My Blog - Christian Bohyn

My Personal Blog

I am blogging on various sites, some of them handle specific points of interest while others are more personal. Here's a feed to my very first blog, I keep it updated but there's no consistency because we've been swamped lately and there has been little time left to blog. Anyway, enjoy the posts, since there are some funny movies posted and some wise remarks.

Monkey Sold
Indymac Boys Get Sweetheart Deal	7/20/2010 8:47 AM

Home Buyer Tax Credit extended	7/2/2010 7:53 AM
Late Wednesday night the Senate finally followed the lead of the House of Representatives and voted to extend the closing deadline for the $8,000 homebuyer tax credit that was scheduled to die yesterday at midnight. President Obama signs the Homebuyer Assistance and Improvement Act of 2010, which he will to do next week, homebuyers will have until September 30 to close on their home purchase and still qualify for the tax credit (as long as they signed their sales contract by April 30, 2010). The federal tax credit was part of the American Recovery and Reinvestment Act signed in to law in February 2009. The $8,000 credit was obtainable to first time buyers who bought a house after January 1, 2009 and was originally scheduled to die on November 30, 2009. The credit was seen to have stimulated home sales, in the lower cost ranges, and in November Congress extended it through April 30 and added a $6,500 tax credit for non-first-time buyers. The National Association of Realtors® (NAR) had pushed hard for the extension claiming that 180,000 potential buyers who were holding signed contracts would be denied the credit under existing rules. Other estimates put the number of eligible pending sales as high as 200,000. Mortgage requirements are slowing some traditional closings, but buyers who are purchasing bank owned actual estate or short sales often find themselves involved in an very lengthy method. One mortgage originator said that even the slightest change in paperwork such as a repair necessary after an inspection or appraisal can take weeks for approval because of the number of signatures needed from the bank or mortgage servicer. The extension was originally defeated in the Senate last week because it was attached, as an amendment, to a bill which contained an extension of unemployment insurance. The extension however managed to pass both the House and the Senate last night as a free standing bill. HR 5623 also contains additional provisions to tighten the rules to prevent tax credit fraud. The Inspector General for Tax Administration in the Treasury Department said earlier this month that his office had found substantial fraud in the program. This included claims that were paid on houses bought before the program started and for houses actually owned by someone else. The Inspector General also found that some 1,300 jail inmates, some serving life terms, had claimed and received over $9 million in credits. The new legislation will permit the IRS to disclose tax return information to jail administrators.
Your Graceful Exit	6/3/2010 8:18 AM
This is a message from the government talking about the advantages of short sale and deed in lieu of foreclosure. Of course my preference is still a Short Sale as you are more in control of your time-line and there are more incentives to do so. Note, that a deed in lieu is only possible when there is no second mortgage or other liens attached. Hopefully this movie will talk some sense into homeowners who are trying to hang on when they shouldn't.
What to expect when buying a Short Sale	5/13/2010 12:52 PM
Okay, I am a Short Sale specialist. People come to me, asking what will happen once they decide on selling their home in a short sale and I advise. My website MonkeySold.com is full of information on the subject. But what about Short Sale Buyers? Short Sale Buyers, hear these horror stories about short sales not being "short", so here's a little summary of what to expect and what is needed to buy a Short Sale Property. First you need to find yourself a Realtor that has Short Sale experience, interview your Realtor and ask him what Short Sales he has worked on and don't be afraid to check on his referrals. Most Realtors don't like to sell short sales and will try to steer you away from them, if that is the case and you are really interested in the house, then I suggest that you thank your existing Realtor for his help, cancel your agreement with him and contact the listing agent directly. Ask if the seller is motivated, if the seller is not motivated or hard to reach then the Shortsale can become a real pain. In most cases the sellers' lender will need updated financials during the process and it is not the first time that a shortsale is upheld because the seller cannot be reached or is not motivated to send in extra paperwork. Ask if the listing agent has any experience in short sales, if the listing agent only has one or two short sales in his portfolio then he is likely to have no clue on how to follow up with the sellers lender. Upon signing a short sale contract, always add a clause stating that the deposit money will be put in escrow upon receipt of the approval letter. An approval letter is given by the sellers lender once the short sale has been approved. Call and email your agent at least once a week and ask for an update, keep record of the updates and make them aware that you do. A normal, well followed up short sale, should take no more than 45 to 60 days, add to that another 30 to 45 days for you to get your funding and you are in the house as quick as any other home that you would purchase. Call me at 407-566-9495 if you have any questions, Good Luck!
MonkeySold Discovers Belize	5/10/2010 7:43 AM
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Why do people file bankruptcy when they are in foreclosure?	3/28/2010 4:59 PM
The first and main reason why people file bankruptcy is because they went to a bankruptcy attorney and asked him for advice. What advice do you get from a bankruptcy attorney? Well, he'll tell you to file bankruptcy of course... why? Because that's where he makes his money! I really hope that this will open your eyes if you ever consider filing bankruptcy. People facing foreclosure are simply desperate and need help. Bankruptcy is not always a solution. I strongly advise people to go to look at the different options available to them and there are many. Options such as deed in lieu, forbearance, loan modification or short sale need to be considered and all avenues need to be looked at. One thing is certain and that is that once people stop paying their mortgage they have time to look into all these solutions, even when served with a foreclosure notice there's plenty of time. My dad used to say " the soup is never eaten as hot as when it is served" So don't panic, face the situation and start actively searching for solutions, don't stick your head in the ground and hope that this will go over... it won't! I am still a big advocate of "the short sale solution". The short sale, a transaction in which the lender accepts less than the balance owed on the mortgage. A short sale will give you debt forgiveness, it will also give you plenty of time to enjoy your home for free whilst negotiating the short sale and it will be reported to the credit bureaus as a "settled debt". Beginning April 5, under new Treasury Department rules, short sales will be presented as the potential next step for homeowners who are rejected by or fail to make the grade for the federal Home Affordable Modification Program (HAMP). The new directives are a "push" to get lenders to accept Short Sales, there's even an additional government aid to cover moving expenses for the selling homeowner in the form of an up to $1,500 cash back at closing. MonkeySold has been negotiating short sales for over 3 years now and has seen millions of dollars forgiven for it's clients. By using a unique combination of investors, lawyers and expert real estate agents, MonkeySold has been assisting homeowners who are facing foreclosure either stay for a longer period in their homes or sell the home fast. The MonkeySold solution is unique and although it might be advisable to get it all over quickly it might be necessary to hang on to the home a bit longer. Depending on the hardship being temporary or permanent MonkeySold works out a "tailor-made" solution focused on the homeowners needs.
	3/28/2010 2:23 PM
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Announcing the Winner of the Health Reform Video Challenge	11/18/2009 10:17 AM
I'm a republican at hart. Coming from Belgium I have seen the abuse of free health care and unemployment benefits. But living here and seeing the abuse of hospitals and surgeons charging outrageous sums of money for help and medicine. I think your president has a point
CIT Collapse	7/16/2009 12:13 AM
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The Eight Irresistible Principles of Fun	7/5/2009 12:40 AM
The Eight Irresistible Principles of Fun Shared via AddThis