Facebook Fan Page - Hacking, Extortion, Death Threats, And International Fame!

We have been following a BIG story about Facebook fan pages being hacked!

We are sending this message out to our fan page base to help those who use Facebook fan pages for various businesses.

We value all of our fans and we want to help prevent this from happening to anyone else!

We’ve been following the fan page hacking incident that happened to our fellow REI friend, Phill Grove.

Phill was actually in Vegas and Hawaii doing a speaking tour when all of this took place.

People and business are being affected worldwide.

Read what happened to our buddy Phill here --- > http://ping.fm/digXN

Our friends at Black Box Social Media are gaining worldwide attention for bringing this problem public!

Want a ninja trick to protect your Facebook fan page in 2 min? VIDEO ---- > http://ping.fm/slndU

Click on the link above and protect your Facebook fan page asset!

Stay Protected!

Curt Maly

Keywords: black box social media, Facebook hack, hacker, hacking, Facebook fan page, Facebook fan page hacked, Help get my Facebook fan page back!

Hacking, Extortion, Death Threats, & International Fame! Black Box Social Media & the fan page hacking pandemic! http://bit.ly/exYdJBddd

Hacking, Extortion, Death Threats, And International Fame!

Life is never boring as a real estate investor!

Ok, I wasn’t going to say anything, but last week my fan page was hacked and now it's becoming international news so I guess I'll address it. I was actually in Vegas and Hawaii doing a speaking tour when all of this took place with the help of my social media team everything got taken care of, so here's the story.

Those of you that are my Facebook fans (if you're not go here now and 'like me') may have noticed that a little over a week ago I stopped posting my usual article updates and only a couple of posts popped up, including something about celebrating Kosovo's Independence Day (I did not post that). The day before Valentine's Day my Facebook Fanpage was hacked and I was removed as an administrator along with the other administrators that help with the page. At first we thought that it was a mistake or that there was somehow a bug in Facebook's system, but a little later on that day someone posted 'Happy Valentine's Day !' on my page. Since neither my social media team nor I had access to post anything like that to my fanpage this had to be the work of someone else, so my social media team went to work investigating.

Discovering The Fanpage Hackers... Read more here: http://ping.fm/OwJhn

http://ping.fm/H6pV0 <-- Hacking, Extortion, Death Threats, And International Fame! Facebook Page Hacked!!

Protect Your Facebook Fanpage From Hackers

How To Protect Your Facebook Fanpage From Hackers

Thanks to one of our blog readers we’ve discovered a way to protect your Facebook Fanpage from being hacked. Although it does not stop the page from being hacked it will allow you to reclaim your administrator rights to the page when hacker have deleted you. It is important to make sure your page is protected in this way because it is extremely difficult to get anyone at Facebook to return the page to their rightful owners. We’ve created a video to walk you through the process:

Watch the video and see the instructions at http://bit.ly/g6ziDK

http://bit.ly/g6ziDK <-- Protect Your Facebook Fanpage From Hackers

Facebook Fan Page Hacked? Get Your Page Back Here! 5 Easy Steps!

Within the last 30 days one of our High Profile VIP Clients got their Facebook fan page hacked. Some hacker, hacked into the Fanpage and stole access to our fan page.

If you have not heard about the back story of how 1,000 Facebook Fan Pages recently got hacked, check out our story: 1,000+ Facebook Pages Hacked!

Our staff quickly went through the Facebook FAQ to find a solution to this Facebook hack.

Our staff scoured the hundreds of pages of Facebook looking for answers. What we found was quite amazing. When someone hijacks your Facebook Fan page, Facebook will actually protect the hackers rights! I will talk about that more later in this post.

When we submitted several trouble tickets to Facebook we received the same canned response:

This is what we received when we filed a Facebook Copyright Complainant
http://ping.fm/tshoz

Hi XXX,

Thank you for bringing this matter to our attention. Please note it is not technically possible to hack a Facebook Page. As long as the current administrators of a Page keep their login details secure, and do not allow any suspicious people to become admins, then the Page will remain secure.

Unfortunately, we cannot make any changes to a Page's administrative privileges. However, if you believe that this Page infringes your intellectual property rights, then provide the following:

- Clarification as to what rights are being infringed upon (trademark, copyright, defamation, etc.)
- A description of the exact content or posts that infringe these rights. Be sure to include as much detail as possible, including names of responsible users, dates/times, and links (URLs) to this content as it appears on Facebook.
- A description of how this material infringes your rights.

We can then look into removing this Page from the site.

To learn how to report impostor profiles, hacked accounts, or other security or privacy violations, please visit the following page from Facebook’s Help Center:

http://ping.fm/6F8j4

Thanks for contacting Facebook,

XXXXX
User Operations
Facebook


What?!?!?! How could Facebook send us this email when CEO Mark Zukerberg Fanpage was hacked few weeks ago! How can Facebook claim that Facebook Fan pages cannot get hacked when their own CEO was clearly hacked?

Check out the full article here: http://ping.fm/GwZbF


If you want to find out how we recovered our Facebook fan page, check out this article on the Black Box Social Media site

--- > Get your Facebook Fan Page Back -- > http://bit.ly/gUCRKp

Again, if you have had your Facebook Fan Page hacked, you will want to read this article!

--- > Get Your Facebook Fan Page back!

http://bit.ly/gUCRKp

My best,

Curt Maly

Facebook Fan Page Hacked? Get Your Page Back Here! 5 Easy Steps! Black Box Social Media Solution--- > http://bit.ly/gUCRKp

Hackers Target Facebook | Beware What You Click!

Albanian Hackers Target Facebook. We’ve been reporting on this for a few days now, and it looks like things are getting more interesting. Just minutes ago, one of our clients’ fanpages that was hacked on Sunday just posted a message ‘LIKE this page , because tomorrow 17/02/2011 Republic of Kosovo has the 3rd birthdate http://ping.fm/jSuJO’ This was not our post, this was not our clients post. We have known that the hackers were from Kosovo and that something would be happening any day now, and it looks like today may be the day. A quick search of Google produced this posting from yesterday in The Hacker News...

Read the rest here... http://bit.ly/h2IKkn

http://bit.ly/h2IKkn <--- Hackers Target Facebook | Beware What You Click! Kosovo Hackers Celebrate Independence Day!

Facebook Fail! Hacking, International Extortion, and Facebook?s Ineptitude.

Something bad is going on with Facebook.

Just one week ago, on February 8th, an Albanian hacker was given credit for hacking into over 1,000 very popular Facebook pages, many of which have over 100,000 fans. Over the next few days there were more Facebook pages hacked; at which time all existing administrators (those in charge of the fanpages) are removed from the page so that the hackers have complete control over the content and media that is shared on the page. Some of the affected pages contain new profile pictures with the words ‘Hacked by Omega’ and ‘Don’t afraid! You are hacked.’

I was shocked when I read this story. Black Box Social Media is the ONLY place that I found this story!

Check out the entire article here -- > http://bit.ly/eIocW6

Be careful out there and PLEASE contact Black Box Social Media if YOUR Facebook Fan page was hacked!

Black Box Social Media is helping people organize to get Facebook to listen to address this fan page hacking issue!

Get the entire Facebook fanpage hacking article here -- > http://bit.ly/eIocW6

My best,

Curt Maly
--- > http://bit.ly/eIocW6

1,000+ Facebook Pages Hacked! Facebook Fail! Hacking, International Extortion, and Facebook’s Ineptitude -- > ARTICLE http://bit.ly/eIocW6

10 WAYS TO SELL A HOUSE
The following is my check list to selling a house without utilizing a Realtor.
1) Salt the subdivision! Let everyone know you have a house for sale. Go to Home Depot or Lowes and pick up the following:
For Sale By Owner Sign and Iron Frame for Front Yard
Information tube
3-7 white corrugated signs ‘For Sale By Owner’ on wire H stands
3-5 small directional ‘For Sale By Owner’ signs with arrows
Place the signs throughout the subdivision and fill info tube with flyers
2) Place print ad in small local community or neighborhood newspaper. You may also wish to consider putting an ad in the Thrifty Nickel or Greensheet as well.
3) Print out a dozen more flyers and knock on neighbors doors. Introduce yourself and ask them if they know anyone looking to buy a house. Hand them a flyer. Give them your business card too.
4) If ‘sub to’ or selling retail, you may wish to consider using a Flat Fee Listing service
5) Create a postlets account at www.postlets.com. Fill out appropriate information. Copy html for Craigslist postings.
6) Post on Craigslist. Post Wed, Fri, Sat, & Sun. Change the pics around in postlets to change the html. Will allow you to post on CL multiple times.
7) Place ad on your own personal real estate website. Promote property on facebook, twitter, and linked in through the website. Promote website on Craigslist multiple times per week.
8) Open Houses
9) Call Hospitals and ask to speak with HR Dept. Many physicians relocate or are hired new. A new Hospital worker may not have had a job long enough to qualify for a loan…but may have cash!
10) Never give up! Persistence pays off. All it takes it one person to buy a house.
If you liked ‘Ten Ways to Sell a House’, then you may also enjoy other articles from www.REMillionaireBlueprint.com

Buying Texas Tax Liens
As the old saying goes, you get rich by buying low and selling high. A popular way to purchase real estate property at significant discounts is through Tax Lien sales.
WHAT IS A TAX LIEN?
In most states a county will issue a tax lien on a person’s property that is late on paying real property taxes. Certain states allow the tax lien to become a first lien on the property, which is then turned around and sold at auction as a tax lien certificate.
TAX LIEN |TEXAS TAX DEED AUCTION PROCESS
Texas does not have tax lien certificate sale, rather, they hold tax foreclosure sales (also called tax deed sales) on the first Tuesday of every month at the county. Times vary and it’s recommended that the investor contact the County Clerk’s office to find out the time.
When attending the tax lien sale, bring an acceptable form of payment, such as cash or cashier’s check, and then bid on tax lien properties. If the investor presents a winning bid, then he or she will pay the county, and the county will then issue a Sheriff’s Deed for the property purchased. Delinquent tax property deeds are sold to the highest bidder.
TAX LIEN |BIDDING PROCEDURE & COSTS
According to Texas Tax Code, “the sale is to the highest bidder that is willing to tender an amount that is less than the lesser of the market value of the property as specified in the warrant or the total amount of taxes, penalties, interest, costs, and other claims for which the warrant was issued”. (Sec. 34.01, Sec. 34.02). The cost requirements are described as part of the minimum bid requirement includes the costs of the sale, including advertising costs, and any related court costs. The statutes specified no other costs.
TAX LIEN |REDEMPTION PERIOD
Texas offers tax deeds with a 6 month right of redemption on non-homestead & nonagricultural real estate and 2 years for homestead and agricultural real estate. However, after a property is sold at a tax deed sale, the owner still gets a 6-month redemption period to buy back the property before you can obtain clear title. If the original property owner comes up with the money before the time is up then the investor does not get the property. However the investor does receive all investment back plus 25%! The penalty fee is the same regardless of how much time has passed since the auction, so the investor can earn a 25 percent profit in two days or two months. This means redemption can still be very lucrative for the investor, even if they don’t get to keep the property.
TAX LIEN |RISKS
Like all auctions, there is a risk to purchasing property without prior title or bankruptcy searches or buying sight unseen. For example, creditors and the IRS can take priority over tax lien holders in cases where the original owner of the property declares bankruptcy. In addition, many people purchase properties sight unseen, going just on the description posted prior to auction. Without actual inspections and surveys, these deeds can be terrible investments as investors have no idea whether they’re buying a three-bedroom house or a plot of dirt. Physical inspections take time, energy, and money, and often limit tax lien purchaser’s ability to properties within a small area.
TAX LIEN |SUMMARY
Tax liens can be a very lucrative strategy for buying, holding, and selling real estate property as an investor is able to purchase properties at a significant discount. One of the main reasons why the strategy is attractive is due to the redemption period reimbursement rate of 25%, so even if the owner buys back the property, the investor has made a guaranteed positive return on investment. Understanding the processes of the auction and researching the properties prior to the sale will help ensure profitable transactions.

If you liked ‘Buying Texas Tax Lien’, then you may also enjoy other blogs at www.REMillionaireBlueprint.com

Facebook Fail! Hacking, International Extortion, and Facebook?s Ineptitude.

Something bad is going on with Facebook.
Just one week ago, on February 8th, an Albanian hacker was given credit for hacking into over 1,000 very popular Facebook pages, many of which have over 100,000 fans. Over the next few days there were more Facebook pages hacked; at which time all existing administrators (those in charge of the fanpages) are removed from the page so that the hackers have complete control over the content and media that is shared on the page. Some of the affected pages contain new profile pictures with the words ‘Hacked by Omega’ and ‘Don’t afraid! You are hacked.’

So is it extortion, or just some hackers having fun? Why are Facebook pages being hacked? One unnamed source that was affected by this recent security breach has a different theory as to why this is happening. ‘In the research that I have done, these hackers have a political agenda with their actions. I believe that with the success had by the Egyptian people last week, that used Facebook to rally support, these hackers are going to release some sort of message through the thousands of pages that have been taken over, effectively getting their message out to millions and millions of people simultaneously throughout the world.’ Whether or not this is true, time will only tell.

Read the rest of the story here... http://bit.ly/ij3rEf

http://bit.ly/ij3rEf <-- 1000's of Facebook Pages Hacked! Threats, Extortion, Ineptitude Follow!

What is Private Mortgage Insurance?

Remember how great buying a home was with very little down? Many people were able to exchange an expensive down payment in return for insurance that would protect the lender in case of buyer default. With this type of insurance, it is possible for you to buy a home with as little as a 3 percent to 5 percent down payment. The benefit is that you can buy a home sooner without waiting years to accumulate a large down payment. The detriment is that this insurance can add to your monthly mortgage payment.

This type of insurance is known as Private Mortgage Insurance (PMI) and is insurance against the non-payment of, or default on, an individual mortgage or loan involved in a residential mortgage transaction. It protects a lender against loss if a borrower stops making mortgage payments. It also makes it possible for you to buy a home with as little as a 3-5 percent down payment. In most cases, a borrower who makes less than a 20 percent down payment must buy PMI until the loan is paid down to 80 percent of the purchase price. At that point, he can request the extra insurance be dropped.

The purpose of this article is to discuss how to get rid of PMI insurance, educate you on the law which oversees the industry, and provide you with the 5 steps of dropping PMI.

There are 2 basic ways to rid yourself of paying PMI. The property must appreciate so your mortgage is 80% of the market value of you must pay down the loan to where the loan is 80% of the property value. Many homeowners don’t keep up on this information. Is it actually the home owners’ responsibility or is it the responsibility of the Mortgage provider to track when to stop PMI payments? The Homeowner Protection Act of 1998 addresses this question.
Private Mortgage Insurance |The Homeowner Protection Act of 1998 (HPA)

This federal law, Public Law 105-216, effective as of July 29, 1999, is designed to remove confusion regarding the PMI cancellation process. In summary, according to the SEC, the law provides:
For Mortgages Originated On or After July 29, 1999

* Mandatory Initial Disclosure - At the time the transaction is consummated, the lender must provide written notice of when PMI may be cancelled based on payment schedule (for a fixed rate mortgage) or that the lender will notify the customer when the cancellation date is reached (for an adjustable rate mortgage).
* Borrower-Initiated Cancellation - When the balance of the mortgage reaches 80 percent of the original value of the property, the borrower may request in writing that PMI be cancelled.
* Automatic Termination - When the balance of the mortgage reaches 78 percent of the original value of the property, the lender must automatically terminate PMI, provided that payment is current.

For Mortgages Originated Prior to July 29, 1999

Annual Disclosure - The lender must provide an annual written statement detailing the rights of the borrower to cancel PMI should qualifications be met. The lender must also provide an address and phone number that the borrower may use to contact the servicer to determine if PMI may be cancelled. The following are the types of conditions/terms usually imposed on homeowners for mortgages originated prior to 7/29/99, before PMI termination will be considered:

* The mortgage contract usually stipulates when PMI termination will be considered; some lenders will consider it when the homeowner attains 20%, others will not until 30% has been attained- this is why it is most important to read your original contract.
* A request to initiate PMI termination must be in writing.
* Payment history is a very important factor; the lender will not approve a termination request unless payments have been made in a timely manner; even one late or non-payment in ten years is enough to disqualify you, the homeowner.
* Some lenders refuse PMI termination requests based on rising property values (i.e., a new appraisal) because the contract stipulates that ONLY the original appraised value of the property can ever be considered.
* In instances where a new appraisal of the home will be considered, the lender uses an appraiser of its choice and requires the homeowner to pay for the new appraisal.

Not every mortgage type is covered by the law. Generally, Government owned loans, like HUD, FHA, the VA, or the state MHFA program, are not regulated by the Homeowner Protection Act. These programs impose their own requirements for PMI cancellation, if at all. Also, second mortgages are not regulated by the HPA and, hence, do not qualify for PMI termination.
Private Mortgage Insurance | Dropping PMI

If you don’t know if you have PMI, call your mortgage company and ask them. If you do have private mortgage insurance, find out the following:

* How much you are paying for PMI a month
* Do you meet the requirements to get it removed.

Most homeowners don't realize how much money they can save on their mortgage payments each month because of PMI removal. The requirements to remove your private mortgage insurance vary between different mortgage companies, but most will have somewhat similar standards. As a general rule of thumb, there are two major requirements from the mortgage lender:

1. The mortgage loan had to be at least 2 years old.

2. The LTV (Loan To Value) had to be 75% or less.

LTV is Loan To Value and is calculated by dividing your current loan balance by the current market value of the property. The current market value is determined by having an appraisal done. If you believe your house's current market value meets the PMI or Private Mortgage Insurance removal requirements, then you should arrange with your mortgage company to have the real estate appraisal done. Typical investments for an appraisal can run between $300-500, which is definitely a worthwhile investment!
Private Mortgage Insurance |The following are the 5 Steps to eliminating PMI

According to eHow.com, the following are the 5 steps for eliminating PMI

* Step 1- Obtain an amortization schedule for your loan. This information should be in your closing documents. Specifically, check the Truth In Lending statement that was given to you at closing and find when the PMI is scheduled to be dropped.
* Step 2- Call your lender. With the amortization schedule and Truth in Lending information in hand, call your lender and discuss the actual number of payments you must make to get to 80 percent of the original loan. Your target is 80 percent of the original purchase price. Remember that you have to request this, and the lender will grant it only if your loan payment history has been acceptable.
* Step 3- Calculate 80 percent of the original sale price. Check where you are on the amortization schedule and how many payments it will take to get to the 80 percent balance. If you are not close to the 80 percent target, decide on a plan to pay this down faster. For example, you could pay an additional $100 a month, or you could make the equivalent of one additional payment per year.
* Step 4- If you believe the value of you home has increased, tell your lender that you want to provide a new appraisal. One caution: Be sure that the value has increased enough to warrant paying an appraiser's fee. One way to do this is to ask a real estate agent to run a "sold search" in your neighborhood to see how much buyers paid for houses that are similar to yours. Be aware that to drop PMI based on a new appraised value, most lenders will require that you have at least two years of excellent payment history on your home loan.
* Step 5 – Send your lender a packet. Once you have arrived at the 80 percent target, obtain a statement showing your current balance, either from the lender's website or through a request by phone. Send your lender a package containing the following: the current balance statement, a copy of the closing statement from original purchase, copy of the new appraisal, write a cover letter showing which way you arrived at 80 percent (either by appraisal or by paying down the balance) and request that the PMI be dropped, keep a copy of all the documents you submit to your lender, and mail your request package using "return receipt requested" to be certain it is received.

Surprisingly, Lenders aren’t as aggressive or excited about dropping PMI. Therefore, you will want to contact the lender to follow up if you do not receive a response within 30 days.

Image: Pixomar / FreeDigitalPhotos.net
If you liked 'Private Mortgage Insurance', you may also enjoy other blogs at the Real Estate Millionaires Blueprint website: www.REmillionaireBlueprint.com

Real Estate Education

Real Estate Education – 4 questions you should ask yourself before investing in education

Getting involved in real estate investing requires extensive education. As an investor, you will be entering into contracts for tens of thousands, if not hundreds of thousands of dollars, and if you do not know what to do or make mistakes, your first investment deal may be your last. The fact is, you will pay to learn real estate investing. Either by mistakes, missed opportunities, or education you will learn. The smartest way to have a successful career is to educate yourself. With so many choices out there, how do you decide which book, product, or program will work best for you? It really depends on how you learn. Before committing to any type of educational program, ask yourself the 4 questions in this article.
Real Estate Education 101|Question 1

How serious are you about this career? Too many investors make mistakes during transactions or miss opportunities because they don’t recognize a potential transaction. Any business endeavor is going to require an investment in education in order to have success and real estate is no different. You’re either going to pay learning by mistakes, learning by missed opportunities, learning by splitting several deals until you have the knowledge and confidence to do deals on your own, or investing upfront in education. If you’re not willing to invest time, sweat, and money into learning the industry in which you supposedly want to participate, then you do not deserve success.
Real Estate Education |Question 2

How should I invest in learning the business? There are really 3 ways: books, seminars /education companies, and mentors. Generally, a combination of all 3 works best. Even Donald Trump still reads books on real estate.
Real Estate Investing |Question 3

How do I learn? This is the biggest question you should ask yourself. Are you better reading and retaining information, learning in a classroom environment, learning on line, watching video, listening to audio, or learning by doing? Once you understand your learning style then find information in the format in which you learn best. For example, I’m a classroom junkie. I have an undergrad degree, MBA, and certifications in other industries as well. For me to understand and learn real estate, I would need to learn in a classroom as it’s how I’ve learned and had success in the past. Others have different styles and ways of learning. Identify what works best for you and take action.
Real Estate Investing |Question 4

This last question is most important. Who is responsible for my success? Ultimately, you are. In my humble beginnings, I was part of a real estate education company that has dozens of local success stories and hundreds of failures. What’s the difference between the winners and the losers of this game? Everyone had the same education, so it wasn’t the company’s fault. It is up to the individual. If you have knowledge, do you take action? How do you take action? Education alone may not be enough; you may also require the services of a mentor to guide and provide confidence for you. They key to real estate success is 100% up to the individual investor. Understand how you learn, invest in the right manner, and put yourself in position for success.

Image: renjith krishnan / FreeDigitalPhotos.net
If you liked ‘Real Estate Education ‘ then you will also like other articles written by Tom Bukacek at the Real Estate Millionaires Blueprint: www.REMillionaireBlueprint.com

WHAT IS A SHORT SALE?
A ‘Short Sale’ is named based on ‘shorting’ a bank on the amount due on a given mortgage.

Short Sale
Specifically, a short sale is when the bank agrees to discount the loan balance for a seller who owes more on his mortgage than the home is currently worth.
Generally, short sales are used when the homeowner is both behind on payments and owes more than the property is worth as a way to create equity for the investor so they will purchase an otherwise non-performing asset for the bank. Though recently, banks have become more open to a short sale even if the owner isn’t behind on payments.
A short sale is transferring ownership of the house to another person, most likely an investor, at a discounted rate negotiated by the bank. When performing a short sale, banks require an Agreement for Purchase to be signed. The investor performing the short sale will be purchasing the house with cash in exchange for the discount. Then, the investor will turn around and sell the house for a profit.
As per bank requirements, the homeowner is not allowed to financially benefit from this transaction, and any profit split is considered fraud and is a felony.
While banks will require investors to have a Realtor involved to list the property, banks generally prefer negotiating short sales with investors rather than a Realtor. The reason is that investors are the end buyers. Realtors generally wait for the banks to negotiate and then try to find a buyer for the discounted price. If the Realtor is unable to find a buyer, then the banks time and money has been wasted. Therefore, banks would rather negotiate with an investor who is the end buyer than a Realtor who is not the end buyer.
In areas where there are high amounts of foreclosures or property values have been dropping, short sales are a viable strategy.
If you liked 'What is a Short Sale?', then you may also enjoy other articles at www.REMillionaireBlueprint.com

The Truth About No Money No Credit Real Estate Investing

No Money No Credit: Building a Nest Egg for the Future
When you think about it, the true definition of ‘real estate investing’ is investing your own capital into a real estate project and growing that money through cash flow and appreciation. Fix and flips, rehabs, buy and holds, apartments, storage units, and purchasing real estate notes are true ways of real estate investing.
The problem is that many new real estate investors don’t have the capital to begin a real estate investing business, so instead of focusing on true investing, they focus on transactional real estate. Transactional real estate is when you only make money by making transactions instead of making money of the cash flow of your property.
What if you’re just starting out and don’t have enough money to purchase notes or properties? Then transactional real estate strategies that don’t require using your own credit or your own money may be your best bet.
No Money No Credit | Wholesaling?
The most basic form of no money no credit transactional real estate is wholesaling. Simply put, wholesaling a property is a strategy where you get a discounted property (unsellable in current condition and requires repair) under contract, find an end buyer (usually a fix and flipper), and assign the contract to the flipper for an assignment fee. Your assignment fee can range from $500 to $20,000! For this strategy, you don’t use any of you own money or credit, assume minimal risk, and can be close quickly. The hardest part about a wholesale transaction is finding the buyer. You will generally have to find a property at a discount of less than 60% market value in order to find an end buyer. How many people are looking to sell their properties at such a deep discount? Those motivated, distressed sellers are out there, but it takes a great deal of time and effort to find.
No Money No Credit |Subject-To / Owner Financing
A popular no money no credit strategy in real estate markets that haven’t experienced a significant drop in prices is subject-to financing with owner financing (also known as a wrap). Subject-to means purchasing a property ‘subject-to the existing financing’ … To understand the concept of the subject-to transaction, it is important to understand that the deed, or title of the property and the mortgage, or note of the property are two different documents, and as such, can each be transacted separated. Therefore, the deed or title can be sold to the investor while the mortgage or note stays with the seller. As you can tell, the investor does not use any of his or her own credit for this type of transaction.
This subject-to strategy allows the investor to acquire the deed or title of the house while leaving the mortgage in the sellers name. The investor, now responsible for paying the mortgage on behalf of the seller, looks to find a buyer who can’t qualify for traditional financing, and create a wrap. A wrap is a new mortgage that is created on a property that “wraps around” an existing mortgage. Since none of the investor’s credit is being used, they can perform as many transactions as possible.
There are disadvantages to this strategy because the investor is relying on the end buyer to make the payments each month. If the end buyer defaults, then the investor is responsible for the payments. If the investor is cash poor or has multiple properties default at once, then the investor would have a developing situation, and would need to find a way to keep the notes performing. A smart investor plans for this occurrence by keeping 4 months reserves in an account for each property for such a rainy day. The other disadvantage, or concern, is the ever present 2 ton boulder hanging over investors’ head known as the ‘due on sale’ clause. The due on sale clause states that the lender may call the note due if a sale or transaction occurs. Technically, any subject-to financing with owner financing could evoke the due on sales clause. But the truth is this very seldom if ever happens. As long as a note is performing, the bank has little inclination to create a non-performing note; especially in this tough economy. But the fact is that threat is still out there and the investor should prepare for such an occurrence by creating equity when purchasing.
No Money No Credit | Contract Assignments?
Consider the following equation for Contract Assignments: Subject-to financing strategy + Owner financing wrap + wholesale strategy – subject-to financing. With a contract assignment, the investor is gets a property under contract with owner financing in place, like he or she would with a subject-to financing strategy and the wholesaling strategy.
But here’s the difference. Rather than keeping ownership of the title or deed, the investor will find a motivated end buyer who doesn’t qualify for traditional bank financing and assign the contract to the individual for a fee. Unlike the subject-to financing with the owner financing wrap strategy, the investor doesn’t make monthly cash flow or have equity when the end buyer refinances. Those monies go to the original seller. However, the benefit to the investor is that he or she is no longer liable in case the end buyer defaults. So the investor is trading cash flow and equity for peace of mind.
When getting the property under contract, it is IMPERATIVE that the investor explain the risks of the due on sales clause and every other risk to both parties. Work with your attorney to disclose all risks associated with this wholesale transaction.
No Money No Credit Summary
In summary, finding wholesale products is risky and subject-to financing with owner finance wraps have costly long-term potential threats that can put an investor on the wrong end of a lawsuit (or possibly even land him or her in jail). Given the risks and difficulties of each strategy, the contract assignment option combines the best of both strategies while giving up the liabilities of the other strategies. Unlike wholesaling, there are millions of distressed seller and millions of motivated buyers who can’t get financing. Putting these folks together for a fee will be the most profitable No Money No Credit strategy in this tough economy. However, seek legal counsel before engaging in any no money no credit real estate strategies.

If you liked ‘No Money No Credit Real Estate Investing’, then you may also enjoy other articles by Tom Bukacek at www.REMillionaireBlueprint.com

Real Estate Investing Tips That Work!
Having success in Real Estate is not based on luck, a powerful family name, or a unique set of super skills. There is no special inherited gene that one must possess for success in this industry. One learns and profits in this business the same way that one would have success in any other industry.
Think about something that you have been good at or had success with in the past, be it a sport or hobby. What separated you from the others? Chances are, you understood the ins and outs of what you were good at, you were focused, had a good plan and executed it, surrounded yourself with others who shared a similar passion, and was coached by a successful, experienced person. Having a thriving career in Real Estate is no different.
Wealthy Realtors and Investors are such because they took the time to educate themselves on different options and opportunities, have laser sharp focus, execute a well thought out marketing plan, surround themselves with a strong, experienced team, and have a coach or mentor.
Real Estate Investing Tip| Know Your Options
What is going on with the market now? What will happen with the market a year from now? In order to have a long, profitable career, you will need to be familiar with multiple ways to purchase properties and multiple ways to sell. The strategy you utilize in a sellers’ market, such was the case 2+ years ago, will most likely be different than the strategy you utilize in this current buyer’ market. If you are not flexible and able to adapt with the changing markets, then you will be left behind. When the market changed from boom to bust, many Realtors stubbornly kept the same marketing plan. After all, it had worked well in the past, so why change? Now, many of those folks are no longer Realtors. Fix and Flippers from years past who failed to adapt to the new market have since lost their business. Understanding when to focus on short sales, subject to, selling with owner financing, or buy and hold strategies and understanding the different strategies required to adapt to a changing market will allow to maximize your profits
Real Estate Investing Tip| Laser Sharp Focus
When are you at your professional best? It’s when you know exactly what you want and exactly what you are required to do in order to achieve your goal. When do most mistakes occur? When ambiguity exists. Ambiguity is the arch enemy to focus. When you are focused, you accomplish tasks. When you are not focused, you procrastinate and / or make mistakes. Knowledge, or lack thereof, plays a key role in focus, as does having a detailed plan.
Real Estate Investing Tip| Marketing Plan
You can have all the knowledge necessary to close any real estate transaction, but if you’re not connecting with people, you will not have any opportunities for transactions. So how do you attract motivate sellers? A good marketing plan will have 5-7 different strategies. And when planning out the strategies you wish to implement, also remember to budget both finances and time. It does you no good to have a goal of putting out 1000 door hangers a week if you don’t budget time for this activity as well. So what works best for attracting motivated sellers? When done properly, Direct Mail is the most successful form of advertising. When done incorrectly, it is a gigantic waste of funds. It is important that you work with an experienced company that has a solid track record of providing a double digit response rate on their letters. That’s correct! Direct mail campaigns in Real Estate should yield at a minimum a 10% response rate. If you are not receiving a double digit response rate, then you are required to rethink your direct mail campaign.
Real Estate Investing Tip| Build Your Mastermind Team
You cannot do this alone! Even if you are tremendous handy person that doesn’t require assistance from anyone else on a home flip, you will still require the services of another contractor. Why? What happens if you’re working on a home and another opportunity comes up? Leveraging others will allow you build your wealth quicker. The following are just some of the team members necessary for a successful career: Attorney, Realtor, Mortgage Broker, Title Agent, Contractor, Credit Repair Service, and Lenders. The assistance of others will lead to more profitable transactions. Where do you find team members? At networking events, such as Real Estate Investing Clubs and luncheons.
Real Estate Investing Tip| Coach or Mentor
Name one well known person at the top of their craft. Regardless of if they are an athlete, actor, or famous personality, they have one thing in common: a coach. Coaches have experience in areas that you do not, can guide you, prevent catastrophes, and push you to do more than you ever thought possible. It doesn’t matter how many books you’ve reads, cds you’ve listened to, or stories you’ve heard; your first couple of deals will throw something at you that you’ve not seen before. And when this unique and frightening situation occurs, it’s good to have someone who’s been through these situations before guiding you through the transaction.
In summary, while anyone can have success in the Real Estate Industry, not everyone will have success. If you wish to be wealthy, than do what other wealthy Real Estate professionals do. They never stop learning or challenging themselves, they are extremely focused, they execute a well thought out plan, they surround themselves with other successful professionals, and are still coached and forever teachable.

If you like ‘Real Estate Investing Tips’, then you may also like other articles posted by Tom Bukacek at www.REMillionaireBlueprint.com

The Truth About No Money No Credit Real Estate Investing

No Money No Credit: Building a Nest Egg for the Future

When you think about it, the true definition of ‘real estate investing’ is investing your own capital into a real estate project and growing that money through cash flow and appreciation. Fix and flips, rehabs, buy and holds, apartments, storage units, and purchasing real estate notes are true ways of real estate investing.

The problem is that many new real estate investors don’t have the capital to begin a real estate investing business, so instead of focusing on true investing, they focus on transactional real estate. Transactional real estate is when you only make money by making transactions instead of making money of the cash flow of your property.
What if you’re just starting out and don’t have enough money to purchase notes or properties? Then transactional real estate strategies that don’t require using your own credit or your own money may be your best bet.

No Money No Credit | Wholesaling?

The most basic form of no money no credit transactional real estate is wholesaling. Simply put, wholesaling a property is a strategy where you get a discounted property (unsellable in current condition and requires repair) under contract, find an end buyer (usually a fix and flipper), and assign the contract to the flipper for an assignment fee. Your assignment fee can range from $500 to $20,000! For this strategy, you don’t use any of you own money or credit, assume minimal risk, and can be close quickly. The hardest part about a wholesale transaction is finding the buyer. You will generally have to find a property at a discount of less than 60% market value in order to find an end buyer. How many people are looking to sell their properties at such a deep discount? Those motivated, distressed sellers are out there, but it takes a great deal of time and effort to find.

No Money No Credit |Subject-To / Owner Financing

A popular no money no credit strategy in real estate markets that haven’t experienced a significant drop in prices is subject-to financing with owner financing (also known as a wrap). Subject-to means purchasing a property ‘subject-to the existing financing’ … To understand the concept of the subject-to transaction, it is important to understand that the deed, or title of the property and the mortgage, or note of the property are two different documents, and as such, can each be transacted separated. Therefore, the deed or title can be sold to the investor while the mortgage or note stays with the seller. As you can tell, the investor does not use any of his or her own credit for this type of transaction.

This subject-to strategy allows the investor to acquire the deed or title of the house while leaving the mortgage in the sellers name. The investor, now responsible for paying the mortgage on behalf of the seller, looks to find a buyer who can’t qualify for traditional financing, and create a wrap. A wrap is a new mortgage that is created on a property that “wraps around” an existing mortgage. Since none of the investor’s credit is being used, they can perform as many transactions as possible.
There are disadvantages to this strategy because the investor is relying on the end buyer to make the payments each month. If the end buyer defaults, then the investor is responsible for the payments. If the investor is cash poor or has multiple properties default at once, then the investor would have a developing situation, and would need to find a way to keep the notes performing. A smart investor plans for this occurrence by keeping 4 months reserves in an account for each property for such a rainy day. The other disadvantage, or concern, is the ever present 2 ton boulder hanging over investors’ head known as the ‘due on sale’ clause. The due on sale clause states that the lender may call the note due if a sale or transaction occurs. Technically, any subject-to financing with owner financing could evoke the due on sales clause. But the truth is this very seldom if ever happens. As long as a note is performing, the bank has little inclination to create a non-performing note; especially in this tough economy. But the fact is that threat is still out there and the investor should prepare for such an occurrence by creating equity when purchasing.

No Money No Credit | Contract Assignments?

Consider the following equation for Contract Assignments: Subject-to financing strategy + Owner financing wrap + wholesale strategy – subject-to financing. With a contract assignment, the investor is gets a property under contract with owner financing in place, like he or she would with a subject-to financing strategy and the wholesaling strategy.

But here’s the difference. Rather than keeping ownership of the title or deed, the investor will find a motivated end buyer who doesn’t qualify for traditional bank financing and assign the contract to the individual for a fee. Unlike the subject-to financing with the owner financing wrap strategy, the investor doesn’t make monthly cash flow or have equity when the end buyer refinances. Those monies go to the original seller. However, the benefit to the investor is that he or she is no longer liable in case the end buyer defaults. So the investor is trading cash flow and equity for peace of mind.

When getting the property under contract, it is IMPERATIVE that the investor explain the risks of the due on sales clause and every other risk to both parties. Work with your attorney to disclose all risks associated with this wholesale transaction.

No Money No Credit Summary

In summary, finding wholesale products is risky and subject-to financing with owner finance wraps have costly long-term potential threats that can put an investor on the wrong end of a lawsuit (or possibly even land him or her in jail). Given the risks and difficulties of each strategy, the contract assignment option combines the best of both strategies while giving up the liabilities of the other strategies. Unlike wholesaling, there are millions of distressed seller and millions of motivated buyers who can’t get financing. Putting these folks together for a fee will be the most profitable No Money No Credit strategy in this tough economy. However, seek legal counsel before engaging in any no money no credit real estate strategies.

If you enjoyed 'No Money No Credit Real Estate Investing', then you may also enjoy other articles by Tom Bukacek at www.REMillionaireBlueprint.com

Creating Your Marketing Plan

Marketing Plan: Blueprint to Real Estate Profits
The most important plan to action a new real estate investor can take is creating their marketing plan. This marketing plan should combine for both capital investments as well as time investments. A plan will not work if not funded, nor will it work if there is not time to implement on a consistent basis.
Before you commit to any marketing plan, you have to identify several key variables:
What is your budget?
Who is your target market?
How will you reach your target market?
Who are your competitors? How do they reach your audience?
What are your unique strengths, and how will those differentiate you from your competition?
How much time will your spend?
How much work will you do yourself and what can you outsource?
Typical methods in your marketing plan for reaching your target market include bandit signs, direct mail (postcards or yellow letters), having an online presence, farming a neighborhood, networking, placing newspaper ads, and business cards / flyers.
Once you’ve answered these questions and have determined the methods you will use for advertising your services, you can create a marketing plan that takes advantage of your strengths and opportunities and promotes your competitive advantage.
Do the legwork to complete a robust market plan now, and you’ll reap the benefits later.

If you enjoyed 'Marketing Plan', then you will also enjoy other posts by Tom Bukacek at www.REMillionaireBlueprint.com

Thousands of Facebook Pages Hacked!

The first story on PC Hackers links to a Hacker News article written just a few days ago titled ‘Lots of Biggest Facebook Pages Hacked By Omega Chg (Albania Hacker).’
So I guess the Albanians have figured out some way to hack into Facebook fanpages. Facebook really needs to get their act together when it comes to security, just a week ago or so Facebook CEO Mark Zuckerberg’s own Fanpage was hacked.

Read the whole story here: http://bit.ly/gINYpA

http://bit.ly/gINYpA <-- Thousands of Facebook Pages Hacked!

Mike Dillard and The Elevation Group Review and Press Release

Now this is funny!

I was surfing the web reading over the Elevation Group reviews and all the Mike Dillard scam and The Elevation Group Scam articles and posts.

What amazes me most about these people is that they are increasing the exposure of Mike Dillard through these articles and posts.

I mean how many Mike Dillard scam articles have you see out there? How many Elevation Group scam articles have you seen?

Well the truth is, people love to search for the negative to PROVE to themselves and others that NO ONE is perfect. Why do you most analytical people set out to dis-prove someone before they would ever try to "prove" someone? Interesting thought. . . .

So what have you read about Mike Dillard? What have you read about the Elevation Group?

I can tell you that I have meet Mike Dillard and I have meet many of the people that he works with in the Elevation Group. Mike Dillard truly is the real deal and the Elevation Group is changing the way that people think about their money and what will be happening to the economy in the next 12-24 months.

I enjoy reading the Mike Dillard scam and the Elevation Group scam articles. These are obviously people that have never met Mike personally and really don’t have a clue about what he is all about.

On the other hand, people use the word scam to market Mike's products. Do you know it more likely to have someone read scam article and then spend time looking at the product/service to see if it is or is NOT a scam? That's something to think about.

One of my favorite Mike Dillard and the Elevation Group moments came yesterday. . . .

You see, 60 days ago I did a video with Mike Dillard and the Elevation Group. In this video we talk about what the Elevations Group is all about.

Well a few days ago, someone issued a press release about the Mike Dillard Elevation Group re-open.

In this press release, they used the video I shot with Mike 60 days ago! --- > Video Here -- > http://bit.ly/hCs4Hi

They used my video with Mike in the press release! Thanks for advertising my business on your dime buddy! This guy helped me get 1,000+ more views and drive a ton of traffic to my www.BlackBoxSocialMeida.com site! LOL Here is the video that started it all --- > http://bit.ly/hCs4Hi

So is Mike Dillard a scam? Is the Elevation Group a Scam?

NOPE!!!! Its the real deal and I was one of the first customers to jump aboard

The world is talking about MIke's 90 min video. This video scared the hell out of my mom.

You can see the entire 90 min Video here --- > http://bit.ly/dH8P7q

The 90 min video scared my mom! Again, there is no Mike Dillard Scam and there is no Elevation group scam, just people writting for reverse marketing and people know really dont KNOW Mike Dillard!

Check out the video while you can --- > VIDEO http://bit.ly/dH8P7q

Talk to you soon!

Curt Maly
Get the video now --- > http://bit.ly/dH8P7q

Home staging Mistakes That Will Keep the House on the Market
Home staging Mistake 1| Curb Appeal
What will the unconscious sign on your front door read? If your house lacks curb appeal, then you might as well hang a sign on your front door that says “No Trespassing”.
You never have a second chance to make a first impression when home staging. If a potential home buyers first impression is that the house is not a home because the yard is a mess, there is no plant life, there is trash all over the place, the garage door has tennis ball marks all over, and the front door hasn’t been painted since this century, then you will have a very tough time selling this person the house. It doesn’t matter how nice the inside of the house is, once that bad first impression is there, it never goes away. If the first impression of the house due to a pleasant curb appeal is positive, then the buyers are more likely to forgive any imperfections inside the house. However, if the curb appeal is unpleasant, dirty, and messy, then you will have an uphill battle selling the upside of an even immaculate property. Therefore, when selling a house, always invest your money on home staging by improving the curb appeal.
Home staging Mistake 2 | Cleanliness is Next to Godliness
I had to recently point out to a seller that adding brand new hardwood floors to her house did not mean that she should continue with her 7-year-not-cleaning-the-bathroom-streak she in which she seemed to have as much pride in this streak as Pete Rose did in his hitting streak! Her attitude, as with other sellers’ I’ve met, was that if they like the house, they can clean it when they buy it. Not surprisingly, her house didn’t sell. It’s really common sense, no one wants to spend hundreds of thousands of dollars over the next 30 years for your filth. So clean up the house. Let people imagine themselves serving holiday feasts to family members in the kitchen instead of worrying about sticking to something.
Home Staging Mistake 3| It’s Nothing Personal
Home sellers are selling a house, not their home. So keep the designs neutral to anyone who walks them. Psychologically speaking, when potential buyers walk into a house, you want them to imagine themselves as the owners of the house. You want them to fantasize about cooking in the kitchen, snuggling around the fireplace, and taking a relaxing bubble bath in the (clean) tub. That’s hard to do when you have pictures of every family member in every room of the house. The potential buyer feels like an intruder and doesn’t allow themselves to fantasize about ownership. Anything you can do as a home seller to get the potential home buyer to imagine themselves as the owner is a plus, so take down any personal items that will stand in the way of personal ownership!
Home Staging Mistake 4| The Bold and Unbeautiful
If you are planning to continue to live in a house, then paint it a unique color that fits your personality. But if you’re going to sell a house, keep it a universally accepted color. While you may love the color pink in the living room, the buyer pool who wants a pink living room is very small. And going with that dark purple bedroom paint is a poor decision as well. Most people won’t like the color and it’s hard to paint over. Therefore, if prepping your house paint to help sell the property, keep your colors light, as most potential buyers won’t be turned off by it and it’s easy to paint over to taste.
In conclusion, home staging is important in selling a house. An empty house is a cold, unappealing house that no one wants to be in, much less buy. But focusing on the home staging basics, such as curb appeal, cleanliness, and generic colors while putting away personal belongings will go a long way to helping you sell the house!

If you liked ‘Home Staging Mistakes’, then you may also enjoy other articles by Tom Bukacek at www.REMillionaireBlueprint.com

Is Home Staging Important?
Let’s face it, an unfurnished home looks cold, empty, and unappealing. This look gives off a negative first impression. Do you want your potential buyer’s first impression of a home you are trying to sell to be anything associated with feelings of coldness or emptyness?
Regardless of whether the home is empty, or even if people are still living there, the house needs to look like a home while it is on the market, and this is why home staging is vital.
Home Staging 101 |Definition
Home staging is the art of making a house look like a home someone would want to purchase. The 3 D’s of home staging involve delousing, de-cluttering and decorating a home to give the end buyer a positive first impression and to help buyers see a home’s full potential.
Home Staging 101| Delousing
You would think that keeping a house clean when trying to sell would be common sense. However, more home sellers fail in this area than any other. Many that I speak with don’t think a dirty house is a problem! Consider the point of view of a potential buyer. When they walk into a kitchen, they are fantasizing about family dinners they will be holding, which should put them in a pleasant frame of mind. If they see a dirty, greasy kitchen, they won’t have those fantasies. Same with a bath tub. The new buyer has to envision relaxing bubble baths in the tub, or wanting to wash their children in the tub. If that tub is filthy, they won’t want to get into the tub and won’t buy the house. Therefore, cleaning a house is imperative to selling a house.
On a side note, I may choose not to work with a seller who shows me a house in a dirty condition. If the seller doesn’t care enough to make the house presentable for you, they won’t care enough to make it presentable for your potential buyers.
Home Staging 101| De-Cluttering
I’m not sure de-cluttering is a real word, but you get the meaning of the word. Psychologically speaking, clutter is associated with lack of cleanliness and deceit, and a house full of clutter will be perceived as a dirty house with a lot of necessary repair work. In fact, many self-help gurus will say that one of the best things anyone can do to improve their emotional state is rid themselves of clutter. So if you’re interested in selling your house, break out the boxes and either box up your belongings in an attic or make a couple of trips to the Goodwill to get rid of the stuff you don’t need because buyers don’t want to see it.
Home Staging 101| Designing
Remember, you never get a second chance to make a first impression, and the first impression anyone will have of your house is the outside front. This outside front includes landscaping the yard, the garage door, and the front door. On one of my first fix and flips in Cedar Park, TX, I decided to paint the outside door of a cream colored stone house a bright red to give it a fancy pop. I’d seen two other houses in the neighborhood do it and I liked it. I had trouble selling the property and asked for advice from two other investors who were in the area. Both of them said that in their first impression, they didn’t like the red door as they didn’t feel the house was welcoming. So I repainted the front door with a different, toned down color and the property sold shortly thereafter. A well manicured lawn, lively garden, and properly painted outside will give off the best first impression of the house. Even if the paint inside isn’t the best color or the flooring could be replaced, once you have a good first impression, the potential buyers will be more forgiving of things that need repair. Surprisingly, even if the inside is immaculate, you still cannot change the buyers perception they receive from a negative first impression from the outside of a house.
Home Staging 101| Conclusion
In summary, as home sales decline and a record number of for-sale houses cram the market, more sellers are turning to home staging to make their properties stand out. Quite frankly, a beautifully decorated, uncluttered, clean, and staged home sells faster, and for more money. In this tough real estate economy, you need to take advantage of every situation, including home staging, in order to sell a house.
Image: Filomena Scalise / FreeDigitalPhotos.net
If you liked ‘Home Staging 101′, then you may also enjoy other articles written by Tom Bukacek at www.REMillionaireblueprint.com

Massachusetts rules against bank in Mortgage Assignment Fraud
On January 7, 2011, the Massachusetts Supreme Judicial Court issued an important ruling regarding foreclosures in U.S. Bank National Association vs. Antonio Ibanez. To understand the verdict, it is first necessary to understand what mortgage assignment fraud is and how it’s relevant to the foreclosure process.
Mortgage Assignment Fraud | The background
When banks were creating mortgages left and right to anyone who asked so they could sell them on the open market (like a stock), they were shoddy in their paperwork. Since the banks weren’t keeping the notes, they weren’t concerned with qualifications, and they studied the details of the paperwork like Christina Aguilera studies the words to the National Anthem before a Super Bowl. Needless to say, once homes began foreclosing, it became apparent that things were forgotten. Little things, like the assignment of a mortgage (which proves ownership to a bank) were missing. Ownership in a mortgage becomes necessary when the Lenders are taking back property.
To cure this dilemma, many banks hired other firms to recreate the missing assignment documents, but these new assignments were dated after the homes were sold, and in many cases, after the foreclosure proceeding started. Creating a new ‘special’ assignment for the purpose of foreclosing is considered mortgage assignment fraud. Would this mortgage assignment fraud affect the banks ability to foreclose on a property?
Mortgage Assignment Fraud | The verdict
The court ruled that the failure to document mortgage assignments is mortgage assignment fraud and will void the entire foreclosure. This ruling is of great concern to banks that have lost paperwork or cannot cure gaps in their assignments. At a minimum, this ruling is expected to cause longer foreclosure timelines, with higher legal costs for foreclosures. Homeowners now have more weight in negotiations with the banks and may be able to receive an adjustment in their principal and interest rates in order to avoid going to court. Investors may be weary about purchasing foreclosed property without extensive title search prior to bidding. Of course, this court ruling wouldn’t have been an issue had banks acted properly and not had to engage in mortgage assignment fraud in order to foreclose.
Image: renjith krishnan / FreeDigitalPhotos.net
If you liked ‘Mortgage Assignment Fraud Verdict’, then you may also enjoy other articles written by Tom Bukacek at www.REMillionaireBlueprint.com.

2nd Position Lien Holders unmotivated to discount their liens?
In recent years, short sale investors would tell you the best type of short sale is one where there are multiple lien holders. If you are not in the first lien position and the property goes to auction, then there is a good chance that you would not receive any compensation for the lien. Therefore, even $500 was better than nothing. 2nd position liens were discounting 90% of their notes in order to acquire some capital rather than letting the home foreclose.
2nd Position Lien Holder Example
The property has a first lien worth $200,000 and a second position lien for $50,000. The market value has dropped and a new buyer has made an offer for $190,000. The first lien holder does its due diligence and determines that this is a fair price and accepts the offer. Typically, an investor would offer the 2nd position lien holder 10% of note value, or $5,000 in this example, for the note. This type of negotiation could make for an attractive purchase for an end buyer.
However, it is becoming more difficult to get second position lien holders to discount their notes. In fact, some of these 2nd position lien holders are actually willing to let the property go into foreclosure than take a discount. What has changed?
According to the Massachusetts Real Estate News, these 2nd position lien holders may have financial motivation not to discount their notes if one of the following scenarios occur:
The 2nd lien holder has a loss sharing arrangement with the FDIC that will allow them to collect substantially more than the amount offered by the first lien holder under the short sale scenario.
Unbeknown to the homeowner, the second lien holder has bought insurance against the default. The lender will now collect on that insurance. Depending on the terms, this may not have been possible if they agreed to a short sale.
The homeowner’s loan with the lender was full recourse and they intend to pursue him for the deficiency and/or sell that right to a collection agency.
There are tax advantages to the lender that far outweigh the offer of $5000 that they received from the 1st lien holder.
Any or all of the above!
http://massrealestatenews.com/lenders-choosing-to-foreclose-instead-of-short-sale-approval/

If you liked ‘Why Are 2nd Position Lien Holders Not Discounting?’, then visit www.REMillionaireBlueprint.com for more articles.

7 Top Real Estate Investing Excuses that Real Estate Investors must overcome
Everyone has a vision of fortune and a dream of riches…and 95% of Americans have excuses as to why they haven’t yet achieved either. Investing in real estate is no difference. Most Americans recognize that all wealthy people own real estate, therefore, the secret to becoming wealthy lies in real estate. So why do so few people take action? Here are the top 7 Real Estate Investing Excuses I hear people tell me for not taking action in their real estate investing career.
Top Real Estate Investing Excuses 1 | Have-do-be mentality
When I have the money, I’ll do real estate investing, and then I will be wealthy. This ‘have-do-be’ excuse plagues more Americans’ psyche now than any flu epidemic possibly could. If you condition your thinking on having to have the money in order to take action and you don’t have the money to take action, then you’ll never have the money to take action! Consider this secret that most self-created millionaires figured out: reverse ‘have-to-be’ with ‘be-do-have’. I will be wealthy because I do invest in real estate and I have all the money I need. This simple change in philosophy will allow you to develop the millionaire habits that lead to wealth creation.
Top Real Estate Investing Excuses 2 | I have no money
“I like the ‘do-be-have’ mentality, but seriously dude, I have no money.” Then find someone who does. If you find a potentially profitable real estate transaction, the money will find you; or at least those with money will find you. Plus, there are real estate investing strategies, such as wholesaling, that will allow you to profit from such relationships without using any of your own money or credit.
Top Real Estate Investing Excuses 3 | I have no time
Finding properties isn’t necessarily as time consuming as you think. Do you go to work everyday? Leave 30 minutes earlier, take a different route, and cruise different neighborhoods on the way to work and write down addresses to ugly houses. If you’re picking your kids up from school, do the same but have them write down addresses. Finding an extra couple of minutes each day to farm an area doesn’t take up much time. Plus, there are other marketing ideas that you can outsource to others as well (especially if you have children). Finally, if time is a huge problem for you, unplug the T.V. and you will find a couple of available hours for your business.
Top Real Estate Investing Excuses 4 | Too much competition
I live in Austin, TX, and among the top 3 counties in Austin, there are about 1,200 homes that go to foreclosure each month. And Austin is one of the top housing markets in the U.S! This also means that there are probably 3x the homes that are in distress every month. So if there is too much competition, why are all these homes going back to the bank? Real estate investors, the housing market, and the economy needs more people finding, buying, and selling distressed properties to get this great country back on its feet again.
Top Real Estate Investing Excuses 5 | But the housing market is falling
The secret to making a profit in anything is to buy low and sell high. Right now, real estate is on sale. Prices are projected to appreciate in 40% of the housing markets in 2011 and 60% in 2012. Buy discounted properties and resell for a profit using either traditional or unconventional methods.
Top Real Estate Investing Excuses 6 | I don’t know the unconventional methods
Consider the possibility that these unconventional methods do exist. Now, once you’ve considered these possibilities, go out and try to find how to learn about these. Search online, buy eBooks, read articles, join real estate forums, and go to networking events at your local Real Estate Investing Club. If you haven’t learned about creative real estate acquisitions, then you just haven’t put yourself in the right situations yet to learn. If you adjust your reading and networking habits, then you will adjust your knowledge.
Top Real Estate Investing Excuses 7 | I don’t know how to get started
Most people procrastinate in area where they don’t understand something or fear rejection or fear making mistakes. Therefore, knowledge and education is a great way to begin overcoming these fears. Also, networking with others who are experienced and successful in real estate will help you see how realistic profitable investing can be. Take a series of small steps in educating yourself and you will overcome your fear of failure.
If you liked ‘Top Real Estate Investing Excuses’, then you may also like other articles by Tom Bukacek at http://www.REMillionaireBlueprint.com.
Tom Bukacek is also the author of the book “The Real Estate Millionaires Blueprint for Long-Term Wealth Creation‘.

LOL! I just saw a press release from someone about EVG. They used my video in the PR! The video here --- > http://bit.ly/hCs4Hi

The Elevation Group Reopens

Due to the enormous popularity and intense emotions surrounding Mike Dillard’s ‘The Elevation Group‘ we have decided to offer up our support for the group.

Read More Here.... http://bit.ly/erIns2

http://bit.ly/erIns2 <--- The Elevation Group Reopens

Home Buyer Tax Credit
Did you purchase a house between January 1 and April 30, 2010? If so, then you may qualify for one of the two tax credits: the first-time home buyer tax credit and the repeat home buyer tax credit.
Home Buyer Tax Credit | First time home buyer
The first-time home buyer tax credit is worth 10% of the purchase price of the home up to a maximum of $8,000. Eligibility for the first-time home buyer tax credit means that you would have to have not owned a principal residence in the three years before the new home purchase.
Home Buyer Tax Credit | Repeat home buyer
The repeat home buyer tax credit is worth up to 10% of the purchase price, up to a maximum of $6,500. Eligibility for the repeat home buyer tax credit means that would have to have owned and lived in the same home for at least five consecutive years.
Home Buyer Tax Credit | Qualifications
First, to qualify for the home buyer tax credit, the price of the property must be under $800,000. Second, in order to claim the tax credit on your 2010 taxes, you must have signed a contract to purchase the home by May 1, 2010 with an original closing date of June 30, and an actual close date by or before September 30, 2010. To be financially eligible for the home buyer tax credit, your modified adjusted gross income (MAGI) had to be less than $125,000 for single people or $225,000 for joint filers. A reduced credit is available for home buyers with MAGI of up to $145,000, or $245,000 for married homeowners.
Home Buyer Tax Credit | Documents needed
A copy of your settlement statement, or HUD-1 that was provided at closing.
For newly constructed homes, a dated copy of the certificate of occupancy that shows your name and the address of the home.
For repeat buyers, copies of documents showing that you lived in your previous residence for five consecutive years during the past eight years. Acceptable documents include mortgage interest statements, property tax records or homeowners insurance statements.
Once you file for the tax credit, expect to wait up to 6 weeks to receive your check from the IRS.
Home Buyer Tax Credit | 2008 Payback
The Housing and Economic Recovery Act of 2008 provided up to a $7,500 interest free loan with a two year grace period in the form of a refundable tax credit for qualified first-time homebuyers of a principal residence in 2008. Now that 2010 has passed, it is time to start paying the interest free loan back.
The tax credit in 2008 was actually a 15 year interest free loan with a 2 year grace period. To calculate what you owe, divide whatever tax credit amount you received in 2008 by 15, and that is the amount you will have to pay back.
For example, if you qualified for the full $7,500 tax credit, then you would have to repay $500 per year for the next 15 years.
If you bought your house in 2008 and have re-sold it, then you will owe even more, because you will be required to repay the entire amount of the interest free loan, or the tax credit, back all at once.
Home Buyer Tax Credit | Conclusion
If you purchased a home in 2010, you may be eligible for the home buyer tax credit if the property value was less than $800,000, if you met the definition of a first time or repeat home buyer, and if your MAGI income was within the proper range. When you file your taxes, bring the appropriate documentation with you and you should be able to qualify If you took advantage of the home buyer tax credit in 2008, you will have to start repaying the loan, but if you qualified for the home buyer tax credit in 2009 or 2010, you do not have to pay anything back.
For more articles by Tom Bukacek, please visit www.REMillionaireBlueprint.com

Private Money: The importance of using other people’s money in real estate

Suppose you have $50,000 in cash and you are looking to do something with it. All things being equal, would it make more money to invest all $50k into one deal, or invest $10k into 5 different deals? Leveraging other people’s resources to allow you to do multiple deals rather than putting all of your valuable eggs in one basket should allow you to receive greater returns!

Do you think wealthy real estate moguls such as Robert Kiyosaki, Donald Trump, or Dolf De Roos use their own resources when investing in real estate? Absolutely not! They have made the bulk of their fortunes in real estate using funds that are not necessarily their own.

“Getting back to the difference between a saver and an investor, there is one word that separates them and that word is LEVERAGE. One definition of leverage is the ability to do more with less.” – Robert Kiyosaki Why We Want You to be Rich

These resources include but are not limited to Other People’s Money (OPM), Other People’s Credit (OPC), Other People’s IRAs (OPI) and other People’s HELOC (OPH). This article will focus on ways to utilize Other People’s Money.

There are 2 ways to use OPM in real estate investing: either as money partners or as private lenders. Money partners’ role is to provide funds for the deal. They receive a portion of the overall profit in the transaction (but not a guaranteed rate of return).

Private money is the process by which you, the investor, borrow money from a private individual (as opposed to borrowing from a financial institution or ‘hard money’) and use the money to invest in real estate. The private lender is not your partner in the transaction, but rather receives a fixed rate of return. When the investor receives a profit from the transaction, a portion of the proceeds pay back the lender’s principal plus interest while the remainder goes into your pockets as profit.

The first step in raising private money is to determine how much money you are trying to raise. Once you have figured that amount, then you need to find people to loan you the money.

Why would someone lend you private money? Well, look at the alternatives. If you have an associate who is keeping $100,000 in a bank account, cd, or retirement plan, chances are he or she is only earning 2-4% on their money. But if they would be willing to bank and the First National Bank of You, you could pay a return of 6-8% on their money, backed by real estate, and give them an increase on their return of 150 – 400%!

Who are potential private money lenders? Anyone on your contact list from friends, family members, neighbors, coworkers, doctors, attorneys, etc. Don’t be afraid to ask! Some of our best private lenders come from people you least expect.

How do I approach potential private money lenders? There are several ways. First, you may wish to have a frank discussion where you explain what you are doing and what you are looking for. Or, you could use a gradual approach, where you drop in hints here and there about needing money until you finally ask them (or get them to ask you). You may send out periodic e-mails about your investing opportunities and see if people respond.

Remember, when sending out any printed form of advertising trying to find funds, do NOT say things like ‘Guaranteed returns’ or advertise a specific rate of interest. The SEC tends to frown upon such activities. When putting any advertisements in print, it is best to seek guidance from an attorney.

What do I do when someone is interested in lending me private money? The first step is to find out what rate of return they are looking for. Your personal rate of return may be 18% and you may have even budgeted an 18% return for this project. But that doesn’t mean your lender wouldn’t be satisfied with a smaller return, say 12%. Always ask the following questions:

* “What rate of return are you currently earning on the money you are looking to lend?”
* “What rate of return would you like to be earning to make it worth your while?”

Remember, someone currently earning 2% on $100,000 would probably be thrilled to earn 10% on that same money. So don’t blurt out 18% or you will fail to maximize your own return.

One other bit of advise: Try not to make payments during the loan. IF the lender wants payments, you can offer a lower interest rate. But be flexible as different lenders want different and unique arrangements. Also, lenders may want interest only payments, but see if you can get them to accept payment quarterly or annually instead of monthly. There are no set rules as to how you must repay so be creative and find a mutually beneficial arrangement.

Finally, don’t get hung up on your own personal experience or credentials. First, if the deal is good and the return is strong, your experience may not come up. If it does, look to partner with someone else who does have experience. You may have to share the profits, but if that gets you started and allows you to do future profitable transactions, then this investment may be the strongest one of all!

If you enjoyed this article, please visit www.REMillionaireBlueprint.com for more

Avoid Foreclosure! The Negative Consequences of Foreclosure

How can a distressed homeowner avoid foreclosure?
In this tough economic crisis many are experiencing, bad things are happening to good people. The ‘real’ unemployment rate has been around 20% for over a year, and is not projected to fully correct itself to pre-recession numbers until 2014. Expenses, such as taxes, health insurance, gas, and medical bills, are escalating to never seen before heights. With fewer jobs and increased expenses comes the inability to pay bills, and the largest and most common bill to be skipped becomes the mortgage payment.
More people are losing their homes to foreclosure than any other time in history. Another unfortunate side effect of foreclosures is the dropping of home values. In addition to having less income and more expenses, many distressed homeowners are finding that they are unable to sell their property due to the fact that their mortgage note is higher than the value of their house! Given these terrible circumstances, it’s really no surprise that more families than ever are turning to foreclosure as a way out of their financial hardships. But is foreclosure really the best solution? Given the negative consequences of foreclosure and the other alternatives available that most distressed property sellers don’t know about, foreclosure is definitely not the best option.
Avoid Foreclosure|Negative Consequence #1 – Tax Consequences
Losing your home to foreclosure has many severe consequences. First, anytime the bank forgives debt greater than $600, they have to report it to the IRS. For example, if the homeowner owed $200k for the house but it sold at auction for $120k, the $80k difference would be forgiven. Since this $80k is forgiven, the former homeowner is not going to pay the expenses for it. Since they don’t pay the expenses, the IRS considers this ‘forgiveness’ to be income, and the former homeowner may have to pay income taxes for that $80k. Not only has this person lost their house, but now the IRS will be going after them for tax payments.
Avoid Foreclosure|Negative Consequence #2 – Deficiency Judgements
Second, the bank may still choose to sue you for deficiencies of the loan. Using the example above, the bank may want the former homeowner to pay the difference between what the home was sold for and the amount owed. Not only has this person lost their house, but now the homeowner may have to make payments to the bank for the remaining $80k of a house they are not even living in!
Avoid Foreclosure|Negative Consequence #3 – Credit Damaged
Finally, the credit damage on a foreclosure is quite painful. A foreclosure is considered by many lenders to be the worst possible event to happen to an individuals’ credit score (even worse than a bankruptcy). A credit score can drop up to 200 points with a foreclosure. But to make matters worse, it takes 10 years to remove a foreclosure from your credit score. Also, a low credit score can affect other items, such as your credit card rates as well as your car insurance rates. In many circumstances, having a foreclosure on your record can prevent you from getting certain types of jobs. Not only has this person lost their house, but their credit will be damaged for a decade and are eligible for fewer jobs because of this personal catastrophe.
If you are in a similar situation where you are unable to pay bills due to loss of income or increase in unexpected bills and you want to sell your house but are unable because you owe more than it’s worth, you have better options than foreclosure!
Avoid Foreclosure|Work with a Real Estate Professional
Utilize a real estate professional who focuses on helping distressed homeowners. A qualified real estate professional will able to do the following:
• Negotiate with the banks on your behalf
• Purchase the property in AS-IS condition
• Work with dozens of cash buyers who are able to buy your house quickly
• Provide proof that they are members of the Better Business Bureau
Most importantly, a legitimate real estate professional will not charge you for their services.
A successful real estate professional will negotiate the satisfaction of the loan with a bank. The satisfaction of the loan means that the bank will accept this negotiated price and will agree not to sue the homeowner for deficiencies.
Finally, working with a real estate professional to avoid foreclosures will allow you to rebuild your credit much quicker, and with most conventional and Federal Loan programs, you may be able to purchase a home again within 2 short years.
In summary, due to the unprecedented economic turmoil, many distressed homeowners are turning to foreclosure. However, given the negative tax consequences, the potential for bank lawsuits and the damage to ones credit, foreclosure is not the best alternative. Working with a real estate professional who negotiates with the bank for the satisfaction of the loan will allow the homeowner to move on with his or her life much quicker, without the negative side effects that a foreclosure has.
Image: jscreationzs / FreeDigitalPhotos.net
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Will the FHA Short Refinance Program help distressed homeowners avoid foreclosure?
From the same folks who brought you the Home Affordable Modification Program (HAMP) comes another tax payer funded attempt to prevent foreclosures by helping the banks.
FHA Short Refinance Program | What is it?
The FHA Short Refinance Program is an $14 billion FHA backed initiative designed to allow homeowners who are current on their mortgages but owe more than their house is worth the opportunity to refinance with an up to 10% reduction in principal in an FHA mortgage. Under the FHA Short Refinance, banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government by allowing the homeowner to refinance into loans backed by the FHA. The purpose of allowing this loan is to prevent strategic defaults by homeowners looking to abandon homes in which their loan is current but they choose not to continue paying for an asset that is worth less than the mortgage. According to CoreLogig Inc., about 11 million borrowers, or 23% households with a mortgage, were underwater as of June 30, 2010.
FHA Short Refinance Program | The problem
The program has failed for several reasons. First, only non-FHA loans and non-Freddie & Fannie loans qualify. Freddie and Fannie, which own or guarantee half of the $10 trillion in U.S. first-mortgage debt, will not adjust principal on a loan modification so they aren't participating in the program. This void eliminates quite a few potential participants.
Second, how motivated are banks to refinance a performing note? If someone was paying you $1000.00/mo every month, why would you work to refinance and give to another lender?
Thirdly, there are consequences to the participating homeowner. The homeowner will have to pay transaction fees associated with the refinancing, and these fees can be difficult for a person struggling to pay their mortgage bill to come up with. Secondly, because they're getting an FHA loan, they will also be paying mortgage insurance. Finally, since this refinance includes debt forgiveness, the amount forgiven will be reported to the credit bureaus and impact the credit score.
FHA Short Refinance Program | So how's it working?
You remember a couple of weeks ago when HAMP was declared a failure? It was projected to help modify over 3 million loans but only modified roughly 500,000. The Obama Administration projected when the program started in September that up to 1.5 million households could refinance using this strategy. 6 months into the program, only 38 households have been able to refinance. If the goal was to make the HAMP fiasco look like a major success, then the FHA Short Refinance Program should hang a 'Mission Accomplished' sign on it's boat.
FHA Short Refinance Program | Final Opinion
Obviously the goal of the FHA Short Refinance Program is to take many of the potential default mortgages packaged and sold to Wall St. with shoddy paperwork, refinance, and create a new assignment of the mortgage in an effort to be able to avoid mortgage assignment fraud if the homeowner ever defaults and the servicers have to go through the foreclosure process. While the refinance may actually prevent a handful of people from defaulting on their mortgages, a 10% principal discount isn't going to help a person too much who is 20%-50% upside down and has to move, or has to sell due to an economic hardship. But with the tax payers footing the bill for the refinance, the FHA Short Refinance Program will greatly assist the banks when it comes time to foreclose on the property because there will be a clean assignment of title.

If you liked 'FHA Short Refinance Program', then you will enjoy other articles written by the REI Maverick, Phill Grove at www.REIMaverick.com

Is there any part of the foreclosure process that the banks actually do right?
Now, even the simplest part of the foreclosure process, the notice of default letter, has been messed up by banks. The notice of default letter is the beginning of the foreclosure process. In this letter, the mortgage notifies the homeowner that the property is in default and that the homeowner is to pay the mortgage current or to setup satisfactory arrangements. Many of these letters are templates (in fact, you can google 'letter of default' and find a handful of templates). Seems so simple, even a caveman could do it, right?
Well, according to John Saari of Home Savings of America, the banks actually can mess up something simple, as is evidenced by this potential notice of default letter scandal:
Here's the issue of the notice of default letter scandal: Every Notice of Default letter is supposed to have a signature on it. That's right these thousands upon thousands of Notice of Default letters that are issued every month should have a signature on it. Now technically according to the law, whoever has signed this letter should have direct knowledge that the mortgage is in fact in default. So these thousands and thousands of signatures every month are supposed to be done only after reviewing the documents, but that is not the case. The title companies and servicers are signing and sending out these letters. So essentially they are starting the foreclosure process. Since we are a country of laws and interpretation of those laws, one could then interpret that this is illegal. There is a case in NV right now against Wells Fargo that is arguing a foreclosure is illegal because it is being started by someone that hasn't directly reviewed the documents. http://ping.fm/6HnFc
Will the banks' failure to sign these letters turn into a big notice of default letter scandal, similar to the likes of robo-signings and mortgage assignments fraud? John points out that we are a country of laws, but will this notice of default letter scandal actually be enough to render some of these foreclosures illegal?

For more great articles like this, visit www.REIMaverick.com

Where will the Housing Market Bounce Back the Most?

Housing Market Bounce Back Report - Good News!
Vero Real Estate's VeroForecast ran a study recently on where the strongest housing market bounce back may occur. Want some good news? The housing market bounce back report states that 40% of major metro markets will see a bounce back in home values in 2011. The report also states that smaller cities (cities with under 250,000 people) will make up the majority of those with positive growth statistics.
Housing Market Bounce Back | 5 Strongest: Dec. 2010-Dec. 2011
San Diego, Calif. +3.5%
Kennewick, Wash. +3.4%
Pittsburgh, Pa. +2.7%
Fargo, N.D. +2.6%
Washington, D.C. +2.5%
Housing Market Bounce Back | 5 Weakest: Dec. 2010-Dec. 2011
Reno, Nev. -7.2%
Orlando, Fla. -6.5%
Boise City, Id. -6.4%
Daytona Beach, Fla. -6.3%
Port St. Lucie, Fla. -6.3%
http://finance.yahoo.com/real-estate/article/111989/where-will-housing-bounce-back-most?mod=realestate-buy
Regionally, the report sees more vigorous recovery in the South, with overall growth rates being the best in Texas, Louisiana and Arkansas. As usual, the weakest regions will be in Florida, Nevada, California, and Arizona.
The housing market bounce back report concludes that around 40% of all major metro areas should see some mild appreciation over the next 12 months, and nearly 60% of all markets will appreciate over the next 12 to 24 month horizon. These projections are much better than last year, when it was projected that there would be a double digit drop in home prices. Right now, any projected growth is good news, and the housing market bounce back report seems to be showing that the real estate market prices may just be finally heading in a direction of positive growth.

If you liked 'Housing Market Bounce Back', then you will enjoy other articles from the REI Maverick

Bank of America announced that it will be dividing it's mortgage business into two distinct divisions: one division will continue issuing mortgages and the second division will be handling foreclosures & discontinued loans.
The Bank of America Home Loans Division will continue to create new loans and oversee the servicing (or monthly collections) of loans. Last year, Bank of America lent out over $306 billion to new homeowners.
Bank of America - Legacy Asset Servicing Unit
In an effort to stem the seemingly daily tide of multi-billion dollar fines and lawsuits, Bank of America is putting together a separate division who will solely focus on its distressed notes.
The bank said the new Legacy Asset Servicing unit will be responsible for resolving issues involving faulty paperwork that led Bank of America to suspend foreclosures in all 50 states in October. After reviewing procedures, it resumed the actions nationwide in December.
The legacy unit will also handle mortgage modifications and buyback claims on bad home loans sold to investors. It will be led by Terry Laughlin, who joined Bank of America in July 2010 as an executive in its mortgage unit handling credit loss mitigation strategies. http://ping.fm/fah7l
Bank of America created the Legacy Asset Servicing unit as a result to put a stronger focus on properly handling the foreclosure issues it faces. Since it doesn't appear that foreclosures will be slowing down in 2011, or anytime soon, Bank of America is committing capital and human resources to improve in an area that has been poorly operating and as such, causing Bank of America to get throttled them with lawsuit after lawsuit. (Read Bank's Bad Behavior for a brief recap).
Bank of America will exit the reverse mortgage industry, in which it had issued 100,000 of these loans, to focus on creating and managing current loans and focusing separately on handling distressed mortgages. By improving the focus on foreclosures, Bank of America hopes to service its clients better and stay out of the courts.

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