Sunday, March 22, 2015
Ask the "Mortgage Man": IRS PHONE CALL IS A SCAM
Ask the "Mortgage Man": IRS PHONE CALL IS A SCAM: I was awakened by a wrong number in the middle of the night, but I missed the call. Wondering if it was some family member in an emergency,...
IRS PHONE CALL IS A SCAM
I was awakened by a wrong number in the middle of the night, but I missed the call. Wondering if it was some family member in an emergency, I listened intently as I played all of the unheard messages on our home voice mail. I was alarmed at a robotic automated message left from the "Internal Revenue Service". I was startled at first by the robotic voice's nasty undertone. As I replayed it, it became apparent that perhaps this is some sort of scam. The message threatened that there will be legal action initiated against me unless I call them immediately. Click here to hear the actual message. A police officer was scammed and called the number back. This is interesting as the scammer actually goes into detail to how they take your money. Click here to see the accompanying video. Watch from 1:45 to 5:00. A former NFL player, who is a radio personality, left his office and did exactly what the scammer told him to do. He went to many convenience stores and payed thousands of dollars into foreign Pay Pal accounts before realizing that this may be a scam.
After researching this more in depth, I found that the IRS will never call you on the phone. The most they will do is send you multiple letters. If you file your tax returns on time, pay your required income tax, you have nothing to worry about.
Andy Williams NMLS #118317
President
Abacus Regional Mortgage NMLS # 113984
484 695 5972
After researching this more in depth, I found that the IRS will never call you on the phone. The most they will do is send you multiple letters. If you file your tax returns on time, pay your required income tax, you have nothing to worry about.
Andy Williams NMLS #118317
President
Abacus Regional Mortgage NMLS # 113984
484 695 5972
Friday, February 27, 2015
Does Going With Conventional Financing Avoid Having To Make Required Repairs?
If FHA/ USDA/ VA loans require repairs to be completed prior to closing, why not just switch to a Conventional Mortgage? As long as the buyers qualify, we won't have to worry about doing any repairs to the home. Besides, many of these homes are foreclosures, and many banks, Freddie Mac, Fannie Mae, HUD, and others won't allow the properties to be touched prior to closing. Wrong!
The appraisers have been going through a scrutiny as of late. The level of responsibility to report accurate and concise information of the homes, has increased exponentially. Appraisers are being told that they can be held liable for any unreported issues, so appraisers are now required to take pictures of every room in the house, and they must note any unusual abnormalities that can effect the marketability of a home.
They must give the home a Quality rating, too. They are given a rating of C-1 to C-5. A rating of C-3 is considered average. When the Conventional appraiser reviews the home, they are still taking pictures and making notations of things like: Stains in the carpet, water stains in the ceiling, holes in the wall, missing molding, broken windows, water in the basement,etc. Even though none of these is structural in nature, banks are requiring these items to be fixed because they are concerned about safety and soundness issues with the property. The average quality rating is expected, and anything below that rating requires repairs to be made before the buyer can take possession of the home. Once these repairs are completed, the appraiser must go back out to the property and reinspect it for the bank. The appraiser verifies that the Quality rating is up to average.
There are two ways that this situation can be dealt with. Either the buyer does the repairs on a home that they don't own, which can be time consuming and unacceptable to a seller, or they can apply for a rehabilitation loan. A rehab loan is one where a buyer obtains an estimate of repairs from a contractor, our bank holds the amount of money in an escrow account. Once the required repairs are complete, the bank pays the contractor direct for the repairs, or reimburses the buyer once they have been shown that have been completed. Most lenders can't do any type of Rehab loans, or they offer the FHA 203K, which is arduous and expensive. I can do a standard conventional rehab loan, requiring as little as 5% down payment. Regardless which way you want to go, please know that switching the type of financing to Conventional doesn't promise any different outcome.
Andy Williams
President
Abacus Regional Mortgage
484 695 5972
NMLS # 118317
www.abacusmort.com
The appraisers have been going through a scrutiny as of late. The level of responsibility to report accurate and concise information of the homes, has increased exponentially. Appraisers are being told that they can be held liable for any unreported issues, so appraisers are now required to take pictures of every room in the house, and they must note any unusual abnormalities that can effect the marketability of a home.
They must give the home a Quality rating, too. They are given a rating of C-1 to C-5. A rating of C-3 is considered average. When the Conventional appraiser reviews the home, they are still taking pictures and making notations of things like: Stains in the carpet, water stains in the ceiling, holes in the wall, missing molding, broken windows, water in the basement,etc. Even though none of these is structural in nature, banks are requiring these items to be fixed because they are concerned about safety and soundness issues with the property. The average quality rating is expected, and anything below that rating requires repairs to be made before the buyer can take possession of the home. Once these repairs are completed, the appraiser must go back out to the property and reinspect it for the bank. The appraiser verifies that the Quality rating is up to average.
There are two ways that this situation can be dealt with. Either the buyer does the repairs on a home that they don't own, which can be time consuming and unacceptable to a seller, or they can apply for a rehabilitation loan. A rehab loan is one where a buyer obtains an estimate of repairs from a contractor, our bank holds the amount of money in an escrow account. Once the required repairs are complete, the bank pays the contractor direct for the repairs, or reimburses the buyer once they have been shown that have been completed. Most lenders can't do any type of Rehab loans, or they offer the FHA 203K, which is arduous and expensive. I can do a standard conventional rehab loan, requiring as little as 5% down payment. Regardless which way you want to go, please know that switching the type of financing to Conventional doesn't promise any different outcome.
Andy Williams
President
Abacus Regional Mortgage
484 695 5972
NMLS # 118317
www.abacusmort.com
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