainful employment in the future are non-existent.

An offer is an offer nothing more. The responsablity of the agent is to present all offers to the seller. On REO properties your offer will normally be rejected by the seller without a preapproval letter from a lender. It is a breach of ethics to tell you how much the other offer is without permission of the seller. More and more sellers are giving that permission so that the listing agent can "shop the offer" and get the highest price for the seller. You don't say if the offer was accepted, if it is not increase your offer to better conditions and terms than theirs or find another home to make an offer on. Multiple offers are not new in Real estate and a lender property may have 3-4 offers in at a time. One time I was involved on a lender property that was in multiples, the seller came back and asked for everyones highest and best offer. After highest and best was submitted by everyone they rejected them all! Good Luck

Here is the letter of the law from the IRS

http://www.irs.gov/newsroom/article/0,,id=105042,00.html

If you are lucky you can make 500k as a couple on the increased value of your primary residence when you sell it every 2 years!

Here is a link to a good list of the terms for commercial RE

http://www.realtor.org/NCommSrc.nsf/files/Commercial%20Real%20Estate%20Glossary.pdf/$FILE/Commercial%20Real%20Estate%20Glossary.pdf

In Ohio when you go to forclosure the property is auctioned off to satisfy the judgement "on the courthouse steps" by the sheriff. There will be a price posted that is the minimum bid 2/3 of appraised value but that price is not normally relevant to the the process. The lender has to bid at least the judgement amount because they sued in court for the default amount + court cost+ fees or the home. If you are willing to pay one dollar more than the judgement amount the lender will greatfully not bid over you.

First thing stay on the west side of the river and away from East St. Louis.

Welcome any help I can give just call me.