Planning your wedding without planning your future is planning for disaster. Take some time to set yourself up to win!
All partnerships should be planned well, and the LGBT community has been waiting for this news for so long, that many will not think about all of the financial consequences of their timing and we have all done things quickly and passionately and later said “I wish I had thought that through better”. Getting married is about planning a life together, so ask your partner, “do we want to buy a home?” If the answer is “yes”, then the next question should be, “when?”. Then go and talk to a mortgage specialist to find out if you should get married first or buy a home first.
Why? Here is a real scenario that happened to one of my clients; Gina was about to buy her first house, with her dad co-signing. Gina was dating Brad at the time. We were about 2 weeks from closing the deal when Gina and Brad, decided to suddenly get married without telling anyone. Now I don’t care that they did not tell their parents or their friends, but they did not tell their Realtor or Loan Officer. Guess what? Brad had bad credit. Gina could buy the house easily unmarried, but as soon as she married someone with bad credit, they hit a huge stumbling block. Had they just asked a couple of questions before they tied the knot, they could be married and living in the house that they owned together (Community Property State). If he had good credit and IRS liens, it would have been the same result!
I read a blog yesterday that said that Friday’s Supreme Court decision will make it easier for the LGBT community to get mortgages, now that they can get married. What an ignorant statement! Mortgage lenders cannot discriminate for or against married couples and unmarried people have been buying homes for years successfully. Sometime they are able to do it because they are unmarried! (one get’s a mortgage and then puts the other on Title after the close of escrow) **
Love is great! I a huge fan! And planning a life together should involve a good plan. By the way, I’m sure their are other financial considerations 2 people should consider in their plan . . . this is just the biggest one that I can think of at the moment.
If you are in Nevada or California, Call Tracy Logan with W.J.Bradley Mortgage Capital. She is a rock star! 866-563-0727
** By the way, if one of you has IRS liens, do not put that person on Title even after the close of escrow, or you will not have a happy relationship, and in certain states, you would want to pay the IRS liens before getting married.
As a real estate agent who has successfully negotiated many short sales, I eventually had my short list of horrible lenders to deal with. Green Tree Funding was on that list. Funny story; few years back, I was complaining over the phone to Green Tree about how horrible they were, the woman on the other end of the phone told me I was exaggerating, so I walked around my office with her on the phone and took an impromptu survey. Without explaining to my fellow agents who was on the phone, I asked several of them what they thought of negotiating short sales with Green Tree. As near as I can tell, most of them probably figured I was having a conversation with another Realtor, and they all in run either said that they had not dealt with Green Tree at all, or that they hated dealing with them. One agent, Paul, realized asked me (embarrassed) after he answered if that was Green Tree on the phone.
Well they were just formally punished by the CPFB (Consumer Finance Protection Bureau) for (allegedly) “mistreating borrowers attempting to avoid foreclosure on their homes.” The federal agencies announced last week that they will compel Green Tree to pay a total of $63 million – $48 million in “redress to victims” and an additional $15 million civil penalty – for (allegedly) refusing to honor loan modifications on mortgages transferred from other servicers, demanding payment for the provision of loss mitigation options, and charging borrowers “convenience fees” for pay-by-phone services while presenting those payment services as the only option. Later, Green Tree also (allegedly) withdrew from those same accounts for more payments even though the original payment had been presented as a one-time withdrawal. Green Tree also (allegedly) harassed delinquent borrowers with “anywhere from seven to 20 phone calls per day” when they fell as few as two weeks behind in their payments; these calls included threats of wage garnishment and arrest.
The feds have opted to allow Green Tree to refuse to admit wrongdoing in return for paying through the nose. Richard Cordray, CFPB director, clearly believes that this is the right option in light of the huge payday for the government and the victims. “We are holding Green Tree accountable for its unlawful conduct,” he said in a public statement about the settlement. In the meantime, all entities other than Cordray must continue to refer to the alleged misdeeds as just that, alleged, because Green Tree has not admitted or been convicted of bad behavior.
FTC blogger Lesley Fair recently wrote a column praising the settlement, pointing out that the move will encourage other loan servicers to actually service loans rather than “making misleading statements about what people owe, [causing] deceptive delays, and [making] unauthorized withdrawals from [borrowers] accounts.” Since many customer complaints hinge on Green Tree’s refusal to correct “iffy information” in new loan portfolios, the company also has promised to institute a “comprehensive data integrity program” designed to make sure customer accounts hold the right information and are being handled appropriately. I am not as optimistic as Lesley.
Now cities across america are banning snow sledding in their parks! First of all, if you are unfortunate enough to live in a place where you can get whacked by winter storms that have your Mayor declare a “State of Emergency” (Boston today), then my advice for you is call a moving company and call a Real Estate agent in a city like Las Vegas or San Diego (hey, I am a Real Estate agent in Las Vegas and San Diego) and make better choices.
If you are not going to make the decision to leave, when it does snow, you want to go sledding, right? According to the Today Show this morning, there are more than 20,000 people taken to the emergency room for injuries every year. I’m not surprised by that number at all. We went sledding earlier this year and saw plenty of people making bad choices on the slopes, including the woman who walked right in front of my friend’s daughter who was about to head down the hill. I actually said (out loud) that the little girl should have proceeded, and then that woman would not make that mistake again (although I’m sure she would have sued my friend). Because that is the problem! These whiners don’t take responsibility for their own stupid actions and then they sue the city, or whoever they beleive is at fault. In Boone, Iowa, the city awarded a family 12 million dollars in 2011 and in Omaha, Nebraska, it was $2.4 million. Seriously people? Go put your big boy (and big girl) pants on, and take some responsibility. If there is a picnic table potentially in your path, sled somewhere else! Duh!
And if you want to see some average priced houses in Las Vegas so you can sell your cold weather house, click here;
And if you want to see some average priced houses in San Diego so you can sell your cold weather house, click here;
This past Thursday Skymall, the creative company that kept us all intrigued for at least an hour on every flight we have taken since the 90’s, filed for bankruptcy. With the airlines allowing passengers to keep their smart phones and tablets powered up and connected to wi-fi during flight, the catalog of overpriced absurdities just could not latch on to our wallets anymore. Let’s face it, none of us actually needed a glass top sumo wrestler table or a polar bear wine bottle holder or a life sized Easter Island head. However if we did get the overwhelming urge to buy those things, using the internet, while holding the magazine, I imagine we were able to find more affordable ways to acquire such treasures, which has left Skymall grounded.
Adorned by great restaurants lakeside and surrounded by all of the amenities anyone could really ask for sits the 3 finger lakes of Desert Shores. Check out the homes for sale in this community by clicking the link below;
A new year often bring new changes. Are you ready to live in Summerlin? You can buy a home from under $55,000 to almost $13,000,000. Would you like to at least see what is available? C’mon, you know you are curious. Click the link to search.
I love 2-4 unit properties as an investment. If you buy a 4-plex, and you have one vacancy, you still have 3 tenants paying you. And did you know that loans for 1-4 unit residential properties have exactly the same requirements? Do any of these investment properties catch your eye?
Many years ago I remember a trivia question to name the professional sports team from the big 4 (Basketball, Baseball, Football & Hockey) whose team name did not end in an “S”. And at that time it was much harder than it is now. For example, in Detroit, you had the Red Wings, the Lions, the Tigers & the Pistons; and when first heard the question, there was (I believe) only one answer – the Chicago White Sox! Of course later we added teams like the Utah Jazz and the Tampa Bay Lightning . . . so it’s a little easier now.
So have you figured it out?
To help you, here is a list of the Summerlin Villages with the “s” at the end;
What is missing? (I dare you not to use the internet to get the answer)
This morning only about 6% of the active listings in the Las Vegas valley are foreclosures. Want to buy one? Here, click the link to take a look at what is still available!
As a buyer, it’s nice to have choices, and the area near Providence and Centennial Hills has more “supply” than most of the rest of the valley. That means less competition for buyers and (typically) better values. Check out some of the house there by clicking this link;