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Expanded 1st Time Home Buyer Tax Credit

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Mon, 07 Dec 2009 19:21:00 GMT

Expanded First-Time Home Buyer Tax Credit Becomes Law

In the hopes of sustaining the real estate market's recent momentum, Uncle Sam has made more than two-thirds of current homeowners and nearly all first-time buyers eligible for thousands of dollars in tax perks when they purchase a house. President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law Friday, a day after the House of Representatives approved it by a 403-to-12 vote. The legislation includes language that significantly expands the popular first-time home buyer tax credit that was enacted in February. The development represents a big victory for the real estate and home building industries, which had to overcome concerns about the measure's costs while rallying support for its enactment. Here are five things you need to know about the development:

1. For first-time home buyers: While the value of the credit remains as high as $8,000, the new law pushes back the deadline by which qualified first-time home buyers must make their transaction in order to claim it. (The legislation defines "first-time home buyers" as anyone who has not owned a principal residence in the three years prior to making the purchase.) Under the previous law that went into effect in February, buyers needed to close the transaction by Nov. 30. However, under the terms of the new law, home buyers must have a signed sales contract before May 1, 2010, but they have until the end of June to actually close the transaction. At the same time, the new law raises the annual income limits from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples. The changes make nearly all first-time home buyers eligible for the credit, according to Goldman Sachs economist Alec Phillips.

2. For current home owners: In addition, the new law makes most current homeowners eligible for a tax credit of up to $6,500 when they purchase their next primary residence. Under the terms of the legislation, current homeowners must have lived in their home for five consecutive years over the previous eight to be eligible. Qualified home buyers can obtain the credit on homes purchased between Nov. 7 and the end of April 2010. That means they need a signed sales contract on a home before May 1, 2010, but they have until the end of June to close the sale. The income limits for current homeowners are the same as those for first-time home buyers. About 70 percent of current homeowners are now eligible for the credit, according to Phillips.

3. Additional specs: The credit can only be claimed on primary residences purchased for less than $800,000. And as long as they use the property as their primary residence for three or more years after the purchase, buyers don't have to pay it back. Furthermore, buyers can claim the credit on their 2009 taxes, even if the purchase was made in 2010 by filing an amended return.

4. Fighting fraud: The first-time home buyer tax credit became the subject of controversy in late October, when a Treasury Department inspector general told Congress that his office had identified hundreds of millions of dollars in questionable claims. The suspicious cases included taxpayers who claimed the first-time home buyer credit even though it appeared that they had owned residential property within the previous three years, as well as taxpayers who claimed the credit before actually purchasing the home. Hundreds of taxpayers younger than 18 years old—and at least one who was just four—also claimed the credit. And by expanding the initiative to include more than two-thirds of current homeowners, the potential for incorrect or fraudulent claims has only increased.

To that end, the new law includes measures designed to limit its abuse. Anyone claiming the credit must now provide documentation—such as a copy of their HUD-1 Settlement Statement—to prove that the sale has closed. In addition, it also bans anyone younger than 18 years old from claiming the credit.

5. Price tag: First-time home buyer tax credits have cost the government around $10 billion in lost revenue through Aug. 22. The expanded credit program is projected to cost an additional $10.8 billion or so. Amid mounting concern over massive government spending—the federal budget deficit for fiscal year 2009 was $1.4 trillion—some economists have questioned whether additional home buyer subsidies are really the best use of taxpayer cash. The calculated risk for example, estimates that the February first-time home buyer tax credit cost the government roughly $43,000 for every additional home sale it generated.

Economists at Goldman Sachs have estimated that the February first-time home buyer tax credit would trigger an additional 200,000 sales by the end of the year. Mark Zandi, the chief economist at Moody's Economy.com, puts the figure closer to 400,000 by the end of November. Nevertheless, Goldman's Phillips argues that the new law won't have a game-changing impact on the housing market. That's because only 14 percent of first-time home buyers who had been ineligible for the credit can now participate thanks to the higher income limits. Meanwhile, the credit's expansion to current homeowners may increase sales activity. "However, these sales would not result in a reduction of the inventory on the market, since every buyer taking advantage of the move-up credit would necessarily be a seller (of their existing principal residence)", per Phillips. Nevertheless, the expanded credit could boost home prices by about 1 percent, Phillips says.

For more information please contact marcia@minocquamortgage.com or go to www.minocquamortgage.com

Home Buyer Tax Credit Expanded

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Tue, 01 Dec 2009 22:43:00 GMT

First-Time Home Buyer Tax Credit Extended, Move-Up Buyers Included

Congress recently extended the first-time home buyer tax credit (which was due to expire November 30, 2009) and expanded the opportunity to include qualified move-up home buyers, as well. Qualified first-time buyers are those who have not owned a principal residence in the three years prior to closing/settlement on the new home. Qualified long-time homeowners are those who have lived in their current home for at least a five-consecutive-year period of the previous eight years.

The new rules below are for principal residences purchased after November 6, 2009 but by April 30, 2010 with closing/settlement by June 30, 2010.

First-time buyer credit up to $8,000 ($4,000 each if married filing separately); no more than 10% of home’s purchase price.

Move-up buyer credit up to $6,500 ($3,250 each if married filing separately); no more than 10% of home’s purchase price.

Qualified buyers have Modified Adjusted Gross Incomes up to $125,000 for single filers, $225,000 for married-joint filers. A reduced credit is available for MAGIs up to $20,000 over those limits.

Maximum purchase price of home: $800,000.

Tax credit does not have to be repaid if buyer lives in the home for the first 36 months.

Buyers must be 18 or older.

Buyers must attach a settlement statement to the tax return on which they claim the credit.

Those who buy in 2010 (before the deadline) can claim the credit on either their 2009 or 2010 tax returns using Form 5405.

Qualified members of the U.S. armed forces, military intelligence, or foreign service on overseas deployment for 90 days or more in 2008 or 2009 have until April 30, 2011 to purchase a principal residence and claim the tax credit.

Other rules apply; for more information, go consult your tax advisor or go online to IRS.gov

Asset Protection - Land Trusts and Irrevocable Trusts

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Mon, 31 Aug 2009 20:46:00 GMT

Protect Your Assets and Your Business
Shield Your Wealth - use Trusts, Corporations, and Other Entities

If there is any potential downside to becoming rich, it is asset protection. The more money you have, the bigger a potential target you become. Therefore, asset Protection may not sound so scary, or does it?

Scary, sure considering nearly one out of every six jury awards in the U.S. exceeds $1 million. In some states, one out of every four jury awards exceeds $1 million. During the last five years, more than seven percent of all U.S. companies, both large and small, suffered a lawsuit costing them in excess of $5 million.

The good news is that although you may not be able to avoid being a target, you can avoid getting hit. Protect your assets by shielding your wealth through entities and other protections.

Asset Protection Basics

Successful people are not only interested in making money, but also in protecting it. You can have many streams of income, but if you aren't careful about how you develop and protect them, you could lose them, all. It's important to understand how to protect what you've worked so hard to get.

Realize that asset protection for someone who owns 20 hotels and 15 apartment buildings will be more significant than for someone who just has a beat-up car and an overdue credit card bill. So start thinking about asset protection today, even though you may not have any worries now. Here are two suggestions:

1. Stop officially "owning" things. The more you own, the more likely it is that you will get sued. Research indicates that if you earn more than $100,000 a year, you have a one-in-four chance of being named in a lawsuit. If you earn at least $250,000 a year, you have a one-in-two chance of being named in a lawsuit. Learn how to take things out of your name so that you don't "own" them--one of your entities does.
2. Get assets out of your name. The fact is, most wealthy people don't put possessions in their own names. If your business is real estate, you can buy property in a corporate name or in a trust name. You can set up a land trust or a true irrevocable trust. Buy and sell properties, own properties, and partner with people through trusts and corporations so your name won't be on the deed or title.

Entities that Offer Asset Protection

Several types of business entities exist that can serve your individual needs. Insurance is your first line of defense. Most businesses in the United States operate through a corporation or partnership of some kind. These entities make you look more professional, allow you to run your business(es) with a level of asset protection, and can continue past your life if you choose.

There are two types of trusts for you to become familiar with are land trusts and irrevocable trusts.

Land Trust
Do you know that the worth of your home and the original amount of debt owed is on public record when your home is owned in your name? Anyone, including a plaintiff's attorney, can find out what it is, where it is, what it is worth, and what the approximate debt on it is. To be anonymous, many people take their properties out of their names and put them into a land trust. Then you don't own it; the land trust does.

This is an excellent way to hold real estate or "take title" to property. Investors, real estate companies, and corporations often form a land trust--a legal entity designed specifically to hold real estate. A trustee is named, and you are the beneficiary. But only the trustee's name appears in public records, not yours. You have liability protection because it is a separate entity--and best of all, you have anonymity.

The thing to remember about land trusts is that you control it and still get the tax advantages, even though it's not in your name. Trusts are also advised if you are wholesaling or lease-optioning houses. Put them in a land trust that you control.

Come back tomorrow for your lesson on irrevocable trusts.

As always, your questions and comments are encouraged. Contact us at www.minocquamortgage.com or marcia@minocquamortgage.com

Seller Disclosure Example

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Wed, 05 Aug 2009 00:58:00 GMT

We often are asked about what sellers must disclose to buyers. Here is an answer to a recent question that may help you too.

Q: Does a seller have to disclose that the owner passed away in the house? Or do they have to disclose that the owner passed away, even if it was in a hospital? The relatives are selling the property. - R. D.

A: Disclosure requirements vary from state to state. Check with a local Realtor to find out what is required in your area. If someone dies of natural causes on the property, you may be required to disclose that fact. Some people simply can't cope with the idea that someone died in the same room where either they or their children may be sleeping.

In terms of making this disclosure, usually there is a time period attached to this requirement (i.e. did the death take place in the last three years?)

The challenge is where to draw the line about when this disclosure is required. For example, if you own a 150-year-old house, how could you know how many people died at the home? In contrast, if the owner died in the hospital, there is no requirement to disclose that information to prospective buyers. Please verify the disclosure requirements for your location.

If there has been a violent death on the property, you must disclose it. Some states require the disclosure if it occurred within three years. Others may have no requirement. It's better that the buyers find out about the death before they write an offer. That way they can make a realistic decision. Furthermore, it's the best way to avoid a lawsuit for failure to disclose. (You can definitely count on the neighbors to inform the new owners about what transpired.)

Also, there are some fairly stringent requirements around deaths related to AIDS, which fall into a protected class that is governed by fair housing and anti-discrimination laws. Again, check with a competent real estate professional or with a real estate attorney if you have any additional concerns about this issue.

We encourage all your questions and will be happy to answer them. Thank you for this question and we hope the answer helps you with your purchase decision. Contact us at www.minocquamortgage.com or marcia@minocquamortgage.com

WARNING! Cash For Clunkers "Fine Print"

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Sat, 01 Aug 2009 15:44:00 GMT

WARNING - READ ALL THE FINE PRINT BEFORE YOU AGREE.

CAUTION...CAUTION...CAUTION!

PLEASE DO NOT LOG ON TO THE "CASH FOR CLUNKERS" WEBSITE. WHY?

ALERT COMING DOWN THE PIPELINE - WARNING

WHEN YOU LOG INTO THE "GOVERNMENT'S CASH FOR CLUNKERS" WEBSITE YOU ARE REQUIRED TO CHECK THE "I AGREE" BOX BEFORE YOU CAN CONTINUE TO FIND OUT WHAT YOUR CLUNKER CREDIT WILL BE.

WHEN YOU "AGREE" YOU ARE AUTHORIZING THE GOVERNMENT TO TRACK EVERY MOVE YOU MAKE ONLINE - FOR THE REST OF YOUR LIFE!

THIS "AGREEMENT" AUTHORIZES THE GOVERNMENT TO TAKE ALL YOUR PERSONAL INFORMATION OFF YOUR COMPUTER, EASE DROP ON SKYPE CALLS, TRACK EVERY SEARCH AND WHO KNOWS WHAT ELSE. ALL YOUR PERSONAL INFORMATION BECOMES THE PROPERTY OF THE GOVERNMENT.

SO WHAT ARE YOUR PASSWORDS GOOD FOR?

Good luck flying under the radar of this administration. What will be next? All I know is it scares me to death!

Questions & comments are encouraged. Please contact us at www.minocquamortgage.com or marcia@minocquamortgage.com

Bad Appraisals Hurt Qualified Buyers

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Wed, 29 Jul 2009 21:59:00 GMT

“The increase in existing-home sales occurred in all major regions of the country,” said Lawrence Yun, chief economist at the National Association of Realtors, who compile the data. He said sales should continue upwards “due to tax credit incentives and historically high affordability conditions.”

Key Data:
The median price for a home was $181,800 in June ― 15.4% down from June 2008.
First-time home buyers made up 29% of the sales.
Foreclosure-related sales accounted for 31% of sales in June.
“If we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” Yun said.

Analysts from the forecasting firm RDQ said the report “provides further evidence that activity in the housing market is stabilizing and that price declines are slowing.”

They note that the 3-month advance in sales was the fastest pace in five years, in percentage terms. “This report, along with recent data on housing starts, building permits, and the survey from the NAHB, suggests that we may have seen the bottom in home sales and housing construction.” It suggests that the recent momentum in U.S. housing activity may be gathering some traction as U.S. homebuyers take advantage of the very favorable mortgage rates and home prices.

However, analysts still area’t expecting a quick recovery in the housing market, as unemployment rates are at a 26-year high. Even Fed chairman Ben Bernanke expects unemployment to remain high heading into 2010.

Poor Appraisals Still a Concern: Reiterating concerns that he spoke about last month, Lawrence Yun, chief economist at the National Association of Realtors, said sales were being held back by poor appraisals.

In a press release the NAR added that a June survey of Realtors found that 37% experienced “at least one lost sale as a result of the new Home Valuation Code of Conduct,” which was put into effect May 1, “with seven out of 10 reporting an increased use of out-of-area appraisers.

In addition, 70% of NAR appraiser members said consumers were paying higher fees, while 85% report a perceived reduction in appraisal quality.

“Clearly the process needs to be revised, but the most logical approach is to use appraisers with local expertise, industry designations and access to local data, who make a physical examination of the property and use apples-to-apples comparisons with nearby home sales,” Yun said.

“In many cases, normal homes are being compared with distressed homes sold at a discount, which often are in subpar condition – this is causing real harm to both buyers and sellers.”

However, to curb this awful trend in the industry, Marcia Waldburger - past Realtor and past Certified Residential Appraiser - currently mortgage loan officer, rejects poor appraisals and requires them to be corrected prior to submission. Thirty years experience does work for you.

Comments and questions encouraged, contact us at marcia@minocquamortgage.com or www.minocquamortgage.com

Bad Appraisers Still Work in Industry

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Tue, 21 Jul 2009 21:40:00 GMT

According to an investigation by the Center for Public Integrity, one in six appraisers whose licenses were revoked or surrendered in California and Florida since 2005 kept their real estate sales or broker's licenses. The Center for Public Integrity is a nonprofit digital news organization that conducts research and produces investigative stories on public policy issues.

Some appraisers who lost their licenses also took positions in appraisal management companies.

The ability of former appraisers to make the switch to real estate sales -- or continue in management positions in the appraisal industry -- is the result of fragmented state bureaucracies, divided regulation of the real estate industry, and poor communication between regulators, the center concluded in reporting its findings.

For example, the California Office of Real Estate Appraisers has responsibility over more than 16,000 licensed appraisers, but its computer systems are not linked up with the California Department of Real Estate, which licenses real estate brokers and agents.

In Florida, the Division of Real Estate oversees boards that regulate real estate agents and appraisers. All revoked appraisal license cases are reported to the Florida Real Estate Commission, which has the authority to revoke real estate licenses, the report said. But nine of the 54 appraisers who lost their appraisal licenses in Florida since 2005 kept their real estate broker or sales licenses.

Hundreds of former appraisers may be working in the real estate industry nationwide, the report concluded, but determining the exact number is difficult because regulation is so fragmented.

The report, "Rebuked Appraisers Reborn as Real Estate Agents," is part of the Center's Land Use Accountability Project, which examines how local land use decisions are made and the consequences of those decisions for issues like sprawl.

In a previous report, "The Appraisal Bubble," the center detailed the role of appraisals in the housing boom, obtaining copies of blacklists that lenders allegedly used during the housing boom to boycott thousands of appraisers who refused to inflate home values.

The Home Valuation Code of Conduct, which took effect on May 1st for loans slated for purchase or guarantee by Fannie Mae and Freddie Mac, was an attempt to insulate appraisers from coercion by lenders.

But critics say it has resulted in a shift of appraisal work to appraisal management companies -- some of them subsidiaries of lenders -- who may employ inexperienced appraisers.

Industry groups including the National Association of Realtors say the code, while well intentioned, is derailing sales because properties may be undervalued when inexperienced appraisers cite distressed properties as comparable sales.

Appraisers say market conditions, not faulty appraisals, are more often to blame when valuations don't support an agreed-upon sales price.

The U.S. House of Representatives has approved legislation that includes provisions that would allow states to regulate appraisal management companies and disqualify appraisers who lose their licenses from taking high-level positions in the companies.

The bill, HR 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, passed the House May 7 in a 300-114 vote.

But it contains many controversial provisions that are likely to be subject to debate in the Senate, where it has been referred to the Committee on Banking. Citing industry sources, the Center for Public Integrity said a Senate vote on HR 1728 is expected by October.

The bill, which is aimed at taking away incentives for mortgage brokers to put borrowers in risky loans while requiring lenders to retain some of the risk involved in the loans they make, could hurt consumers by constricting mortgage lending, industry critics say.

As amended by the House, HR 1728 would also delay by one year implementation of changes to the Real Estate Settlement Procedures Act (RESPA), including the introduction of standardized mortgage loan disclosure forms that are scheduled to take effect Jan. 1.

Housing Secretary Shaun Donovan says he remains committed to implementing the RESPA changes, saying they will save consumers an average of $700 per loan by helping them shop around for the best deal.

Another pending bill, HR 3044, would suspend implementation of the Home Valuation Code of Conduct for 18 months. The bill, introduced June 25 and referred to the House Committee on Financial Services, now has 30 co-sponsors.

As a past Real Estate Broker and Certified Residential Appraiser agree when a license is revoked the licensee should refrain from conducting business in the industry. The few unscrupulous always ruin it for the majority.

Stay tuned for further updates on this and other industry issues. We encourage questions and comments. Contact us at www.minocquamortgage.com or marcia@minocquamortgage.com

Google Knows You - says Watchdog

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Sat, 18 Jul 2009 22:16:00 GMT

Provided below is an article I received from a reliable source and I have "repackaged" it for you to read. Here is the link to the actual article if you want to read more - http://www.huffingtonpost.com/2009/07/08/consumer-watchdog-takes-o_n_228232.html

CommentsConsumer Watchdog -- which, as the name implies is a consumer watchdog organization -- is raising alarms over privacy concerns that have been brought to the fore as online search company Google engages in wheeling and dealing before the House Communications and Consumer Protection Subcommittee.

At issue is legislation that might affect Google's practice of "behavioral advertising," the process by which Google serves ads to users based upon personal information gleaned from individual users' browsing habits, which many deem invasive. Potentially, lawmakers could inhibit Google's ambitions in this area by making it possible for users to opt out of Google's meticulous tracking. Worse for the online giant is the possibility that users will have to opt in in order to be tracked in the first place. At the very least, Google might find itself subjected to a "Do Not Google" list, similar to the "Do Not Call" lists that have been applied to the telemarketing industry.

The question has grown more urgent with Google's announcement that it will release a new operating system that moves currently computer-based functions to its proprietary Internet "cloud". Congress is considering forcing Google to adopt an opt-in model where users must actively allow Google to collect browsing history and user data.

"The Justice Department should be worried when Google tries to obfuscate its data tracking capacity and reach rather than disclose all of it," said Judy Dugan, research director of Consumer Watchdog. "Congress should demand that Google stop tracking Americans' online behavior without their prior permission."

Google's new operating system could also comb users' stored documents for information on those "interest categories." The depth of this potential data collection is not mentioned in the Google spin document. ...Instead, it boasts repeatedly of Google's commitment to transparency and "user friendliness" in delivering the lucrative advertising.

Consumer Watchdog spoksperson was explicit in his concerns: "No one knows more about Americans than Google...The FBI doesn't know as much about us as Google. That has to worry Congress as much as it should worry Americans as they learn about it." Regarding the proposed operating system, "People just don't get it that your documents are at Google, not on your computer," making those items subject to the same processes that power Google's "behavioral advertising."

To emphasize their point, Consumer Watchdog has obtained a confidential "spin document," thanks to "an anonymous industry insider who has previously provided other Google spin documents." In the first place, yes: "Confidential" "spin documents" on transparency and privacy are awesome monuments to irony. And the document in question, Consumer Watchdog believes, is "associated with a June 18 Congressional hearing that questioned online "behavioral advertising." What makes this better however, is that Consumer Watchdog has done their own "satirical annotation" of this "spin document." And the annotated document is full of fun Google facts, like the byzantine click odyssey one must go on to opt out of being served Google Ads! And the four hours of videos you need to watch to get briefed on privacy!

Story continues below But the important part of the satiric annotation are the questions for lawmakers that are helpfully provided:

1. Why isn't Google's behavioral advertising opt-in rather than opt-out?

2. Why not prominently include a link allowing users to permanently opt-out of Google tracking?

3. 2008: Google says it has no plans to use behavioral advertising... [that] it doesn't work. What changed?

4. Is Google's behavioral advertising really about delivering more interesting ads or is it about expanding its data collection and targeting activities?

We look forward to hearing your comments on this very debatable topic. Contact us at www.minocquamortgage.com or marcia@minocquamortgage.com

Google Knows You Better Than Your Husband

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Sat, 18 Jul 2009 21:54:00 GMT

Google knows more about you than your Husband!

My friend sent me an article about Consumer Watchdog who is deeply concerned that "Google knows more about you than the FBI."

Google knows every mental itch you've ever tried to scratch in the last 5 years.

Google is releasing the Chrome Operating System for netbook PC's. With services like Google Docs who needs MS Office anymore? Google replaces Microsoft. It's built on Linux, it's free, and no Microsoft OS cuts the cost of a new computer by perhaps 80 bucks or so.

And who knows…. it might not need anti-virus software that clogs up your system and slows the whole experience to a crawl (my biggest gripe about Windows).

Can you think of anybody who consistently comes up with more irresistible offers than Google?

-Google has brought unfathomably powerful technology to the fingertips of every person in the modern world. Yesterday I was printing a map for a friend from out of town and I click on a link and it displays an actual photograph of every intersection she needs to turn at. Who would have ever believed it, even 10 years ago?

-I am 100% totally in favor of Google having some good, serious competition. I WANT people to have strong alternatives. Let's talk about PPC for a moment. Their rivals have just plain sucked. MSN AdCenter is a pain in the butt. Yahoo Search Marketing pay per click is cumbersome at best. MSN has only 5% as much traffic as Google and it's not as good. Yahoo has only 30% as much traffic and it's not as good.

-Am I afraid of Google becoming Big Brother? YES I AM. Google is immensely powerful. All the stuff Google knows about me? Frightening. (Especially because I use Gmail extensively). 2009 is 1984.

So what do I think about these Watchdog Groups? Some thoughts:

* The Internet is an international, world-wide phenomenon. A web server can be anywhere in the world. Any lawmaker in Washington DC who thinks they can rope this thing in has his head shoved up his ---.

* If people don't want Google to know what they're doing they can use Bing. They don't have to use Google Maps or Google Docs or Google AdWords or Google's search engine.

* Yes people can use Microsoft Windows and nobody's forcing them to use Google's OS.

* I think it's interesting that people think they have a "right" to use Google's free services, AND they think they should be able to go to Congress and outlaw Google getting paid to give them the best technology in the history of the world - maps, scholar, docs, the whole search engine - again for free.

* How about people just opt out of using Google? There's Yahoo, Altavista, Hotmail. Or, God Forbid, having their own POP email account and using software on their own computer….

* Privacy is dead. It's been dead for years. Heck, it was dead 15 years ago when marketing was about mailing lists. You can't hide. You can only blend in, if you choose to.

* ONLY the marketplace can solve this problem. Government can't, self-deluded watchdog groups can't. Only individuals can make their own choices and only innovators and entrepreneurs can build technology platforms that make the web better.

I would LOVE your comments. Is big brother watching you a bother or "who cares" attitude. Contact us at www.minocquamortgage.com or marcia@minocquamortgage.com

More Loan Application Changes

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Thu, 16 Jul 2009 15:18:00 GMT

Mortgage Disclosure Improvement Act of 2008 (MDIA)

On July 30, 2009, some of the provisions in the final rule for revisions to the Truth-in-Lending Act (TILA) become effective. The requirements that become effective for all loan applications received on or after July 30, 2009 are detailed below. These requirements are not applicable to Home Equity Lines of Credit. Additionally, MDIA requires additional language for adjustable-rate loans; however, this provision is still forthcoming by the Federal Reserve.

Application of the TILA Requirements – TILA disclosure requirements will apply to any closed-end extension of credit secured by real estate regardless of occupancy.

Initial Fee Restrictions – MDIA amends TILA to require that a consumer receive the early disclosures BEFORE paying any fee to the creditor or other person in connection with the application, except for a fee to obtain a credit report. If a fee to obtain a credit report is imposed, the fee must be bona fide and reasonable in amount. The MDIA also provides that when the early disclosures are mailed, the consumer is deemed to receive the disclosures three business days after they are mailed.

The commentary added by the MDIA rule provides that if the early disclosures are delivered in person to the consumer, a fee (other than a credit report fee) may be imposed any time after delivery, and that if the disclosures are placed in the mail a fee (other than a credit report fee) may be imposed after the consumer actually receives the disclosures or, in all cases after midnight on the third business day following the mailing. An example is if early disclosures are mailed on a Tuesday, assuming there are no legal or public holidays, a fee (other than a credit report fee) may be imposed after midnight on Friday.

No Requirement to Complete Statement – Early Truth-in-Lending (TIL) disclosures and subsequent disclosures must contain a clear notice stating “You are not required to complete this agreement merely because you have received these disclosures or signed a loan application”. Please confirm with your LOS provider that your TIL disclosure will include this new statement. You likely will need to have the most recent version of the LOS software to provide a compliant disclosure. For Calyx Point users you will need version 7.0 installed to provide a compliant disclosure, all earlier versions will not be compliant and the loan can not be processed.

Seven Business Days Prior to Closing – MDIA requires a seven business day waiting period prior to closing from delivery or mailing of the TIL statement to the consumer. The timing begins when the creditor mails or otherwise delivers the TIL statement to the consumer. It is not based on receipt date or assumed receipt date by the consumer but rather mailing or delivery by the creditor. If we are not provided documentation to show the mailing or delivery date we will assume the date the borrower signs the disclosure is the delivery date and the closing can be no earlier than 7 business days from the later of: the date the document was created, or the date the document was executed by the borrower.

Three Business Days Prior to Closing – Currently creditors are allowed to re-disclose the TIL statement to a consumer at closing when the APR is out of tolerance (i.e. the final APR exceeds the initial APR by more than 0.125%). MDIA now changes this to a three business day time period prior to closing. This means that if the final TIL APR exceeds the initial TIL APR by more than 0.125% the borrower must be re-disclosed with a new TIL at the correct APR and the settlement can occur no sooner than three business days after the borrower is re-disclosed.

The business day definition for the purpose of the waiting periods is the same as the definition used for rescission, Monday-Saturday excluding legal public holidays.

USA Funding will be tracking all TILA forms for compliance with the new verbiage, delivery dates and APR tolerances. For TIL’s that must be re-disclosed because the APR has increased by more than 0.125%, USA Funding will be responsible for delivering the required revised TIL statement to the borrower and unless otherwise directed the document will be mailed to the consumer.

FHA Underwriting Guideline Changes
Effective for loans locked on or after July 17, 2009 the following FHA guideline changes will apply:

Properties currently listed for sale are not eligible for FHA refinances, whether fully qualifying rate/term, streamline or cash out. Properties previously listed and then canceled, are eligible for refinance with the following restrictions:

· Refinances, including fully qualified rate/term and streamline, maximum LTV will be allowed.

· Cash Out transactions will be restricted to 70% LTV if the listing was canceled within six months preceding the application date.

In the case where a property was listed previously and evidence of cancellation is in the underwriting file the borrower must provide a signed/dated written statement of their intent to continue to occupy the subject property as their primary residence and a reasonable explanation for removing the home from the market.

Loans locked prior to July 17, 2009 under previous guidelines will be honored until lock expiration and can be extended under our current extension policy as needed.

Please contact us with any questions regarding these loan application changes, www.minocquamortgage.com or marcia@minocquamortgage.com

New Appraisal Guidelines

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Thu, 16 Jul 2009 14:37:00 GMT

The National Association of Home Builders (NAH is pleased with one underwriting guideline adjustment made last week by government sponsored enterprise, Freddie Mac.

Freddie Mac's Bulletin 2009-18 announced several changes to the GSE's underwriting guidelines. The changes deal mainly with the documentation required for income and asset verification, make "condominium hotel" loans ineligible for purchase, and eliminated Form 70A, Energy Addendum as a required attachment to appraisals.

More notably, Freddie Mac made several "Best Practices" recommendations for selecting appraisers and reviewing their products. One of these contained the statement that Freddie does not require appraisers to use Real Estate Owned, foreclosures or short sales in selecting comparable sales but rather that appraisers must "certify that comparable sales chosen are those most similar to the subject property." These should include distressed sales if they are representative, something many industry professionals have been requesting since the Home Valuation Code of Conduct was enacted on May 1, 2009.

NAHB Chairman Joe Robson said this was "a step in the right direction" but needed to go further. He wants additional changes that would allow appraisers the option of expanding both the geographic area and the time frame for comps in cases where local and recent contracts are heavily skewed toward distressed sales.

He cited a recent survey by NAHB that found that 26 percent of builders have seen signed contracts fall apart because of appraisals that do not reflect the contract sales price. Of these, 54 percent said that the questionable appraisals were actually coming in at less than the cost of building the home.

In addition, 60 percent of those responding to the survey knew of problems in their market areas caused by inadequate appraisal values. The biggest problem reported resulted from the use of foreclosures and distressed sales as comparables.

The NAHB's position is that such sales should not be used without appropriate adjustments to reflect the cost of improving them to a point where they are a valid comp and a reasonable alternative for the home buyer.

"Home builders are increasingly concerned that inappropriate appraisal practices are needlessly driving down home values". "This, in turn, is slowing new home sales, causing more workers to lose their jobs and putting a drag on the economic recovery.

They stated that current appraisal practices are causing other problems for builders by depressing the availability of acquisition, development, and construction funds. The low values being assigned to land and subdivisions have caused banks and investors to cut lending to builders, require additional collateral, or even call performing loans.

"If the spigot for housing production loans is cut off, there can be no housing recovery, and this has major implications for the economy as a whole".

As always, we look forward to hearing your comments and questions. Please contact us at www.minocquamortgage.com or marcia@minocquamortgage.com

More Good Websites to Try

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Tue, 14 Jul 2009 21:30:00 GMT

I have been collecting more great websites for you to try. Check these out.

www.Lifehacker.com - get tools for virus prevention, recover data on your hard drive, etc.
www.Daytipper.com - solve householde issues
www.BillShrink.com - guess
www.healthmanager.mayoclinic.gov - medical information
www.Geezeo.com - boost your business
www.visualcv.com - visual resume
www.AAD.org - free skin cancer screening
www.missingmoney.com - find some for me too, search businesses, and misspelled names.
www.pocketsmith.com - stocks
www.rentbits.com - real property
www.covestor.com - you can play with stocks using fake money
www.NAPFA.org - list of Fee Based Financial Planners, the only kind to hire
www.Billie.com - buy foreclosures
www.JSOnline.com - $$ suggestions
www.IBD.com - internet bandwidth informatin
www.credit.com - more than you ever wanted to know about credit
www.FINRA.org - financial planner complaints/misconduct/unsuitable recommendatins

Enjoy!

Be sure to offer comments on these sites - good or bad - we are interested.

Contact us at www.minocquamortgage.com or marcia@minocquamortgage.com

Protect Your Auto's "VIN" Number

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Tue, 14 Jul 2009 20:44:00 GMT

VIN CLONING - What's next?

Couldn't believe my ears when I heard this one. The crooks are more creative all the time and this one takes the prize.

Seems the car jacker now steel the whole car, it's faster and easier than piece by piece black market sales. So what's the twist?

Lets say the thief steels your new, black, Cadillac SUV. The twist - he also steels a "VIN" number from another car, exactly like the stolen SUV. Next he "clones" the stolen VIN number into the stolen car. Now the stolen car is ready for resale. These vehicles are showing up on used car lots and are certainly from for sale by owners.

The real kicker - now there are two victims.

It may take some time but eventually the stolen car is found, however now found with another VIN number, your VIN number. And this new VIN number is now on two cars, on your black SUV in your driveway and on the stolen SUV. That is not the bad part - wait - because your car, the one you bought legally and have been paying for monthly is now involved in a crime, it is impounded as being part of a crime - and you can't do anything about it!

How to protect yourself? In this instance, simply cover your VIN number with a piece of paper when you park in mall lots or anywhere for that matter. Do not alter your VIN number, just cover it, now you can avoid this latest scam.

The moral of the story, don't be victimized easily and if it sounds too good to be true, it probably is.

We encourage your comments and questions. Contact us at www.minocquamortgage.com or marcia@minocquamortgage.com.

There's an APP for that!

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Tue, 14 Jul 2009 19:55:00 GMT

Do you travel Smart?

Mobile applications for smartphones promise instant travel help, they're cheap (or Free) and some "apps" actually live up to their hype. Whether you are traveling to the Lakeland area or out of the country, check these "apps" out.

Getting Oriented Anywhere
Based on your location, the Wikitude AR Travel Guide (G1, $1) shows nearby landmarks and popular attractions plotted on a map. Touch a spot on the screen such as a museum, a bridge, a skyscraper, to read a Wikipedia entry about it or to view user-shared Panoramio photos of the attraction.

When You're Tired and Hungry
Restaurant review sites Urbanspoon and Yelp (iPhone, Free) both have "apps" that let you search based on your current location or a chosen neighborhood, price points, or key words like "Vietnamese" or "fish taco". If you can't make up your mind try the iPhone's Shake function with Urbanspoon; a slot machine-like interface scrolls through restaurants that fit you criteria before landing on one randomly.
Several hotel "apps" tested were disappointing but a good one was hotel.com (iPhone, Free) you can check out tons of hotel descriptions, ratings and prices; view properties on maps; and book with a tap of your finger. The hotel company Choice Hotels Locator (iPhone, Free) pulls up information and makes reservations at 5,800 of it's properties worldwide.

You've Gotta Go
This app incorporates GPS technology. They give information suited to your exact location so you never have to punch in a zip code or address.SitOrSquat a Free "app" for the Blackberry and iPhone, automatically points out nearby public restrooms and includes details such as whether they're open and if there are changing tables.

Security Measures
Using the Department of Justice data, iSafe (G1, $1) creates a safety profile on your location and a female voice alerts you when you enter a high crime area. But, never underestimate the power of your own good old street sense. Remember data is only as good as what has been entered and things do change.

Car Trouble
Culling information from 181 websites that track gas prices in the U.S. and Canada, GasBuddy (iPhone, $3) lists what you'll pay for gas at nearby stations and all shown on a map. Cheap Gas is a similar "app" that's free but does not have interactive map features. Trapster (BlackBerry, iPhone, Free) warns of police street traps - but even with thousands of daily updates the information can be old. And my favorite, ParkMark (G1, $2) remembers where you parked your car and guides you back via a compass-like arrow.

Staying In Touch
The "app" Skype (iPhone, Free) for making phone calls via Voice over Internet Protocol technology may change the way you dial internationally, saving you a bundle. Calling and instant messaging other Skype users are free and you pay as little as 2cents a minute to dial a regular number, making and receiving calls are only possible in Wi-Fi hotspots.

Others to check out are:
Plate Spotters which helps the never ending question, are we there yet? It's the e-version of the license plate game.
The Oregon Trail updates an old video game, virtually traveling with a covered wagon.
iNap allows you to enter the address of your destination and an alarm goes off when you get there.
Cab4Me and Taxi! and (best) TaxiMagic pull up lists of local cab companies. The best has a booking feature too.
Lonely Planet Mobile Phrasebooks gets you hundreds of sentence and phrase translations in 28 different languages.
Point It is an offshoot of the popular tourist book, consists of everyday travel photos. Handy if you can't get across that you need a toilet or do not want nuts in your food.

I am sure there are hundreds more but these are some of the most helpful we found.

If you have comments or questions please contact us at www.minocquamortgage.com or marcia@minocquamortgage.com

105 up to 125% LTV on Obama Home Refinances

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Thu, 09 Jul 2009 20:28:00 GMT

NEW OBAMA HOME AFFORDABLE REFINANCE PROGRAM GUIDELINES:

Homeowners who are up to 125% underwater will be allowed to refinance under the Obama administration's Home Affordable Refinance Program if they are current on their payments and their loan is owned or guaranteed by Fannie Mae or Freddie Mac.

The federal regulator overseeing Fannie and Freddie has raised the program's loan-to-value (LTV) ceiling from 105 percent to 125 percent to allow more homeowners to take advantage of lower mortgage rates.

Fannie and Freddie will also offer pricing incentives to encourage borrowers with LTVs above 105 percent to refinance into 20- or 25-year loans to pay down principal more quickly and reduce lifetime interest payments.

When the Home Affordable Refinance Program was announced in February, the Obama administration said it hoped that as many as 4 million homeowners will be able to refinance under the program.

But some critics said the program wouldn't help borrowers whose loans aren't backed by Fannie and Freddie, and that the 105 percent LTV ceiling would exclude many who are deeper underwater because of steep home-price declines.

In broadening the Home Affordable Refinance Program, the Obama administration could end up going beyond its original stated goal of helping "responsible" homeowners -- those who purchased a home with a down payment, only to see their equity shrink or disappear as home values fell.

A 20 percent down payment equates to an original LTV of about 80 percent; a home purchased with no down payment would have an LTV of about 100 percent.

A homeowner who made a 20 percent down payment on a $200,000 home would have had a $160,000 mortgage. Excluding any reduction in principal since purchase, the value of their home would have had to decline by 36 percent, to $128,000, for their LTV to grow to 125 percent.

A key feature of the program is that it allows borrowers who made down payments of 20 percent or more to refinance without having to obtain mortgage insurance. Borrowers who were required to obtain mortgage insurance on their original loan because they made a down payment of less than 20 percent aren't required to obtain additional coverage.

Home Affordable refinancing into lower-interest-rate loans will help many borrowers achieve lower monthly payments. Those who can afford their current monthly payments may consider moving into a loan with a shorter term than the typical 30-year mortgage.

To encourage the practice, Fannie Mae said it will offer a 0.5 percent reduction in its loan-level pricing on refinancings with LTVs above 105 percent and loan terms of 20 and 25 years.

Freddie Mac said it will offer a similar incentive to refinance into a 25-year loan. The expanded LTVs are available now when borrowers apply for Home Affordable refinancings through their current servicer, Freddie Mac said, and borrowers will not need to be re-underwritten in most cases.

The expanded LTV ratio will become available Oct. 1 to borrowers who wish to refinance with other lenders affiliated with Freddie Mac. Those lenders will be required to re-underwrite the borrower through Freddie Mac's automated underwriting service, Loan Prospector.

Fannie Mae said it will begin taking delivery of loans with expanded LTVs on Sept. 1. Borrowers with LTVs above 105 percent must refinance through their existing loan servicer, and the new loans must be fully amortizing fixed-rate mortgages with terms greater than 15 years up to 30 years.

Borrowers who wish to take advantage of the Home Affordable refinancings must have a mortgage that's already owned or guaranteed by Fannie Mae or Freddie Mac, and the separate guidelines developed by each company would apply to their refinance.

Borrowers can determine whether Freddie Mac owns their mortgage by completing an online form at http://www.freddiemac.com/mymortgage.

Fannie Mae's loan lookup tool is located at http://loanlookup.fanniemae.com/loanlookup/.

If you have more questions just contact: marcia@minocquamortgage.com or www.minocquamortgage.com

Obama Backs Uniform Loan Disclosure

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Wed, 01 Jul 2009 12:57:00 GMT

Obama backs uniform loan disclosure.

The Obama administration today released details of plans to combat "the worst abuses in mortgage markets" by creating a new Consumer Financial Protection Agency to safeguard consumers from deceptive practices and provide them with concise information for comparing mortgages and other loans.

The agency would have the power to set standards protecting consumers and encouraging competition, and the authority to make sure consumer-protection regulations "are written fairly and enforced vigorously," the Treasury Department said in a press release.

So now we have another piece of paper to sign during loan application. I thought computers were supposed to reduce paper usage. And easier, not sure if that will be the case.

The Good Faith Estimate and Truth In Lending forms in use today are not difficult, if your lender educates you. You know me, my job is to educate you to save you money. Well, if all lenders would stop the "banking mystique" and teach their customers about the loan process none of this would be necessary. Without guidance and education provided to borrowers no form written by attorneys and politicians will be easier, borrowers still will not understand!

There are just too many details to a transaction, even experienced investors still stumble once in a while. It is our job as loan originators to teach the public, help them understand the process, period! No new or old form will be easy enough for the average borrower to understand without explanation.

If you are taught how to use the existing forms, the GFE and TIL, you can do all the comparing you need. It's so, so simple. All you have to do is compare APR's. The APR (annual percentage rate) represents your interest rate combined with your closing costs. So when you call a lender for information do not ask them for today's interest rate, simply ask them for your APR. If one lender quotes an APR of 5.456% and another quotes 5.678% you automatically know the second quote is more expensive. Then, very important, you do your shopping for your loan all in the same day as tomorrow the rates may change and get it in writing. This way you are comparing apples to apples and reduce chances of closing surprises.

This new form will certainly contain an APR, so the easiest way to shop for the best price will not change. Call your lender for your APR - it's just that easy.

If you have questions or comments on today's lending trends please contact us at marcia@minocquamortgage.com or www.minocquamortgage.com. We look forward to hearing from you.

How They Calculate Your Credit Scores

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Fri, 26 Jun 2009 17:44:00 GMT

Credit Score Utilization Ratio

It may be useful for you to know just what the credit scoring companies are looking at when the mysteriously produce those credit score numbers. So lets take some of the mystery out of those numbers now.

Your credit score is a mix of 5 main factors, each having a certain effect on your final credit score number. The most looked at variable is your payment history and the least is recent credit inquiries. Lets take a look at the percentages:

Payment History                                     35%
Utilization Ratio                                      30%
Average Length of Credit History        15%
Recent Credit Inquiries                         10%
Mix of Credit                                             10%

Everyone knows what a payment history is, so be sure to make your payments on time.

Utilization Ratio refers to how much of the alloted credit is used. Say you have a credit card that has a $1,000 limit and you have a $0 to $300 balance on that card, you have used less than 1/3 of the allowed limit. That is great and will keep your credit scores high. However if you have a balance of $900 you have used 90% of the limit and now you cause your scores to go down. Why? The system sees this as over spending and not managing your funds as well as you could.

Length of Credit History is very important too. So keep your oldest credit cards, even if you don't use them.

Inquiries make it look like you are shopping around and may have trouble getting approved for a purchase. Please be careful when you shop around and do not give your social security number to anyone except those you really want to do business with. Many (like a car salesman or banker) will not tell you they are intending to pull your credit report, but they do, so be careful.

Mix of Credit refers to various types of credit you pay on. A good mix would consist of four trade lines such as; a mortgage, an installment loan like a car loan, and two credit cards. This offers the credit reporting system the mix they are looking for.

If you have questions on this subject or previous blog articles contact us, we are happy to assist. marcia@minocquamortgage.com or www.minocquamortgage.com

State Legislature Secrets?

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Mon, 22 Jun 2009 12:41:00 GMT

Is transparency in government what you want?

Chapter 19.31 of the state statutes talks about the importance of open government in Wisconsin. From boarder to boarder most adhere to the intent. However there is an exception to most rules.

The state Legislature has exempt sectors from the law governing open meetings and does way to much of it's critical work behind closed doors.

There are two bills currently in the Legislature that would provide steps toward reforming the process and putting their actions back in the public eye. Both have been more or less buried in committee. But that could change given enough pressure put on lawmakers by citizens that want change.

In the current state budget bills, now before the Assembly and Senate containing earmarks and other provisions that were inserter without public discussion whose effects on public policy could be significant.

Deals and decisions are being made in secret, in the wee hours of the morning, without public knowledge. Secret meeting are bad for two reasons. First, because the public doesn't get to see what's happening and second, the lack of public scrutiny. The result can be bad law. Policy that legislators wouldn't dream of introducing in public are secretly inserter without accountability.

I continue to believe transparency is the best policy. Assembly Bill 143 would end the exemption that allows party caucuses to be held in secret. And other reform measures have been introduced requiring disclosure of who make motions or suggested earmarks and require those secret meetings relating to the budget be available in real time for public viewing and would tighten rules for lobbyists.

If you believe in government transparency then you must keep hammering away at the lawmakers until reform happens. It is never easy getting what you want but if we take a lesson from our kids. Their relentless requests for that game wears us down until eventually they get what they want, so be relentless and get what we need, to stop secret government meetings.

Comments are encouraged. Contact us at marcia@minocquamortgage.com or www.minocquamortgage.com

Interest Rate Volitility - Again

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Sat, 20 Jun 2009 13:35:00 GMT

When it comes to interest rate volatility, it's like refinance mania all over again.

During the days of refinance mania 2004 we watched the interest rates change daily. Some days the rates changed multiple times. We felt the stress of lengthened closing times and extended underwriting times.

While the reasons for today's interest rate volatility, daily multiple rate changes and lengthened closing times are completely different from the days of the 2004 refinance mania, the effect is the same when it comes to your real estate transactions.

These days the rate volatility is being caused by the skittish stock market and their knee jerk reactions. As I see it, the (multiple) daily interest rate adjustments are due to lenders covering their assets and the lengthened closing times can be blamed on the new June 1st, 2009 appraisal HVCC requirements.

So, how can you position yourself for success in these volatile times? Simple, plan ahead!

With the light at the end of the tunnel and the bottom of the housing market in sight we all need to start thinking about how we can take advantage of the current housing opportunities. The reduced interest rates and low home prices can be considered a once in a lifetime opportunity, we need to plan our next investment now. Whether you invest in the real estate market or ... (anything but) your mattress, you must plan your attack. Being prepared is the key to your success.

There are couple easy "plan ahead" steps you can take to avoid undue stress when managing your personal finances and investments.
1) know you credit scores - if not great, tweak them now - your money depends on this
2) budget - if the market is unstable make your financial status stable
3) make a plan and give yourself ample time to succeed
4) if you have problems or questions on how to get started call an expert

We feel that those of you that are qualified to purchase real estate, now is the time. Call us to discuss your options.

We look forward to hearing from you. Contact us at marcia@minocquamortgage.com or www.minocquamortgage.com

Housing Bottom

marcia@minocquamortgage.com (Minocqua Mortgage Blog) — Wed, 17 Jun 2009 00:06:00 GMT

Yes, you heard me, housing has bottomed!
When the hard hit sectors in California and Florida start to show improvement it is only a short time until the rest of the country follows. And that is exactly what is happening.

As seen on "Mad Money" with Jim Cramer on CNBC - Jim has called today the day of the housing market turn around - the bottom. Three years ago Mr. Cramer called the top and continued to say anyone that bought a home 2 or less years ago would lose money. And now today called the bottom. He is buying real estate instead of stock!

Historic Low Interest Rates + Reduced Home Sales Prices = Opportunity

So, go for it - now is the time to buy!

Our company specializes in helping individuals like you and families like yours find, qualify for and own the home of your dreams. Give us a call, POSITION YOURSELF FOR SUCCESS. Contact us at marcia@minocquamortgage.com or www.minocquamortgage.com.