Finance Tips

HAFA Explained

To give a quick summary (you can Google HAFA for much more details), HAFA is a streamlined process for home owners to try to get a loan modification on their property, if the home owner is denied on the loan modification then the bank will encourage a short sale and incentives it for the home owner.

Who’s Eligible?

* Have to live in the home or have moved out in the last 90 days due to a job transfer

* Delinquent on the mortgage now or in foreseeable near future

* Loan balance of 0,000 or less

* Only applies to your first mortgage

* Borrowers mortgage payment must exceed 31% of monthly income

** Note there are few more requirements but this is the majority of them…

Incentives

* 00 given to home owner at the closing for a successful short sale

* Servicer on the loan gets ,500

* Junior lien holders get up to ,000 to release the liens for short sale

** Paid for by the U.S. Treasury**

Time Line For HAFA Process

* Bank has 30 days to approve or deny the loan modification, if denied short sale encouraged

* Borrower submits “short sale” package to lender

* Bank to review value of home and amount of money owed and establish what price to list home

* Borrower/Real estate agent has 14 days to submit listing paperwork to the bank

* Real estate agent has 120 days to get an accepted offer on the home

* Real estate agent has 3 days to get the offer to the bank

* Bank/Servicer has 10 days to approve or deny the offer

* Bank to give a minimum of 45 days to buyer to close

Banks Participating

Bank Of America

Chase

Wells Fargo

GMAC

Citibank

Many others

Get your FREE Las Vegas Short Sale Kit packed full of vital information pertaining to the Short Sale Process, Nevada Foreclosure, Pros and Cons, Hardship Package Information and more.

The Ballen Group – Las Vegas Short Sale Specialists
North Las Vegas Short Sales, Henderson Short Sales
3100 S. Durango #106 Las Vegas, NV 89117
(702) 482-7739

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The U.S. foreclosure crisis has caused thousands of homes to become foreclosed. I will provide you with a list of banks who can provide you with information about foreclosures in the U.S. Take the time and go through these websites – I did and I’m laughing all the way to the bank.

What are bank foreclosure homes?

Bank owned foreclosures, also know as REO (real estate owned) properties, are properties which have gone into foreclosure and have been returned to the bank. You can purchase these homes below market value and sometimes up to 50% below market value.

Here is a list of banks whose websites you can search for properties owned by that particular institution:

AMERICA TAX FUNDING Not really a bank, they have tax certificate foreclosed property

NATIONAL BANK OF ARIZONA HOMES FOR SALE Property owned by National Bank of Arizona

BANK OF AMERICA FORECLOSURES One of the largest lenders in the US, you can search for residential or commercial. They do list how many properties are in each state, making the search easier.

BEAL BANK FORECLOSURE LISTINGS Beal Commercial Properties – Beal Bank sells all of its real estate through licensed real estate brokers in the local market where the property is located.

CAROLINA FIRST Bank owned property in North Carolina, South Carolina and Florida

CHASE OWNED PROPERTIES Select Chase homes by state

CITIMORTGAGE – CITIBANK OWNED PROPERTIES Searchable by state and proeprty type

COMPASS BANK HOMES FOR SALE Foreclosed property listed mostly in Alabama and Texas, some New Mexico and Colorado Your Short Sale Compass

COUNTRYWIDE FORECLOSURES The largest independent home loan originator, now owned by Bank of America, they have listings thoughout the United States.

DOWNEY SAVINGS & LOAN Downey Savings is regional, based in Southern California, but they now have listings in various states throughout the US, most property is still in California

FIFTH THIRD BANK Michigan and Florida have the most properties.

FIRST FEDERAL BANK OF CALIFORNIA California foreclosed homes.

FIRST NATIONAL BANK OF ALASKA Alaska properties

CAPMARK – PREVIOUSLY WAS GMAC COMMERCIAL MORTGAGE Commercial properties throughtout the U.S.

GRP FINANCIAL SERVICES They have a nice feature where states with property are coloured blue, and the number of properties listed in that state appears on the map.

HOME LOAN BANK Wisconsin, Michigan, Pennsylvania, New York, Maine, Texas

HSBC HOMES FOR SALE Search HSBC foreclosures by state

INDYMAC FORECLOSURES Many states listed, they also have a lot of manufactured housing listed.

ForeclosuresUS.com has FREE foreclosure listings. Search for your new home for FREE, in all 50 states. They also provide pre-foreclosures, for sale by owner and bankruptcy homes.

I hope you found this information helpful.

Index Tabs 101

There is a huge variety of index tabs that are offered, but which tab dividers are right for you? In this easy-to-navigate guide we will review each of the main index tab types, as well as the most important key terms that you will need to understand in order to ensure you get the correct tabs for your specific needs.

Common Key Terms:

Bank: A bank is a complete, single row of tabs. The number of tabs that fit along one bank is determined by the cut of the tab. For example, if you have a 1/5 cut tab (see below to learn about the “cut”) with a total of 15 tabs per set, then there will be 3 banks with 5 tabs per bank.

Binding Edge: The binding edge is the edge of the sheet that is to be bound. Typically this is on the opposite end of the tab extensions.

Body Copy: Body copy is a term used to indicate printing on the sheet of the paper, not including the tab extension.

For instance, Bank of America gets their logo printed in the center of their sheets (the body copy).

Collation: Collation is the arrangement of the tabs in sequential order. You can choose from 1. Uncollated, where all of position 1 tabs are in line, all of position 2 tabs are in line, etc.; 2. Straight Collated, where the tabs are arranged in 1-2-3-4-5 order, with the number 1 tab being in the first position on the top of the set; 3. Reverse Collated, where the tabs are arranged in 5-4-3-2-1 order, with the number 1 tab in position 5 on the bottom of the set. When printing on copier tabs, the collation pattern is essential. The collation pattern required depends on which model of high-speed copier is being used.

Copier Tabs: Copier Tabs are a kind of tab divider that are built to run through common high speed copiers for custom printing in house. You will need to check your copier/printed user manual before using copier tabs to ensure that you do not damage the equipment.

Cut: The cut of your tabs is the number of tabs that can fit along the bank. The cut is described as fractions. For example, if five tabs fit along the bank, the size of the tabs is described as one-fifth (1/5) cut.

Tab Extension: The tab extension is the part of the tab that sticks out from the body or sheet.

Mylar: A synthetic or semi-synthetic material used as a coating on the tab extension. The Mylar coating provides a reinforcement for the tab extension, creating a more durable product. It can also be wiped clean, so is great for instances where dirty hands might handle it. Mylar is offered in a variety of colors, or clear.

Paper Weight: The standard weight that the paper index tabs is 90 lb. However, 110 lb. is readily available and becoming more popular.

Position: The position of a tab within a complete bank of tabs. For example, the first tab in a bank of tabs is considered in the first position and the second tab in a bank is considered position two.

Set: All tabs that go together into one individual book or binder. A set can be one bank of tabs, or it can even consist of many banks of tabs of different sizes.

Side Tabs / Bottom Tabs: Side tabs are located on the opposite side of the binding edge. Bottom tabs are located at the bottom of the sheet.

Copier Tabs:

Copier Tabs are perfect for the print-on-demand market. Many Index Tabs can be ordered Plain or with clear or Colored Mylar™ coating on the tax extension. Mylar coating adds a glossy or matted finish to the tab itself, and makes them more durable for heavily handled documents. You also have the option of having your Index Tabs 3 hole punched so they are ready to be placed directly into 3 ring binders. Copier Tabs allow you to print custom index tabs in-house and on demand. Also known as Xerox Tabs, these 90 lb. white index tabs are designed to run in a variety of high speed copiers including the popular Xerox DocuTech & Xerox DocuColor series’. Copier Tab Dividers can be used for organizing sections in manuals, presentations, reports, real estate closings, case files, and much more.

Copier Tabs are available with or without a Mylar coating on the tab extension. Mylar reinforcement adds a glossy finish to the tab itself, and adds durability for heavily handled documents. Choose from an assortment of tab cuts including 1/3, 1/4, 1/5, 1/6, 1/8, and 1/10 cuts. Choose the collation pattern compatible with your high speed copier and the tab size that best suits your needs. If using the copier tabs in a 3 ring binders, copier tabs are available with 3 hole punch. Copier Tabs offers the highest quality so you can count on them to feed, print, and run smoothly while providing you with the professional look that your business requires.

Reverse Collated Copier Tabs: Single Reverse Collated Copier Tabs are packaged in 3-2-1 order, the reverse of how they will appear in the finished document. An assortment of tab sizes including 1/3, 1/4, 1/5, 1/6, 1/8, and 1/10 cuts are available.

Straight Collated Copier Tabs: Straight Collated Copier Tabs are packaged in 1-2-3 order, exactly how they will appear in the finished document. The straight collated tabs are available in the most popular of tab sizes, the 1/5 cut.

Uncollated Copier Tabs: Also known as Individual Position Copier Tabs, Uncollated Copier Tabs sit in one position, and can be flipped over to offer an additional position. Available positions include 1, 2, 3, 4 and 5.

Exhibit Dividers:

Exhibit Dividers, also known as “Legal Tabs” or “Pre-Printed Tabs” are high quality tabs constructed of 80# White Offset Stock. A Mylar reinforcement on the exhibit tabs provides durability by preventing tearing and folding. Tab titles are printed on the front and back in black ink. Also known as Avery Dividers, these exhibit dividers are the most popular style of tabs in the industry. They feature printing on both sides of the tab in bold black ink in Helvetica Bold typeset.

Insertable Tab Dividers:

Insertable Plastic Tab Dividers are available in both 1/5 cut and 1/8 cut. These durable index tab dividers are perfect for organizing documents that are frequently referenced. Printable inserts are included to customize the titles. The tab designs secure the inserts in place while still allowing for easy access for editing.

If you have any questions or are interested in purchasing Index Tab Dividers , visit Tim the Tutor at Binding101.com. They have great pricing on a full line of Index Tabs and they charge only for shipping UPS Ground. Shop online now!

Computing in the “cloud” or “cloud computing” is the world coming full circle. When IBM, DEC, Tandem and Cray started out, they built room sized computers that were so big and ate so much energy, they required their own cooling systems. The programmers all worked directly for the manufacturer making software custom for each customer. The costs were staggering in today’s dollars, and somehow the productivity gains made it all worth it. The First Main Frame that ran Bank Of America’s ATM system throughout California had less memory and horsepower than today’s $299 netbooks.

When the PC arrived on the scene, big companies started moving to mini computers and the client-server systems were born. Most of us are familiar with the client-server model and don’t even know it. If you have an email program that connects to a server to get your email you are using client server computing. The difference here is even if you are not connected, you can create the e-mail and wait to send it until the next time you connect. Your computer in this case is the client and you trade or update data with a server. The process of trading or updating data is called synchronizing or “syncing” for short.

Cloud computing using netbooks goes back to the old mainframe model. the difference here is the software companies like Oracle, PeopleSoft and Google are in charge, not the hardware people like IBM, DEC (gone), Tandem (gone) or Cray. With cloud computing, if you don’t have an internet connection to access iGoogle or MSN, you can not even write the e-mail. All of the computing power and software is really on their “servers”, not your little netbook. The “servers” at these companies are really clusters of PC’s with software designed to make them work together nicely and share the horsepower or processing power. Mini clouds within a company for applications makes sense, one computer gets the upgrade, everyone has new software.

The challenge for cloud computing is still access to the “cloud”. Internet access isn’t everywhere, and where it is, the access isn’t always free or fast. If you don’t have service, you really can’t work or communicate. If your provider doesn’t have service in a specific area, it is another challenge in itself.

For instance, if you fly two different airlines with a stop for lunch at an airport not served by your current provider and cell service is slow or your tether software quits, you could easily spend $70 in connection fees in one day. I know because I have done it. I have tethered services from AT&T, and they quit working one day. Airline 1, $15.99, Airport day pass $9.99, Airline 2, $15.99, Airport 2 day pass $4.99, Hotel day pass $14.99, day pass at area near meeting, $12.99. Yes it happens. Services are getting better but they are not that good yet.

The happy medium can’t be far off though. The next step in the client server and distributed computing model could be combined with cloud theory to create a distributed sync model. In distributed sync, your data would still exist on centralized servers and on your computer or other storage device. Some parts of the software would exist on your computer, others on theirs. When you are within range of a network your computer would become part of the grid, offering computing power and network hops to everyone in range when you don’t need it.

The first part of the distributed sync model holding it back is standards. If I change a document on my iPhone and my laptop before my next sync, which one wins? Two significant changes need to occur for this to work, computers need more power and networks need to have more speed to allow very fast sync for changed items only. If I change one item in my blackberry, I need to go through the entire sync process. The same was true of my windows mobile phone as well. This is a limit of sync computing that is solved by the pure “cloud” solutions.

The second hold back is network access. Some carriers charge you twice for your phone and laptop, others let you tether. They don’t have interoperability agreements so when I am out of range of my carriers signal like today, I am dead.

The final question is of course the data. When “they” can sift through all of your e-mail, word processing, spreadsheets and presentations, what are they learning? Facebook recently agreed they didn’t “own” the data, but they also didn’t say they wouldn’t “use” it while it was on their servers either. Scott McNealy, a guy I consider a pioneer in the silicon valley and on the internet said some time ago that privacy was dead, give it up. Should we?

Cloud computing is a great idea for a world under constant change. The hardest part is keeping up. This morning we found our Google Client Center and our Skype Business Center interfaces were completely different. We lost a lot of productivity learning on the fly with customers on the phone. Cloud computing in some form is here to stay, the mainframe and terminal just look different.

As a consumer, when choosing the right credit card for you, you need to take into consideration a number of things. For example, do you make your payments on time every month? Or do you need to rebuild your credit? If you have bad credit and thus, poor credit rating, the best option available is a range of ‘secured’ credit cards. Generally, you can improve your credit rating in this way, where the deposit you make into the account, determines your credit.

In the following information I will show why each of the 9 credit cards I am writing about, are good.

If you need to rebuild or establish your credit and you want a low annual fee of $29 where you choose your credit limit, I would suggest the Secured Visa Platinum credit card from the Bank of America.

If you have no constant income or poor credit, the Secured Visa Credit Card from Applied Bank is a good choice, especially if you tend to make late payments. This card’s annual payment rate (APR) is fixed at 9,99% regardless of late payments.

MetaBank’s UltraVX Visa Card approves up to $25 000 cash on demand (patent pending) with loads of rewards, with instant approval regardless of credit rating.

The Black Diamond Visa card from Millennium Bank has quite a high ongoing APR of 19,5%, but you can get up to %100 000 travel accident insurance and you get a special high introductory savings rate. If you want to save some money, this is a good choice of card.

Plains Commerce Bank’s Access Visa Card and Total Access Card both offer 24-hour online account access and excellent customer service. The Access Visa Card offers immediate online decision while the Total Access Card offers you an instant decision, as long as you go directly to the bank itself.

The nice thing about American Pacific Bank’s Secured Visa card is that it offers no application processing fee. The deposit you make is the same as your credit. It is a great card if you need rehabilitation.

U.S. Bank’s SkyPass Secured Visa card offers great bonus miles as a reward, especially when making your first purchase and with renewal. It also offers up to $250 000 in Travel Accident Insurance.

Lastly, for a low annual fee of $18, Wells Fargo Bank’s Secured Visa card does offer higher interest rates, but you get free online access to your account, where you choose your payment due date, and you get free car rental insurance.