tricolorro

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Such as??? Patrick

Hi Michael, Scenario: The woman and her lover had just finished making incredibly passionate love. The telephone rings. The woman answers. "Oh hi. Yes dear. Oh,that's wonderful. Yes, I miss you. I love you too. Bye." The lover asks,"Who was that?" "Oh,just my husband. He called to tell me what a wonderful time he's having on the fishing trip with you." Patrick

Hey Greg, Keeping in mind Michael's and the other posts ,their is a possibility to make it work. If the home isn't selling and the seller is anxious,you could: Get the Real Estate Agent to reduce his commission. and... Pay part (or all?) of his commission from the option payment you'll collect from the T/B. or... Pay part of the commission from the option payment and have the Agent take back a Note for the balance, paying Interest Only and a Balloon payment when the T/B cashes out. or... If the listing is close to expiring, have the Agent take back a note for the entire commission,paying Interest Only with a Ballon. He'll still get his commission plus Interest. You get Option Payment, Rent Overage and Back End Profit less Agent's commission. Make any sense??? Patrick

Hey Cruz or Brandon, How can you possibly help them if you are not given any info to work with? Remind them they'll lose their home and credit rating. You're not asking them what color undies they wear or even if they wear any at all. How much equity? If their payments are more than any rent you could possibly collect it could be they're over-financed and / or they haven't refinanced from their original mortgage rate five years ago and are paying a higher rate than necessary. If there is a lot equity and their interest rate is above current market rates ,you could turn this over to an Investor for a finder's fee. The Investor puts down 10% or whatever and refinances to a lower interest rate. You'd get $omething and a little bit of something is a lot better than a whole lot of nothing. There would have to be enough equity to interest an investor. You or the Investor could just give moving money,rent a moving truck for them or give some $ for their equity if there's a sufficient amount. I asked you if their are a lot of foreclosures and if repairs were needed because foreclosures are at an all time high and if repairs were needed maybe you could have done a Short Sale or brought in an Investor experienced in Short Sales to help you. If the Mortgage Co./ Bank was taking back lots of foreclosures maybe they'd have been willing to deal. If you could find out about any second or third mortgages,maybe you could Short Sale those. That would lower the monthly payments and boost the equity. Those in second and third place will lose everything if the primary mortgage holder forecloses. Permission? This is Public Record in most counties. You could look it up yourself but if they won't cooperate ,why bother? Any time you spend on this is time taken away from finding a better deal for you. Nope,cowboy. From Da Bronx,NY. Regards, Patrick :ph34r:

Hi, Some important info missing. Why is their monthly payment so high? Is there any equity? How much? What's the condition of the property? Does it need a lot of work? Do you know if there are a lot of foreclosures in the area? Answe these and I'll see if I can throw out some ideas. Patrick

Nice try, Tony. But, no, I actually do deals in my Fruit of the Looms :ph34r: Michael, You lie!!! I just saw this on the LIREIA newsletter. These are YOUR exact words: Please put some clothing on. :-0 Patrick

Hi Andrew, This is very interesting the distinction between referrals and leads. I went to dictionary.com. http://dictionary.reference.com/search?q=referral Referral-To direct to a source for help or information. Suprisingly, I couldn't find a definition for "Lead" in the context meant here so I went to smallbusinessdictionary.com and found it. http://www.small-business-dictionary.org/d...t.asp?term=LEAD LEAD -in business, information from a business associate advantageous to your business, such as a potential new customer. Sometimes called a business lead. Okay, but what really creates the distiction between paying for Referrals and paying for Leads that does not violate RESPA rules? Of course, you are right. Lending Tree and all the rest get paid for leads. I used to wonder how they got around RESPA. Now I'm thinking the distinction on paying for Referrals vs Leads is this. A Referral fee is paid for a lead that results in a mortgage loan and is often based on the amount of the loan and perhaps points and fees THAT the borrower pays. This is what is prohibited under RESPA.. A Lead fee is usually smaller ($25?) and is paid whether or not a loan actually occurs and is NOT based on the amount of the loan or any points or fees paid. This is okay under RESPA. Andrew, what do you think? Does this summary make sense? Patrick P.S. What are you guys doing to be so busy? How do you get your leads? I'm not in the mortgage business (yet!) , just curious.

Hi Andrew, I know we already resolved this issue. I just came across an article on this topic: HUD Slams Lender's Real Estate Employee Referral Scam I pass on the link solely for whatever value you might get out of it. You seem like a real go-getter and it's great you are doing so well even though you are relatively new. We all have lots to learn always and it's nice when we watch each other's back. Regards, Patrick Here is the link: http://realtytimes.com/rtapages/20030930_scam.htm

Thanks, Tony.

Michael, I don't know if this was discussed any time before. What is the origin of your website name, "Naked-Investor"? Do you really Lease Purchase properties without clothing on??? Patrick

"Of course, I'm happy to pay a referral fee for loans that get funded. Ask me about that!" Andrew Hi Andrew, I believe you are treading on dangerous ground here. Under RESPA laws you absolutely cannot pay referral fees for loans that get funded unless the referrer is a licensed mortgage broker or working under a licensed broker. I refer you to: http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm#HT Section 8: Kickbacks, Fee-Splitting, Unearned Fees Section 8 of RESPA prohibits anyone from giving or accepting a fee, kickback or any thing of value in exchange for referrals of settlement service business involving a federally related mortgage loan. In addition, RESPA prohibits fee splitting and receiving unearned fees for services not actually performed. Violations of Section 8's anti-kickback, referral fees and unearned fees provisions of RESPA are subject to criminal and civil penalties. In a criminal case a person who violates Section 8 may be fined up to $10,000 and imprisoned up to one year. In a private law suit a person who violates Section 8 may be liable to the person charged for the settlement service an amount equal to three times the amount of the charge paid for the service. About RESPA go here: http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm I know it only seemes reasonable to want to offer a referral fee for any referred business but the Mortgage Industry has been plagued with massive fraud and the government has stepped in and instituted controls. Basically,you have to have some actual involvement in the loan process even if it is simply getting an application completed. You cannot legally get paid simply by a referral. Hope this helps. Patrick RESPA= Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act is a consumer protection statute, first passed in 1974. The purposes of RESPA are to help consumers become better shoppers for settlement services and to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services.

Hi, I'd just like to point out that Lydia mentioned in her initial posting on this thread that the current homeowner has IRS problems(IRS bill). Lydia didn't know if the IRS had put a lien on the property and was wondering if a new home owner would inherit any IRS liens. You bet! Shouldn't this important matter have been discussed???. Thanks. Patrick