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Listen to what Dr. Emmett Brown, the Nutty Professor in the film Back to the Future, said to Marty McFly when asked how the Flux Capacitor works: “First, you turn the time circuits on. This one tells you where you’re going. This one tells you where you are. This one tells you where you were. So, you input your destination time on this keypad, and Voila, you can travel back or leap ahead into the future”.

Hey, it worked in the movie! But just try using the back button to 2001, when you could write up a Real Estate Seller Carry offer to purchase, put in the Offering Price; Down Payment; Interest Rate and Terms and once accepted by the Seller, simply head on over to Escrow and open an Escrow and move to closing in a matter of days. It just won’t work anymore. Tucking in a Seller Carry transaction or putting it to bed, just isn’t a piece of cake anymore.

In fact……… (and I hate to even think or say this) but with the new regulations in place, if not done correctly it could cost you a fine or at the least a “nick” on your license. Being in the Real Estate Business and helping consumers buy the home of their dreams is not as satisfying as it used to be.

Back in the day, at the turn of the 21st Century (not so long ago), you could purchase a Note and after cursory due diligence, go to Escrow with your funds, the seller delivered and endorsed the Note and within a week from start to finish, it was heading for the Servicer (I hope NSC) to Set-Up and get the investment cash flowing into your account. Now, even the Servicer is bogged down and overwhelmed with regulations supposedly put into place to protect the consumer with the unintended consequences of making it extremely difficult for the consumer to purchase with any type of non-traditional financing. Unfortunately, it is also the era when banks have tightened their belt and some closing their womb to the loan application of the borrower for a loan.

Well, that’s Where we Were back then, but the reality is, here’s where we are as Loan Servicers and also as Investors or Private Lenders, just a dozen or so years later. Think about it, without the assistance of the Flux Capacitor, a time-traveling DeLorean or a Bolt of lightning hitting a clock tower – we have been plopped into the “here and now”. The “here and now, embraces a whole new set of Rules which have been delegated to the Federal Reserve who, in turn, created Agencies to write and enforce these new Regulations. Unfortunately, these regulations have created a paradigm shift of how we do business by affecting the decisions we make on a daily basis. Compliance Programs, Policies and Procedures require higher professional expertise, legal, insurance and risk management cost are escalated. All in all the new requirements have placed a tremendous financial burden on lenders and Servicers. More importantly, these increases have resulted in a necessary increase in fees to clients across the board in order to make ends meet.

The Financial, Economic and Entrepreneurial Landscape have changed dramatically. Perhaps more in the last decade that in the previous 50 years. The Dodd Frank Act has now put us into what is known in the trade as “The Age of Dodd Frank”. It’s not going away. In a recent speech by ….Cordray, the head of the Consumer Financial Protection Bureau, he declared the Consumer Finance Protection Bureau is a “regime (that) will govern the mortgage servicing market – including both the bank servicers and private loan servicers – in perpetuity.”

Welcome and thank you for taking the time to open and read the August Newsletter.  You know, when Dodd Frank (The Dodd-Frank Wall Street Reform and Consumer Protection Act) was enacted on July 21,2010, few in the Private Lending Community had little concept of the far reaching impact it would have on their business.  This is now clear as the new regulations begin to govern the mortgage servicing market and reforms Hard Money, Private Lenders and Investors including those who service their own loans. The risks are high both in penalties and for those with Real Estate Licenses, a high risk of disciplinary action.
It is important Investors know the rules, establish controls, enforce their internal policies and procedures, have the trained staff and right technology to keep accurate records and documentation to comply with the Consumer Financial Protection Bureau.   By the way, it is important also to note that – even if you service only “one loan” for others, you’re required to perform the Early Intervention Disclosure to the Borrower prior to filing an Notice of Default. Because, the Note Servicing Center services loans and notes for others and are fully compliant with the Dodd Frank Act, we stand ready, willing and well able to come alongside and provide necessary disclosures you are now faced perform.
Because of the new responsibilities, risks and costs associated with compliance, for the first time in 15 years, the NSC has had to raise fees.   Standard loan servicing still remains at a low one time Set-up fee of $25.00 and a $15.00 per payment fee.  You will notice a slight increase in the Schedule of Fees for Specialty Notes such as:  Notes with Impounds for Taxes and Insurance, Notes with Underlying Payments and Multi-Investor Loans.
To our clients, we thank you once again for the Trust and Confidence you have expressed in us as your servicer of choice.  We welcome new clients to experience the Loan Servicing we enjoy providing.  For information and a Schedule of Services and Fees, please contact us at: info@sellerloans.com

 

Thomas K. Standen, President


GREETINGS

From Roberta and the Note Servicing Center Staff,

You have often heard me say, Opportunity swings on the hinges of Adversity. Have you laid claim to one of the many “Unclaimed Opportunities” that await you in 2011? When we listen to the media, the pundits and take a look at the state of the economy, one begins to wonder if things could get much worse; or at best wonder how long it will be before we see a ray of sunshine peek through the gloom and doom of the market. Well, I’m here to tell you many opportunities already lay UNCLAIMED at your doorstep. There is a boom and bust to every real estate and finance market. “But” you say, “This one is different”. I agree, history will testify to the fact, they ALL are different, but they all forge opportunity. In this edition of the NSC Newsletter you will read an article by a young man working in one of the worst economically depressed areas in the United States, who instead of laying down in a prenatal position and sucking his thumb, has grabbed a hold of the age old concept of Land Contracts to fill a housing need in the city of Detroit.

I couldn’t resist including an article in the Insider Scoop section which includes some pretty “no excuse” straight talk authored by Fred Rewey, about what we all need to focus on when times get tough and particularly right now at the beginning of 2011.


BREAKING NEWS

It would be great to greet our many clients and friends and meet new ones as we attend various seminars and workshops this year. Both Tom and I will be attending the Hughes Brothers Land Trust Seminar in Walnut Creek, CA this April. You can read more information about this event in the NEWS and VIEWS section of this newsletter. Roberta will be honing in on Eddie Speed’s Note School Series in CA also, which you will be hearing more about by e-mail and Newsletter very soon.


PRESIDENT’S CORNER

The 1098’s and 1099’s for the NSC clients are now mailed for the 2010 fiscal year. This task can be a headache for most note holders. Fortunately, for those using our service our system has no problem preparing and mailing thousands out – all at one time and on time. This is just one of the many routine services provided by NSC at NO CHARGE! We welcome your call for information on how we can take the hassle out of servicing your own notes. We service for as low as $25.00 set up and $15.00 per month. There is no penalty for cancellation so, you have nothing to loose and everything to gain. Call 209-966-3445 X 12 or contact info@sellerloans.com.

SELLER FINANCING IN DETROIT WITH LAND CONTRACTS

By Jeremy Burgess

In the unforgiving landscape that is the real estate market right now, land contracts are a bright shining light. Home buyers do not exactly have a choice when it comes to financing through traditional routes. Appraisals are six feet under with underwriters doing their very best to get the value near a meal at McDonalds. Translation, no one is lending in Urban areas.

I’ve done the FHA dance and I have the scars to prove it. From reverse mortgages, 203k’s, and traditional FHA products all with similar results. Great initial success followed by abysmal failure. Not to be too doom and gloom on you but the fault lies not with FHA or the underwriters, but with me, the investor. I made the choice to give control of my success and profits to a third party. Well no more.

I stumbled across land contracts by accident. I started receiving leads from my investor wholesale site from home buyers asking me to finance my houses for them. I ignored the leads at first. I had real problems to solve and it didn’t seem like a great solution. However, more leads continued to trickle in and I wasn’t even advertising. Luckily for me a friend stepped in with his story of success with land contracts.

I started calling these people and I realized very quickly… To finish this article (http://sellerloans.com/2011/01/19/seller-financing-in-detroit-with-land-contracts/)


NSC INSIDER SCOOP:

Why You Failed in 2010 and 7 Ways to Make 2011 Different by Fred Rewey

Sure, 2010 sucked. The economy sucked. The housing market was lousy. And jobs became tougher to find.

You thought 2010 was your year to break out on your own. Create your own business – an online empire that would yield you income and financial freedom.

But then American Idol had a special, you had to find out what happened on the last season of Lost (and blog about it), and, what is that?… Sarah Palin has a reality show?

Frankly, you blew the year with distractions.

It is easy to do…I mean…distractions are so…well… distracting.

It is so much easier to chat about how Obama is some secret plant by the Soviets sent to destroy America or how Starbucks is adding stuff to their coffee to make people want to buy an accompanying muffin.

Hey, those are much better topics because, frankly, who the heck wants to look within for reasons of not accomplishing your goals?

Dare to peek into the looking glass? Then read on…

Here are the Top 7 reason 2010 sucked and how you can change all that for 2011…
To finish this article (http://sellerloans.com/2011/01/19/why-you-failed-in-2010-and-7-ways-to-make-2011-different/)


NEWS, VIEWS AND EVENTS:

The NOTE INVESTOR In the current edition of the NOTE INVESTOR, an on-line blog by Tracy Z. Rewey, she offered a new training for Finding Cash Flow Notes? Use this LINK (http://clicks.aweber.com/y/ct/?l=9gEA7&m=IrZPMILEH599nG&b=XK2Cqbx.JqpZCZUkjY6F4g). Just click the link to watch the video for all the details (including a special 25% discount)! Please make sure you tell them Note Servicing Center sent you.

Check it out at: http://www.noteinvestor.com

THE HUGHES BROTHERS Do you own (or want to own) property? DISCOVER how to protect your assets and keep them private from the public by attending the highly acclaimed Land Trust Seminars. You will learn how you can start immediately to utilize Land Trusts for Liability Protection, Financial Privacy, Estate Planning and Remote Control Management. Seminar date: April 16th & 17th, 2011 from 8:30am to 4:00pm. Walnut Creek, California. To enroll for either Land Trusts Made Simple or Advanced Class call 888-796-3896. http://www.realestateforprofit.com Look forward to seeing you there.

The CFE JOURNAL If you have not logged on or subscribed to the CASH FLOW EXCLUSIVE on line Journal, it is definitely well worth the time to take a look. Look for recent article written by Roberta Standen for the January issue Use your GPS for Less Stress in 2011. For your free copy available via email, contact distribution@cashflowexclusive.com and tell them the Note Servicing Center sent you.

The NOTE SCHOOL Personal Mentoring from Eddie Speed and NoteSchool is the perfect path to success in the cash flow business. He will be presenting a new seminar series in California in 2011. Contact Roberta at 209-966-3445 Ext. 14 or rstanden@sellerloans.com for advanced information and an opportunity to attend the classes at a reduced price. We look forward to seeing you there.

PENSCO TRUST UPCOMING SEMINARS AND EVENTS One of the many goals of Pensco Trust is to educate individuals and professionals on how to use self-directed investing to help realize their investment goals and dreams. Click on this link to see all the events that are on their website http://www.penscotrust.com/education/events.aspx. For additional Information contact www.penscotrust.com Tell them the Note Servicing Center sent you!

AMERICAN ASSOCIATION OF PRIVATE LENDERS (AAPL) is the only national organization dedicated to the promotion of the private lending industry. AAPL is designed to serve as a catalyst for industry growth, by fostering awareness, promoting best practices, and enforcing a code of ethics. Now you can be a part of this organization and receive all the benefits that other members enjoy. AAPL offers four levels of membership, each designed to meet the needs of various entities within the industry. Just go to: www.aaplonline.com

YOUR BUILD YOUR BUSINESS – WE SAVE YOU TIME AND MONEY

December 2010 Newsletter
Content:

  • GREETINGS from Roberta
  • PRESIDENT’S CORNER
  • BREAKING NEWS
  • INCREASE VALUE WITH PAYMENT HISTORIES
  • NSC INSIDER SCOOP
  • NEWS, VIEWS AND EVENTS
  • GREETINGS

    From Roberta and the Note Servicing Center Staff,

    December is a time for looking into the night sky on a cool crisp evening
    when the deep blue darkened sky serves as a backdrop for a profusion of twinkling and sparkling stars. It is a time to for the change of seasons and perhaps for some the first snow. City streets are aglow with a profusion of sights and sounds of music and streets are homes are decorated with lights on windows, roof tops, doorways, trees and driveways. It is a beautiful time of year. It is also the month of the Winter Solstice where the nights begin to be shorter around December 21st and the day s grow longer.

    But as beautiful as it is, January 1, 2011 is just around the corner and with it the opportunity to seize the opportunity to begin anew and to turn over a fresh page. It is the time to set new goals, develop a fresh plan of action in case you have strayed off track. As you start this process, remember nothing is going to “happen” until you take the knowledge, the ability and the training you already have to GET STARTED. So do something, even if it wrong. I have learned more from my mistakes and errors than I have with my successes – so Start doing something today, but certainly no later than January 1, 2011.

    Get up to bat and if your afraid you might strike out, let the last ball hit you and walk the base, but at least you’ll get somewhere. From second base at least you’ve moved and have the opportunity to run to second when someone else hits the ball. You’ll be moving by default, but at least you’ll be moving.

    Life without a goal is like entering a jewel mine, and coming out empty handled. Successful people are Goal Oriented People – they know what they want, they are happy people because they know where they are going. They have enthusiasm that surmounts every obstacle that finds a way around, over or under the obstacle. In fact, they consider every obstacle as simply an opportunity turned upside down. Goal oriented people are enthusiastic people, they are fighters, they are doers, and they are creative. They think in terms of possibilities and learn to “Color outside the lines”. They have a burning desire to get to where they are going.

    I encourage you to seize the opportunity during the few days between Christmas and New Year that are typically slow, to set aside time to review the progress of last year, but primarily to look ahead and set some serious goals for 2011. Get the cooperation of your family and then lay out a critical plan of action. Most of all get moving! All of us here at the Note Servicing Center wish all of you a blessed holiday season and a very Happy New Year.

    BREAKING NEWS

    I hate to break the news, but it’s the time when you soon will have to face the miserable task of getting out those dreaded IRS 1098 forms to your borrowers. Do you really want to do it again next year?? If you are a Note Broker, Investor, Mortgage Broker or an LLC Manager you are statutorily required to prepare and send year end IRS 1098’s and/or 1099’s at the end by January 31st of the following year. We are bustling around here at Note Servicing Center preparing to provide those right now for our clients who have used our service in 2010. Here’s the good news: If you are not already a Note Servicing client, we will be more than happy to take this job off your hands next year – at absolutely no cost to you when you use our servicing.

    Obviously, the most cost effective, convenient and efficient time to start this benefit is to begin the servicing of your note or notes on January 1, 2011, to be prepared for the next calendar year. So, if you have been procrastinating getting those notes sent in, just go to http://www.sellerloans.com click on “SIGN UP AND FORMS”, select the appropriate package or forms and follow the easy steps. We take over from there, and do all the work. For questions or help, contact info@sellerloans.com or call 209-966-3445 ext 12. We want the job!

    PRESIDENT’S CORNER

    As many of our Newsletter readers know there has been many articles and publication concerning the S.A.F.E. Act and how it might affect the note business. As the designated broker for the Note Servicing Center Inc., it is vital we keep the company in compliance by taking a positive action to conform to this new regulation. Early in November we passed both the Federal and State test, obtained the required, completed the necessary documents and have been approved as an NMLO originator in CA and continuation of a qualified third party loan servicing company on a nationwide basis. There has been significant speculation of whether or not a servicer will need this license endorsement, but we decided to go for it anyway with the idea that it is better to be SAFE than Sorry.

    INCREASE VALUE WITH PAYMENT HISTORIES

    Tracy Z. Rewey

    Keeping an accurate record of the payments received on the note shows how much the buyer still owes along with their payment habits. Plus, note sellers can also improve the value of their note by providing a verifiable payment history to the investor!

    There are two main ways to keep track of the payments. The first and easiest is to let a professional handle it. The payments are made to a third party servicing agent (http://www.sellerloans.com/) that keeps track of the balance and sends the money along to the seller. They will also send out the annual 1098 Mortgage Interest Statements and can hold original documents in safe keeping.

    If a seller chooses the “Do It Yourself”‘ method over a third party pro they will need to follow these steps.

    1. Place original note and other original documents in a safe deposit box.
    2. Make a copy of each check or money ordered received (accepting cash is not recommended as the lack of paper trail makes it hard to verify).
    3. Keep a copy of the bank record of deposit for the payments received.
    4. Create a ledger reflecting the date and amount of payments received.
    5. Calculate the amount applied to interest, principal, late fees (if any), and the resulting principal balance. An amortization schedule or calculator can be helpful. Once calculated, record in the ledger.
    6. Send out an annual statement to the buyer or payer along with the IRS1098 Mortgage Interest Statement.
    7. Verify the real estate taxes and property insurance are being kept current. Consider establishing a tax and insurance escrow wherein the buyer pays 1/12th of the annual amount into a reserve account each month.
    8. Send collection letters as necessary for late payments.

    When an investor agrees to purchase a note they will request a payment history. A verifiable payment history can improve the value of a note as it provides proof of timely payments. A payment history is considered verified when it is either provided by a third party or is backed up by the documents and records outlined.

    Unfortunately many sellers fail to keep track of the payments received. When they go to sell the note they try to recreate the history from memory. Without any proof of payments received, an investor has to go on faith. Sometimes a payment history affidavit can substitute for a payment record but it still doesn’t add the value of a verifiable proof. Protect the value of the note by setting up a verifiable payment tracking method today!

    Tracy Z. Rewey has been helping people make money with owner financing (http://www.noteinvestor.com/) for over 20 years. Gain knowledge from a well-known note buyer through real life examples. Article reprinted and used with permission from http://www.noteinvestor.com

    NSC INSIDER SCOOP:

    GREAT NEWS for Note Servicing Center Lenders and Investors. You can now have your monthly distributions deposited directly into your account electronically at no additional charge. Just email Thomas IV at thomas@sellerloans.com or call 209-966-3445 Ext. 13 to set it up. Also, your borrowers or payers can make their payments by ACH automatic withdrawal directly from their bank account on the scheduled day agreed to by both. The set up is easy, the form is available on line just Click Here (http://www.sellerloans.com/signup-package/) or email us for information. Lenders/Investors can get your money faster and borrowers can simplify their life. Payments can also be made on line at the Make a Payment (http://www.sellerloans.com/make-payment/) banner.

    NEWS, VIEWS AND EVENTS:

    The NEW SELLER LOAN SERVICING WEBSITE located at: http://www.sellerloans.com is “standing-up” live and well. Ready for you to use. I know you will enjoy this improved innovative and somewhat interactive website. If there are links that do not work on your browsers, PLEASE, let us know. It will be helpful to hear from you. Several pages are still in Beta Testing. Please visit us at http://www.sellerloans.com and let us know what you think and how we can improve our service to you.

    AMERICAN ASSOCIATION OF PRIVATE LENDERS (AAPL) is the only national organization dedicated to the promotion of the private lending industry. AAPL is designed to serve as a catalyst for industry growth, by fostering awareness, promoting best practices, and enforcing a code of ethics. Now you can be a part of this organization and receive all the benefits that other members enjoy. AAPL offers four levels of membership, each designed to meet the needs of various entities within the industry. Just go to: http://www.aaplonline.com.

    THE HUGHES BROTHERS Do you own (or want to own) property? DISCOVER how to protect your assets and keep them private from the public by attending the highly acclaimed Land Trust Seminars below. You will learn how you can start immediately to utilize Land Trusts for Liability Protection, Financial Privacy, Estate Planning and Remote Control Management. Seminar date: April 16th & 17th, 2011 from 8:30am to 4:00pm. Walnut Creek, California. To enroll for either Land Trusts Made Simple or Advanced Class call 888-796-3896. http://www.realestateforprofit.com Look forward to seeing you there.

    The CFE JOURNAL If you have not logged on or subscribed to the CASH FLOW EXCLUSIVE on line Journal, it is definitely well worth the time to take a look. Look for recent articles written by Roberta Standen in the November issue, A timeless and proven trick of the trade and December Where are you now – at the end of your Rope? A new one will scoop in January entitled Use your GPS for Less Stress in 2011.

    For your free copy available via email, contact distribution@cashflowexclusive.com and tell them the Note Servicing Center sent you.

    The NOTE INVESTOR In the current edition of the NOTE INVESTOR, an on-line blog by Tracy Z. Rewey, she offered a new publication authored by her and Fred entitled, “21 Insider Secrets You Must Know Before Selling an Owner Financed Note”. Check it out at: http://www.noteinvestor.com

    The NOTE SCHOOL Personal Mentoring from Eddie Speed and NoteSchool is the perfect path to success in the cash flow business. Eddie, is the recipient of the 2006 Industry Achievement Award and conducts mentoring programs and Training Seminars nationwide. He will be presenting a new seminar series in California in 2011. Contact Roberta at 209-966-3445 Ext. 11 or rstanden@sellerloans.com for advanced information and an opportunity to attend the classes at a reduced price. We look forward to seeing you there.

    PENSCO TRUST MONTHLY WEBINAR will be held on January 5th 2011 – How To Buy International Real Estate With Your IRA. Presented by Bret G. Dudl & David Braga. Learn how to purchase International Real Estate, Pitfalls to avoid when buying international real estate. Click here to register(http://www.penscotrust.com/events/WebAndTeleseminars.asp) The webinar is FREE. Webinars are held on the first Wednesday of each month. For additional Information contact www.penscotrust.com Tell them the Note Servicing Center suggested you contact them.

    Again, please visit our new website at www.sellerloans.com If we can be of assistance to you, remember what makes the Note Servicing Center different than any other Note or Loan Servicing Company. The real key to our success isn’t our size. Rather, it’s the one-on-one relationship we build with our clients, one at a time… one day at a time. We take our business personally; we do business the old fashioned way, by delivering flexible, responsive personal service and customer care.

    YOUR BUILD YOUR BUSINESS – WE SAVE YOU TIME AND MONEY

    This email was sent by rstanden@sellerloans.com.
    To be removed from our list simply reply with “Please drop me from your list” in the subject line..
    Note Servicing Center | Post Office Box 87 | Midpines | CA | 95345 | 209-966-3445
    stamp
    Contents:

    1. GREETINGS from Roberta
    2. PRESIDENT’S CORNER
    3. BE SAFE – NOT SORRY By Fred Hobbs
    4. NSC INSIDER SCOOP
    5. NEWS, VIEWS AND EVENTS

    GREETINGS 

    From Roberta and the Note Servicing Center Associates,  The chill in the morning air here in the Northern California Sierra Nevada, reminds us the fall season has officially arrived. The acorns are as big as your hat – a harbinger of a cold and long winter ahead.  Our hope and prayer is that the chill wind in the housing and finance market will warm sufficiently to stimulate investor confidence, expand business, lower jobless rate and provide a head of steam to get the economy moving again before Spring.       

    The SAFE ACT and the Wall Street Financial Reform Act has resulted in what many real estate practitioners referred to as the “unintended consequence” of slowing down the housing market, restricting seller financing and over regulating the private money mortgage market. While dabbling in the housing and lending business wouldn’t it be sweet if the Fed’s decided to completely prohibit the exactions lenders impose on a buyer’s assumption of a mortgage with “due-on-sale clauses” in trust deeds. I’m dreaming. When home sales volume finally increases, the Fed will raise short-term interest rates.  Just when buyers want to buy again, they will want to “assume today’s 3.9% to 4.5% fixed rate mortgage loans. You guessed it “Déjà vu”. Lenders will demand increased interest rate and fees. I can hear the screech of the brakes on home buying already.  Yes, I know, determined (or starving) real estate bill try to dance around government regulations which typically results slowing down housing or the Regulators will come up with another Financial Reform Package.        

     I have come to the conclusion the Feds don’t have a clue as to what steps need to be taken to stimulate the housing market and what action puts a damper and imposes restraint on sales. Still a whole lot of opportunity out there though, and we are doing our best to provide you with the tools to take the “grunt work’” out of tracking payments and progress. By the way; I am getting up courage to create a “blog”.  It will be accessed right from our new Website, soon to be live on line. Will keep you posted so you can be one of the first to sign up for an RSS Feed.  Blessings, Roberta          


    PRESIDENT’S CORNER

    The Note Servicing Center website will very soon be taking on a “new look” with added features specifically geared to meet the needs of our valued clients.  We have expanded to servicing Lease Options and Land Contracts aka Contract for Deed.   Currently, we service loans regardless of the structural complexity or creative and innovative terms or the note.  Lenders View Central is back “On-Line”, providing 24/7 viewing of the account portfolio for our Lenders and Investors.  Thank you for reading our Newsletter. Please visit my “corner” again next month as I have a number of exciting new features up my sleeve to make your job easier and also to save you time and money. We appreciate your business and please contact me personally with your comments and concerns. My door is always open.  Email tom@sellerloans.com or call 209-966-3445 Ext. 11. I look forward to hearing from you soon.            


    BE SAFE – NOT SORRY By Fred Hobbs

    Are you confused about the SAFE Act and how it may affect the way seller financed transactions are handled in the future?  Don’t feel alone, nobody seems to have a grasp on the relatively short (compared to the Dodd – Frank H.B.4173) National Safe Act model. The model for states to adopt was brought about, to provide relief to buyers of residential property from supposedly unscrupulous lenders and brokers. This relief is in the form of documented disclosure of sale terms, and oversight of qualification of a buyer’s ability to repay under the terms of the agreement.  It is thought that this Act would, among other things, reduce potential defaults on residential property and restore property values to former levels, as well as inform borrowers of the details of the transaction (remember all the stacks of paperwork you signed when you purchased your property typically not read?) The SAFE Act was implemented as a model uniform national code for auditing these transactions through the various state regulated Finance Code laws already in place. In most states this auditing is administered through licensing of individuals engaged in the activities of Residential Mortgage Originators for regulated loans.  The SAFE Act adds seller financed transactions as a regulated transaction. Therefore, a person or entity that initiates a seller financed note on a residential property must….  Click here to finish this article 
     

     NSC INSIDER SCOOP:

    Good News for Note Servicing Center Lenders and Investors:  You can now have your monthly distributions deposited directly into your account electronically at no additional charge.  Just download the form by clicking here, email Thomas IV at thomas@sellerloans.com  or call 209-966-3445 Ext. 13 to set it up.  Also, your borrowers or payers can make their payments by ACH automatic withdrawal directly from their bank account on the scheduled day the borrower chooses, click here for the form.  The set up is easy by completing and signing a simple form.  Let us help get your money to you faster and better service the borrower without paper work or checks in the mail.


    AnchorNEWS, VIEWS AND EVENTS: 

                 The NEW SELLERLOANS.COM WEBSITE…. Located at: www.sellerloans.com is at long last “standing-up” live. Please be aware it is in “Beta Testing” and we are correcting links and errors on a daily bases.  Within a week the site should be functioning correctly in most aspects. I know you will enjoy this improved innovative and somewhat interactive website. If there are links that do not work on your browsers, PLEASE, let us know by emailing pam@sellerloans.com. We will enjoy hearing from you. Roberta’s blog is not ready to launch as yet….but when it does, we are going to have some fun. Please visit us at www.sellerloans.com. Many of the new features are a result of your requests and suggestions, which we greatly appreciate.                                  

                  NOTEWORTHY CONVENTION: Attending the 24th Annual NoteWorthy Convention is set for November 4 – 6th in New Orleans. It may very well be the KEY TO YOUR SUCCESS IN 2011.  Although the economy is in turmoil, you will rub shoulders for three full days with some of the most successful cash flow professionals in the industry today.  Investors, funders, educators, partners and experienced dealmakers will all be there too to show you how to not only survive, but thrive in this economic environment.  Opportunities exist, come learn how and where to find them.           

    The Note Servicing Center has arranged a special discount to help you take the leap to attend.  We encourage you to join Tom and I as well as others who support NoteWorthy and also enjoy a 20% discount on your registration.  Simply go to the following website to register.  http://www.eventbrite.com/event/472454123/Noteworthy2010/7040934937/?discount=20discount2010                 

                 The CFE JOURNAL: If you haven’t tuned in and logged on or subscribed to the CASH FLOW EXCLUSIVE on line Journal lately, it is definitely well worth the time to take a look.  Whether you are a cash flow specialist, interested in buying or brokering private notes or just plain curious about the cash flow business, the CFE Journal may open more doors of opportunity for you.  The articles are written by successful professionals in the business. If you are interested in receiving a copy of Cash Flow Exclusive via e-mail, send your name and e-mail address to request@cashflowexclusive.com , and your name will be added to the list.                   

                The NOTE INVESTOR:  I noticed in the current edition of the NOTE INVESTOR, an on-line blog by Tracy Z. Rewey, she offered a new publication authored by her and Fred entitled, “21 Insider Secrets You Must Know Before Selling an Owner Financed Note”. Check it out at: http://www.noteinvestor.com                          

                 The NOTE SCHOOL:  Reserve your seat and register! Call Today!
    October 29 – 31: Rich Rewards in Real Estate Notes – Houston, Texas Call Duane: (888) 847-9353 or email at: Duane@NoteSchool.com  for further info or go to http://www.noteschool.com/richrewards  to Sign up.  The next two classes are in:      

    •  Houston, Texas   Oct 29th – 31st
    •  Dallas, Texas        Dec 10th – 12th

    This intense, three-day workshop will teach you the most advanced techniques, tools, and tips in the industry, so that you can turn prospects into customers! When you contact Duane and let him know Note Servicing Center sent you and you will receive a “Huge” Texas style discount!                

                PENSCO TRUST MONTHLY WEBINAR: On the first Wednesday of each month, PENSCO Trust hosts a free live Webinar. (Click here to register for the webinar.) If you missed any of the Webinars you can now access them right from our Website, by clicking on Useful Links (click here) and then on Pensco. They post the recordings and corresponding handouts for each session in their EDUCATION SECTION. This way you can listen and learn at your leisure! For additional Information contact www.penscotrust.com     



    Obstacles are things a person sees when he takes his eyes off his goal.
    - E. Joseph Cossman


    Contents:

    1. Spring Greetings from Roberta
    2. Is Owner Financing Dead?
    3. Convert a Traditional IRA or Pension plan to a Roth IRA By Tom Anderson
    4. Upcoming Events

    Spring Greetings to you all

    Not only are Spring rains and storms spreading out over our Nation but the storms of financial instability continuing and unemployment “reigning” in a major portion of our country.  Banks remain unwilling to loosen the purse strings to support the movement of the housing market or support new commercial construction; nor are they willing to spring loose of sufficient credit to keep small businesses alive. Prices of homes in most areas are not interfacing with the affordability index and therefore supply continues to exceed demand (or opportunity to buy) resulting in less buyers to purchase foreclosed homes on the market. A ray of sunshine peeks through with the understanding, by experience alone, that we can’t stay mired in the mud forever. We continue to stay optimistic in spite of circumstances in order to maintain sanity and enjoy good health, every day blessings of family and friends and the freedom and wonder of living in the USA.

    We can make a difference by leaning into and supporting those who are working diligently to influence HUD to modify their rules and regulations with respect to Owner Carry Back Financing on not just SFR but also on land, commercial and industrial property.  Private financing has and can continue to have a positive effect on the housing market and get traction going to move the market.  This month we provide with information on legislation and pending legislation affecting the Private Mortgage Business which includes Seller Financing.   

    Also, exciting news will be breaking within days on a special money saving plan soon to be rolled out on note set up of new accounts with the Note Servicing Center.  In this newsletter we have included information on Setting up an IRA Retirement Account and remember – you can purchase notes secured by real estate with your IRA.  To see how easy it is to do this, click here  or go to our website at www.sellerloans.com where you can download the FREE booklet “Turbo-Charge Your Retirement Plan”.


    IS OWNER FINANCING DEAD?

    Some feel strongly the SAFE act is a “law of unintended consequences” meaning the Lawmakers had no intention of restricting or adversely effecting the private mortgage industry while other believe fervently this in an intentional effort to bring all financing under the Government Regulations. One thing is absolute, this piece of legislation does impact not only the carry back seller  but also negatively affects real estate brokers, note buyers (funders) note brokers, developers, builders, servicing agents, investors and escrow companies – virtually the entire private mortgage industry by imposing unrealistic requirements and restrictions at the origination phase.   

    Typically, the option and ability to turn to private financing when institutional loans are not available, either by virtue of high interest rates or as in the with the current economic situation when banks are not lending and credit is severely restricted; makes it possible for property to keep moving.  Private financing plays a major roll in greasing the wheels of the real estate industry.

    Congress, the Senate or the bureaucrats that advise them seem to understand the when a seller carrys back a mortgage as part of the purchase price, whether it be on a single family resident, a lot, a commercial property or a farm, is NOT a loan or a conventional mortgage.

    So, what can we do?  First of all it is important to be informed and stay informed.  I found that it’s not enough to leave it to someone else to research and depend upon what you hear or read.  During a recent telephone conference with a developer working with a lobbyist in Washington, said he was in a brain trust meeting with six different attorneys and guess what? None, no, not even one, could agree with another within the meaning or on the impact of the most recent regulations and proposed laws and how or what they would impose on the private mortgage industry.  With this in mind as an example of the confusion surrounding the issue and the convoluted structuring of the legislation, I am suggesting you take the time to review an excellent article written by Tracy Z Rewey, a 20 year veteran in the private Note Business found by clicking this link   You will also find in her article several links to relevant signed and pending legislation, Particularly HR 1728 and HR 4173 as well as where to find and read the legislation for yourself.    

    The second thing we can do is write our Senators about HR 4173 and we can support organizations like the National Association for Protection of Private Property Rights www.napppr.org  to lobby Washington for revised guidance language from HUD and we  can have the opportunity to express our opinions in pending bills like HR 4173. The  NAPPPR organization was organized by a group of concerned business owners in the private lending and servicing business (including myself) to provide funds to hire an attorney and lobbyist to Washington to represent private financing in the modification of the HUD regulations to exempt sellers from licensing as a Loan Mortgage Originator. This regulation requires sellers and Real Estate Agents working with Buyers requesting Seller Financing to procure Bonding, provide Fingerprinting, Background and Credit Checks prior to negotiating the sale. The license, including a fee, must be renewed each year. Here at the Note Servicing Center will do our best to keep you updated on these regulations.  


    Convert a Traditional IRA or Pension plan to a Roth IRA

    Written By — Pensco Trust CEO and Founder Tom Anderson

    Unless you’ve been a cave for the last three months, you have no doubt heard of the unique opportunity to save that our Government has given us for this year only. Everyone, regardless of their income can now convert a traditional IRA or pension plan to a Roth IRA. Moreover, while there is still tax to be incurred (the amount of the conversion hits the first page of your 1040 as income earned), you have the option to defer the tax entirely in your 2010 tax year and to spread it equally over the tax years 2011 and 2012. In other words, Roth’s are on sale for 2010 — buy now, pay later. But it gets even better, because you can change your mind until October 2011, if you decide conversion is not for you, and reconvert (“recharacterize”) to your IRA or plan without tax or penalty.

    Now that you know what the Roth conversion opportunity is all about, for this and the next few posts, I am going to discuss some of the many considerations, rules, and strategies to consider determining if conversion is right for you.
    Let’s start with the basics and point out who is:

    • Most likely to benefit most from converting:

    OR



    Motivation is a fire from within.
    If someone else tries to light that fire under you, chances are it will burn very briefly.”


    Contents:

    1. Greetings from Roberta
    2. Stop HR 4173 From Regulating Seller Financing! By TracyZ
    3. Upcoming Events

    Greetings from Roberta

    Welcome and many thanks for opening our February Newsletter. Do I dare ask? How are you coming along with your New Year Resolutions? I have to confess, I messed up the first couple weeks, but was determined to keep moving by forgiving myself, picking myself back up, shook myself off, took a deep breath. Think we must all realize the reality of our human vulnerability of getting sidetracked from our primary focus. This is true whether our goal (resolution) is for weight loss or increasing our business bottom line. The important it to recognize:

    Each new day can be “the first day of the rest of our life”. So, recognize it is perfectly possible to start each renewed commitment, renewed strength and determination. This recognition and attitude will provide renewed vitalization and gusto to refocus, insulate us from discouragement and get back on track.

    HR 1728 IS BA-A-A-A-A-A-CK,as the proverbial Wolf in Sheep’s clothing!

    as the proverbial Wolf in Sheep’s clothing!

    You may recall, in our August 2009 Newsletter, we introduced you to HR 1728 and the adverse ramifications this House Bill would have by regulating the use of Seller Financing. (You can retrieve this article by clicking here which takes you to our website www.sellerloans.com ).

    Since last summer, Congress has been involved in other priority legislation regarding Health Care and other emergency bills, and announced they plan to postpone action on this Bill until later next year (2010). I mentioned then that you just never know when the politicians in Washington will slide this Bill in as a “rider” along with another piece of legislation. As suspected, it’s back as part of sweeping legislation known as HR 4173. Originally a 1279 page Bill, has grown to include multiple amendments that would impact owner financing.

    This legislation could seriously impact seller financing and hence the roll of Note Brokers, Funders and Servicers as well as restricting the right every property owner now enjoys of selling property and participating in the financing by taking back part or all of their equity in the form of seller financing. In fact, it could greatly reduce your ability to transact note business, or for many put out of business altogether. To quote Tracy Z. Rewey, “The Bill sets forth strict regulations on mortgage originators and effectively takes away the right of private property owners by bringing them under the regulation meant to apply to Wall Street and Big Banks”.

    We would like to direct you to Tracy Z Rewey Note Investor Blog , posted January 13th, 2010 where you will find more information on this proposed legislation. Please don’t miss out on reading this excellent article below

    HEADS UP FOR “RICH REWARDS”
    We just received exciting news for our Southern California readers.  Eddie Speed his Rich Rewards Advanced Class in the Los Angeles area sometime in mid April.  If you have read and explored or used Eddie’s books “KnowNotes” and “Discover Notes”, you will be familiar with the caliber of his material and be excited about the possibility of attending this advanced workshop close to home without traveling all the way to Texas. We will have those dates available in our March Newsletter or sooner via e-mail blast.

    CASH FLOW EXCLUSIVE
    In our events section of this newsletter you will find information about the New Cash Flow Exclusive e-zine. This is an excellent source for the cash flow industry to share information and advice I have an article on page 32 “The Driving Force to Success-Setting a Goal” If you would like to sign up to receive the magazine scroll down and click on the link.

    INCREASE YOUR BOTTOM LINE AND INCREASE PROFITABILITY
    In our events section of this newsletter you will find information about the New Cash Flow Exclusive e-zine. This is an excellent source for the cash flow industry to share information and advice I have an article on page 32 “The Driving Force to Success-Setting a Goal”

    I have good news for you! Particularly, if you own a portfolio of Private Notes or you are a Note Funding Company or a Lender.  If you are buried in paperwork and still not producing what you want. Note Servicing is a simple concept that very well may have an immediate positive affect on your bottom line as well as increase profitability.

    Outsourcing the Servicing and allowing the Note Servicing Center to do the “Grunt Work” can:

    • Reduce your overhead by eliminating salaries, benefits, sick time, vacation time and workman’s compensation
    • Avoid the expense and frustration of Hiring, Training and Re-Training in house servicing and payment processing
    • Eliminate office space or replace with income producing sales force or are you buried in paperwork and still not producing what you want
    • The note payment processing can also be passed on to the borrower at your discretion.
    • You can get what you want and only pay when the borrower pays.  If you don’t get paid, we don’t get paid.

    Simply go to our Website at www.sellerloans.com  Click on “Sign Up” on the Banner at the left. Complete the following forms and return via e-mail or download and return by FAX to 209-742-7153. 
    1. A completed Note Information Form
    2. A completed Note Agreement
    3. If you have an entire portfolio of notes, Call or e-mail to info@sellerloans.com for a customized spreadsheet for entry of all information accompanied by only one (1) signed Note Servicing Agreement. 
    Or contact Pam at 209-742-5732 X 2 or pam@sellerloans.com


    Stop HR 4173 From Regulating Seller Financing! By TracyZ

    Urgent Update: House Passes Wall Street Reform Act HR 4173 Including Mortgage Reform Provisions of HR 1728 Regulating Owner Financing

    The proposed legislation that had real estate sellers and buyers legitimately concerned about seller financing passed the house on December 11, 2009, as part of HR 4173. Also known as The Wall Street Reform and Consumer Protection Act, the bill now goes to be voted on in the Senate.

    The original text of HR 4173 was a staggering 1279 pages and intended to provide wide sweeping reform to insurance, derivatives, and the financial services industry. It has now grown to include multiple amendments and the mortgage reform that would impact owner financing.

    Before consideration of the Wall Street Act began on the house floor, the House Rules Committee included Title VII, another 200 pages known as the Mortgage Reform and Anti-Predatory Lending Act. This legislation was originally passed as part of HR 1728 on May 7, 2009 (see How Congress Wants to Change Seller Financing). It had fortunately stalled in the Senate but is alive once again with its inclusion in the Wall Street Reform Act HR 4173.

    Why the Concern?  To finish this article click here!



    “Those who dare to fail miserably can achieve greatly. A man can fail many times, but he isn’t a failure until he begins to blame somebody else”
    President John F. Kennedy


    Contents:

    1. Greeting from Roberta New Year – Sprint to a Running Start and Win!
    2. The American Entrepreneurial Spirit Lives On! By Roberta
    3. Upcoming Events(Seminars, Workshops)

    I. Greeting from Roberta New Year – Sprint to a Running Start and Win!

    The Note Servicing Center is going to help you get ahead of the game.  At the end of this Newsletter you will find directions on how you can save 50% on the note set-up fee during the Month of January.  Tom says we are crazy for cutting the cost so low, so I can only do it for the month of January – only.  If you have been procrastinating for any reason the outsourcing those notes, this is a once in a lifetime opportunity to get them set up and out or your hair, so you can confidentially move forward with money making opportunities in 2010. THIS INCLUDES ALL NEW NOTES EVEN FOR THOSE OF YOU WHO ARE EXISTING CLIENTS. FOR EVERY NEW NOTE SET UP DURING THE MONTH OF JANUARY, YOU CAN SLASH THE COST BY 50%.

    You have the chance to:

    • Put your people to work doing profitable tasks instead of computing payments, sending late notices, payment coupons, hearing “the check is in the mail”
    • Not spending another dime on hardware of software or postage for servicing
    • Turn your servicing costs into a veritable profit center

    First of all though, would like to ask you a question. How did your business “fare” in 2009, and what do you have planned for 2010. Are you better off now than you were twelve months ago – or worse? If you are still in business in spite of the struggles due to the near collapse of the real estate, banking and finance industry, you are one of the fortunate few. Congratulations! Way too many associates and very good friends, especially those with 20 or fewer employees,  have lost just about everything except their minds, but including their proverbial “shirt”; while at the same time, the Washington and Wall Street “fat cats” have flourished.  Fear not though, because…..


    II. THE AMERICAN ENTREPRENEURIAL SPIRIT LIVES ON!
    By Roberta

    Take heart and take hope, and set aside some time over the next week to regain your focus before you ramp up to the crowded 2010 Freeway.   Historically, business associates including Note Brokers and Consultants start thinking about their plan for the New Year about 4 – 6 weeks late.  Don’t get lulled into this rut particularly this coming year. Take this weekend – find a quiet place and set up a specific goal for 2010. Then develop a good solid workable plan of action to successfully get where you want to go.  

    Opportunities abound as never before for those involved in private financing as not much has happened to loosen up the purse strings of the banks in spite of their bail out. The more private and seller financing becomes recognized again as a way to move money and property, the higher will be the upward momentum of the note brokering and buying opportunity. I suggest you sharpen your entrepreneurial wits in developing strategies such as lease/options and Illinois type land trusts to build wealth by real estate acquisition. During the last decade the low institutional interest rates took it toll on private and seller carry back, but now the door of opportunity is swinging wide open again. It is important you practice “due diligence” regarding market value and keep your eyes and ears open to detect trends and become cognizant of geographic areas affected, demographics, unemployment and market rents.

    When you take a look at the national debt exceeding 12 trillion and hear the sound of the printing presses roaring full bore in Washington, it doesn’t take an economic genius to figure out that interest rates will rise from the ashes of this miserable economic mess and that massive inflation is heading our way. 
    So, my entrepreneurial friends, Carpe Diem!  

    MAKE THE FIRST WEEK OF 2010 THE BEST PART OF THE YEAR –
    IT’S NOT TOO LATE!!

    1. Don’t be left behind

      Most people don’t even begin to think about their business goals for the new year until a fleeing thought crosses their mind right after the “ball comes down”. Then wake up on New Years Day, watch a ball game, take the weekend off and leave the thought until Monday morning.  When that day arrives, the phone rings and they are off just like any other day, leaving the most important issue of their business at the top of their daily planner…and there it remains for at least 30 more days.  This year, invest in quiet time while most are taking days off, to set specific but reasonable goals for 2010.  Take the position “If it is to be, it’s up to me”.  

    2. Set Goals

      When setting personal and business goals, be careful to make them specific and yet reasonable.  Set the bar high by reaching for the stars. If you fall short and land on the moon, it’s better than not reaching at all. Money goals are important, but also include personal, family and spiritual and self improvement goals. Life begins when you set goals and ends when you don’t.  Most of us know people who died at age 40 (mentally and emotionally died) for lack of direction or drive. They just weren’t buried until they were 80.  A goal gives you the energy and persistence to carry on in spite of what happens around or to you.

    3. Make a Plan. 

      We call it a “strategic plan of action” around here. Evaluate what worked and what didn’t work last year. Identify what new ways your product or service might benefit your customers or clients. New adaptations, added benefits. Consider new delivery systems. Make new connections and renew network connections you may have neglected. Each year, we at the Note Servicing Center ask our staff to contribute thoughts and ideas on how we can improve services and reach more prospects by examining the intellectual assets and financial resources we already possess.      

    4. Work your Plan

      A Critical Path of Progress: Sounds simple esn’t it?

      The operative word here is “critical”. This automatically sets your mind to the requirement of prioritizing the action you take every day. During eras of tight credit and scarcity of cash, critical actions can be defined as “triage”. When obligations pile up and revenues dry up, it’s not the time to clean out the glove compartment in your car, rearrange your sock drawer or in reality modify your filing system or research for a new accounting program or learn how to input data into your iphone. A critical plan of action in this case would be to contact new leads, follow up on clients, ask for referrals, contact prospects, expand your area of influence. Before you go to bed at night, list the critical tasks for the next day to prepare for action with prospects in News York at 8: AM when it’s only 5: AM in your CA office. The question, what will you deprive yourself and your family of by not “working your plan of action for 2010”? 

    5. Surround yourself with Successful People

      Very often the people you surround yourself with will determine your future. Does it really matter?  I think so and not just for the short term. Even today, when faced with an important decision, I will contemplate “what would (blank) do in a situation like this? In the blank I insert the name of one or more of the most successful people I have had the fortune to be associated with. Recognize the importance of surrounding yourself with the most successful in the business and carefully choose who you allow to get close to you.  You cannot afford to be influenced by people with Excusitus or bent toward failure. Refuse invitations to pity parties.

    6. Identify additional Profit Centers

      You have probably heard or followed the basic business premise of succeeding in business – to find a need and fill it.  How about this.  Find a need you can fill without enduring any additional cost of expense.  Think about it.  What if, you could increase revenue by adding a feature or supplying an additional service without increasing the number of employees, using the same space and the same equipment.  This begins by inventorying and evaluating your existing intellectual assets and abilities and think about how those abilities, education and experience could be added to the service you already provide. Chances are you will find these abilities can be fashioned into added values to your clientele. Examples could be the successful Note Broker who has evaluated and quoted pricing for decades might be able to add Note Appraisals; the Real Estate Broker who specializes in Listing Presentations might be interested in creating professional Listing Packaging to offer for sale or to train other Brokers.

    7. Strive to Cut Costs

      A recognition of areas of needless spending is the first step to cost cutting. If there has been a benefit accruing to the NSC during the current recession, it is recognizing a possibility of cutting cost by identifying the area of savings and developing a plan to trim your budget without sacrificing quality or efficiency.  Identifying areas of unjustifiable spending must be a universal problem, even in a small business.  Money saved allows you to invest in items that increase efficiency we didn’t think we could afford to purchase.

    8. Consider Outsourcing

      This year the message has finally hit home with many prospective clients who have, until now been servicing their accounts “in house”.  The cost savings of using the Note Servicing Center as a third party authority to service their notes has been HUGE. One client told us it took two clerks three days to do the processing for their portfolio of notes.  The Note Servicing Center had this task completed in 4 hours (1/2 day) by one person, including posting, mailing and reports. This client was able to put staff to work on marketing and point of purchase efforts, focusing on improving their core business and product expansion. In addition, this decision to outsource servicing made better use of their lease space, saved the capital cost of replacing hardware, software and equipment. Saved overhead of training and retaining and payroll expense in addition to, supplies, postage etc. It made it possible for them to remain in business during this difficult economic recession.

      Save 50% on Note Set Up Fees in January

      As promised at the beginning of this email article, the Note Servicing Center is offering a 50% discount on the set up fee for all notes sent in for servicing before midnight on January 31, 2010.  Here’s how it works:  

      Take a look at the Schedule of Fees found on www.sellerloans.com  Until January 31st only, when you send in 1 – 10 notes any time during the month, your set up fee will be only $12.50 not $25.00.  When you send in the 11th note and up to 99th note, the set up fee is slashed to just $7.50 – an incredible savings!  Please call for set up pricing of a portfolio of over 100 notes as conversion pricing may be applicable.

      So, if you have been procrastinating getting those notes sent in, just go to www.sellerloans.com click on “SIGN UP” in the left margin and download the forms. Complete an information sheet for each note, scan and return via e-mail or fax them back.  We take over from there, and do all the work.  For questions, contact pam@sellerloans.com or call 209-966-3445 ext 2

      You still have an opportunity to divest yourself of the annual job of getting those pesky 1099’s and 1098’s IRS reporting out in the mail before January 31 of next year – if you begin servicing this month.  The Note Servicing Center takes care of this task for you FREE as part of the routine loan servicing.

    9. Great News

      Go to www.sellerloans.com for more great ideas and information.

    Our 25th
    Anniversary Year
    1984 – 2009


    “Don’t begin your strategic plan from where you wish you were today; but rather from where you actually are today”
    – Roberta Standen


    Contents:

    1. Greetings from Roberta Leading in Adversity
    2. What Are You Waiting For? By Clint Hinman
    3. Owner Financing – 10 Advantages to Using the Seller Carry Back By Tracy Z Rewey
    4. Upcoming Events(Seminars, Workshops)

    Greetings from Roberta – Leading In Adversity

    It has been said, “Anyone man can hold the helm in a calm sea, but it takes a pro to skillfully maneuver a tossed about ship in a stormy sea and bring the ship and crew safely into harbor”.   In good economic times, any real estate agent or creative individual with a solid goal can make an excellent living and/or build significant wealth with both hands tied behind their back.   Not so, these days.  When credit disappears, cash dries up and property values fall off a cliff, agents leave the business like rats off a sinking ship and investors slam their purses shut – both waiting for better times when living is easy. Even the most persistent and goal oriented real estate professionals ask the question: “How do I and my family survive the ravages of this Financial Storm and can our business emerge successfully from this economic environment?”        

    Dr. Paul Chappell, Pastor of the Lancaster Baptist Church in CA coined one of my favorite sayings: “Opportunity often swings on the hinges of Adversity”.  Wow, there you have it in a nutshell.  The key to wild success even in this most difficult financial crises is the processing of the knowledge into the unwavering understanding that Opportunity does in fact exist for those with enough sensitivity and persistence to earnestly look for it instead of waking up each morning stomping around in the mulligrubs.  

    If you are one who have become discouraged in these tough times or have become convinced that “only survival and not thrive-al” is possible, this newsletter should help you to get you back into the game.  Two great articles, one by Clint Hinman, Editor/Owner of NoteWorthy Newsletter and Tracy Z Rewey, owner of Diversified Investments. These articles will inspire you to get back at the helm of your business boat and get on your way to smooth sailing.    


    What Are You Waiting For?
    By Clint Hinman

    Since 2006, the mortgage industry’s fall from grace has been both spectacular and disastrous.  401Ks, IRAs, and other investment plans all took an enormous hit because of it.  As bad as things have been since then, most of the opportunities from the mid-2000’s have been replaced by (dare I say) even better opportunities for the individual investor.

    Think about the market pricing for anything real estate-related three or four years ago.  Someone with limited investment funds had virtually no way to penetrate the market as real estate prices assured that all but the large institutional investors were priced out of the market.  My, how things have changed.

    I’m going to veer off the beaten path here and talk about sidelines.  You know, the things that mark the boundaries of any sports field.  The sidelines are where the players who aren’t quite good enough to make the starting team stand, waiting for their opportunity to get in the game.  If the player they are meant to replace never comes off the field, the reserves never get the chance to play, and they never get the chance to get better.

    For years, we small investors watched as the big institutional players got all the playing time, and scored all the touchdowns, hit all the homeruns, (insert your favorite sports analogy here); in essence, bought all the best notes.  Then came the subprime crisis of 2006-2007, when most of the big players got badly injured and, in some cases, got knocked out of the game permanently.  The playing field has changed dramatically, and we all now have a chance to get in the game.

    As the Editor/Owner of the NoteWorthy Newsletter, I receive dozens of phone calls every week from people who really want to play, but are afraid to leave the relative safety of the sidelines.  My question to every one of them is the same:  What are you waiting for?  Prices to come back up to where they were?  How do you expect to grow wealth with a sell low / buy high mentality?  Nothing ventured, nothing gained, I say.

    Part of my business is trading REO…  To finish this article click here 


    Owner Financing – 10 Advantages to Using the Seller Carry Back By Tracy Z Rewey

    The word is out and seller financing is on the rise as buyers and sellers look for creative ways to finance property in the struggling market.
    So what’s all the hype? Here are ten advantages to using the seller carry back to buy or sell real estate.
    1. Shorter Marketing Times – Properties marketed with “Owner Will Finance” will draw a greater response rate and generally sell at least 20% faster than properties requiring conventional financing.
    2. More Buyers – With many lenders’ tightening their approval process, the seller carry back enables a greater number of buyers to purchase and finance a home.
    3. Speedy Closings – Without the red tape of a conventional mortgage lender, a real estate transaction can close in as little as two to three weeks.
    4. Maximize Selling Price…  To finish this article click here


    Great News

    Go to www.sellerloans.com for more great ideas and information.



    CELEBRATING 25th ANNIVERSARY


    Contents:

    1. Breaking News From Roberta
    2. HR 1728 – What It Says and Why It Will Hurt Consumers and Small Business by Clint Hinman
    3. California Licensing Requirements for Note Brokers by Jeff Armstrong
    4. SAFE Mortgage Licensing ACT
    5. Upcoming Events(Seminars, Workshops)

    Breaking News From Roberta

    Three important pieces of information has come across our desk in the last few days we feel will be of enormous interest to those of you in the Note and Real Estate Business. Each is a source of ongoing discussion and has significant importance to your success. They are:
    1. HR 1728
    2. California Licensing Requirements for Note Brokers
    3. SAFE Mortgage Licensing Act


    HR 1728 – What It Says and Why It Will Hurt Consumers and Small Business by Clint Hinman

    Since the Note Servicing Center Newsletter was sent out just last week, we have received several inquiries about HR 1728, a House Bill that seriously impacts seller financing and hence the roll of Note Brokers, Funders and Servicers as well as restricting the right every property owner now enjoys of selling property and participating in the financing by taking back part or all of their equity in the form of seller financing. Because we did not accomplish emphasis as we had hoped in the importance of examining this bill by directing your attention to the article by Clint Hinman, Editor of NoteWorthy Newsletter (www.noteworthyusa.com), we are reprinting it right here, again for your convenience. In the article, Clint not only gives an explanation of the Bill, but let’s us know in no uncertain terms, why this Bill will hurt business and he further provides information of who to contact in Washington with comments and concerns. Although, Congress has announced they plan to postpone action on this Bill until later next year…..you just never know when the politicians in Washington will slide this Bill in as a “rider” along with another piece of legislation. Please read and digest this article in its entirety and take whatever action you feel appropriate to protect your business and keep the government out of the “note business”. It seems they screw up almost every free enterprise effort they get involved in these days. Click Here to read HR 1728 – What It Says and Why It Will Hurt Consumers and Small Business


    California Licensing Requirements for Note Brokers by Jeff Armstrong

    Jeff Armstrong, President of Armstrong Capital, recently had a telephone interview with a Deputy Commission with the California Department of Real Estate. The issue of licensing crops up on a continual basis. Jeff got down to brass tacks with Deputy Commission Gary Sibner, and hopefully this will clear up many of the most often asked questions on the subject. Click here to Read the Article. If you are not practicing in California, you might want to check with the jurisdiction in your particular State on these issues before you hang out your shingle. Click Here to read California Note Broker Licensing Issues


    SAFE Mortgage Licensing ACT

    Title V – The Secure and Fair (SAFE Act) of the Housing and Economic Recovery Act of 2008 was signed into law on July 30, 2008. It requires all 50 states to put into place a licensing system for mortgage loan originators that meets the minimum requirements of the SAFE act. It appears that very soon there will be an additional licensing requirement for new Real Estate Brokers and requirements for existing Brokers for continuing education requiring testing and an endorsement on your license to be renewed annually. You can find additional information on the SAFE Act click here and at www.csbs.org. We will keep you posted.


    Great News

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