National Real Estate Network Blog

Handyman Services versus Hiring a Contractor or Doing it Yourself

Handyman services are companies who specialize in handling small home repairs and remodeling projects.  This is how a handyman service makes a living; they are often the more economical choice for handling small home repairs than a contractor.  In fact, many contractors will turn down the small jobs because they specialize in larger, more complex jobs that require a crew of workmen.

Handyman services generally require just one specialist to complete all your small projects.  The best way to use handyman services is to have a list prepared so that once the handyman arrives, he can move from one project to the next, completing all your small repairs in one day.  This will save you money because it is cheaper to get all the jobs done in one day than to have the handyman return several different times.

Homeowners are often too busy to handle the home repairs; when they finally get home from work, have dinner, help kids with homework, etc…they just don’t have time to fix the squeaky door, caulk windows, fix the running toilet and hang shelves.  They swear they will get to it when they have a day off work, but the kids want to go to the beach and the wife wants to enjoy an evening out.  The handyman probably enjoys his day off work; why shouldn’t you?

How Big is your Home Repair Project?

Handyman services specialize in small jobs; those that can be completed in one to three days.  Large projects should be done by a specialized contractor.  If you need all new siding or windows then you would hire a siding and window contractor.  If you just need a new bathroom exhaust fan, some drywall repair, or a room painted then a handyman service will be able to handle the job efficiently while saving you money.

How much do Handyman Services Charge?

I advise homeowners to get a free, no-obligation estimate upfront, before any work is done.  Never hire a handyman service without knowing the total cost of the home repairs you need done; labor and materials.  Handyman services typically charge $65 - $75 per hour for labor.  They should be able to give an accurate estimate before completing repairs.

Choosing a Handyman Service for your Home Repairs

Finding a handyman service is easier than ever today.  The internet is loaded with handyman services competing for business.  The internet contains business directories, like the yellow pages, with customer ratings and testimonials. 

Make a list of at least three handyman services and call each of them for an estimate.  Ask for references and check with them to see if they are satisfied with the handyman service’s workmanship and customer service.  Check with the local Better Business Bureau to see if there are any complaints against the handyman service. 

Finally, make sure the handyman service is licensed in your state and carries adequate liability and workman’s compensation insurance; otherwise, as the homeowner, you could be held liable for damages or injuries while the handyman is working.

Keith Paul is the president of HandyPro Handyman Services in Plymouth, Michigan.  HandyPro Handyman Services specializes in handling small home repairs and remodeling projects, carpentry, drywall, plumbing repair, tile repair and services in over 1600 categories.  

HandyPro serves consumers and business owners in

Southeast Michigan, Oakland, Wayne, Washtenaw Counties, Allen Park, Ann Arbor, Belleville, Beverly Hills, Birmingham, Brownstown, Canton, Detroit, Dearborn, Farmington Hills, Flat Rock, Garden City, Livonia, Northville, Novi, Plymouth, Riverview, Rochester, Royal Oak, Southfield, Trenton, Troy, Walled Lake, West Bloomfield, Westland, Ypsilanti and neighboring cities and communities.   48101, 48103, 48105, 48108, 48009, 48134, 48174, 48187, 48201, 48203, 48205, 48208, 48210, 48212, 48213, 48215, 48217, 48220, 48223, 48225, 48120, 48124, 48334, 48336, 48134, 48150, 48154, 48168, 48375, 48170, 48192, 48306. 48309, 48073, 48033, 48075, 48084, 48390, 48322, 48324, 48186, 48198

Contact: 

HandyPro Handyman Service

Keith Paul

995 South Main

Plymouth, MI  48170

800-942-6394

Email:  office@handypro.com

This article was written by a friend of mine who offers one day funding and services for investors who are working with short sales

Pre-foreclosure investors are most successful in funding and closing a short sale when they have the funds available to finance the deal.  Lack of funding is the number one roadblock real estate investors face when performing short sale transactions.

As a result of the mortgage meltdown, beginning with sub-prime mortgages and other lending practices and then leading to increased foreclosures and declining real estate values, mortgage guidelines have tightened.  The credit crunch has led to an increase in mortgage fraud and real estate scams; thus, resulting in even more lender restrictions.  Real Estate Investors and home buyers are noticing how difficult it is to acquire financing for most any real estate transaction, especially short sales and transactions that deal with distressed real estate.

There are many techniques that savvy real estate investors have been using to close REO and Short Sale transactions, including double closings, hard money financing, back-to-back closings and even the more complicated closing using a land trust.

In any event it is important that the real estate investor who is preparing the documents and structuring the closing work with qualified real estate professionals, attorneys and title companies to ensure they are doing things right.

Transactional lenders provide funding for the short sale investor; they may also provide the document prep and closing services to close the deal quickly and efficiently.  There are many transactional funding lenders on the internet who provide a variety of services and their fees also vary.  If you choose your transactional lender wisely then you should have no problem working a short sale transaction and getting around the roadblocks investors are facing.

Jodi Funke is a transactional lender with Cash for Short Sales.com, a company who specializes in one-day funding for the short sale.  Their nationwide team of professionals, attorneys and title companies can close back-to-back transactions in every state across the nation.  They take pride in their ethical, honest business practices, always working with the highest integrity.  Work with Jodi Funke and Funding and Seasoning issues will not be a problem; learn more at http://www.cashforshortsales.com

This article was written by a friend of mine who offers one day funding and services for investors who are working with short sales

Many real estate investors would love to buy foreclosed homes cheap, fix them up, and sell for a profit; others want to buy and sell the same day.  Just think, the end result could be neighborhood recovery in areas suffering the worst effects of foreclosures.

Lender seasoning requirements have created road blocks for many real estate investors involved in double closing transactions.   Seasoning requirements are restrictions placed on real property requiring ownership of 6-12 months before it can be sold.  This is a turn-off for lenders; they may not want to fund the second part of a double closing because they are concerned with seasoning issues.

There are ways around seasoning requirements; however, real estate investors need to be aware that some “creative financing” techniques are illegal.  

One way around seasoning issues is to assign your interest in the purchase agreement to the buyer for a fee, keeping the seller as the current owner.  The drawback to this option is that the buyer must be able to pay the assignment fee without using proceeds from the final closing. 

There are a number of other techniques that real estate professionals are using to make the process of investing in foreclosures, short sales and distressed real estate smoother. 

Real estate investors who are practicing short sales, double closings and other specialized techniques should be represented by a qualified real estate attorney who understands how these transactions work.  A real estate attorney will know how to structure all documents in a double closing to comply with mortgage guidelines.

Jodi Funke is a transactional lender who specializes in real estate short sales and the resale of property purchased on a short sale.  She has built a nationwide network of attorneys, real estate professionals and title companies who are experts in short sale transactions and back-to-back closings.  Visit http://www.cashforshortsales.com a company who provides one-day funding to the investor who is buying the property on a short sale

This article was written by a friend of mine who offers one day funding and services for investors who are working with short sales

A land trust is an agreement where the trustee agrees to hold ownership of a piece of real estate for the benefit of another party or the beneficiary.  The land trust involves two major components; the Trustee and the Beneficiary(s).  Here is some information about the use of a land trust when working a short sale transaction:

The Trustee is the owner of the property, not the Trust itself.

The Beneficiary has the power to direct the Trustee to deal with the title and proceeds of the property.  They also have the right to manage, possess, use, control, sell, rent or mortgage the property.  The beneficiary has an economic interest in the property.

When a homeowner puts a property into a land trust they convey fee simple absolute ownership to the Trustee.  The land trust will state that legal and equitable title is vested soley in the Trustee with the homeowner named as the beneficiary.

The beneficiary can direct the Trustee to manage the property.  Any liens remain in place but do not get paid off at this time.  The land trust protects the property from other creditors by making sure no more liens are placed; this is good information for the short sale lender to know.

The homeowner will also sign a purchase agreement with the investor’s company as the buyer.  The trustee is not named as the buyer.  Once the trustee owns the property, a purchase agreement can be signed with the Trustee as Seller.  Once the contract is accepted, the buyer’s lender will order a title search and find that the Trustee is the owner of the property and has the right to sell.  This is the part of the process that typically stops the transaction.  It all boils down to how the underwriter interprets the FHA guidelines.

Lenders (notably FHA and nonconforming) instituted an underwriting requirement that title must be seasoned for varying lengths of time (3 months etc). The rationale is based upon an observation that where properties were sold multiple times, within a short period of time, the loans had a higher default rate and tended to have artificially inflated appraisals and various other forms of loan fraud. Thus, the seasoning requirement was born. Note the key term “sold”, not transferred. The transfer of the property from the Seller to the Trustee is without consideration and constitutes a mere change of identity and therefore, does not reset the title seasoning clock.

Transferring the ownership of the Land Trust is akin to a corporation selling its shares to someone else, while selling some property that it holds title to - it has no bearing on the transaction contemplated between the Trust itself and the bona fide purchaser for value. Nor is there any reason why a personal transaction, that does not affect title to the premises, would be presented to the purchaser’s Lender. Again, it is the Trustee who holds legal and equitable title and is empowered to convey the premises not the beneficiaries who merely have a beneficial interest in the land trust - personally not realty. New York State, for instance, considered such interest to be an economic interest in real property thereby creating a blend of the two interests - a quasi real estate interest that does not rise to a fee simple interest - so that it may collect transfer taxes upon the transfer of such interest.

Once financing is in place, a qualified real estate attorney can help you proceed to purchase the beneficial interest in the property.  Beneficiaries have economic interest in real property; therefore, transfer tax returns must be filed and transfer taxes paid when the interest is transferred to a new beneficiary. 

This type of closing should always be performed by a real estate attorney who is familiar with land trusts.  He will prepare the HUD-1 as if you were purchasing the property; the short sale lender is paid off at this time.  The land trust stays in place; the trustee remains the same.   Now the property can be sold to an end buyer with no problems. 

The process can vary slightly from state to state and should only be done with a qualified real estate attorney who is familiar with the process.  Proper structure with attention to the treatment of the beneficial ownership of the land trust is critical. 

Due to the increase in real estate fraud and scams, many states have enacted stringent legislation concerning distressed assets.  A qualified real estate attorney who has experience with short sales and land trusts will know what you can and cannot do concerning pre-foreclosed homes.

Jodi Funke is the founder of http://www.cashforshortsales.com a company who specializes in short sale transactions.  Jodi is a transactional lender who provides funding for the investor to purchase a property on a short sale and sell the property for a profit the same day.  Their team of real estate professionals, attorneys and title companies are experienced at handling these transactions while working at the highest level of integrity.

This article was written by a friend of mine who offers one day funding and services for investors who are working with short sales. 

A land trust is an agreement where the trustee agrees to hold ownership of a piece of real estate for the benefit of another party or the beneficiary.

Bad Rap on Land Trusts

Land trusts have existed since the Roman times with their clearest history being from the time of King Henry VIII.  During that time people used land trusts to hide their ownership of land so they could avoid having to serve in the military or be burdened with ownership responsibility. 

The land trust has a history of being a tool for some investors to use to their advantage with their own unethical ways of doing business.  The bad rap about land trusts is currently the number of investors who use them for their own “special” way of doing a short sale.

Real Estate Investors and Land Trusts

There are many advantages to using land trusts; they are an excellent way to hold property.  When structured correctly, a land trust can help the investor with any seasoning issue that may arise with purchasing a house from a private owner.  Unfortunately, this doesn’t work when purchasing bank-owned homes.

Some of the advantages of a land trust are:

• Sales price of the property can be kept off the public records
• Judgments or liens against an individual are not a lien against property in the land trust
• Partners can easily continue a project if one dies or is divorced
• Interest can be transferred quickly without recording a deed, because beneficial interest is considered to be personal property; not real property.
• Negotiating a purchase or sale is easier when the trustee can be blamed
• Liability on financing can be limited to the assets of the trust

A land trust must be structured properly in order to be of benefit to the investor, for example, seasoning issues that have hindered many deals are not a problem.  There are perfectly legal techniques for structuring a land trust to work to the real estate investor’s advantage.

Real estate investors who will be working with land trusts should consult a well-qualified real estate attorney about the land trusts laws in their state.  Keep in mind that not all attorneys understand the workings of a land trust.

Jodi Funke is a transactional lender with Cash for Short Sales.com, a company who specializes in one-day funding for the short sale.  Their nationwide team of professionals, attorneys and title companies can close back-to-back transactions in every state across the nation.  Seasoning issues are no problem; learn more at http://www.cashforshortsales.com

Forensic mortgage audits are being used as leverage for attorneys and mortgage modification experts to negotiate affordable work out plans with borrowers facing foreclosure.  Studies show that at nearly 80 percent of mortgage loans contain State and Federal Violations.

Many mortgage loans originated during the years 2001 – 2005 contained legal violations; some were unintentional; some were blatant acts of fraud.  The mortgages originated during this time frame were large contributors to the mortgage meltdown which has resulted in a flood of home foreclosures during the last few years.

Whether the violations and errors in a mortgage file are just innocent oversights or acts of carelessness, greed or fraud by the lender or mortgage broker, they can carry serious legal consequences, fines and penalties for the lender.  In many cases, the lender can be forced to refund all interest paid from the origination date back to the borrower. 

A forensic mortgage examination is a comprehensive investigation of a mortgage loan file to determine if there were errors or violations of a borrower’s rights under the Truth in Lending Act.  When mortgage loans contain errors or illegal terms or conditions, they are not enforceable; therefore any foreclosure action must be stopped when litigation on a questionable loan is started.  Mortgage payments to the lender can be discontinued; however, they should be deposited to an escrow account during legal proceedings.

In addition to determining the enforceability of a mortgage loan, a forensic loan audit adds leverage to a distressed homeowner’s negotiating power when they are attempting to get a mortgage modification.  A lender will be compelled to cooperate in modifying a mortgage if errors or violations are found during a mortgage file examination.  Lenders understand that they are much better off agreeing to an affordable work out plan than going through a long, expensive lawsuit.

This article was written by Ralph Mark Maupin, a real estate professional who has been in the industry for over 25 years.  County Loan Modification helps distressed home owners in South East Michigan keep their homes by modifying their mortgage to an affordable and sustainable loan.  Through diligent representation of homeowners, they negotiate a modification or resolution with lenders.  Learn more at http://www.mymortgageauditor.com

Homeowners who have adjustable rate mortgages, are victims of predatory lending, or individuals who are having trouble making their mortgage payments now have a new weapon to add to their arsenal for negotiating power with their lender. 

What is there to negotiate?

Mortgage modification is often a desirable option for homeowners facing foreclosure.  Some lenders will agree to modify the terms of the mortgage to make it affordable for homeowners to keep their homes.  The reason they will do this is to mitigate their losses.   For example, they might reduce the interest rate or increase the mortgage term to reduce the monthly payment rather than proceed with a lengthy foreclosure process and be stuck with a house that they cannot sell in today’s distressed real estate market.

Sounds like a No-Brainer – Why would it be Difficult?

The process of negotiating a loan modification is often a difficult process for the average homeowner, especially one who is emotionally distressed because they are in danger of losing their home.  Just getting the right person on the phone to speak with can be quite a task. 

The average homeowner has little chance of negotiating an affordable mortgage modification with lenders who have more resources at their disposal. 

Negotiating Power for Distressed Homeowners

Now there is a new weapon for distressed homeowners to add to their arsenal; the Forensic Mortgage Audit, also referred to as a forensic loan audit, forensic loan examination or forensic mortgage review.  The forensic loan audit can be performed by mortgage industry experts to determine unfair or unethical lending practices, violations of the Truth in Lending Act, or unintentional errors in preparing loan documents.

According to the Truth in Lending Act, even a small error in calculations or failure to properly disclose the terms of the loan can result in the borrower being awarded a refund of closing costs, finance charges or interest payments.  They may even be entitled to rescind the mortgage. 

Until recently, forensic mortgage audits were only available to banks and large lending institutions to determine their own liability exposure when purchasing mortgage loans.  Forensic loan examinations are now available to distressed homeowners to use as negotiating power with their lender.

Attorneys and mortgage modification services are using forensic loan audits to assist borrowers in negotiating loan modification.  Their findings provide leverage for the homeowner to use in coming to an affordable work out agreement with their mortgage servicer. 

Studies have shown that nearly 80 percent of mortgage files that are reviewed are found to contain violations ranging from unintentional mathematical errors to blatant fraud.  The intent of the forensic mortgage review is to encourage the lender to negotiate an affordable mortgage modification so the borrower keeps their home while the lender mitigates their losses.  Most lenders would rather reduce the interest rate or extend the mortgage term than be faced with a lengthy and costly lawsuit.

This article was written by Ralph Mark Maupin, a real estate professional who has been in the industry for over 25 years.  County Loan Modification Forensic Audit Specialists at http://www.mymortgageauditor.com help distressed homeowners and victims of predatory lending practices in Oakland, Wayne and Macomb Counties in South East Michigan.

Forensic Loan auditing is necessary to determine mortgage loan enforceability in the event of predatory lending or fraudulent mortgage practices.  There are several reasons a law firm or mortgage modification company would perform a forensic audit.

Performing a forensic audit demonstrate to clients that the company employs a team of professionals who are diligent and thorough in pursuing all available remedies and solutions.  The findings in a forensic audit are a critical part of understanding the borrower’s situation and negotiating an appropriate workout.  Violations of mortgage guidelines or proof of mortgage fraud or unfair practices will compel a lender to modify a loan even if the borrower does not qualify for loan modification.

Performing a forensic audit indicates a company is providing expert services to distressed homeowners rather than one who is operating a foreclosure rescue scam.  Federal and State agencies are cracking down on loan modification companies who prey on people who are facing foreclosure by charging high fees for minimal service.  When a company performs a complete forensic audit, by reviewing a mortgage file for compliance with consumer protection laws, they are providing something of value to their client. 

A company gains the attention and respect of loss mitigation departments when they do their due diligence and perform a complete forensic loan audit.   It shows lenders and mortgage servicers that the borrower is being represented by a competent professional who intends to negotiate a solution for all parties involved.  When a distressed homeowner is able to keep their home with more affordable loan terms and a lender mitigates their losses, everyone wins.

The most important reason to perform a forensic audit is to gain leverage for negotiating with the lender or servicer.  Any violations of mortgage guidelines or consumer protection laws relating to the mortgage will motivate a lender to modify the mortgage.  Depending on the violation, a borrower may be entitled to compensation including the right to rescind the loan, stop the foreclosure process, reduce the principal balance, lower the interest rate or modify the mortgage terms for a more affordable and sustainable loan.

A forensic audit is a powerful negotiating tool for mortgage modifications.  Material violations in the mortgage industry are not uncommon; in fact, over 80% of federally supervised banks have that were making loans at the peak of the mortgage boom were cited for compliance violations. 

This article was written by Ralph Mark Maupin, a real estate professional who has been in the industry for over 25 years.  County Loan Modification has helped distressed home owners in South East Michigan keep their homes by modifying their mortgage to an affordable and sustainable loan.  Through diligent representation of homeowners, they negotiate a modification or resolution with lenders.  Learn more at http://www.mymortgageauditor.com

Subprime lending practices and economic conditions have led to the mortgage melt-down causing a flood of foreclosures.  Mortgage fraud and predatory lending practices have increased, creating a demand for forensic loan auditors and mortgage modification specialists. 

In order to qualify as a forensic loan auditor who performs a forensic file review one must have a strong understanding of mortgage loan documents and mortgage laws and guidelines at the time of origination. 

A qualified forensic auditing service consists of a team of mortgage industry experts who specialize in consumer finance law and are skilled in consumer protection regulation. 

Performing a forensic loan audit involves an extensive and very thorough examination of the entire mortgage file to determine enforceability of the mortgage, note and related documents.

When the investigation is complete the forensic auditing team compiles the data and prepares a report outlining all regulatory violations they discover and findings of predatory lending, mortgage fraud or other unfair or deceptive practices.

Forensic loan auditors represent borrowers as they negotiate loan related disputes and agree to remedies or compensation for the fraud victim or distressed borrower.  Compensation might include the right to rescind the loan, stop the foreclosure process, recoup over charges with back interest, reduction of the loan balance, modified loan terms, interest refunds or other monetary damages.

This article was written by Ralph Mark Maupin, a real estate professional who has been in the industry for over 25 years.  County Loan Modification has helped distressed home owners in South East Michigan keep their homes by modifying their mortgage to an affordable and sustainable loan.  Through diligent representation of homeowners, they negotiate a modification or resolution with lenders.  Learn more at http://www.mymortgageauditor.com

Predatory Lending is a term used to describe unfair, deceptive or fraudulent practices of some lenders during the loan origination process.  Predatory Lending refers to dishonest or deceptive practices by lenders who take advantage of borrowers and home buyers.

A Forensic Audit, also referred to as Forensic Accounting, is the application of accounting methods for tracking and collecting data for the investigation and prosecution of criminal acts such as embezzlement and fraud. 

A Mortgage Loan Forensic Auditor can provide real and effective options and solutions to people who are victims of unfair, deceptive, predatory mortgage lending practices.  They will perform a comprehensive investigation to gather data to be used to turn the tables on your predatory lender.  A good forensic auditing service will do more than provide a temporary fix to your situation; they will take you out of your current loan situation and into a more affordable and sustainable loan that will reduce your chances of default.

A team of forensic auditing professionals will review your closing documents in detail as they search for errors, miscalculations, discrepancies and violations of federal and state consumer protection statutes.  Data is gathered as they identify fraud, misrepresentation, unfair and deceptive acts, breach of contract, unscrupulous practices and claims under other theories of the law. 

Once the investigation is complete and all data is gathered, forensic auditors move full-steam ahead to provide a solution for the fraud victim.  They will negotiate with your lender, on your behalf, using their findings as leverage to achieve a settlement.  Their main focus of the process is to protect your most valuable asset, your home.  The goal is to keep you in your home with a more affordable and sustainable loan.

Good forensic auditors have been known to get some great results for victims of predatory lending or other unfair mortgage practices.  It is not uncommon for successful investigating and negotiating to lead to:

• Recouping overcharges with back interest
• Compensation based on violations uncovered
• Correction of your loan to a prime, fixed-rate based on income prior to the loan
• Correction of your loan through Principal Reduction

If you feel that you are a victim of predatory lending or if you are having difficulty making your mortgage payments, a mortgage loan forensics specialist will help you negotiate and affordable workout plan so you can keep your home.  Audit reviews by forensic auditors verify compliance related to Truth and Lending laws, loan to value requirements, debt to income requirements and predatory lending and usury.

This article was written by Ralph Mark Maupin, a real estate professional who has been in the industry for over 25 years.  County Loan Modification Forensic Audit Specialists at http://www.mymortgageauditor.com help victims of predatory lending practices in Oakland, Wayne and Macomb Counties in South East Michigan.