Owe More Than Your House Is Worth? Try A Florida Short Refinance Mortgage..

This is definitely one of the big banks and lenders best kept secrets. But with the recent increase in Florida Foreclosures and the tightening of lender guidelines, which makes it even harder to qualify in today's market for a Florida Refinance, and not to mention the drop in property values in such areas as Fort Lauderdale and Miami has brought the short refinance to the front lines. While some might have heard the term Short Sale - which is the process you would go thru if you are trying to sell but you owe more than the house is worth. Now the Florida Short Refinance - is the process you would go thru if you want to keep you home, but you need a better loan program that will be more affordable and you owe more than your house is worth so you can't do a regular refinance.

Similar to the Florida Short Sale, the Florida Short Refinance is a negotiation with your current lender to reduce the amount you owe to facilitate a Florida refinance with a new lender. Not to be confused with a loan modification. With a Florida loan modification you will stay with your current lender and just renegotiate the terms of you loan, with the Florida Short Refinance you are getting the lender to reduce the pay off, so you can get a loan with a completely new lender.

Now with any Florida Loss Mitigation process, including loan modification, short sale, and short refinance, they are all on a case by case basis and the lender has the final say. So don't expect to get the same results as your neighbor or family member received. Any company out there that offers you a guarantee that you will be approved for any of these loss mitigation options or tell you to stop making payment, you should stay clear of......and I mean run.

Now it is important to note, that you don't have to be behind on payments or in Foreclosure to qualify for a short refinance, although majority of the people that get approved are normally in foreclosure. Today, with lenders having an abundance of non performing loans on their books has caused them to be more flexible when working with home owners to come to win win agreement for both borrower and lenders.

Also South Florida home owners in such areas as Fort Lauderdale and Miami that have found themselves with either a Florida adjustable rate mortgage or have found themselves upside down on their homes, which has prevented them from doing a regular Florida Refinance, now have this option, that if approved, can refinance into a more affordable Florida Fixed Rate Mortgage and avoid Floria Foreclosure.

Because of the increase demand for Florida Loss Mitigation, it has been taking most lenders a minimum of 45 days and up to 90 days to complete the process. Normally when a homeowner finds themselves in foreclosure, they would only hear about 2 options either file bankruptcy or try and sell.
Lately, Florida Loan Modifications have become more popular, but that still doesn't mean that is best solution for most homeowners. Here's why, we offer the lender a short-refinance offer first and if for any reason it is not successful, then we will proceed with an offer to negotiate a loan modification for the client.

A Florida Short Refinance can basically create equity in a property, as we are getting the amounted owed to the lender reduced. It reduces the mortgage to the current market value, while eliminating the upside-down loan. While A Florida Loan Modification can keep the homeowner's interest rate down to a comfortable level and put them into a Floria fixed rate loan, while also placing any arrearages back into the loan.
But if the property is upside-down and by the adding the arrearages back into the loan, it could be in worse shape than before. Now don't get me wrong, if the homeowner's intentions are to keep the property long enough for the market to turn around, then this is a win win situation for both lender and homeowner. The main purpose of a Floria Short Refinance or a Floria Loan Modification is that the home owner is allowed to stay in their home. A lot of Fort Lauderdale and Miami homeowners are realizing that their property is not worth nearly what they owe on it, several of them have opted to just walk away. A Floria Short Refinance gives homeowners' hope, that they can get themselves from an upside-down mortgage problem, and in some cases can save their home from Florida Foreclosure. This keeps them in their home, gives them a peace of mind, and allows them to get on with their lives as the possibility of Florida Foreclosure in now behind them.

While Florida Loss Mitigation may not be for everyone, it is important to work with an expert in the field that can analyze your situation and help you determine the best Florida Loss Mitigation for you and your family.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in Florida FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Florida Loss Mitigation. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://specializedfinancialsolutions.com/lendersexposed.htm or Call 954-678-5796

Read This Before You Refinance Your Florida FHA Loan...

For homeowners that currently have an FHA Loan, they will have an alternative to traditional refinancing through the FHA Streamline Refinance Program. The main requirement is that the home owners has had on time payments for the last 12 months, if so then no credit underwriting is required. This streamline refinance is a no cash out option and must reduce the borrower's monthly mortgage payments.

It is some what of a low documentation loan, and that it is considered a streamline loan, as the home owner doesn't have to prove their income or verify funds in their bank accounts. There are typically two types of FHA streamline refinances, either with an appraisal or without an appraisal and this applies not only to primary residences but also to investment properties that have an FHA mortgage loan. Nowadays a lot of Florida FHA Loan home owners are jumping on the FHA mortgage refinancing bandwagon.

Maybe you're considering it yourself? After all, with mortgage rates dropping as low as they are, the promise of lowering your monthly mortgage payments, sometimes significantly, is very enticing for many homeowners, especially if you have an FHA Mortgage Loan.

Now before you start shopping around for an Fha Streamline Refinance Loan, there are a few things you should be aware of about how refinancing works, so you don't make costly mistake that could end up costing you thousands of dollars. With refinancing becoming more popular due to the recent rate cuts, homeowners have to educate themselves as to get the best loan for their particular situation. Those "No Closing Cost Loans" and other attractive offers can turn out to be a nightmare when realize how those loans work and how much the loan is really costing you.

These are tips to consider when refinancing:

* You must get a significantly lower rate, normally at least 2 % lower for refinancing to make sense. Don't rush to refinance unless it's truly going to be beneficial to do so. A knowledgeable Florida mortgage broker can help you navigate this process rather than going at it alone, and you can rest assured that they're bringing you the best options available.

* A Debt Consolidation Loan of unsecured debt with a Florida FHA refinance loan can be the wrong move. You may not be experiencing financial hardship now, but if in a few years your financial situation changes, then instead of simply being late on a credit card payment or two, you could now find yourself facing foreclosure and possible losing your home.

But, again, if you choose to let a mortgage expert get involved in the process, they can often find Florida loan options that most homeowners didn't even know existed - which can save you thousands over the long haul even if you have had credit challenges in the past such as bankruptcy and foreclosure.

Florida Fha mortgage expert, Marlon Baugh specializes in providing mortgage information to Florida residents that allows them to make informed decisions about their Florida fha mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

The Truth About Florida Mortgage Refinancing Revealed By Florida Mortgage Expert

It seems like everyone in Florida is jumping on the mortgage refinancing bandwagon. Maybe you're thinking about it yourself? After all, with rates as low as they are, the promise of lowering your monthly payments, sometimes significantly, is a great attraction for many homeowners.

But before you sign on the dotted line, there are a few things you should know about the way refinancing works so you don’t make a mistake that could wind up costing you big time. "With refinancing as popular as it is right now, Florida residents have to be even more careful about shopping for the best loan," says Marlon Baugh, a Pembroke Pines, Florida based mortgage consultant. "Even the most attractive offer can wind up being a disaster once you realize how much the loan is really costing you." Marlon Baugh offers these tips when considering refinancing:

* You should get a significantly lower rate for refinancing to make sense. Don't rush to refinance unless it's truly worth your while. If you're working with a mortgage broker rather than going it alone, you can be assured that they're bringing you the best offers out there. If you're going it alone, you'll have to do the legwork for yourself.

* Consolidating unsecured debt with a florida refinance loan can be a dangerous idea. You may not be in financial trouble now, but if in a few years things change, instead of simply missing a credit card payment or two, you'll now be in danger of losing your home as well.

* Your credit score counts... big time. If you've had credit problems in the past like a bankruptcy, it might make sense to wait a while for your credit score to recover before trying to refinance. Most lenders make it hard for people with less than perfect credit to get the best deals.

But, again, if you choose to let an expert like a mortgage broker get involved in the process, they can often find florida loan options that most homeowners didn’t even know existed - which can save you thousands over the long haul. Florida mortgage expert, Marlon Baugh specializes in providing mortgage information to Florida residents that allows them to make informed decisions about their florida mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Marlon Baugh is available for interviews and will welcome all your mortgage related questions. Call 954-678-5796 Ext.1 for a Free No-Obligation Consultation or visit http://specializedfinancialsolutions.com

Can’t Refinance? Then Get A Loan Modification…..

If you live in areas such as south Florida and you bought a house within the last 5 years, then you are probably having equity issues, such as no equity or worst negative equity, which mean you are upside down and now owe more to you lender than your house is worth. Or if you are being denied for a refinance loan for other reason such as low credit scores, late mortgage payments or even foreclosure, then a florida loan modification could be answer you been waiting for.

Now what is a loan modification?

A florida loan modification is a restructuring and renegotiation of an existing mortgage loan. Now most of us have done some type of loan modification in the past, but just don’t know it, for example; If you have ever called your credit card company to ask for a reduction in your interest rate, then you have done loan modification. Getting you mortgage modified however can be a little trickier.

A loan modification can include any or a combination of the following;

-Forgiveness of missed payment or adding them to the back end of the loan to get the home owner up to date.

- If the home owner has an adjustable rate mortgage, then the modification could freeze or reduce the interest rate.

-Reduction in the principal balance to match the current market value.

Most florida homeowners are unaware that a loan modification is an option if they don’t qualify for a refinance and that can also be used to prevent foreclosure and save their home, as well as preserve their credit. Loan modifications are granted especially to individuals that can demonstrate a current hardship, such as job loss or serious illness.

The first step of the loan modification is to go thru a brief interview either with your lender or a loan modification consultant. If the home owner’s case proves to be a strong candidate, then the lender will request a financial statement that will break down all the income and expenses of the home owner. Once this financial statement is completed then the homeowner will need to package this with a hardship letter, along with supporting documentation such as tax returns, pay stubs and bank statements and send to their lender. From this package the lender will then make a determination for the new loan terms which could take up to 60 days.

The loan modification is becoming one of the mortgage industries most popular tools for preventing a foreclosure and creating a win-win situation for both lender and homeowner. As the typical terms will normally be more affordable for the home owner and will put them back on track and the lender gets to collect its interest payments in a timely fashion and won’t have to go through the expense of foreclosure.

When florida foreclosures are prevented then families get to keep their homes, the surrounding neighborhood maintains the value and the lender maintains a profit.
It is important for florida home owners to understand that loan modifications are on a case by case basis, on the individual level as well as the lender level, each lender have their own guidelines for loan modifications and with saying that, no one or company can guarantee any results. If you choose to hire a loan modification company to handle you modification and they make these types of guarantees, then don’t do business with them, as the lender has the final say. Don’t get me wrong, but while I want home owners to be aware of unscrupulous loss mitigation companies that are looking to take advantage of people, there are also reputable companies that can present the home owners case the right way to the lender that maximize their chances of getting the modification approved. The lender only gives the homeowner one chance within any 12 month period whether it’s favorable or unfavorable, so choosing a legitimate florida loan modification company can be beneficial.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in FHA mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Loss Mitigation. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://www.specializedfinancialsolutions.com/foreclosure.htm or Call 954-678-5796

How Do Lenders View Credit Counseling Services?

Typically consumers that have overwhelming debt have two options, either enter into a Consumer Credit Counseling Program or declare Bankruptcy. While the two options may have a lot of similarities, most will opt to enrolling into a Consumer Credit Counseling program for such reasons as it is more cost effective and easier to implement.Many credit card companies and creditors realize that it would be more beneficial to actually work with debtors and make affordable payment arrangements than to pursue typical collection activities. Instead they work with each of the individual's creditors to come to some agreement that will result into a reduced single payment plan, a consolidation of their debt, and or a reduction of interest rates and late fees - thus making it possible for the debtor to repay his or her debts over a period of 3 - 5 years.

Once enrolled, the debtor will make a single payment to the consumer credit counseling service, and then the counseling service will make all the payments to the creditors.One of the advantages of credit counseling services is to educate their client about debt management and budgeting.The main disadvantage of enrolling into consumer credit counseling services is that many creditors will make a notation on the debtor's credit report indicating that the debt is being managed by consumer credit counseling agency.

Another major issue that a client may experience is, even though they are making their monthly payments to the credit counseling service on time, the credit counseling service doesn’t make the payments to the creditors on time. Now this will reflect on the client’s credit report as late payments. And to add fuel to the fire, it is not uncommon for the credit counseling service to make the payments on time, while the creditors are not accepting the reduced payment amounts. This, too, would negatively affect the consumer's credit report.

However, if you are in the market to purchase a home or refinance, it is important to find a mortgage expert that specializes in helping individuals that have been enrolled or that are currently enrolled in consumer credit counseling services. The lender will request from the credit counseling agency a copy of the agreement which will indicating the date the consumer entered into the program, all the creditors involved, and the payment history of the consumer's payments. From this information, the lender will then determine if the client qualifies for a mortgage loan. FHA LENDER’S understand that if the consumer has been making their payments on time to the consumer credit counseling agency, but the creditors have been getting their payments late, then that's not the fault of the consumer and shouldn't penalize them from purchasing a home or refinancing their home.

It is important to note that many lenders view credit counseling services as similar to a Chapter 13 bankruptcy, because both can entail a payment plan and re-negotiation of debt payments. (And, in fact, some people who are using a credit counseling service do end up filing bankruptcy because they still don't have the income or money management skills to handle the payments.) So, in some cases use of such a service can be a negative.However, many FHA Lenders recognize that if a person is attempting to handle debt responsibly by enrolling in these types of services, then that person probably takes their financial commitments seriously. In general, in order to get a mortgage the borrower must have a 12-month history of paying on time and a letter from the counseling service stating that purchasing a home or refinancing will not interfere with the repayment plan. Thanks to FHA Loans, consumer credit counseling services will not restrict the borrower from obtaining a low interest rate mortgage loan.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in FHA Mortgage Loans for people with Consumer Credit Counseling, Bankruptcies, Foreclosure or with other credit issues. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://www.specializedfinancialsolutions.com/own-a-home.htm or Call 954-678-5796

Are You A First Time Home Buyer? Here’s $7500……

Have you ever heard of the Housing and Recovery Act of 2008? Well today we are going to focus on one of the benefits, the $7500 First Time Home Buyer IRS Tax Credit.
Even with interest rates at historical lows and with a wide selection of discounted homes on the market, people still weren't buying, so the government came up with this tax credit to stimulate and provide financial assistance for First Time Home Buyers to buy now rather than wait.

The $7,500 First-Time Home Buyer IRS Tax Credit only applies to first-time home buyer purchases of a primary residence between April 9, 2008 and July 1, 2009. It is important to understand that this is a TAX CREDIT and not a TAX DEDUCTION. Now a tax credit is a reduction in income taxes owed! In other words, when a buyer files their income taxes for the year the home was purchased (April 2008 - July 2009), they may be able to subtract $7,500 from the amount of federal income tax liability, which will either put more money in your pocket as you will get an increased tax refund or reduce the amount of tax still owed.However, this tax credit is not FREE. Yes, this is not a hand out from Uncle Sam; it is a loan that has to be paid back. Repayment will begin 2 years after the credit is claimed, and must be repaid within 15 years. So that's a $500 payment per year. It's an interest-free loan for 15 years.

Now before you get turned off by this "LOAN,” lets take a look on the benefits this $7500 tax credit may provide. Majority of first time home buyers have walked away from the closing table with an empty savings and or checking account once the purchase of their home is complete. Now they have a home to decorate, furnish and in some cases repair and paint. Majority of these first time home buyers will now turn to their credit cards to pay for these expenses, which will come with pretty high interest rates. So when compared to have a credit card payment which comes with interest charges, versus and an interest free $7500 loan…..it now seems a little more attractive.

Now for those of you first time home buyers that are a little more well off financially, this can still benefit you….here's how.
Let's assume a $200,000 mortgage was needed in the home purchase at 6.0% interest rate fixed for 30 years. What if the $7,500 tax credit was a refund which you used to pre-pay the mortgage? Using simple math that would be an annual interest savings of $437.50; which is actually less than the $500 payment per year on the $7500 Tax Credit Loan.

The main benefit here is not just the payment savings but the outstanding mortgage balance will be reduced by $7,500 and each future mortgage payment results in savings in mortgage interest and increased reduction in principal mortgage. As each monthly mortgage payment go to reducing the mortgage balance and less is applied to interest. Together these savings will exceed the $500 cost of repayment of the tax credit. The benefit over the long term in interest savings and principal reduction will be quite amazing. Talk about good old Uncle Sam helping you payoff your mortgage early!

Is the FHA Hope For Home Owners Program a Bad Deal For Home Owners?

Actually this FHA Hope Program may prove to be HOPELESS, for both home owner's and lenders.....Let me explain.....

The President has signed into law legislation that will allow HUD's Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners. The Hope for Homeowners program will continue FHA's existing and successful efforts to provide aid to struggling families trapped in mortgages they currently cannot afford. Under the program, certain borrowers facing difficulty with their mortgage will be eligible to refinance into FHA-insured mortgages they can afford. The program was implemented on October 1, 2008.

Let's start with the lenders perspective with participating in the Hope Program: To do this transaction the lender will have to reduce the loan to 90% of the current value of the home, so that means if the original loan was $300,000 and the current market value has dropped to $200,000, and then the lender has to reduce the loan to $180,000 that's 60% of the original loan amount. The property must also be the principal residence and the homeowner cannot own more than one property.

Now if the lender did a modification of the original loan amount they wouldn't necessarily have to reduce the loan amount, but instead just reduce the interest rate and extend the period of the loan to make it affordable. Now this may seem as a good deal for the home owner....but keep reading. The new loan will be at today's current rate, versus with loan modifications interest rates can be negotiated way below today's rates, sometimes as low as 2%. In addition the new FHA Loan will come with upfront mortgage insurance and it will be a 30 year fixed, while with the loan modification they can extend the loan up to 40 years with out mortgage insurance. Not to mention all the other closing cost associated with getting a new loan.

While in the HOPE Program, the homeowner cannot get any second mortgages for the first 5 years of the FHA hope Loan and when you think it couldn't get worst, well....if the house appreciates in the future, the home owner will have to share that equity with the government. This shared equity starts at 100% to FHA during the first year and will remain at a minimum of 50% to FHA from five years throughout the duration of the mortgage. For the current lender, it will make more sense to modify the loans themselves than to participate in the FHA Hope For Home Owners Program. And for the home owner they will have more flexibility in rates and terms and they won't have to share they built up equity with the government.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://www.specializedfinancialsolutions.com or Call 954-678-5796

Which Mortgage Do I Choose? Key Questions To Ask Yourself & Lenders When Shopping For A Mortgage!

Traditional Fixed Rate Mortgage? Graduated-Payment Mortgage? Adjustable Rate Mortgage? FHA Mortgage? Two-Step Mortgage?

You are wondering which kind of mortgage is best. The answer: There is no one correct answer. Deciding which type of mortgage will best fulfill your needs can be difficult. There are so many types of loans and different term lengths. Your choice is extremely important and can take some time and effort to research. While often neglected by homebuyers, a little research before choosing your mortgage can save you thousands of dollars in the long run.

There are several elements of a loan that should be analyzed. While one of these elements may suggest one type of loan, another may call for a different type. You must weigh each ingredient separately and collectively. You will find that your answers to the questions below will ultimately determine the type of mortgage that best fits your needs.


How long do you plan to stay in this home? Five years? Ten years? Thirty years?
The length of time you will be in the home will certainly play a part in determining which loan to apply for. If you only plan to be in the home for 5 – 7 years or less, you should seriously consider an adjustable rate loan. If you intend on staying 20 – 30 years, a fixed rate mortgage may be right for you.

How much risk are you willing to accept?

If you are the type of buyer that needs to know exactly what you will be paying each month for the term of the mortgage, a fixed rate mortgage will fulfill this need. The fixed rate loan, however, will also net a higher interest rate. If you are willing to take some risk of fluctuations in the interest rate, you may receive a lower interest rate.

What are your income expectations?

Plan for the future. Do you anticipate a gradual or dramatic increase in your income in the next few years? If you expect a big increase, a graduated payment mortgage may be best for you.

How much cash do you have available for upfront costs?

If you have the resources, you may want to make a larger down-payment to lower your monthly payment. By keeping a higher monthly payment, however, you might be able to shorten the term of the loan to a 15-year loan in order to pay it off quicker.

Keep in mind that you will have closing costs and fees to pay in addition to your down-payment. If you don’t have much cash saved for your upfront costs, do not despair. You may be forced to accept a higher monthly payment or could even lower your monthly obligation by choosing an adjustable rate mortgage.


In addition to choosing a type of loan, you must also consider which lender to use. Once again, several factors of a loan will influence your decision.


Annual Percentage Rate (APR)

This is most likely the best way to make an “apples-to-apples” comparison of lenders. The APR reflects the cost of credit on a yearly rate and includes any points and fees in addition to the interest rate.

Interest Rate

Find out the rate the lender will commit and how long the lender will guarantee it. Get any commitments in writing. As with any transaction, if it isn’t in writing it doesn’t exist.

Points and fees

These factors will vary greatly. Look out for hidden fees. Make sure the lenders disclose all fees; ask what they charge and what is included and what is not.

Loan Approval

Both approval and funding time should be considered. You don’t want to lose a prospective home because your lender takes weeks to fund your loan. A lender should be able to fund the loan within ten days.

Lender Reputation

Don’t rely solely on someone else’s recommendation. You, not your friend, must feel comfortable with your lender. If you do feel good about your lender and trust him, it will be much easier to trust his advice on what kind of mortgage will best suit your needs.


We sincerely hope these tips and ideas will be of value to you. The types of loans mentioned above are only a few of the multitude of loan types available. For more insider mortgage info click here or If we may be of any further service please contact our office. We would consider it a privilege to be of service to you! If you would like a free consultation call our office at 954-678-5796

Want to Buy a Home In Miami, But Can't Qualify?

If you are like many Miami Home Buyers today, who are frustrated that they can't seem to qualify for a mortgage, worry no more, there is still a way for you to buy a home with the assistance of seller financing.

This type of transaction is beneficial to both buyers and sellers especially in today's market as sellers are having a hard time selling there homes, and buyers cannot buy because they can't qualify for a mortgage.

The closing cost on this type of transaction is very minimal compared to a normal real estate closing and the financing options are flexible as they are tailored to fit the individual buyer's budget without the strict guidelines of a traditional loan.

Now the benefits for the seller for selling his home with this method, is he can generate more interested buyers and in most cases they sell for their full asking price or very close to it. Other motivations for the sellers are that they can typically receive a better interest rate on their money when compared to such investments as Certificate of Deposit Accounts, Money Market Accounts and stocks. And there money will be secured by real estate. This seller financing will also reduce their overall taxes and monthly liabilities as the buyer will be responsible for the taxes, insurance, utilities and maintenance.

Seller financing are normally structures as a private mortgage, an assumable loan or a land contract. The Land Contract also known as Contract for Deed, simply put is a purchase contract that has a closing date of 2 to 3 years in the future versus 30 -45 days. This transaction will typically require a down payment and will specify the monthly installment payments. As long as the buyers fulfills his or her obligations of the agreement and makes all payments on time, then the seller will transfer the deed, if not, the seller can take back the property and maybe even sue the buyer. With a land contract the seller will remain on title until all obligations are met.

Seller financing with a mortgage is similar to a regular real estate purchase, except that the seller wear two hats, he is both seller and lender. The buyer and seller will go to regular closing thru a title company and will take ownership on title in exchange for a signed I.O.U or promissory note to the seller for the agreed sales amount. This promissory note will be attached to the property in the form of a lien, which gives the seller the right to collect payments as agreed and also foreclose if the buyer defaults on the agreement.

This mortgage can either be in the form as a first mortgage or second mortgage on the property. The buyer will pay off the sellers lien in a few years, which will normally be through a refinancing transaction as the buyers typically will rebuild there credit in a few years where they are able to qualify for a traditional mortgage with low interest rates. It is important to note that all payment to the seller should be in the form of a check, not money orders, cash or cashiers checks. Paying via check will provide the buyer with cancelled checks that will be necessary to qualify for a traditional mortgage.

Before entering into a seller financing transaction, it is important to speak to a qualified miami mortgage expert so they can advise you of how to go about qualifying for a mortgage in the future.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Commercial Mortgages. If you would like a Free Copy or to get instant access to Insider Miami Home Buyer Report Click Here

Do You Know How Fort Lauderdale Foreclosure Will Impact Your Credit??

In today's market, especially in Fort Lauderdale Florida, a lot of home owners are finding themselves in this situation with an adjustable rate mortgage that just adjusted and now the home has become more of a burden as it is no longer in their monthly budget. While other Fort Lauderdale home owners find themselves with a property where they owe more than the property is worth. Some of these home owners now face the decision of going into foreclosure or consider doing a short sale to sell their home.

Now we have all heard that both a foreclosure and a short sale will affect your credit negatively, but which one is worst? It is very important to get the facts on any situation that could affect your credit now and in the future years to come that my impact you from buying another home or getting any type of credit in general.

Now let’s take a look at each case and the consequences and their impact on your credit score.

Foreclosure proceeding will begin once the home owner falls behind on their payments, usually within the 3rd or 4th month. Since Fort Lauderdale foreclosure laws fall under the judicial system, the lender must file a notice thru the court system; this allows the home owner to present their case before a Judge, who is normally sympathetic to home owners instead of the big banks, at least in the beginning. Now let’s talk about how your credit will be impacted by foreclosure.

If the lender is successful in foreclosing on your Fort Lauderdale property and is sold at the auction in Fort Lauderdale Court house and it is sold for less than that what you owed to payoff the mortgage, then the lender can come after you for the difference which is known as a deficiency judgment. And yes if they are granted this deficiency judgment they can come after your other assets, such as your car as well as this deficiency judgment will show up on your credit report and if you think it couldn’t get worst, this judgment can result in also a tax lien.

Now if the lender doesn’t proceed with a deficiency judgment, it doesn’t mean you are in the clear, as you will have to say hello to good old Uncle Sam. Basically the amount that was not recovered by the foreclosure sale will be considered forgiven debt, which is treated as income and you may have to pay income taxes on this amount. Consult you Fort Lauderdale tax advisor if you find yourself in this situation.

A foreclosure can cause your credit score to drop up to 250 points….that could take you from excellent credit to bad credit in a short period of time. The reason the drop is so significant is because a foreclosure indicates that the borrower is walking away from their financial obligations, very similar to a bankruptcy.

Now let’s talk about Fort Lauderdale Short Sales, if you find that your house is upside down and you want to sell, then a Short Sale could be the answer. A short sale occurs when the lender agrees to reduce the amount owed by the homeowner to make it possible for a sale to occur.
Although it is not common for short sales to show up on one’s credit, it can, the good thing is that the homeowner can negotiate the way it’s reported. The most favorable way if it is going to be reported is “Paid Settlement” as this will drop the credit score 50-100 points.

Fort Lauderdale residents are finding that when it comes to foreclosure, there is no cookie cutter solution as each situation is different and should be treated in that manner. The best course of action is to get educated and the work with a professional such as a mortgage expert, such as myself, to help you navigate the different options to find the best solution for your individual situation.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Commercial Mortgages. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit Our Special Foreclosure Page Here or Call 954-678-5796

FACT! Florida Bankruptcy Doesn't Have to Stop You From Refinancing Your Mortgage

Today, there are greater choices than ever of loan programs, for people with bankruptcies or other credit issues. Florida Bankruptcy no longer has to get in the way of obtaining a mortgage.

Traditionally, homeowners who filed a Chapter 13 Bankruptcy had limited options to refinance to lower their payments and otherwise improve their financial situation. Even if they had a perfect payment history under their bankruptcy plan, these homeowners were stuck for 3-5 years until the plan was completed.

This is because traditional banks would automatically turn down people that have filed bankruptcy. But today, more lenders have shifted their guidelines to a more common sense approach of underwriting. Lenders now understand that sometimes unforeseen life events happen to everyone such as, divorce, death in the family and unexpected medical expenses.

These select Florida Lenders are willing and able to provide low, attractive interest rate loans to homeowners still struggling in their Chapter 13 bankruptcy plan! Which now gives Florida Homeowners the option get themselves out of their bankruptcy plan, clean up their credit and move on with their lives years before their plan is scheduled to end!

Of course, our program is not right for everyone. You need to qualify. The main qualification is that the homeowner has been in the bankruptcy for at least 12 months, so that means anytime after the first year, the homeowner will be eligible for a refinance, even if they were late on a few payments.

Industry statistics show that approximately 33% of people in a Chapter 13 complete it successfully. That means that a whopping 67% are dismissed for non-payment!

The reason for this is that once individual files chapters 13 bankruptcy, their combined payments are usually higher than their current payments and becomes more of a burden than a relief. Because of these attractive loan programs anyone in bankruptcy should definitely consider refinancing as an option to restructure their debt as they could be racking up unfair, undeserved penalties and interest as we speak...even if they're making their payments on time to the bankruptcy trustee! Who knows how good a job the trustee is doing keeping your payments on schedule and if they are not, this could create an even more adverse effect on one's credit report.

To get instant access to the Insider Florida Bankrutpcy Report Click Here

12 Steps To Buying A Miami Short Sale Home...

As the number of Miami Foreclosures continues to rise, buyers will find some amazing “garage-sale” priced homes. While these deals may be hard to pass up, buyers do have opportunities to buy homes through a "short sale" before a home goes into foreclosure.

What is a "short sale?" A short sale is defined as the sale of a home at a price less than the existing mortgage balance. The ultimate price of a Miami Short Sale lies in the willingness of the bank to negotiate terms. This is a complicated process and, up until recently, rarely occurred. Miami Short Sales are becoming more frequent and there are some great buys because of it.

When you are looking to buy a miami home at bargain prices, consider hiring a professional to help you. There are so many legal loop holes that the average person could be taken advantage of during the negotiation process. Make sure the professional you hire is experienced. A majority of lawyers and real estate agents have little or no experience in these types of sales. Choose wisely as it could save you thousands of dollars in the long run and a lot of heartache.

The most important point to consider is this: Going it alone when purchasing a home in foreclosure or that is listed as a short sale will significantly increase your chance for failure with the bank.

The steps in the process are:

1. Locate homes which are in default, as early as possible, even possibly before the formal non-judicial foreclosure begins. A knowledgeable Real Estate Agent should be able to show you a list in the Multiple Listing Service of tens of thousands of these.
2. Search foreclosed homes with plenty of lead time before the Trustee's Sale (you may need weeks or months of lead time.)
3. Once you have created a list of such homes, narrow that list to only those homes you would have likely purchased for yourself, even if it wasn’t in foreclosure. In other words, don’t buy the house just because “it’s a great deal.” Look at buying it if you like the house AND “it’s a great deal.”
4. Complete an accurate Comparative Market Analysis (CMA) using sold homes with similar features, via a good database such as the local Multiple Listing Service (MLS).
5. Determine the exact mortgage balance and status of default or foreclosure.

6. Be sure to find out if there is a second or third mortgage on the house. This has foiled many potential buyers after they have spent weeks of time on the deal.
7. Research the possibility of other liens (tax liens, mechanic's liens, labor liens, state liens, etc.)
8. Determine how best to talk and negotiate with the loss mitigation department of the bank or mortgage holder. Do not take this step lightly. It takes a trained professional to do this for you as it’s not like your standard negotiation. You have to know what facts to present to them to get them to accept your offer.
9. Determine whether or not purchasing via the short sale will negate any subordinate loans or liens (another trap for the unwary.)
10. Know which costs and fees in addition to the mortgage balance can be compromised and by how much (experience is the best teacher.)
11. Prepare a comprehensive package to present to the mortgage holder, which is the most critical step in closing a short sale. This should include the Purchase & Sale Agreement, and a thorough analysis of the home, prices, the local market, and justification of your offering price. Your offer must be prepared very professionally or the bank will merely overlook you, without giving your offer a second look. You have to be able to make a case to the bank, as to why they should sell to you at this price, and they can smell a rookie a mile away.
12. In order to close on a deal in a short sale, you must follow through with all parties involved.



The complexity and difficulty of closing short sales should never be underestimated, even under the best of circumstances. It is hard to find a buyer of foreclosure properties through the short sale process, despite what con artists would like you to believe. You should have some experience before purchasing foreclosure or short sale properties.

Buying a foreclosure can be a fast way to lose money if in the process you make major mistakes. On the other hand, because the purchase price is below the current market value of the home, it can be a great way to pick up equity immediately the day of closing.



Marlon Baugh is the owner of Specialized Financial Solutions and has helped hundreds of people buy their first “short sale home”. Marlon has specialized in helping individuals with bankruptcy, foreclosure and other credit issues for the last 5 years. To learn more or to get access to his Free Insider Mortgage Reports give him a call at 954-678-5796 or Click Here For Instant Access To Our Miami Foreclosure Report

Is Florida Credit Repair An Ethical Solution To A Big Problem?

Many wonder if it's unethical to attempt to remove valid bad credit issues from a credit report. I say, “Yes, it is,” and here’s why.
The credit reporting and ranking system has been and continues to be unfair to American consumers. We are forced to participate in something we did not volunteer for and are punished for mistakes whether they are ours or not. We cannot opt out of this system and no consideration is made for circumstances that are beyond our control. However, "Florida Credit Repair" is a term that has gained a negative reputation, and has been connected with credit fraud and credit schemes. As a result, I’m often put in the position of having to defend my efforts to help others repair their credit.

Problems contained in a credit report can lead to feelings of being in credit prison; however, there are solutions.
A credit report should not be viewed as proof of bad credit, but rather simply an allegation. Unfortunately, consumers rarely challenge the allegations. When my clients sign on to use our preferred attorney network for their defense, they are basically saying “prove it” to the credit bureaus and entering a plea of not guilty.

Putting the credit bureaus in the position of having to prove their allegations is one of the functions of our preferred attorneys. If the bureaus say they have already looked into andconfirmed the charge then our attorneys will appeal the decision. It is eventually discovered that most credit report allegations are falsely based, and at that point the negative items are removed.
Our society has its roots in capitalism and the credit bureaus feed on this and use consumer information to their advantage.

The bureaus are not motivated by the terrible consequences bad credit can have on a consumer. Profit margins - not consumer rights - are what motivate them.
Our legal system takes an oath to truth, equity and the common good; credit bureaus do not take this oath. Why should any citizen be obliged to support any company, let alone massive public corporations, when doing so could ruin his credit and financial standing?

The credit bureaus would cling to every bit of credit data, true or false, forever if federal law didn't force them to delete many items after seven years time. Lucky for us, the government forces the bureaus to correct your credit at the end of seven years. If an item HAS to be removed after seven years, what would be wrong with removing it sooner?

My contention is you cannot always judge someone's credit worthiness by their credit history. It hurts and affects everyone when good people are pegged as deadbeats. The policies of the credit bureaus have been so grossly unfair to the consumer and that is why I feel it is fair to oppose the current system of credit reporting. It is just totally unfair to punish the consumer with seven years credit bondage (10 years for bankruptcy and some court decisions). Especially when there have never been any studies that say seven years is magic number for the time it takes to restore good credit. This seven-year mark is completely random.

"It is our understanding that computer models that predict credit information find that most information that is more than 2 year sold is nonessential,” says Dr.Bonnie Gution, consumer affairs advisor to President Bush. I totally agree. Many of my clients feel that seven years is way too long. Most consumers are able to recover fully from a financial crisis within 2 to 3 years. Despite this, for the next 4 to 5 years they are often forced to live a reduced life-style, rent homes and pay high interest on other loans while being denied credit based on bad reports.
Although credit bureaus claim an error rate of less than 1%, that isn't necessarily true.

Studies performed by independent agencies show that mistakes occur at a rate nearing 79% One credit bureau admits to an error rate of more than 50%, but they still choose to err on the negative side than the positive.
Credit reporting systems are commonly used in other countries. However, unlike America, most countries doll out credit based on a consumer’s current credit status. For example, in England, Equifax and Experian are not allowed to keep credit information for more than five years. The point to all of this is this - the American credit reporting system needs changing. With this in mind, realize that it's not unpatriotic to want to ensure your credit report is accurate. And it is NOT unethical either.

When people can’t buy things because of a poor credit report, our country’s financial system suffers. That’s why I offer to help my clients recover from this devastating hardship. My clients are excited to fix their credit and to return to the credit economy and be fiscally trustworthy. My goal is to help my clients escape from people who prey on people with bad credit.

Florida Bad Credit costs a person thousands and thousands of dollars and forces many into a vicious cycle that is very difficult to escape. They are forced to rent (where they pay someone else’s mortgage), to buy items at a higher interest rate (cars, credit cards) or to take unfulfilling jobs.
Sadly, even one negative item on your report can have far more impact than a lifetime of good credit.

In short, because of poor data collection, reporting and validation, many people suffer unnecessarily from the ill effects of a bad credit report. So to answer the question posed at the beginning of this article, yes, it is ethically sound to remove the record of a negative credit item from your credit report.

Marlon Baugh, president of Specialized Financial Solutions, specializes in helping release his clients from the “credit prison” that too many people find themselves in. If you, a friend, a family member or a colleague find yourself needing real answers and real solutions to credit issues, you can confidentially contact him at 954-678-5796 or Click Here For Insider Florida Credit Repair Info

Fort Lauderdale Foreclosure Rate is Rising.......

After a steady climb, home prices are now starting to come down nationwide, while the Florida Foreclosure rate is rising. According to RealtyTrac.com, a real estate Web site that tracks realty trends, more than a million foreclosures are expected to be recorded this year. Foreclosures in the United States were up 47 percent from March 2006 to March 2007 and one foreclosure was filed for every 92 households last year.

If you are one of the many homeowners in Fort Lauderdale who are having trouble making mortgage payments, below are a few tips to keep in mind as you fend off foreclosure.

Level with Your Lender

Your lender wants to avoid foreclosure just as much as you do! If you foreclose they lose money too. Often times a foreclosed home sells for less than the amount left on the mortgage, thus depriving you and your lender from any proceeds. Level with your lender; let them know your financial situation so that they can work with you to come up with a realistic alternative solution.

Consider Refinancing in Fort Lauderdale

The best solution to help avoid potential Florida Foreclosure is to refinance. Some homeowners are finding that they can actually switch to a fixed-rate loan for nearly the same interest rate as their adjustable. A Fort Lauderdale Fixed Rate Loan offers the same interest rate for the life of the loan so homeowners do not have to worry about rising rates. Now if you find yourself in a situation were you owe more than you house is worth, considering doing a short refinance. This is the process of getting the lender to reduce the amount you owe so you can refinance with a new lender. It is not guaranteed the lender will approve it, but its definately worth a try.

Re-adjust Your Fort Lauderdale Adjustable Rate Mortgage

Work out a modified payment plan with your mortgage broker. Agreeing to pay for delinquent payments over the course of your loan, or postponing a few payments until you have the funds, may help you avoid foreclosure. A loan modification will normally restructure the loan into a lower and fixed rate mortgage that is more affordable. Also if you are in foreclosure because your rate adjusted then you might qualify for an FHA loan that will get you out of foreclosure and into a low fixed rate FHA loan.

Sell Your Property in Fort Lauderdale

If Fort Lauderdale Foreclosure is imminent and refinancing or modifying your loan is not an option, sell your home. It is better to prevent foreclosure and make a profit than it is to have your lender repossess the property. Though you may not get the full market price for your property, homeowners who sell have the benefit of not having to put a foreclosure on their credit report. And if you find yourself in a situation where you owe more than your home is worth, then a short sale could be your answer. Basically a Fort Lauderdale Short Sale is negotiations with the lender to reduce the amount you owe them to an amount that will allow you to sell your home.

We're here to help Fort Lauderdale Home Owners

The sooner you fight Fort Lauderdale Foreclosure, the better. Contact Specialized Financial Solutions today to learn more about avoiding foreclosure, loss mitigation and your refinancing options. Click Here To Access Insider Fort Lauderdale Mortgage Secrets

AVOIDING THE SCAMS OF “FREE CREDIT REPORTS"

Did you know that identity theft often occurs when you are obtaining your
Government Free Annual Credit Report? Therefore, you must protect yourself
before you become another victim of America's fastest rising crime.

So How Is Identity Stolen With The “Free Credit Report” Scam?

1. "Phishing" is the name of one of the primary scams. It has become
increasingly popular. It happens when you receive emails requesting your
contact and social security number from individuals pretending they are a
legitimate company. For instance, your bank will never request your social
security number or private information so that they can verify your account or
check your credit.

2. Another popular way is to go to a website advertising a “Free Credit Report.”
It asks you for your name and social security number which you happily provide.
Well guess what….. If it is a fake website, you have just had your identity stolen.

In either case, you may actually even receive a copy of your credit report,
because they forward your information to a real website which in turn sends you
a free copy of your report. In reality, the identity thieves have started your
nightmare and you don’t even know it. This is a very good reason of why you
should NEVER put your personal information into a form from an email. If it is a
link from an email, don’t share your info either.

Here are some obvious signs of Internet Identity Theft

 Statements and bills are coming late or not at all to your home
 Collection agencies or creditors will contact you about accounts you do not have or
charges you have not made.
 There are transfers or withdrawals that have not been made by you on your financial
account statements
 You have been denied credit or are being offered unfavorable credit terms (i.e. a high interest rate with no underlying explanation)
 You are getting letters or calls from businesses or debt collectors about products or services that you did not purchase.

Identity Theft: How bad is it?

In the past year, 7 million people became identity theft victims.
The average loss to an American is thirty hours of their time and
over $500 in financial losses.
In the last year, total personal losses have been over five billion (with a “b”)
dollars. On average, one out of every seventy-nine shopping sprees is one involving
stolen identity.

What you should do if you become the victim of Identity Theft:

1. First, alert the fraud department of the three agencies which monitor credit. Tell them you are a victim of identity theft and ask them to put an alert on your credit information. (Unfortunately, you may be required to pay for this service.)

2. In addition, get your credit report from these three large credit bureaus Experian, Equifax and TransUnion and closely scrutinize your credit reports looking for credit cards you did not order, inquiries you did not make and other suspicious activities.

3. Next report your case, including all the details to your local police department.

4. To report identity theft to the central department of the American government for fraud protection, call the toll-free hotline at 1-877-IDTHEFT.

5. Close all accounts on the credit reports that you believe were opened fraudulently
utilizing your name.

6. If your bank or checking accounts, or even your ATM card, have been compromised then shut those accounts down as soon as possible.

7. Your local postal inspector should be alerted, as they undoubtedly have used your
personal address info, this address needs to be immediately terminated and you should
create a new postal box.

8. Contact the Social Security Administration to make sure that your name and earnings are all correct.

When trying to get a credit report it is important that you know the possible
scams and how to avoid them. Together we can review your report and help you
avoid an identity theft nightmare.

Marlon Baugh, President of Specialized Financial Solutions, is a nationally recognized expert specializing in helping release his clients from the “credit prison” that too many people find themselves in. When you or one of your friends find yourself needing real answers and real solutions to credit issues, you can confidentially contact him at 954-678-5796 or at www.specializedfinancialsolutions.com

Rent Or Buy? How Does Miami' Residents Decide?

At some point in life we are all faced with this question. With today's low rates and a lot of bargain priced properties in the Miami market, makes the dream of home ownership very attractive. The biggest concern for Miami First Time Home Buyers is; can I afford to buy a home? Home ownership does come with a lot more cost when compared to renting such as: property taxes, higher insurance premiums, higher utility cost, and maintenance of the home, just to name a few. When something breaks there is no landlord to call to fix it, so you definitely need to have a good size emergency fund just for these expenses. Recommended $3000-$5000; unless you are handy around the house and can fix such things as the air conditioner when it break.

One of the first steps in preparing to become a home owner in Miami Florida is to pay off as much debt, with the goal of being debt free if possible, before taking on the expense of home ownership.

One of the main benefits of Miami Home Ownership is that the interest portion of you monthly payments is tax deductible. Your Miami Mortgage payment is made up of principal and interest, the interest portion is the larger of the two mainly during the first few years of the loan and this is what you will write off at the end of the year, along with you property tax payments.

Unlike rent payments, your mortgage payment will not increase every year like your rent payment, as long as you get a fixed rate mortgage. However the expenses that you can expect to increase will be taxes and insurance and it varies depending on the area of the Miami that you live in. Since you live in Miami, an area that is prone for hurricanes you can see a spike in your insurance premium especially when there is an active hurricane season.

Once you have been pre-qualified to find out how much house you can afford, you will decide what area of Miami you want to live in. Other than price, other factors to take into consideration are taxes and insurance. I normally recommend that you escrow these payments with your mortgage payment, so that you can take care of it on a monthly basis, versus having to come up with a lump sum at the end of the year. It is not uncommon for new Miami home owner to fall behind on their taxes when they are not escrowed, in which the county will place a lien on your property. And as far as the insurance, if you don't keep your Miami property covered, the lender will force place insurance on your property which is normally about 3 times the amount you would normally pay and this will increase you monthly payment and may cause financial hardship.

Once everything is in order and you want to start house hunting in Miami, I recommend if you are a first time home buyer in Miami to contact a real estate agent, and they can walk you through the process and it is free professional advice, at least free to you, it is the seller for the home you want to buy that will pay them. Now you don't want to just get any agent, you need a Buyers Agent. Why? Because they will be working for you and not the seller, so they will have you interest in mind, where they can disclose things about the house to you that they wouldn't be able to do if they were representing the seller.

Don't try to time the market in Miami to see when it will hit the bottom, that's like trying to beat the stock market, and this can sometimes prove to be costly. In saying that, if you find a home that is reasonably priced and it's within you price range and you like it, go ahead and buy it. Real Estate has been known to increase in value over time.

Last but not least, always be upfront with your lender, this way neither you or your lender will have any surprises nor you won't waste any time or money in the home buying process. If they know all your issues upfront they can structure the loan for you and still get you in a good loan program tailored for you needs.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in Miami Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Commercial Mortgages. If you would like a Free Copy or to get instant access to the remainder of this Insider Miami Mortgage Report, please visit or Call 954-678-5796

How Foreclosure Will Impact Your Credit

In today's market, a lot of home owners are finding themselves in this situation with an adjustable rate mortgage that just adjusted and now the home has become more of a burden as it is no longer in their monthly budget. While other home owners find themselves with a property where they owe more than the property is worth. Some of these home owners now face the decision of going into foreclosure or consider doing a short sale to sell their home.

Now we have all heard that both a foreclosure and a short sale will affect your credit negatively, but which one is worst? It is very important to get the facts on any situation that could affect your credit now and in the future years to come that my impact you from buying another home or getting any type of credit in general.

Now let's take a look at each case and the consequences and their impact on your credit score.

Foreclosure proceeding will begin once the home owner falls behind on their payments, usually within the 3rd or 4th month. Since most foreclosure laws fall under the judicial system, the lender must file a notice thru the court system; this allows the home owner to present their case before a Judge, who is normally sympathetic to home owners instead of the big banks, at least in the beginning. Now let's talk about how your credit will be impacted by foreclosure.

If the lender is successful in foreclosing on your property and is sold at the auction at Court house and it is sold for less than that what you owed to payoff the mortgage, then the lender can come after you for the difference which is known as a deficiency judgment. And yes if they are granted this deficiency judgment they can come after your other assets, such as your car as well as this deficiency judgment will show up on your credit report and if you think it couldn't get worst, this judgment can result in also a tax lien.

Now if the lender doesn't proceed with a deficiency judgment, it doesn't mean you are in the clear, as you will have to say hello to good old Uncle Sam. Basically the amount that was not recovered by the foreclosure sale will be considered forgiven debt, which is treated as income and you may have to pay income taxes on this amount. Consult your tax advisor if you find yourself in this situation.

A foreclosure can cause your credit score to drop up to 250 points....that could take you from excellent credit to bad credit in a short period of time. The reason the drop is so significant is because a foreclosure indicates that the borrower is walking away from their financial obligations, very similar to a bankruptcy.

Now let's talk about Short Sales, if you find that your house is upside down and you want to sell, then a Short Sale could be the answer. A short sale occurs when the lender agrees to reduce the amount owed by the homeowner to make it possible for a sale to occur.
Although it is not common for short sales to show up on one's credit, it can, the good thing is that the homeowner can negotiate the way it's reported. The most favorable way if it is going to be reported is "Paid Settlement" as this will drop the credit score 50-100 points.

Home Owners are finding that when it comes to foreclosure, there is no cookie cutter solution as each situation is different and should be treated in that manner. The best course of action is to get educated and the work with a professional such as a mortgage expert, such as myself, to help you navigate the different options to find the best solution for your individual situation.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Commercial Mortgages. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://www.specializedfinancialsolutions.com/foreclosure.htm or Call 954-678-5796

What does the take over of the U.S. Mortgage Giants Mean to You?

We have all heard the Federal Government is taking over the mortgage giants, Fannie Mae and Freddie Mac. Or what I would like to call it “placed on government life support.” This will make the U.S Government the nations largest Lender.

This is how the deal works; the government will get about 80% equity of these mortgage giants, in exchange the government will inject $1 billion of new funds into these companies and also back them for an additional $100 billion each.

Now this deal was presented as a way to stabilize the real estate sector, by helping home owners and encouraging first time home buyer to buy. But the truth is, these mortgage giants, were sinking and sinking fast as they took on a lot of bad debt and their losses were exceeding there capital. If the government didn’t step in now, then these giants would soon face bankruptcy, which would devastate the U.S. economy.

The problem with the U.S. government bailing them out is that it’s the tax payers are the ones that are funding this. That a 200 billion tax bill for us tax payers, just adding to our tab of all the other government bailouts programs.

Free Online Mortgage Resources For Buyers & Sellers

Popular real estate Web sites like Zillow.com and CyberHome.com offer new features to home buyers and sellers.What would it take to make you move out of your current home? Is there a price that would get your attention? Now, Web sites, like Zillow.com, allow home owners to passively post information about their home, along with a price that would make them consider selling, even if they are not actually selling their home.For the home buyer, you'll search for property on Zillow.com and you'll not only see an aerial view of all the homes and corresponding selling prices in your desired neighborhood, but you'll also see colored flags marking homes which are for sale, recently sold or contain information related to the free “Make Me Move!” feature. The new feature is adding a fresh approach to new home buying.CyberHome.com recently joined the online real estate market by offering online tools similar to Zillow.com. One of the most notable includes allowing visitors to select house upgrades such as new baths, kitchens or flooring in order to see the direct impact of the housing value. All of these new online features help more buyers find their dream home, while giving the sellers a chance to maximize the value of their current home.High Risk Subprime Loans Lead to More Home LossFortunately, 96 percent of mortgagees make their payments on time.Subprime home loans are high risk loans offered primarily to people with blemished credit histories, or low incomes, in an effort to help them enjoy the benefits of home ownership. Unfortunately, the risky loan options are leading many home owners to foreclosure.A March 27th paper, released by the Center for Responsible Lending (CRL), reported that subprime originations during 1998 to 2006 may lead to a net loss of homeownership for almost one million families. The news is shaking up Wall Street, along with high risk players in the mortgage industry; however, according to most analysts and economists, the news is not a surprise. In fact, most of the big players in the mortgage industry, such as Freddie Mac and Fannie Mae, have little to no exposure to subprime loans because of the high risk involved. 96 percent of mortgagees do make their payments on time and are not at risk for foreclosure. Another bright side to the subprime fiasco, according to MortageNewsDaily.com, is that we will begin to see “better managed and more risk adverse companies purchase portfolios of their bankrupt competitors at a discount and go on to make more money, housing prices will return to more reasonable levels to compensate for tightened credit.”Keeping you informed…Keeping you up to date on the latest in the housing market and making sure you are provided with the best options and rates is our commitment to you. Give us a call today at 954.678.5796 or visit our website, to learn more about the best loan options available now.