1. A Borrowner can obtain financing while still in a Chapter 13 bankruptsy
2. Utah Housing (through the FHA program) will finance up to 103% of a home's value. In other words, you can finance most of the time, everything, no down payment is needed, and even closing costs.
3. Sweat Equity is allowed for new construcion.
4. Screens on windows are no longer required.
5. Termite inspections are no longer required unless specified by the appraiser.
6. Non-occupant co-borrowers are allowed.
7. All money to close is allowed to come from a gift.
8. New, temporary loan amounts in Salt Lake County were increased to $729,750
801-649-5883
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Marina Vialtsina
Showing posts with label equity. Show all posts
Showing posts with label equity. Show all posts
Thursday, June 19, 2008
Friday, June 6, 2008
Equity Skimming scam
We go through this every few years, but with the recent increase in NOD's and people facing stressful home situations, it will raise it's head again. The following article was taken from the Division of Real Estate newsleter, August, 2007.
Mark Neusch and Michael Davis were sentenced in an equity skimming scheme. Neusch pled guilty to one count of equity skimming and one count of bankruptcy fraud. Davis pled guilty to one count of equity skimming
Neusch and Davis would research the Salt Lake City, Utah property records to find properties in various stages of foreclosure. They would then contact the homeowners who were experiencing difficulty making their loan payments and lead them to believe their homes would be saved from foreclosure and they would be able to maintain their credit. They represented they would make the mortgage payments and rent (or sell) the properties by negotiating short sales with the lender and then share the profits with the homeowners. The homeowners would then quit claim their property to Neusch and Davis who either lived in the properties or more commonly, advertised the properties for rent with Rental Express (a local residential rental company).
Renters would be required to pay a first and last month's rent and a security deposit. Neusch and Davis did not tell the renters that the properties were in foreclosure. Rather, they kept the rental income and security deposits for themselves and did not make the mortgage payments. The properties were foreclosed and the renters were evicted.
In order to avoid foreclosure on some of the properties, Neusch and Davis would transfer title to various entities and file voluntary bankruptcy petitions. The bankruptcies would cause the foreclosure proceedings to be delayed or stayed. Entities that took title, according to the indictment, included: M & M Properties, Reliable Properties and DBK Properties.
As a result of his plea, Neusch was sentenced to 18 months imprisionment, 36 months supervised release, and was ordered to pay restitution of $143,000. As a result of his plea, Davis was sentenced to 15 months imprisonment, 36 months supervised release, and was ordered to pay $143,000 restitution jointly and severally with Neusch and an additional $34,000 restitution for which he is individually liable.
Mark Neusch and Michael Davis were sentenced in an equity skimming scheme. Neusch pled guilty to one count of equity skimming and one count of bankruptcy fraud. Davis pled guilty to one count of equity skimming
Neusch and Davis would research the Salt Lake City, Utah property records to find properties in various stages of foreclosure. They would then contact the homeowners who were experiencing difficulty making their loan payments and lead them to believe their homes would be saved from foreclosure and they would be able to maintain their credit. They represented they would make the mortgage payments and rent (or sell) the properties by negotiating short sales with the lender and then share the profits with the homeowners. The homeowners would then quit claim their property to Neusch and Davis who either lived in the properties or more commonly, advertised the properties for rent with Rental Express (a local residential rental company).
Renters would be required to pay a first and last month's rent and a security deposit. Neusch and Davis did not tell the renters that the properties were in foreclosure. Rather, they kept the rental income and security deposits for themselves and did not make the mortgage payments. The properties were foreclosed and the renters were evicted.
In order to avoid foreclosure on some of the properties, Neusch and Davis would transfer title to various entities and file voluntary bankruptcy petitions. The bankruptcies would cause the foreclosure proceedings to be delayed or stayed. Entities that took title, according to the indictment, included: M & M Properties, Reliable Properties and DBK Properties.
As a result of his plea, Neusch was sentenced to 18 months imprisionment, 36 months supervised release, and was ordered to pay restitution of $143,000. As a result of his plea, Davis was sentenced to 15 months imprisonment, 36 months supervised release, and was ordered to pay $143,000 restitution jointly and severally with Neusch and an additional $34,000 restitution for which he is individually liable.
Wednesday, February 6, 2008
Reasons to Buy Real Estate in Utah
Reasons to Buy Real Estate in Utah
1. Tax Savings: You can write off the interest paid on the home loan and real estate property taxes if the home is your primary residence. You can write off mortgage insurance!
2. Fixed payment: Rent keeps going up. If you buy, with a fixed rate mortgage, your monthly payment only increases as property taxes and home owner’s insurance increase.
3. No Landlord. When you rent, you write a check and the money's gone forever. Why make your landlord rich?
4. Do it your way with your style. Plant a Garden, tile the floor, help your kid build a tree house, paint your kitchen green. When it's yours, you can do it your way and increase the value of your home.
5. Be part of a neighborhood!
6. Create stability: Moving sucks, nobody likes it and besides that, its nice to find an area you like and put some roots down.
7. Build Equity as the overall market increases & as you pay off your mortgage. A home is the biggest purchase most people make and for many their biggest investment.
8. Your equity can add up over time and be used to purchase a bigger home, an investment property or cover other big expenses if you need it.
9. Forced Savings.
10. Retirement: It may be a long way off, but owning your home free & clear is a major step toward retiring. Especially if your want to retire early.
1. Tax Savings: You can write off the interest paid on the home loan and real estate property taxes if the home is your primary residence. You can write off mortgage insurance!
2. Fixed payment: Rent keeps going up. If you buy, with a fixed rate mortgage, your monthly payment only increases as property taxes and home owner’s insurance increase.
3. No Landlord. When you rent, you write a check and the money's gone forever. Why make your landlord rich?
4. Do it your way with your style. Plant a Garden, tile the floor, help your kid build a tree house, paint your kitchen green. When it's yours, you can do it your way and increase the value of your home.
5. Be part of a neighborhood!
6. Create stability: Moving sucks, nobody likes it and besides that, its nice to find an area you like and put some roots down.
7. Build Equity as the overall market increases & as you pay off your mortgage. A home is the biggest purchase most people make and for many their biggest investment.
8. Your equity can add up over time and be used to purchase a bigger home, an investment property or cover other big expenses if you need it.
9. Forced Savings.
10. Retirement: It may be a long way off, but owning your home free & clear is a major step toward retiring. Especially if your want to retire early.
Tuesday, October 9, 2007
Home Prices Along the Wasatch Front
Very helpful link for local newspaper. http://extras.sltrib.com/HomePrices/
Find your zip code and compare.
Or, call me for your Home Equity Evaluation,
Marina Vialtsina
(Realtor)
http://www.usarussiarealty.com/
801-649-5883
Find your zip code and compare.
Or, call me for your Home Equity Evaluation,
Marina Vialtsina
(Realtor)
http://www.usarussiarealty.com/
801-649-5883
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