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Managing Your Finances During the Coronavirus Outbreak

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Interesting article
The coronavirus has destabilized the economy and had impacts on workers across the globe. Taking steps to get help and taking the reins of your money can help you ride out the storm.

Originally published: 3/19/2020 | Updated: 3/27/2020

The coronavirus outbreak is currently on everyone’s mind. Social distancing and other practices to reduce its spread are essential not only to your health, but to the health of others as well. With governments implementing measures to reduce the impact of the virus and businesses closing or reducing their hours, life as we know it has changed.

The coronavirus outbreak has already had significant effects on the economy. Three of the five biggest drops in the history of the Dow Jones Industrial Average have come during the crisis, and people are already feeling the impact of their hours being cut and their savings losing value.

To help protect people from many of the economic effects of the coronavirus, both the government and private lenders have offered relief to consumers.

Click Here for the full article

CATASTROPHIC COLLAPSE OF US ECONOMY

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Foretaste of the Lockdown-Driven Collapse in the Services & Retail Sectors: Holy Moly, What a Catastrophic Mess

Services account for 70% of the US economy. Here’s what’s happening to services and retail in economic powerhouse Texas.

Also
Impact US Manufacturing? First Indications Are Ugly. Exacerbated by Underlying Conditions

Economic powerhouse Texas first got hit by the Oil Bust then by the Coronavirus. Expect similar confluence of unrelated factors in other regions.

Texas has been hit particularily hard by the economic collapse. Dallas is an economic power house.
The charts below are self-explanatory. Net Net, when the dust settles nothing wil be the same, but opportunities will be abundant.

Links to the specific articles follow.

Fannie Mae, Freddie Mac tighten some underwriting standards

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COVID-19 is obviously causing economic challenges. Fannie Mae and Freddie Mac have responded accordingly. THIS WILL IMPACT THE LENDING INDUSTRY. The Retail Real Estate Industry. Life will never be the way it was in February, 2020.

Fannie Mae, Freddie Mac tighten some standards, loosen others amid coronavirus crisis

GSEs make more changes as crisis worsens

With the coronavirus continuing to wreak havoc across the country, the nation’s two largest sources of mortgage funding are taking additional steps to address issues that currently exist within the lending process.

Fannie Mae and Freddie Mac announced Tuesday that they are tightening some lending standards while also beginning to offer several “loan processing flexibilities.”

Several of the changes announced by the GSEs address potential concerns surrounding proof of income and assets, two things that can, unfortunately, change rather quickly for some borrowers right now.

According to both of the GSEs, they are changing the age of document requirements for most income and asset documentation from four months to two months. What that means is all income and asset documentation must be dated no more than 60 days from the date of the mortgage note.

Previously, that window was 120 days.

In Fannie Mae’s announcement, it states that the change is being made “in order to ensure that the most up-to-date information is being considered to support the borrower’s ability to repay.”

Beyond that, the GSEs are also making changes to their income verification requirements for self-employed borrowers. Under the GSEs current policies, when a borrower is using self-employment income to qualify for a mortgage, the lender must verify the existence of the borrower’s business no more than 120 days prior to the note date.

CLICK HERE FOR FULL ARTICLE

NOTE INVESTORS FORUM VIRTUAL MEETUP

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Our 1st-VIRTUAL Note Investors Forum Meetup.
Host: Dave Franecki

Join us on Wednesday, March 25th; 11:30am-12:30pm PST. |  AZ

Topic:

  • The impact of the Coronavirus On the Note & Real Estate Industry
  • How have things Changed From January / March 2020
  • Q&A:  Buy, Sell OR Hold.

Guest Speaker: Howard Tenn

Join Zoom Meeting

https://us04web.zoom.us/j/697196717?pwd=SHhUaU5oWWRWaUpQM250QmlxUkNkZz09

Meeting ID: 697 196 717

Password: 032515

Fannie Mae, Freddie Mac, HUD suspending all foreclosures and evictions

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Foreclosure moratorium lasts until at least end of April

Cities and states across the country are already suspending evictions and foreclosures in response to the spread of the coronavirus, but the federal government is taking the biggest step so far to keep people in their homes.

President Donald Trump announced Wednesday that the Department of Housing and Urban Development is suspending all foreclosures and evictions until the end of April.

Beyond that, the Federal Housing Finance Agency announced Wednesday that it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 days.” That would mean the moratorium lasts through mid-May, at least.

According to the FHFA, the foreclosure and eviction suspension applies to homeowners whose single-family mortgage is backed by either Fannie Mae or Freddie Mac.

“This foreclosure and eviction suspension allows homeowners with an Enterprise-backed mortgage to stay in their homes during this national emergency,” FHFA Director Mark Calabria said in a statement.

Given that Fannie and Freddie are the largest mortgage financers in the country, the move is a sizable one.

“As a reminder, borrowers affected by the coronavirus who are having difficulty paying their mortgage, should reach out to their mortgage servicers as soon as possible,” Calabria added. “The Enterprises are working with mortgage servicers to ensure that borrowers facing hardship because of the coronavirus can get assistance.”

Earlier this month, the FHFA and HUD reminded mortgage servicers of their options for borrowers affected by the COVID-19 outbreak.

Included among those options is payment forbearance, which would allow affected borrowers to suspend their mortgage payment for up to 12 months due to hardship caused by the coronavirus.

As for HUD, Trump made the announcement during a Wednesday press conference discussing the growing impact of COVID-19.

“The Department of Housing and Urban Development is providing immediate relief to renters and homeowners by suspending all foreclosures and evictions until the end of April,” Trump said. “So, we’re working very closely with Dr. Ben Carson and everybody from HUD.”

CLICK HERE FOR FULL ARTICLE

Fannioe Mae – Allowable Attorney Costs

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Fannie Mae has approved attorney foredclosure fees. One of the first questions that is asked regarding any real estate foreclosue is “What does it cost”?  This topic was discussed at the February 2020 NoteWorthy Summit.  Some Attorneys charge by the hour. Some attorneys charge by Fannie Mae allowable limits. My experience is do NOT hire an attorney by the hour. The attached list details allowable costs by state. But………….keep in mind there are other costs.  Ask your attorney for those details so you know your options. For instance, one of the more expensive counties for foreclosure  is Allegany County(Pittsburg). The Sheriff charges $2,500.  Yikes!!

The costs are different for Land Contracts/Contract For Deeds. That may be a different process which is referred to as forfeiture.  Some states now view Land Contracts/Contract For Deeds just like a foreclosure. Some states have a relatively short process(Texas-60 days). Other, Florida, New York, New Jersey may take 2+ years to foreclose. Typically the “sand” states have a short fuse–Arizona, California etc.  As an investor, Capstone avoids the states North of and including, Maryland/New Jersey due to the anti-investor seniment. Be smart, check out the laws first before you invest.  If you own a real estate note, or contract,  performing or non-performing, Capstone Capital USA buys notes and mortgages. Give us a call.

Fannie Mae_allowable-attorney-trustee-foreclosure-fees

 

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1 Million More People in Metro Phoenix in the Next Decade? Where Will We Put Them?

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The following article  was originally posted on AZ Central on January 27, 2020 and reposted by the Orion Investment Group.

As a 23 year resident of Phoenix, my only thought is OMG.  Yikes, not another LA. NOOOOOOOOOOOO! But with the growth there will be many opportunities!!!

Metro Phoenix is expected to grow by 1 million people during the next decade.

That will be like adding a city the size of San Jose, California, or Austin, Texas, to the Valley.

The billion-dollar question is where all those new residents will live.

Most of the available land is on the edge of the West Valley and deep into Pinal County in the southeast Valley.

About 5 million people already call metro Phoenix home, and the region already faces infrastructure and housing affordability issues.  CLICK HERE TO READ MORE

RISK vs REWARD | GREED vs FEAR NOTE INVESTORS FORUM MEETUP 2 5 20

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   The February 2020 Note Investors Forum Meeting
will be Wednesday, February 5th 11:30am-1:30pm

La Famiglia Restaurant, SE corner of Dobson & Guadalupe, Mesa

Special Guest Speaker:   Howard Tenn  

Topic: 
Risk vs Reward   |    Greed vs Fear      

Howard is a protiage of Stan Harley, January’s guest speaker.  He will follow-up on Stan’s presentation. Preparing for 11/22 —

Prepare yourself for the next BIG Correction.
What happens when the music stops?

Being a former financial planner, Howard understands this topic.    
 
SAVE THE DATE.
MARK YOUR CALENDAR
YOU WANT TO BE IN ATTENDANCE!!!
FOR WEDNESDAY FEBRUARY 5th
NOTE INVESTORS FORUM 

The room is maxed out @ 55 attendees.

Lunch served.

Click on the link below to reserve your spot.
$16.83 includes networking, education, lunch, tax and tip.
$20 at the door.

 

 

SOLID STARTER 40 MONTH PARTIAL NOTE FOR SALE

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FEATURED ASSET
GREAT STARTER SHORT TERM PARTIAL


Location: Belding, MI
Note Type:                                        CFD
Payments Purchasing:                40 pmts
Remaining Term:                          64 pmts
Monthly P & I                             $300.24
Seasoning:                            132 months
Est Mkt Value:                          $89,000
Current upb:                             $15,182
Interest Rate:                                 10%
LTV  |   ITV:                   17%  |   13%

OFFERING PRICE:       $10,228

Additional Assets Available

Contact:
Dave Franecki
Capstone Capital USA, LLC
480 763 8376
Dave@CapstoneCapitalUSA.com
www.CapstoneCapitalUSA.com/notevault/

NOTE INVESTORS FORUM MEETUP ~ WEDS 2/5/20

By

The February 2020 Note Investors Forum Meeting
will be Wednesday, February 5th 11:30am-1:30pm

La Famiglia Restaurant, SE corner of Dobson & Guadalupe, Mesa

Special Guest Speaker:   Howard Tenn  

Topic: 
Risk vs Reward   |    Greed vs Fear      

Howard is a protiage of Stan Harley, January’s guest speaker.  He will follow-up on Stan’s presentation. Preparing for 11/22 —

Prepare yourself for the next BIG Correction.
What happens when the music stops?

Being a former financial planner, Howard understands this topic.    
 
SAVE THE DATE.
MARK YOUR CALENDAR
YOU WANT TO BE IN ATTENDANCE!!!
FOR WEDNESDAY FEBRUARY 5th
NOTE INVESTORS FORUM 

The room is maxed out @ 55 attendees.

Lunch served.

Click on the link below to reserve your spot.
$16.83 includes networking, education, lunch, tax and tip.
$20 at the door.