I busted butt cleaning, packing things away and preparing to stage the home for realtor photos.

The victim profile is changing, however; as predatory lending practices become more vicious, sophisticated, and prevalent, young, white prospective homeowners are as at risk as populations that historically may have been more vulnerable to them.Predatory lending in the context of home buying is comprised of a plethora of lending practicing and arrangements, including:Kickbacks to mortgage brokers (Yield Spread Premiums, where a broker can get a loan at a lower interest rate, but tells the borrowers only about the higher rate loan so that the broker will receive a kickback from the lender);A lender’s arrangements for payments that are higher than the borrower can afford;Falsifying loan applications (i.e., a lender may state on a loan application that a prospective borrower’s income is greater than it really is in order to facilitate approval of the loan);Adding insincere co-signers (lender adds a fake cosigner for loan approval);Making loans to mentally incapacitated homeowners;Forging signatures (lender forges a borrower’s signature on an early disclosure);Paying off lower income or interest mortgages;Loans in excess of 100% loan to value (LTV);Bait and switch tactics, such as substantially changing loan terms at closing;High annual interest rates;High points or padded closing costs;High loan origination fees;Balloon payments;Negative amortization (where principal balance increases rather than decreases);Padded appraisal costs (inflated home values in appraisal);Padded recording fees;Bogus fees (e.g., HUD will state that the broker has a fee for underwriting fee, when in fact brokers have no underwriting fee);Itemizing duplicate services and charging separately for them;Misinforming the prospective homebuyer that credit insurance is required and/or failing to disclose to the buyer that they are earning a commission on the insurance;Mandatory arbitration clauses;Falsely identifying loans as lines of credit or open ended mortgages;Forced placed homeowners insurance (lender falsely claims that homeowner does not have insurance and then gets an undisclosed commission for selling it to them);Repeated refinancing (flipping);Daily interest when payments are late;Excessive prepayment penalties;Foreclosure abuses; andHome improvement scams.A range of state and federal law of laws are available to help attorneys address dismantle the harm wrought by predatory lending practices.

I do not know what stage you are in , saving $ , building your credit or ready to jump in .

I'm working on my blueprint and in the stage of working up the numbers and then checking those numbers to see if I'm in the right ballpark.

Some of my costs are photography, pamphlets, sign placement, utility company marking utility for sign placement, placing it on the electronic lockbox system, I usually do a little bit of landscaping..mulch and flowers, depending on the price point of the property I might also need to pay for staging and professional maid service.  

Essentially all a Wrap does is create a payment arrangement with a secured interest inferior to the present mortgage.

Any help in these beginning stages would be very much appreciated.Thank you,Lynn Bergin

See http://www.consumerfinance.gov/regulations/ability...As I understand it, if there is a financing arrangement, such as a wrap, contract for deed, lease option with rent credits, etc, the penalty for sellers if the Owner Occupant financed buyer gets an attorney and sues the seller and gets awarded up to 36 payments plus court costs plus attorney's fees plus down payment.  

The seller's perception of themselves has no bearing on a buyers purchase money arrangements, in their opinion you're in the business and they are wholesaling, actually there is no distinction as you are the end user/owner.

I need funding in 5 stages. 1st stage start up 25k to set up "offshore" corporation and establish the ability to purchase these properties. 2nd stage 60 days after 1st stage funding to buy 1st property. 3rd stage 60 days after 2nd stage funding 400k-1mil to buy 2nd property. 4th stage 60 days after 3rd stage funding 400k-1mil to buy 3rd property. 5th stage 60 days after 4th stage funding 400k-1mil to buy 4th property.