I Need To Short Sale My House

I Need To Short Sale My House
With the economy getting worse and worse everyday, and the
foreclosure rate rising higher and higher, people do not
know what to do. If you are one of those people who are
saying, "I need to short sale my house," then you need to
understand the process.

Below are the steps you will have to take to short sale
your house.

1. You need to get the value of your property. If you are
using a real estate agent they will provide you with an
estimate of the market value of your house. Using a real
estate agent helps you to sell your house fast, but you
will lose money off the commission you need to pay them.

If you are selling the property on your own then you need
to do some research. In order to get the market value of
your property you are going to need to do some market
analysis of your area and your property.

2. You need to find out the total amount of money you owe
against the property. To get this total you will need to
add up all the loans that you have against the property.

3. The next step is to add up the costs of selling the
property. If you have chosen to use a real estate agent
they will provide you with an estimate of the closing
costs. However, if you are selling the property on your
own, you will need to call a real estate attorney or title
company and ask them what the closing costs will be.

4. You now can do some calculations. You will subtract the
total amount you owe against the property, found in step 2,
from the estimated proceeds of the sale, found in step 1.
Since you are short selling your house this number will be
negative.

5. The next step is to contact your lender. When you
contact them you need to talk to the customer service
department and tell them about your situation. You will
probably be directed to a specific department where you
should ask to talk to a manager or supervisor.

When you are talking to the lender you need to ask what
procedures there are for a short sale. Many lenders are
more than happy to work with you on reducing the amount
owed because it assures them that they get their money.
However, some lenders will tell you that it is your
responsibility to pay of your debt.

6. The final step is to sell your property.

So, you have said, "I need to short sale my house." Now,
using these six steps, you should be able to successfully
do it.

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Honk if you love having healthy credit!

Honk if you love having healthy credit!
Okay, it's probably not a bumper sticker you see every day.
But healthy credit is definitely something to be excited
about, especially when it comes to that car, truck or SUV
you're thinking about buying. Good credit makes the road to
getting your dream car a lot less bumpy.

So before you cruise into the car dealer's showroom, check
under the hood of your credit. Get your credit report, make
sure it's shiny and clean just like that new car you're
eyeing, and you will have the credit score you need to
negotiate a lower interest rate on your loan.

If your credit report has a few bumps and scratches on it,
do what you can to address any issues with your report.
You'll be surprised at how much you can save on your car
payment every month.

What can you afford?

Before you shop, you need to make a budget so you know what
you can comfortably afford.

Look at the price...your down payment...your insurance
premiums... gas costs...and if you need the extras like
satellite navigation or leather seats. You should also look
at your debt-to-income ratio to ensure adding a new car
payment every month won't be too hard too handle.

Should you buy new or used?

Aaaahhhhh, there's nothing like that new car smell. On the
other hand, some could argue that an air freshener in a
previously-owned vehicle smells just as nice (mostly
because it's about $4,000 cheaper). When debating whether
or not you should go new or used, consider this...

Depreciation-New cars lose about 25% of their value each
year. When you buy used, you don't have to worry as much
about depreciation.

Costs-New cars not only have a higher price, they also
require higher insurance premiums. While used cars are
lower in price, you have to think about maintenance costs
of an older car. Also, you may be able to get better
financing on a new car.

Reliability & Warranty-The warranties on new cars give
owners the luxury of extra peace of mind. Many used cars do
come with limited warranties, but they're still not as good
as what you find with new cars.

In most cases, the question of new or used is answered by
what best fits your budget. Make a financially sound
decision. You can always get that dream car next time
around.

Is it better to buy or lease?

Leasing might be best if you prefer to drive a new car
every two or three years...if you don't drive more than
12,000 to 15,000 miles each year...if you can't afford a
large down payment...or if you don't put a lot of wear and
tear on your car.

Buying is probably best for you if you plan to pay off the
vehicle... drive more than 15,000 a year...don't mind
paying for repairs after the warranty is over...or like to
customize you car.

Buying a car doesn't have to be a fast and furious
decision. Sit down, think it through and you'll get the
vehicle that's right for you.

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The Purpose and Function of Fannie Mae

The Purpose and Function of Fannie Mae
"Fannie Mae" is the nickname for the Federal National
Mortgage Association.

Although it has the "Federal" name in its title, it's
actually a separate, chartered corporation that operates in
the secondary mortgage market.

In this article, I'll give you the background and history
of Fannie Mae, describe typical properties, and show you
how to buy those properties for investment purposes.

Fannie Mae's Background

Fannie Mae is a federally chartered organization. Its
purpose to expand affordable housing and bring global
capital to local communities in order to serve the U.S.
housing market.

Essentially, Fannie Mae operates in America's secondary
mortgage market to ensure that mortgage bankers and other
lenders have sufficient funds to lend to home buyers at low
rates.

Along with Freddie Mac, it's the main secondary lender in
the country. As the Fannie Mae web page states, "Our job is
to help those who house America."

The History of Fannie Mae

To give you a historical perspective. Fannie Mae was
created by President Franklin D. Roosevelt and Congress in
1938. At that time, there wasn't a consistent supply of
mortgage funds. As a result of the Depression, millions of
families risked losing their homes or couldn't become home
owners.

So, the federal government established Fannie Mae to
address this need. Its aim was to "expand the flow of
mortgage funds in all communities, at all times, under all
economic conditions, and to help lower the costs to buy a
home."

In 1968, Fannie Mae was re-chartered by Congress as a
shareholder-owned company. It's funded solely with private
capital raised from investors on Wall Street and around the
world.

Types of Fannie Mae Properties

These include all forms of single-family homes such as
detached homes, condos, and town houses. The inventory
often includes homes in modest to more expensive
neighborhoods.

All Fannie Mae homes are sold in an "as-is" condition.
These conditions range from good to poor and include
"repo's" which may or may not be in poor condition. Note
that Fannie Mae sometimes fixes these properties up in
order to get a higher price; at other times, it simply
leaves them in the same condition.

In order to obtain one of these properties, Fannie Mae
secifies that you go through a local realtor.

Real Estate Agents are required to list these properties on
the local Multiple Listing Service. Any local agent can
show you a property and make the offer for you to Fannie
Mae. You can find further listings of Fannie Mae Properties
is available online at http://www.mortgagecontent.net

Making Offers to Fannie Mae

The process is the same as with conventional deals. Fannie
Mae can accept or reject your offer or make a
counter-offer. Typically, there are several rounds of
offers and counter-offers. A benefit of negotiating with
Fannie Mae is that, unlike HUD or VA negotiations, you're
able to add contingencies and other conditions to your
offer.

Here are two examples of contingencies:

Example 1: You can ask for a professional home inspection
after the offer is accepted.

Example 2: You can negotiate terms, down payment and
financing.

Note: Fannie Mae will not accept a contingency that
requires the prior sale of a seller's current
property.Source: http://www.fanniemae.com

In terms of financing for these properties, Fannie Mae
offers its own REO financing, but the terms are usually no
better than conventional sources. This means that buyers
may be able to get better terms if they come into a deal
with outside financing.

Opportunities for Investors

Fannie Mae properties may present good opportunities for
you as an investor, particularly in the area of
foreclosures. To operate effectively in this market, it
pays to know the ins and outs of the federal bureaucracy as
well as the latest regulations.

Key Point: Keep up to date on the Fannie Mae market through
your own study of its regulations and with the help of an
experienced realtor.

Jack Sternberg

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Jack Sternberg is a nationally recognized expert on real
estate investment and the creator of the renowned "Buyers
First Program" who's been in the business for more than 30
years. Sternberg's deals have totaled over $750 million and
he's been to the closing table more than 1,500 times. For
more, visit http://www.askjacksternberg.com

Affordable Health Insurance Secrets

Affordable Health Insurance Secrets
With the economy in a tailspin, many people are looking for
ways to cut costs. Finding affordable health insurance is
definitely one area most consumers are lo0king at. We have
listed some secrets to affordable health insurance below
that could help you cut your medical premium costs.

* Today most insurance quotes you find online will pull up
multiple companies with one inquiry. Laying these quotes
out on a spreadsheet will let you compare benefits in an
"apples to apples" situation so to speak.

* Always look at custom building your health insurance
plan. One suit does not fit all. You can have higher
deductibles and lower costs for example by adding a
critical illness rider in the plan and in the event of a
heart attack,stroke or cancer you would be protected at
much less premium cost. Over 70% of the time a critical
illness is what will be the reason for meeting a high
deductible.

* Add up the doctor visits the entire family has in the
course of the year. The average physician visit is $80 an
if you multiply that times the visits for the family you
may find by having that benefit on your health insurance
policy it is not cost effective. Many plans today include
wellness benefits anyway included in the coverage.

* Always make sure your doctor and hospitals you would
prefer are in the network of coverage. This will lower the
cost of visits as you will recieve the in network billing
costs. This one may seem obvious,but many people find out
after they take coverage that the hospital or medical
doctor you use are not in the network.

* Medication is definitely an area that needs to be looked
at. Prescription costs are rising daily, and there are
secrets to cutting these costs with a little effort. Most
medication today does have a generic form,and many health
insurance plans have a zero deductible and low co-payment
for generic drugs. Another key point is try to find out if
you can order your "maintenance drugs"(the ones that you
have been on for some time and the dosage has not changed)
in 90 day supplies as this will cut a lot of cost for you.

* Finally, if you want one of the lowest cost health
insurance premiums and have tax savings at the same time
consider an HSA (health savings account). This plan is very
straightforward as you meet the designated deductible
whether it is from inpatient or out patient treatment,or
medication and once met the policy will cover 100% up to
the designated amount. Usually at least 2 million dollars
for the life of the policy. The premiums are put into a tax
savings account and you have a nice write off for the year.
Talk to an accountant to see if this may fit you.

With healthcare premiums rising using these affordable
health insurance secrets will help you cut costs without
jeperdizing your benefits. As we said before, one size does
not fit all in health insurance but if you only apply one
of these secrets you can be closer to fitting your needs
and budget.

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http://www.insurefreequote.com
Dean Calvert
support@insurefreequote.com

Healthy and Turned Down for Life Insurance? Here's What To Do

Healthy and Turned Down for Life Insurance? Here's What To Do
You are in good health and you see your doctor regularly,
so what should you do now that you were turned down for
life insurance based on the results of the medical exam?

The first step is not to panic. While it is possible that a
life insurance medical exam can reveal serious health
problems of which you might not have been aware, in many
cases you may be denied insurance or charged higher
premiums simply because the medical underwriter found
something troubling that he or she could not explain from
your medical history.

Medical underwriters specialize in classifying risks, and
when they find something abnormal — high levels of
liver enzymes or blood sugar results that are off the
charts, for example — in many cases they will decline
or postpone a decision rather than make a guess as to the
nature of the problem and the medical risks involved.

"We are in the risk-assessment business, not the diagnosis
business," says Dr. Stephen Zimmerman, chief medical
director for American General Life Cos.

Your Next Steps

First, ask the insurance company for the specific details
of your life insurance application denial. All states have
laws requiring an insurance company to provide the specific
reasons for any declination.

Some states permit the information to be sent directly to
the applicant. In other states, any medically related
reasons must be sent to a physician of your choice. If the
reason you were denied life insurance was lab work done as
part of your application, a copy of the lab work will be
sent to your doctor. If the reason was information
contained in a physician's report, the specific reason, and
possibly a copy of the report from which the information
came, can be sent to a doctor to be reviewed with you.

Once you know why you were denied life insurance, go to
your doctor. You and your doctor should find out if there
is something wrong with your health, and stories abound
about life insurance applications that have saved lives by
alerting the applicants to serious medical problems. Even
if all tests come back negative, you may face some
challenges in buying life insurance in the future unless
the trouble area is cleared up.

You see, insurance companies have access to the results of
your previous insurance exam through the Medical
Information Bureau (MIB), a clearinghouse of medical
information that insurers share, and while you can request
your MIB file and have outright errors removed, the results
of your test, although unfavorable and perhaps unexplained,
may not be wrong.

When you next apply for life insurance, you will probably
need to make an argument to the insurer as to why it should
offer you a policy (or a policy at a better price), even if
you apply to a different insurer. Fortunately this may not
be hard.

Providing the life insurance company with the results of
tests that show you do not have medical conditions
associated with the results of your insurance medical exam
can go a long way toward helping you go from no life
insurance to being able to buy an affordable life insurance
policy.

"The tests you've taken will allow the insurer to exclude
some serious diseases," says Dr. Robert Gleeson, a vice
president and medical underwriter at Northwestern Mutual
Life Insurance Co. "Each negative result on a medical test
would make me feel better and better about underwriting a
case like this."

It is up to you, however, to make sure that the insurer has
that information because even favorable tests can sometimes
slip through the cracks. So be sure that your doctors have
sent all of the relevant tests to the life insurance
company, and that the insurer knows how to contact all of
the doctors who treated you.

You should also make your case to your insurance agent.
Life insurance agents can help you argue for a
better-priced policy and can make sure all of your medical
information gets to the right people.

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Amy Danise is a staff writer for http://insure.com . Visit
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