RicFelder.com 031210update

FBI Mortgage Fraud Investigations Jump 400%
compared with five years earlier, according to an Office of Thrift Supervision report on fraud and insider abuse. The FBI investigated more than 2,100 cases of mortgage fraud (50 in AZ) > more
$21,000 Cash Credit To Help Anyone
buy a home. Use it for your closing costs, loan or escrow fees, home warranties, etc. Wow! It’s possible that you can’t afford not to buy a home! Let’s talk - Call Ric for details – then decide.
Flopping? Short Sale "Buy Low Sell High" Schemes.
Think Realtors have an inside track and know what they're doing? Illegal tactics and strategies you may have heard about > more

Scams Schemes and Fraud in AZ Real Estate
There are many new scams to fleece troubled homeowners with promises to solve their financial problems. > more
95% Conventional Purchase Financing is Back!
Now FHA is not the only "low down" financing program with great rates. Together - great rates, low down, bank owned homes and foreclosures means you get a great deal. The time has never been better to buy. Call Ric for details – then decide.

Video - You Get Fleeced by Congress, U Know Who & His Cronies. Making Money with Foreclosure Swaps - and you wonder why the economy suffers and problems persist? > video
Foreclosure Activity Slows Again in June 2010

313,841 foreclosure filings were made in June, according to foreclosure-tracking firm RealtyTrac. The figure represents a 3 percent drop from May and 7 percent drop from June of last year. However, foreclosure filings remain relatively high nationwide. One in every 411 U.S. homes received some form of notice last month with foreclosure density varying wildly from state-to-state.
If your mortgage is set to adjust this year – the smart move may be to let it. Many will reduce to a low as 3%. But, since fixed rates are so low, it may be wiser to convert to a fixed rate. To get the facts to make the best decision. Call Ric for the facts and for competitive second opinions.

Home Inventories Drop
Prices Increasing. 51% of buyers are first timers. Distressed properties are one third of all sales. Prices rising. Inventories drop 50%. Mortgage rates are low. Cash credits over $20,000 available. It’s summer in Arizona and now is the time to buy or sell! Call Ric for details – then decide.

FNMA Home Path
3% or 5% down, no mortgage insurance, down payment can be a gift, no appraisal required, less than perfect credit OK, 6% seller contributions to cover your costs, easy underwriting, adjustable rates, fixed rates, even interest only options available.
Question:
How do I find the best home, in the best neighborhood with the best financing; and take advantage of all of the credits available to me?
Answer:
You CAN Have it All - Call Ric - 33 years experience in up and down markets. See how the market is so good right now - that if you know what you're doing - you can't afford not to buy a home.

You Have Small or Low Down Payment?

I'll get You Up To $21,000 Cash Credit To Help You Buy a Home!

You Get Me For Free!

Bank Owned Homes

Get a list of homes that match your
criteria - Time is Precious - Put an
expert to work - 33 years experience.

Call Ric Today.
602-989-2887

Scams Schemes and Fraud in Real Estate

There are many new scams to fleece troubled homeowners with promises to solve their financial problems. Use this information to protect yourself - Please forward the newsletter to your family, friends or clients. If you or anyone you know have a "real estate problem" - call Ric for a candid discussion of your options.

The slumping economy has created a large number of homeowners interested in ideas and strategies to protect their home and assets. Unfortunately, they are easy targets for many willing to take advantage of their distress - with promises of solutions. If you or anyone you know have a "real estate problem" - call Ric for a candid discussion of your options.

Foreclosure Rescue companies make promises to block the foreclosure if the homeowner will pay them an upfront fee. Not good! Yes, it may be possible to delay a foreclosure to facilitate a short sale or modification, but these are only temporary solutions. Many so called Rescue Companies claim to stop foreclosure by demanding the lender produce the note, enter them into the HAMP program, perform a forensic audit or have their investors buy the home and lease it back to the former homeowner.

Loan Modification. Yes, there are legitimate loan modification services, but there are many that are outright frauds with outrageous promises and claims of success. Actually, there are very few homeowners in Arizona that could benefit from a modification. There are so very few homeowners could benefit from a modification that you have to question the integrity of any company that still promotes modifications as a solution. If you or anyone you know have a "real estate problem" - call Ric for a candid discussion of your options.

Lease Back - There are companies that claim to have investors that will buy the home, then lease it back to the former owner. The property is "quit claimed" to the lease back company or a controlled trust with the expectation that such will stop a lender from foreclosing. Doesn't work. The bank can and does continue to foreclose and the homeowner loses.

Produce The Note is a myth commonly used to give distressed homeowners hope and fleece them of hundreds sometimes thousands of dollars. This technique does not apply to homes in trustee sale states such as Arizona. It does apply to judicial foreclosure states which AZ is not - and even there is not an effective delay strategy. If you or anyone you know have a "real estate problem" - call Ric for a candid discussion of your options.

Forensic Audits became popular when most states prohibited companies charging an upfront fee for loan modification services. So, now many companies offer free modification services if a forensic audit is purchased. The strategey of a forensic audit is to find some leverage against the lender. They're looking for TILA, HOEPA or RESPA violations. Problem - if the audit is provided by an unlicensed, unregulated company - it's probably worthless. It takes a law firm to force the issue in court and they won't do so without their own audit - so you pay again! Even if a lender agrees to reduce the loan balance, the amoung is usually insignificant relative to the actual negative equity most Arizona homeowners have. If you or anyone you know have a "real estate problem" - call Ric for a candid discussion of your options.

Flopping is buying a home with a short sale, while having the resale of the property already lined up (double escrow) and not disclosing such to the homeowner and/or the lender. It appears that 42,000 Arizona short sale transactions are presentely being investigaged by the FBI, and the files have been subpoenaed. Anyone that knowingly participates in double-escrows without full disclosure to all parties risks criminal prosecution. The fraud is not limited to double-escrows. The FBI is also scrutinizing any purchases where the home was resold in a relatively short time after the short sale purchase. You do not want to get caught up in an FBI investigation!. If you or anyone you know have a "real estate problem" - call Ric for a candid discussion of your options.

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