Brokers opinion of Market in 2010

I was in a meeting with my broker last week and he was guessing how the market will turn. I happen to agree with him. He thinks that the lower sales price homes and the high end sales price home will start to pick up in 2010. The reason being is that their will be alot of first time home-buyers for the low price home due to the interest rates being low. And that their will be alot of high end homes that have dropped so significantly that buyers with money will start to scoop those up. Unfortunately the mid price homes will still struggle. What is your take on this?


www.thinkrealestatethinclark.com

CDA' House Keys 4 Employees Program in Maryland

This loan program sounds good and it looks like alot of employer are participating.
HOUSE KEYS 4 EMPLOYEES PROGRAM (HK4E)
List of Participating Employers
The following employers have joined CDA's homeownership initiative, House Keys 4 Employees, an employer partnership program to help Maryland's workforce become homeowners through a creative match program with the State of Maryland. Employees who work for these partner employers can contact their Human Resources Department to find out more information about their employer's requirements for participation.
A Different Touch Hair Salon
Able Locksmiths, LLC
Academy Coffee Partners, LLC
Access Capital Mortgage, LLC
Action Delivery Logistics Services, Inc.
Anne Arundel County Government
Anne Arundel County Schools
Ayers/Saint/Gross, Inc.
Bozzuto Group (The)
C & D Concrete
Calvert County Government
Calvert County School System
Carrollton Mortgage Services, Inc.
Chaney Enterprises
Charles County Government
Charles County Public Schools
Charles County Sheriff's Office
Charm City Cakes
Cho Benn Holback + Associates, Inc.
Choptank Transport, Inc.
City of Baltimore
City of Baltimore School System
City of Bowie
City of College Park
City of Gaithersburg
City of Greenbelt
City of Hagerstown
City of Salisbury
Civista Medical Center
College of Notre Dame
Community Conferencing Center
Delta Resources, Inc.
Development Design Group, Inc.
E-Moxie Data Solutions
Eastern Region Association of Unity Churches
EBED Community Development Inc.
Encore FBO Acquisition, LLC
Environmental Concern, Inc.
Ferguson, Schetelich & Ballew, P.A.
Ferris Baker Watts, Inc.
Franklin Square Hospital Center
Frederick Aviation, Inc.
Frederick County Government
Frederick Flight Center, Inc.
GBS Funding
George's Bakery & Deli, Inc.
Gilman School, Inc.
Harford County Fire Department
Harford County Government
Harford County Library
Harford County School Board
Harford County Sheriff's Office
Hirsch Electric LLC
Hord Coplan Macht, Inc.
Housing Authority of Washington County
JM Fletcher Heating & Air Conditioning, Inc.
Johns Hopkins Bayview Medical Center
Johns Hopkins Community Physicians
Johns Hopkins Health System
Johns Hopkins HealthCare LLC
Johns Hopkins University
Kayren Benjamin-Rutledge
KBJN Inc. t/a Burger King
Kent County, County Commissioners of
Klemkowski, Klemkowski & Dunn, P.A.
Law Offices of David B. Shapir
Linden Contracting
LL & BB Home Improvement
Maryam Norouzi, D.D.S.
Maryland-National Capital Park & Planning Comm.
Montgomery County
NAI The Michael Companies, Inc.
Patrick F. Pendergast
Pennrose Properties, LLC
Premier Mortgage Funding, Inc. - Capitol Heights
Prince George's County Government
Prince George's County Public Schools
Rodgers Consulting, Inc.
Royalle Dining Services
Rummel, Klepper & Kahl, LLP
Shelter Properties, LLC
Shore Comfort Services, Inc.
Shore Sand & Gravel
Smarterville, Inc.
SolidTops, LLC
St. Mary's College of Maryland
St. Mary's County Board of Education
St. Mary's County Fire, Rescue & ALS
St. Mary's County Government
St. Mary's County Library
St. Mary's Hospital
State of Maryland Government *more below
Straughan Environmental Services, Inc.
Struever Bros. Eccles & Rouse
Successful Resolutions
Sunset Hotel Group
TESSCO Technologies, Inc.
The Wine Source
Town of Chestertown
Town of Hurlock
Treemovers, LLC
Under Armour, Inc.
Union Memorial Hospital
Unity Center of Light
University of Delaware
Villa Julie College
W.P. Tax & Accounting Group
Washington County Commissioners
WEB Electric, LLC
Women's Utility Survey
Yeshivat Rambam
Ziger/Snead LLP Architects
* State of Maryland Government (more employee information)

Credit Repair

I've been using a credit repair company called Lexington Law. They have been helping alot of my clients that have been struggling with cleaning up their credit. I have also use their credit repair myself and they have improved my score since I've used them. You can refer them clients and they will pay you $35 per client that uses their services. They give you your own code to give your clients so you can track when they sign up. It has been a great help to my business since I started with them.
As low as $99.95 set up fee and a $39.95 monthly fee
My affiliate ID is: 11866
Referring Your Clients
To refer clients to ScoreBoostTM (75 day service)
1.
Have clients sign up using your ID:

Phone: 800-636-0268Online: www.lexscore.com
2.
Email your clients' credit reports to:

reports@lexscore.com
To refer client to a regular Lexington service
1.
Have clients sign up using your ID:

Phone: 866-348-8440Online: www.lexingtonfs.com

Certified Distressed Property Expert

This designation has taken my business to the next level. If you know anyone looking for a agent specializing in Short Sales I'm you agent. I've been able to do short sales at a record pace. Please visit website for more info.

http://www.thinkrealestatethinkclark.com/

5 Steps to Safeguard Yourself from a Real Estate Bubble

As any Internet stock investor can tell you, it is no fun to be in a bubble when it bursts. While there is still considerable debate about whether or not the recent run up in home prices represents a true bubble, it is certainly prudent for those in the real estate market, whether as homeowners, investors, or both, to take the necessary steps to protect themselves against a downturn in housing prices.Avoid borrowing against home equityThe first important strategy for avoiding the pain of a bubble burst is to leave the equity in your home where it is. It can be tempting to tap the equity in your home to pay off credit card bills, put the kids through college, or even take that dream vacation. It is best, however, to allow the equity to do what it was designed to do - help you actually own your home.Borrowing against the equity in a home could leave you in the uncomfortable and untenable position of owing more on the home than it is worth. Many lenders today will allow homeowners to borrow 100%, or even more, of the value of the home. If home prices tick down even a couple of percentage points, the borrower could easily find him or herself owing more than the current value of the home.Focus on principal repaymentClosely related to the need to leave equity alone is to build up additional equity. The more equity you have built up in your home the more protection you will have in the event that housing prices stagnate or decline. Building equity through additional principal payments is the fastest and easiest way to put as much money in your home as possible.While this repayment of principal is important for every home buyer, it is particularly essential for those people who succumbed to the wave of interest only and option ARM mortgages. Interest only mortgages can be particularly dangerous in a down market, and making advance payments on principal is the only way these mortgage holders have to protect themselves.Abandon risky mortgage loanIt can be difficult to maintain good progress paying down a loan if the interest rate is constantly rising. Dumping those adjustable rate mortgages for the predictability of a fixed rate loan is another important way to protect yourself from the bursting of the real estate bubble.Think of it this way - there are few situations more terrible than facing rising monthly mortgage payments at the same time the value of the home is declining. If you hold an adjustable rate mortgage when interest rates are rising, you could find yourself in just such a situation. And since rising interest rates are likely to be one of the triggers that deflate the real estate bubble, this possibility is all too real.Commit larger down paymentFirst time home buyers can be particularly at risk when there is a downturn in the housing market. That is because many of the mortgage loans being written today are being written with minimal down payments, or sometimes none at all. This means that these first time home buyers have no equity at all in their homes, and if housing prices decline they could end up owing more than the home is worth. That is why it is important for all first time home buyers to try to muster at least a 10% down payment on the home they buy. If first time buyer can't afford a large down payment or a fixed-rate mortgage, the advice is don't buy and continue renting.Long term investmentThe final step, and this is quite important, is to take a step back from the view that real estate is always a great investment. While it is true that homes have been a stellar investment in the past few years, this is not always the case. Viewing real estate as just another investment, like the hot internet stocks of yesterday, can lead buyers to repeat their past mistakes.

NACA (Neighborhood Assistance Corporation of America)

David Clark is a NACA referral agent. I have serviced several NACA members to help them through out the home buying process. To sign up for NACA.
1. Click on side tab at side were it say NACA referral agent.
NACA referral agent
2. Fill out your information.
3. Click on Home Page tab for NACA.
4. Click NACA workshop at bottom of page.(put in zipcode)
5. Sign up for NACA worshop.
6. Give David Clark a call (443-286-0042) after you sign up for details and information about NACA.

The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market. Investing in working peopleThe NACA homeownership program is our answer to the huge subprime and predatory lending industry. NACA has conclusively shown that when working people get the benefit of a prime rate loan, they can resolve their financial problems, make their mortgage payments and become prime borrowers. NACA’s track record of helping people who have credit problems become homeowners or refinance out of a predatory loan debunks the myth that high rates and fees are necessary to compensate for their "credit risk." Started in 1988, NACA has a tremendous track record of successful advocacy against predatory and discriminatory lenders as well as providing the best mortgage program in America with $10 billion in funding commitments. NACA is the largest housing services organization in the country and is rapidly expanding by growing its existing 30+ offices, headquartered in Boston, MA, opening many new offices nationwide, and expanding the services it offers its membership. NACA’s confrontational community organizing and unprecedented mortgage program have set the national standard for assisting low- and moderate-income people to achieve the dream of homeownership. NACA – America’s Best Mortgage ProgramThe incredible NACA mortgage allows NACA Members to purchase or refinance homes with:
no down payment,
no closing costs,
no fees,
no requirement for perfect credit,
and at a below-market interest rate. Everyone gets the same incredible terms, including the below-market interest rate, regardless of their credit score or other factors. NACA also provides free, comprehensive housing services. NACA counsels Members into the extraordinary NACA mortgage using character-based lending criteria that takes each Member’s circumstances into account to determine whether they are ready for homeownership and what they can afford. This is in contrast to risk-based pricing where people are often given loans they cannot afford while brokers and others make tremendous fees and profits. Property renovation and foreclosure preventionNACA also provides property renovation assistance and Membership Assistance for NACA homeowners. NACA’s Home and Neighborhood Development ("HAND") Department addresses repair issues, and where appropriate provides rehab assistance throughout the renovation process. NACA’s Membership Assistance Program (MAP) provides comprehensive counseling for Members who are delinquent on their home payments, including establishing payment agreements and providing financial assistance to help Members avoid foreclosure. Innovative technologyThe NACA program has developed state-of-the-art mortgage software for web-based counseling, processing and underwriting., called "NACA Lynx", which is the envy of the mortgage industry. This is a paperless system that allows for character lending, loan processing and underwriting to be done on a very large scale. Powerful national advocacy NACA has revolutionized mortgage lending with its mortgage services and advocacy. NACA’s organizing department continues the aggressive advocacy against predatory lenders and the fight for economic justice. NACA is a high-profile organization, with its program and advocacy featured in the national media, including the Wall Street Journal, Prime Time Live, Boston Globe, Washington Post, major news outlets, and local networks nationwide. NACA’s committed staff and contacting NACAOur staff of hundreds of dedicated staff is committed to working with you to access this incredible mortgage product and to advocate for strong neighborhoods and economic justice. We are always looking for qualified staff—see our current job listings for details. To keep updated on NACA services, campaigns, and relevant legislative happenings, sign up by clicking on side tab were it says NACA referral agent.

http://www.thinkrealestatethinkclark.com/

Short Sales and Credit

Sellers may wonder whether letting a property go into foreclosure would be easier and smarter than going through a short sale. With a foreclosure, and depending on state laws regarding foreclosure, a seller could stay in the property, essentially rent free, for four months to a year before being forced to vacate. But that fact alone does not mean a foreclosure is better.
Whereas a short sale involves offering the home for sale, generally listed through MLS. Potential home buyers will make appointments to view the home, some will make lowball offers, agents might hold open houses and, in general, a seller's life will be disrupted, all in the hopes that a buyer will buy the home.
Basics of a Short Sale
Short sales happen when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Not all lenders will negotiate a short sale, and that is why a real estate agent or a lawyer can be a tremendous help by contacting the lender's loss mitigation department to find out.
You can't just wake up one morning and decide you're going to sell your home at a loss by asking for a short sale. It used to be that lenders wouldn't even consider a short sale if your payments are current, but that is changing. However, realize that lenders will be more agreeable to negotiation if your payments are in arrears. Plus, if you have cash assets, the lender might try to tap those accounts. Doing a short sale is not for the faint of heart.
How is the Seller's Credit Affected?
According to David Steep, division manager at Vitek Mortgage, sellers will take as big a hit on their credit report by going through foreclosure as giving the lender a deed-in-lieu of foreclosure. Steep says the points lost on a FICO score are as follows:
Foreclosure or Deed-in-Lieu of ForeclosureBoth of these solutions affect credit the same. Sellers will take a hit of 200 to 300 points, depending on overall condition of credit. This means if a seller's FICO score before foreclosure was 680, it could dip as low as 380.
Short SaleThe effect of a short sale on a seller's credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points. This means a short sale with a previous FICO of 720 will see it fall from 520 to 420.
Catherine Coy, a mortgage broker in southern California, agrees. "The effect on a consumer's credit report -- foreclosure vs. short sale -- is the difference between being hit by a train or a bus," says Coy.
Waiting Period Before Buying Another Home
Foreclosure or Deed-in-Lieu of ForeclosureSteep says a seller who wants to buy another home after foreclosure will end up waiting about 24 to 72 months before a lender will offer any kind of interest rate that makes sense.
Coy says, "The good news is a short sale will allow the consumer to obtain an institutional loan for a new home within two years".
For more information, see the Fannie Mae Selling Guide online. Click on the PDF link in the yellow box and see page 75.
Short SaleSome agents say the good news for short sale sellers is the wait is much shorter before buying another home, and new Fannie Mae guidelines make that a true statement.
Can a seller buy again under two years? Partially true, says Coy, "It's an utter myth that a consumer 'can buy again in about 18 months at a good interest rate.' However, new Fannie Mae guidelines now require only 24 months' seasoning, and that's good news for agents who specialize in short sales."
Short Sale / Foreclosure Deficiency Judgments
The bad news is a seller could be subject to a deficiency judgment for the difference between the loan amount and the amount paid. In general, a trustee's sale wipes out the right to a deficiency, except for certain junior lienholder conditions. In California, purchase money loans are not subject to deficiency judgments; however, hard money loans, equity loans and refinances are, providing certain conditions apply. Some other states have laws regarding personal guarantees, which could also result in a deficiency judgment, if the home owner is held personally liable for loan repayment.
The lender has sole discretion whether to pursue a deficiency judgment in those instances when the judgment is permitted. To determine whether a pending foreclosure or short sale is subject to a deficiency judgment, talk to a real estate lawyer.
If you're a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale. Coy says that according to "Score Factor Code #22, there's no credit score advantage to a short sale over a foreclosure." The only advantage is being able to buy another home within two years over the three- to five-year period required for foreclosures. But seek legal and tax advice before making that decision.