Home in Longwood
62K OFF Market Value
Call Dale at (407) 449-1252
Gwynn Investments LLC - (407) 449-1252 - 722 Eagle Ave, Longwood FL 3 Bed/2 Bath For Sale 62K OFF Market Value
$97,900
ATTENTION INVESTORS: Fantastic 3 bedroom, 2 bath home. Great neighborhood in Longwood and priced at 62K OFF RETAIL. This home does need some work and a great deal no matter how you look at it. Shows EXTREMELY well and priced to sell in 7 days or less.
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Gwynn Investments LLC - (407) 449-1252 - 722 Eagle Ave, Longwood FL 3 Bed/2 Bath For Sale 62K OFF Market Value
Gwynn Investments LLC - (407) 449-1252 - 722 Eagle Ave, Longwood FL 3 Bed/2 Bath For Sale 62K OFF Market Value
Gwynn Investments LLC - (407) 449-1252 - 722 Eagle Ave, Longwood FL 3 Bed/2 Bath For Sale 62K OFF Market Value
Gwynn Investments LLC - (407) 449-1252 - 722 Eagle Ave, Longwood FL 3 Bed/2 Bath For Sale 62K OFF Market Value
Home in Hialeah
60K OFF Market Value
Call Dale at (305) 440-4467
Gwynn Investments LLC - (305) 440-4467 - 8848 NW 152nd Terrace, Hialeah FL 4 Bed/3 Bath For Sale 60K OFF Market Value
$279,000
WOW!! This home will give you the sticker shock! 60K OFF in Hialeah doesn't happen very often. This 4 bedroom 3 bath home boasts 2517 sq ft. with a TON of features that will make you the King/Queen of the street. It's cute, spacious, unique and has many custom features that will steal your heart. Priced for a 7 day sale
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Call Dale at Gwynn Investments LLC (305) 440-4467 to see this home!
Gwynn Investments LLC - (305) 440-4467 - 8848 NW 152nd Terrace, Hialeah FL 4 Bed/3 Bath For Sale 60K OFF Market Value
Gwynn Investments LLC - (305) 440-4467 - 8848 NW 152nd Terrace, Hialeah FL 4 Bed/3 Bath For Sale 60K OFF Market Value
Gwynn Investments LLC - (305) 440-4467 - 8848 NW 152nd Terrace, Hialeah FL 4 Bed/3 Bath For Sale 60K OFF Market Value
Gwynn Investments LLC - (305) 440-4467 - 8848 NW 152nd Terrace, Hialeah FL 4 Bed/3 Bath For Sale 60K OFF Market Value
Gwynn Investments LLC - (305) 440-4467 - 8848 NW 152nd Terrace, Hialeah FL 4 Bed/3 Bath For Sale 60K OFF Market Value
Gwynn Investments LLC - (305) 440-4467 - 8848 NW 152nd Terrace, Hialeah FL 4 Bed/3 Bath For Sale 60K OFF Market Value
Gwynn Investments LLC - (305) 440-4467 - 8848 NW 152nd Terrace, Hialeah FL 4 Bed/3 Bath For Sale 60K OFF Market Value
Gwynn Investments LLC - (305) 440-4467 - 8848 NW 152nd Terrace, Hialeah FL 4 Bed/3 Bath For Sale 60K OFF Market Value
Home in Jacksonville
56K OFF Market Value
Call Dale at (321) 806-2223
Gwynn Investments LLC - (321) 806-2223 - 7826 Invermere Blvd, Jacksonville FL 3 Bed/2 Bath For Sale 56K OFF Market Value
$88,900
ATTENTION INVESTORS: Fantastic 3 bedroom, 2 bath home. Great neighborhood in Jacksonville and priced at 56K OFF RETAIL. This home does need some work and a great deal no matter how you look at it. Shows EXTREMELY well and priced to sell in 7 days or less.
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the video tour!
Call Dale at Gwynn Investments LLC (321) 806-2223 to see this home!
Gwynn Investments LLC - (321) 806-2223 - 7826 Invermere Blvd, Jacksonville FL 3 Bed/2 Bath For Sale 56K OFF Market Value
Gwynn Investments LLC - (321) 806-2223 - 7826 Invermere Blvd, Jacksonville FL 3 Bed/2 Bath For Sale 56K OFF Market Value
Gwynn Investments LLC - (321) 806-2223 - 7826 Invermere Blvd, Jacksonville FL 3 Bed/2 Bath For Sale 56K OFF Market Value
Gwynn Investments LLC - (321) 806-2223 - 7826 Invermere Blvd, Jacksonville FL 3 Bed/2 Bath For Sale 56K OFF Market Value
Lately, I have received more and more questions asking me to explain how we got into this housing mess. So I did a little research to find out if I could trace back the origin of when and where this mess started. And although government seems to have always had a hand in the housing market, the current crisis can be linked back to the 1977 community reinvestment act, which was signed by Jimmy Carter a federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low and moderate income neighborhoods. This is a practice known as redining.
The act instructs the appropriate Federal financial supervisory agencies to regulate financial institutions to help meet the credit needs of local communities in which they are chartered, consistent with safe and sound operation to enforce the statute, federal regulatory agencies examined banking institutions for a community reinvestment act compliance and take this information into consideration when approving applications for new bank branches or mergers or acquisitions.in my opinion, this law, provided Congress with the gun which they would use against the financial industry to begin to force them to change the underwriting requirements so as to make it easier for folks who did not qualify for mortgages to suddenly qualify.
Then in 1999, Congress and the Clinton administration, put pressure on Fannie Mae to ease credit requirements in an effort to increase home ownership. this action, which began as a pilot program involving 24 banks in 15 markets, including the New York metropolitan region, encouraged banks to extend home mortgages to individuals whose credit is not generally good enough to qualify for conventional loans. The sub prime market. By the following spring, The program had gone nationwide. Fannie Mae the biggest underwriter of home mortgages was under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt the pressure from stockholders to maintain its phenomenal growth in profits. Suddenly, Fannie Mae was qualifying folks for mortgages who did not qualify. Many economists and some politicians were warning that if this practice failed, the government would have to step up and bail them out the way it bailed out the thrift industry. And as we see, looking back on it, that is exactly what happened.
So while the Carter administration gave Congress the gun, the Clinton administration gave Congress the bullets to put in the gun. The Clinton administration sent signals to the financial industry and the banks that they were willing to use the Department of Justice to enforce the new underwriting requirements to ensure that low income communities would be able to increase their home ownership. There were however some politicians who saw the danger coming and tried to do something about it. In September 2003, the Bush administration recommended the most significant regulatory over haul in the housing finance industry since the savings and loan crisis. That plan would have created a new agency within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the two government-sponsored mortgage giants. The new agency would have had the authority, which now rests with Congress, to set one of the two capital reserve requirements for the companies and would exercise authority over any new lines of business and would be able to determine whether the two are adequately managing the risk of their ballooning portfolios. the plan was an acknowledgment by the Bush administration that oversight of Fannie Mae and Freddie Mac, which together have issued more than $1.5 trillion dollars in outstanding debt was broken.
A report by outside investigators in July of 2003, concluded that Freddie Mac and Fannie Mae manipulated its accounting to mislead investigators, who had said that Freddie Mac, does not adequately hedge against rising interest rates. so there were a few within the government who were sounding the alarm bells. These poor folks were meeting with resistance from members of Congress, including our current president, who was receiving huge kickbacks from Fannie Mae and Freddie Mac as a result of all the new mortgages that were being written to people who didn't really qualify for them.
As this report from Fox news shows, even as the warning bells were being sounded, they were being met with resistance and/or ignored. So, banks were left with an interesting dilemma, they could see the wave coming, they knew that when you qualify people for mortgages that they can't afford, sooner or later they will stop paying for them. And so what were the banks to do? They were being forced by the government to qualify people who didn't qualify, they eventually came up with the answer.
They would repackage the mortgages into a securitized instrument and resell them to investors.
As you see in the video, the whole financial system is now in chaos. Average Joe who bought the mortgage for his house is now underwater. That means that the mortgage is now worth more than the house. So exactly what happened to Average Joe's mortgage when it was repackaged and resold as a collateralized debt obligation to the investors? Let's start when Joe went to Bank A to get a mortgage for his dream house...
Bank A- issues a mortgage to Joe to purchase a house. Two documents are produced, a promissory note and a trust deed. The trust deed is essentially the title of the property that is held in trust until the promise to repay the loan (promissory note) is satisfied. Once the loan is paid in full Bank A releases its claim on the Trust deed and ownership passes in full to Joe.
That is what most of us believe happens in mortgages because you are not informed as to what happens after the paperwork is signed and how it impacts the title and promissory note you are obligated to. This is intentional, and represents the entire scheme that allows securitization occur. If the process that is now used is too complex it can be used as a justification to allow the shenanigans that occur during a foreclosure process to happen while the judges and juries believe that the process described above is what is actually happening. Let’s look next at the basics of securitization.
Once the mortgage has been formed between Joe and Bank A, Bank A wants to get rid of it as fast as possible and recoup its funds. To take advantage of this and the tax benefits of securitization it has to form what is called an SPV, a (Special Purpose Vehicle). Think of it as a shell company.
This protects the mortgage if something happened and Bank A went out of business. The mortgage would still exist. It also theoretically reduces the liability of Bank A to the mortgage default. It is important to realize one important thing here…the two documents that Joe signed (the promissory note and the title deed) are now SEPARATED. The trust deed remains with its trustee. The promissory note—the asset that pays money—is SOLD to the SPV. The original note is paid off by the SPV and the stream of payments becomes the property of the SPV. Bank A has its money in full and no longer has ANY interest in the mortgage.
Now, the SPV forms a new trust entity. This trust entity is defined by the IRS as a REMIC (Real Estate Mortgage Investment Conduit) and must adhere to the laws regarding such a trust. The benefit of doing this is that when the SPV transfers the mortgages into the Trust NO TAXES MUST BE PAID ON THE TRANSFER. This makes the trust is a much more efficient and profitable vehicle for investors. REMICs, in turn, cannot retain any ownership interest in any of the underlying mortgages. The Trust, then, is as its name states a Conduit where money flows in from the person who pays their mortgage and out to the investor as a payment. The right to receive those payments was purchased when the security (stock or bond) to the trust was purchased. Proceeds from that went back to the SPV who used them to purchase the mortgages from Bank A. It is a giant figure 8 circular flow of money with the Trustee coordinating it all.
Let’s see who OWNS the mortgage then:
The first owner was Bank A who took interest in the property as collateral on its loan to Joe. Simple enough, when Bank A sold the mortgage to the SPV its interest was extinguished. Ownership of the promissory note WAS transferred to the SPV who is now the note holder. The SPV forms the REMIC trust and transfers the note into the trust, thereafter it irrevocably changes the nature of Joe’s mortgage. It becomes a Security. Once again, the SPV must transfer the note and pay taxes on the transfer. The mortgage now in the trust becomes for all purposes a blended group of monthly payments. These payment streams become the source of funds that the trustee pays out to investors. In essence the trustee—when certificates, stocks or bonds to the trust are sold—sells a beneficial interest in the mortgage. That is not ownership of any portion or any segment of the revenue stream but rather is simply a security—just like a share of IBM or Google doesn’t entitle you to any of the assets of the company. But who owns the note?
Because of the tax exemption of the REMIC it is PROHIBITED from retaining any ownership of the underlying assets it no longer holds any ownership to the note on the day it is formed. The investors in the trust do not hold any interest in the note either; they only hold the security which was sold to them. So what happened to ownership of the note? It was EXTINGUISHED when it entered into the trust in order to obtain the flow of cash back to the original lender and the tax-preferred investment proceeds to the investors. So, who does Joe owe the money to? Who has authority to release the deed to Joe when his mortgage has been satisfied?
The answer? No one.
The trust is set up and cannot take an active role in the collection of the funds. It is a shell entity ONLY. Therefore it appoints a servicer to collect the payments every month. So what happens when Joe defaults? How is his property foreclosed upon?
In this proceeding the servicer presents documents to the court (or the trustee of the deed in a non-judicial foreclosure state) that state that THEY are the owner of the note and have a legal standing to foreclose. This is not true, is not legally possible, and is fraudulent. The servicer is the agent of the Trust and will use that to claim that they are foreclosing on behalf of the trust. The problem? The Trust itself cannot hold ownership of the note because of its tax-preferred REMIC status! What about if they state that they are representatives of the investors? The investors have no ownership interest in the underlying mortgages; they only have ownership interest in the securities that were issued to fund the trust! So who does Joe owe? The answer is nobody. The process of a note becoming a Security is final and irreversible. You cannot unscramble the eggs. A Security cannot be used to foreclose.
Bottom Line -All Terms of Joe's Mortgage Were Fulfilled:
The Lender was paid from the SPV upon selling the note.
The SPV was paid from the Trustee who received money from the sale of securities.
The Servicer was paid on schedule by the Trustee from fees generated.
Owners of the certificates (bonds or stock) received a payment from the Trust.
The REMIC Trust itself was insured by the SPV to protect investors.
If the terms of the mortgage were fulfilled (i.e. everyone was paid) To Whom Does Joe Owe Any Money?
There still exists a lien on the house that is unenforceable. You would have to go through a process to extinguish that lien by having an attorney file for you a Quiet Title, which silences or quiets any more claims to the property.
That's right, it is highly likely that the lien that exists on your house is unenforceable because if your mortgage was securitized and made part of a collateralized debt obligation package, it would be nearly impossible to determine whom legally holds your mortgage note. As explained your original note, (the one you signed in BLUE INK) was rendered invalid once the mortgage became a security.
You have the right to ensure that you are not being defrauded!! You have the right to request from the entity to whom you are sending your mortgage payments, that they prove they have the legal right to foreclose on your property if you stop making those mortgage payments.
You can request that they produce the original, (singed in blue ink), note that you signed at the time your mortgage loan was closed. Hint: They cannot... the note is gone. The original note that you signed at closing must remain with the (trust) deed, if either is missing, the other is worthless. If you had $1,000 dollars worth of gold in one hand, and $1,000 dollars in the other hand, how much would the dollars be worth if you took the gold away?
If you said NOTHING you are right.
You can get a satisfaction of mortgage from a court and a quiet title and you can own your home.
A mortgage securitization audit is available to you and will track exactly what happened to your mortgage from the closing table through today, it will show each instance where fraud may have been committed against you. It also gives you standing in court proceedings. If you can show fraud, you have standing.
If you would like more information, please complete the form and a representative will contact you. This consultation is free and you are under no obligation.
Before you get serious about making an offer on a new home, obtain from your mortgage lender a prequalification letter at minimum, or better yet, a preapproval letter. A preapproval letter from a lender is much more significant than a prequalification letter. Prequalification often takes just a few minutes, and many lenders provide this service at no cost to you. However, a prequalification letter is a nonbinding offer by the lender to provide you a loan for a certain amount of money. The problem with a prequalification letter is that the lender hasn’t verified your financial information. Rather, they’re indicating that if everything you stated can be verified and your credit rating is solid, they will provide you with this loan.
Preapproval, on the other hand, involves your lender actually verifying the financial information you provide. The lender will contact anyone they need to receive verification of your income, assets, debts, and credit history. After it verifies this information, it issues a letter stating that you are approved for a certain amount of mortgage for a certain period of time. Some lenders charge a small fee to provide a preapproval letter; however, this fee is generally refunded to you at closing.
You have several very good reasons for obtaining a preapproval letter prior to entering into any negotiations regarding the house purchase, including the following:
Your mortgage company has done a thorough review of your financial information and has provided you with the letter stating that they will give you a loan for a certain amount of money. It’s obligating itself to provide you with this loan. A potential buyer who already has a preapproval letter from a lender stands a much better chance of having his purchase offer accepted than someone who is making their offer contingent upon obtaining financing.
The preapproval letter provides you with confirmation of how much money (loan plus your down payment) you have available to spend on your new home.
Preapproved borrowers are attractive to potential sellers. Sellers don’t need to worry that if they accept your offer, you could be turned down for a loan. Also, you may be able to close more quickly than another competing buyer, because you have already completed the time-consuming process of being approved for your mortgage.
If your financial circumstances change significantly from preapproval to closing, your preapproval letter may no longer be valid. Contact your lender immediately if your circumstances change.
To obtain a prequalification letter, preapproval letter, and eventually a mortgage, you need to pull together the following information and documents:
Employment and income: Be able to answer these questions about your employment: Where do you work? How long have you worked there? How long have you worked in the industry? What is your annual income? How is your compensation derived? How stable is your income?
Liabilities: What current debts do you have? What is your minimum monthly payment required to satisfy these debts? What is the actual monthly payment that you’ve been applying toward these debts? Of your total debts, how much is directly applicable to credit cards and auto loans?
Assets: What is your current bank balance? Where will the money come from to make your down payment and pay any closing costs and discount points, if applicable?
Credit: The lender won’t typically ask you any questions about your credit history and instead pulls a copy of your credit report.
Review your credit report personally to make certain that you have done everything possible to improve its accuracy prior to making loan application.
Documents that you need to provide to your lender or prospective lender are listed in the Documents Needed for a Mortgage Application Worksheet. As you prepare to apply for your loan, you can use this checklist to make sure that you have all the necessary information.
Declining rates this week helped spark lots of new refinance activity, though a healthy increase was also recorded for purchase business. Meanwhile, the spread between jumbo mortgages and conforming loans tumbled.
The U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com for the week ended Friday rose to 227 from the previous week's 203. But the index still sits below its 239 level of a year ago.
Driving the increase was a 15 percent jump in refinance inquiries. Refinance share rose to 47 percent from 45 percent. This week's share reflected a 34 percent rate-term share and a 13 percent cashout share.
Purchase inquiries were also stronger -- up 9 percent from last week.
Conventional lenders reaped the rewards of the latest boost in business, with the Conventional MMI climbing 13 percent. The FHA MMI was only 3 percent higher.
The share of shoppers who opted for an adjustable-rate mortgage fell to 10.45 percent from last week's 10.79 percent. Still, overall ARM inquiries were up 10 percent.
The average 30-year fixed-rate conforming mortgage was priced at 4.843 percent this week, falling from 4.940 percent last week and 5.065 percent 12 months earlier.
Compared to the conforming 30-year mortgage, the jumbo 30-year was priced more attractively this week. The jumbo-conforming spread dropped to 53 BPS from last week's 60 BPS.
The 15-year also gained in appeal, with the spread between the 15-year and 30-year mortgage inching up to 80 BPS from 79 BPS seven days prior.
Commercial Real Estate: Big Troubles, Small Bailout Maurna Desmond, 09.04.09, 12:19 PM ET
High-flying financiers are sweating a coming wave of mortgage defaults tied to office and apartments buildings. Unfortunately for them, too big to fail doesn't apply to the $6.5 trillion U.S. commercial real estate market.
Unlike the multitrillion-dollar government intervention launched to keep the American housing market from cratering, Washington has done little to ease a looming crunch on the commercial side. "Housing probably gets more attention because it's a big part of household wealth and, at its peak, it was a much bigger portion of the economy than [commercial] real estate," says Abiel Reinhart, an economist at JP Morgan.
"It's one thing to bailout mom and pops on Main Street but another to bailout these big boys with big paychecks," said Peter Slatin of Real Capital Analytics, referring to the government's multi-pronged effort to help struggling homeowners. "People were trading buildings like trading cards."
The commercial real estate debt market, half mortgage-backed securities and half whole loans, has been virtually frozen since markets seized up in the summer of 2007. The situation will get worse as loans come due and values continue to deteriorate. "This is a drip, drip, drip transfer of ownership, not a flood of properties hitting the market," said Slatin.
California billionaire and Colony Capital Chief Executive Tom Barrack talked with Forbes in July about the struggle for survival in a downturn. "The object of the drill for everyone in commercial real estate--and this is everyone in the world--is just get to the other side of Death Valley. If you can make it to the other side of Death Valley, there's hope." (See "Commercial Real Estate: From Bad To Worse.")
The Federal Deposit Insurance Corp.'s Public Private Investment Program (PPIP) was a program supposed to help the sale of illiquid assets by combining private capital with government leverage. But it's not yet off of the ground. The only government lending program now in place is the New York Federal Bank's Term Asset-backed Lending Facility (TALF). This program recently expanded to include bonds backed by commercial mortgage-backed securities, allowing holders of CMBS to refinance their loans into lower interest bonds.
So far, just $2.1 billion has been issued through this program. Larger firms like Vornado, Westfield, DDR and Simon Properties are positioned to complete TALF transactions, according to Stephen Blank, senior fellow at the Urban Land Institute. "I don't think people expect TALF will save the entire industry, but it will jump start the first round of securitizations," says Blank.
Unlike the broad sweep of turmoil caused by the collapse of housing, most of the pain related to commercial real estate will be absorbed by investors and the firms that loaned them money, especially regional banks. Life insurance companies and pension funds like TIAA-CREF, CALPERS and CALSTERS, will also feel the pinch. Private equity funds of all sizes, from the Broadway Partners and Tishman Spier to the Carlyle Group, bought big using leverage, intensifying pain as the rout continues.
Most Americans will feel the impact through diminished municipal tax revenue, hurting funding for schools and other government-funded enterprises. Swaths of empty office buildings also have the potential to blight central business districts.
Industry advocates understand that there is limited sympathy for commercial real estate players and are tailoring their appeals accordingly. "We've been careful not to be painted as an industry looking for a bailout," says Chip Rodgers of the Real Estate Roundtable, a trade group. "TALF is a collateralized loan program. It's not a giveaway."
Others warn that helping stakeholders too much could slow a recovery, risking an American version of Japan's lost decade. "Part of the process is letting lenders and borrowers duke it out," said Tony Thompson, chief executive of Thompson National Properties and former board chairman of Grubb & Ellis. "Some people are gonna die and some are gonna reinvent themselves and some are gonna integrate themselves into the government fabric."
Tough love isn't the only solution. The Real Estate Roundtable estimates some $1 trillion in new capital is needed to restructure the $300 billion to $500 billion loans that need to be refinanced each year for the next eight years. "There is a need for the government to step in and develop a mechanism to bridge the gap. Everybody is still in a holding pattern," said Rodgers.
Of course it's not all bad news. For investors with cash, there will be plenty of opportunities for predatory plays. "There already has been a lot of carnage and there's likely to be a lot more," said Rodgers.
If you are about to be foreclosed on a commercial property or know someone who is and can't get a refinance, we can help!! Call UCS
