$ 6500.00 Free Money For Frist Time Home In The Last 8 Years As of 11/20/2009 we can help you get the $6500.00 tax credit. At this time mnrcreditrepair.com will file out all the papper work for the $6500.00 tax credit for you at a cost of only $75.00. So e mail mnr.s ervic es@yahoo.com and see if you can get the $6500.00 tax credit or call us at (773) 941-4662 WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper. Updated Nov. 6, 2009, to reflect new legislation — more to be added soonFirst-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday. Look What New To The Bill www. IRS. gov For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. At this time mnrcreditrepair.com will file out all the papper work for the $6500.00 tax credit for you at a cost of only $75.00. So e mail mnr.s ervic es@yahoo.com and see if you can get the $6500.00 tax credit or call us at (773) 941-4662

LOOK AT THIS AS OF 10/15/2009 Is The FDIC Killing Short Sales? As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate. To read the blog, click here. Basically, IndyMac Bank (now OneWest Bank), is holding one of my clients hostage, demanding a $75k promissory note, or they will proceed to foreclosure. For the life of me, I couldn't figure out why they were doing this. The BPO came in at the contract price of $275k, with a net to IndyMac of $241k. What advantage could there possibly be for them to proceed to foreclosure? Yesterday, I figured it out. You see, IndyMac was taken over by the FDIC and sold to OneWest Bank in March/2009. Guess who the investors are behind OneWest? George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire). Now, listen to the deal they got from the FDIC.... Basically, they purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts). They purchased all current HELOCS at 58% of Par Value!!! Next, in order to "sweeten the pot", the FDIC stepped in and guaranteed the following: For any residential mortgages where OneWest experiences a loss, the FDIC will step in and cover anywhere from 80%-95% of the loss. The loss is calculated using the ORIGINAL LOAN BALANCE, not the amount that OneWest paid for the loan. Let's use my clients situation as an example: Loan Amount is $478,000, plus 6 months of missed payments, for a grand total of $485,200 OneWest pays $334,600 for the loan We have an all cash offer of $241,000, net to OneWest. So, let's do the math, shall we? The net loss, according to the FDIC formula is the ORIGINAL LOAN AMOUNT minus the amount of the offer. In this case, $485,200-$241,000, or $244,200. Next, the FDIC, according to their Loss Share Agreement, writes a check to OneWest for 80% of the so-called "net loss". So, in this case, OneWest gets a check from Uncle Sam for $195,360 (.80 X $244,200). Add the $195,360 to the sales price of $241,000, and you get a grand total of $436,360. Remember, OneWest paid $334,600 for the loan. So, OneWest puts $101,760 in their pocket, thanks to the FDIC. Folks, that is over $100k of our hard-earned tax dollars! So, you ask...Why does this program hurt short sales? Because, our brilliant government offers this SAME PROGRAM FOR FORECLOSURES! The only difference is, the government picks up 80% of the tab on all of the extra costs associated with a foreclosure (BPO's, upkeep, utilities/maintenan ce, legal fees, etc.) So, If I'm OneWest, why would I want to waste my time negotiating through a Short Sale, when I can make the same amount of money (if not more) by just letting it go to foreclosure? And we wonder why nobody can get a Loan Modification? Why would OneWest approve a loan modification for this guy, when they can foreclose and make over $100k? And, to add injury to insult, they have held this loan for 6 months! Not a bad ROI, huh? What infuriates me the most is that in my particular case mentioned above, they have the guts to hold my client hostage for a $75k promissory note, after they are already making more than $100k on the sale!!! This is his primary residence, 1st Position loan, and OneWest has NO RECOURSE! Imagine if they could make $100k, then get a deficiency judgement! Talk about making some big bucks! Can you say "GREED"? The scary thing is that over 50 banks have Shared Loss

How do reverse mortgages work? As you grow older there are chances that you will be requiring more cash to meet your health expenses. So, will it be a good decision to take out a traditional mortgage and continue paying for it even after your retirement? Certainly not, you can opt for a reverse mortgage instead. The U.S. Department of Housing and Urban Development together with FHA or Federal Housing Authority introduced the Home Equity Conversion Mortgage (HECM) program. It is commonly known as reverse mortgage. When can you opt for reverse mortgage? You will be eligible for reverse mortgage in case you are 62 years and above. Your home should be your principal residence and you must be the owner of the same. There should be enough equity in your home that can help you qualify for the mortgage. How does it work? You take out a reverse mortgage against the equity that is trapped in your home. So, when you take out a reverse mortgage, you free up a part of the equity. You do not have to make payments as long as you are staying in your house. The reverse mortgage has to be paid back after your death. Payments should also be made if you move out of the primary residence. The proceeds of reverse mortgage can be availed in the following manner – • You can avail the proceeds in form of a lump sum • In form of monthly payments • As line of credit • A combination of the above 3 How will you use the proceeds of reverse mortgage? The proceeds of reverse mortgage can be used for paying taxes, for renovating your home, funding a vacation, paying for a family member's education or paying for medical expenses. You can use the cash for just about anything. Recently, the HECM reverse mortgage home purchase program was introduced that allows a senior to take out a mortgage for the purchase of a new home. The new home is used as security. The reverse mortgage purchase program has just started and is yet to kick off in many states. Although reverse mortgage has been there for more than 25 years, it has always been a consumer’s favorite. The main difference between a traditional mortgage and a reverse mortgage is while in traditional mortgage, equity in your property increases and debt decreases, it is different in reverse mortgage. In case of reverse mortgage, the equity decreases, debt increases.

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Thanks for stoping by and tell all your friends to stop by and just say Hi.And if you need help filing your papper work for a loan modification e mail us and we will help you cut your mortgage by 30% ftlmi keil@yahoo.com or mnr.s ervices@yahoo.com or stop by www. mnrcreditrepair. com

THANKS FOR STOPING BY WE AS A HOLE CAN HELP PEOPLE SAVE THEY HOME WE WORK WITH OVER 35 BANKS TO LOWER YOUR PAYMENT AND TO STOP FORECLOSERS SO IF YOU NEED HELP E-MAIL mnr.s ervices@yahoo.com or go to www. mnrcreditrepair. com AND SEE IF WE CAN HELP YOU

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