So the inevitable has finally happened. A few months back the government authorized themselves the power to take over Fannie Mae and Freddie Mac “should the need arise”. Yesterday the government finally pulled the trigger on their carefully planned take over of the mortgage giants that are responsible for about $6 trillion dollars in mortgage debt between the two of them. This debt is now no longer held by the independent Fannie Mae & Freddie Mac. It is now you and I, the average tax payer that is responsible for half of the mortgage debt in the U.S.
Now in case you don’t understand all this high money lending industrial mess, you may get to knee-jerking when you read this, (if you had watched the CSPAN-2 Broadcast you would be doing worse!) and get to thinking, no DEMANDING something be done about this Predatory Lending and “no money down” borrowing of hard cash just to lend it to you, the Borrower at exorbitant rates! Sorry, the world don’t work that way.
There are many counsellors available nationwide who can help you with the laws and options. They can also help you to organize your finances and be a representative in negotiations.
If you are among the wealthy and can pay cash – all the better (get those jaws off the floor – there are still, and will continue to be, scores of people that can afford to do this!). My advice is to definitely contact a real estate wholesaler because cash is still king. With a wholesaler you can easily find what you are looking for for as low as 50 cents on the dollar.
Every active home will give you an idea behind the price that is competitive enough to sell. This will help you attract more buyers and convert one faster. But the sold properties will also give you the baseline figure that hard money lenders and everyone else are willing to pay for. The sold homes will give you the base value but not the actual value. You need to make sure that your real estate investment strategy involves looking at sold as well as active listings.
Many mortgage lenders are more careful about lending money than credit card companies or auto lenders. The reason is that the lender knows that he is barring a big risk. So, if a lender is going to loan $400000 or so far a property, it wants to limit the risk to you not paying back. There are many ways the lenders go about it.
As long as you pay off the entire amount in full before the introductory period lapses, well then you just had the benefit of a free loan. Pretty smart way to go. You must have a solid credit history to qualify for theses types of cards. If you do have a good credit rating then there are no shortages of offers to choose from.
Become a member of a local business club in order to make certain that other businesses know you and that you are someone to be trusted. Try the Chamber of Commerce as well. One night a month is not too much to invest to have your finger on the pulse of local developments.
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