Upside Down on Your Home? – Here’s Your Playbook

In my home state of Minnesota, Minneapolis and Saint Paul have nearly 39 percent of homeowners under water. I’ve had the question, “I’m upside down on my home, what are my options?” so many times that I wanted to prepare a menu of options for people to reference. This article briefly outlines 9 potential solutions that may serve you well. The target audience here is not necessarily someone who’s in default on their loan but simply one who owes more than the home is worth. All too often, when one is upside down on their home and/or struggling with their …

Are Realtors Ready for the New Self-Employed Borrower Guidelines?

For all loans this year where the borrower has ANY kind of self employed income feature, they will have extra steps to go through after 2010. This means that even if they have a very passive (anything more than 5% or total income; positive or negative) business or a rental property or anything like that, they’ll be put through the Spanish Inquisition of income documentation. What’s more important as a Realtor, is that you’re working with a loan officer that is very proficient in tax transcript analysis and knows how to prepare an accurate Self Employed Income Analysis quickly (an …