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Foreclosure and Getting Away With It

Foreclosure is a serious and stressful issue that you could encounter. It happens when you fail to pay religiously the monthly amortizations. Of course, you never thought of this when you were still at the point of buying a house, didn’t you?

Well, buying a house would probably take a large part of your financial resources. Cash outflows start from the down payment and ends on the last monthly amortization which normally happens after five long years. However, there is no assurance that things would go perfectly well in five years and would get you behind on your monthly amortizations. Delays in payments would surely give you serious consequences. In fact, if the delinquency is too severe, you could end up losing your house through foreclosure.

Fortunately, before everything ends with a foreclosure, there are a few alternative remedies that you could take:

Pay the delinquency.

Paying the delinquency is the simplest solution to the problem to make your account current. All lending companies accept all the payments that were delinquent and eventually reinstate the loan. However, this would require you to shell out more. When you are in the foreclosure stage, legal fees are already incorporated. In addition, certified funds is also a requirement in order to reinstate the loan.

Forbearance and Repayment.

The most common way of resolving a mortgage delinquency is to request for a payment arrangement with your lending institution. The arrangement would usually allow you to pay a part of your delinquency every month on top of your regular monthly payments. However, if you are unable to meet the monthly mortgage payments, the lender can extend the forbearance by suspending payments for a certain period of time until you can start a new repayment schedule. 

Payment Assistance.

Fortunately, if you do not have funds to pay off the delinquency nor pay for the first few months of the payment arrangement, you can seek payment assistance from the state, local government or private charitable organizations. However, this may not be applicable to all because not all states and local governments offer such.

Re-amortization.

Another way to escape foreclosure is to request and apply for a re-amortization. In a re-amortization, the delinquent mortgage amount is added to the loan balance to bring mortgage payments current. This remedy increases not only the total loan amount but also the monthly payments. But the increase in payment will not be as high as before considering that the term is also extended.

Sell.

Selling the property can also be done to allow you to settle your obligations and at the same time get any equity that you may have accumulated. In a private sale of the property, the amount received is usually greater than the amount of the existing loan. So, this probably can give you a good start in a brand new home.

Most of the alternatives mentioned earlier presume that you can settle the mortgage payments at some point which would eventually free you up from the burden. However, there is also another foreclosure alternative which is called a loss mitigation program. This program is established by the federal government and mortgage industry to stop foreclosures. Under this, you will be given options to assist you in keeping your house even if you do not have the financial capabilities to pay your monthly mortgage amortization.

So, if ever you will be facing a foreclosure issue, do not get dismayed and make your world stop because there are several ways to get through it.

selling a house that needs too many repairs
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How to Sell a House that Needs Significant Repairs?

Selling a house in Bakersfield, CA, can be a challenge, especially if the property requires significant repairs or maybe a full remodel. You might have a home that’s outdated and unsafe. You may be moving out of city or state and don’t have time to deal with a home that needs too many repairs.

It is challenging to sell such a home in the retail market because customers are looking for a ready-to-live home. They don’t want to buy a house that burdens them with repairs.

When you are thinking about selling a house that needs too many repairs, you get to choose between a few options. You can decide to remodel the house and sell it in the retail market. Alternatively, you can sell your home as-is for cash.

Option1: Renovate the House

Depending on your finances & timeline, it might be best to do a full remodel. First, hire a property inspector who will guide you about the required repairs.

Then, you’ll need to find local contractors who can give you a competitive quote for the work required. It’s an expensive choice, but after a complete remodel, you can sell your home at a reasonable price in the retail market.

Option 2: Make Only Significant (Major) Repairs

Your home has to be functional & safe before you can sell it in the retail market. You’ll need to focus on five essential sections:

  • Roof
  • Foundation
  • Plumbing structure
  • HVAC
  • Electric systems

These renovations will add value to your home, but they are going to cost money. Foundational repairs require your immediate attention and are also expensive. The ROI might be worth the trouble. You have to decide whether you have the time & money to handle these significant repairs.

Your inspection report will be your guide here. You’ll know which sections require minor repairs, and where you’ll need to do the work. It would be best to contact at least 3 local contractors so you can know the exact cost of repairs.

Option 3: Sell Your Home As-Is

It can cost thousands of dollars to repair the house. Let’s be honest. Many of us don’t have the cash to pay upfront for repairs and renovations. If you are stressed out, or you can’t make repairs, you can sell your home as-is. You can sell your home as-is to a house buying company.

A local house buying firm such as Eagle Creek Investments makes it easy to sell your home fast for cash. If your home needs massive repairs, this could be the best route for you.

Our company offers you a hassle-free selling process. With our quick process, you can sell your home in as little as 10-14 days. First, contact us and let us know you’re considering to selling your home. We’ll then schedule a tour of your house based on your schedule. Our team will visit your property so we can review the condition of the house or if you are on a time crunch we can do this right over the phone. After our visit, you’ll receive a fair cash price offer for your property.

We can close the deal quickly. You can take your time to think about the offer, and we’re available to answer any questions you might have.

Once you accept the offer, we’ll get the paperwork ready, and we’ll close on the date of your choice. Since you are selling directly to Eagle Creek Investments, you don’t have to worry about hefty commissions, closing costs, or repairs. Our team will handle all the details, and we’ll keep you informed every step of the process. It’s that easy to sell home with us.

Click here to sell your home that needs significant repairs.

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How to Sell an Inherited Property?

Selling inherited property is different from selling any other property. You may not own the house clear & free. There are other people involved, and you need court permission before you can decide about the house.

Legal paperwork, court notices, and validation of the will can take time. If you are looking to sell your inherited property, keep reading this article to know the process and the easiest way to sell an inherited property in Bakersfield, CA and associated areas.

I Inherited a House and Want to Sell It— What Are My Options?

There are various ways to sell an inherited house, but understanding the process will make it easier. If you are the sole owner of the property, you don’t have to worry about the prolonged probate process. As soon as the probate court gives you permission to sell, you can sell the house.

Sale proceeds are divided when the probate process is complete. Before the heirs can receive their share, it’s mandatory that all taxes & dues are paid.

Most people ask whether it’s possible to avoid the probate process. In some cases, yes. If a small real estate procedure is applicable, you can claim your share by signing a simple affidavit. However, the short process is valid only for estates valued at below $166,250.

A better way is to connect with a house buying firm in CA. Our company, for example, will take care of all the paperwork and the probate process. You won’t have to worry about legal matters or the complicated probate process.

Selling an Inherited Home—Conventional Way

The probate process can take six months to two years. After the probate process is complete, you can list your home with an agent. Selling with an agent will need another 3-6 months because you’ll need to repair the house. The house must be in a topnotch condition if you want a retail sale of your home. You’ll need to invest time in photography, marketing, and open house events. Once you find a buyer, it can take anywhere from 45-60 days to close the deal.

It is the conventional way to sell your home with a realtor; however, it’s not always the best choice. Facing the death of a loved one, and handling legal matters is an exhausting task. It would be best to sell your home as-is to a cash buyer who will deal with repairs later. You can deal with the matter privately without having to involve other people.

Selling Home to a Local Cash Buyer in Bakersfield

When you are selling an inherited property, a local cash buying company can help you. They know the local area, and they can present you with an all-cash offer within 24 hours. When a local cash buyer sends an offer for your inherited property, they consider the house liabilities, any debts that must be paid from the sale proceeds, and the required repairs. Repairs take time & money, but you don’t have to worry about them because investors will be buying as-is.

A local, family-owned company such as Eagle Creek Investments can also handle all of the paperwork, including the probate process. Our experienced team will deal with legal matters, and we only need a couple of signatures from you. After contacting us, you can relax and let us take care of the rest. After the probate process is complete, we can buy your home as-is for a cash price. It’s a direct sale, so you don’t have to worry about repairs, commissions or closing costs.

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Step-by-Step Process to Stop Property Foreclosure

There are various reasons; a house ends up in foreclosure. Divorce, sudden illness, death, job loss, and unfavorable conditions make it challenging to keep up with mortgage payments. In this article, we’ll discuss strategies to stop foreclosure because of missed payments or financial struggles.

Step by Step Process to Stop Foreclosure Now

Mortgage Forbearance

Are you experiencing a sudden shift in your income?

Get in touch with your loan servicer. According to federal law, the bank cannot foreclose your house until 120 days have passed without payment. You can use this time to stop foreclosure on your home.

You’ll need a documented proof or a hardship letter. Depending on the circumstances, your mortgage servicer can suspend your payments for a while. The pending installments can be later paid as a lump sum, or your lender can apply them to monthly payments. Mortgage forbearance is a great option if you haven’t yet missed a mortgage payment.

After 120 days, the bank can foreclose your house without delay. Before this stage comes, it might be a better option to sell your home for cash. Click here to see how this option works.

Loan Modification Programs

As a part of the process, you’ll hear from the loss mitigation department. Modifying your mortgage is a possible way to stop foreclosure.

Your mortgage servicer can reduce your monthly installments by increasing the repayment period. Doing so won’t reduce the debt, but for now, mortgage payments will become affordable.

There is no guarantee that the bank will approve your loan modification application. While your application is getting approved, the bank can continue to foreclose your house. It is critical to communicate earlier with the lender so you can consider other options.

Loan Reinstatement

You can bring your loan current by paying missing mortgage installments along with the late-payment fine. In most states of the US, you can reinstate your mortgage until 5 days before the foreclosure date. After that, the lender accelerates your loan, and you’ll have to pay the full loan amount to stop foreclosure.

Paying the mortgage has become a challenge. That’s why you are here. It is apparent that it was not possible to reinstate your mortgage. Still, we invite you to take a second look at your finances. You can take a second loan to bring your mortgage current. Selling a luxury item might be an option. An approved financial counselor can help you explore your options in this regard.

Deed in Lieu of Foreclosure

After 120 days, the lender can initiate the foreclosure process. Depending on the type of procedure (judicial/non-judicial), it can take a few weeks to a few months before the bank takes over the property. If you cannot come up with a plan, you can accept a deed in lieu of foreclosure.

It means you are voluntarily giving your home back to the bank. Lenders accept this solution because a foreclosure is an expensive choice. Deed in lieu of foreclosure will damage your credit score, but its effects are less severe compared to a foreclosure sale.

Filing Bankruptcy

Bankruptcy chapter 13 can stop foreclosure in its tracks. The creditors must stop their attempts to collect payment. If the court approves your application, you can pay your debt in 3-5 years. A court appointed trustee will manage the transaction, and you’ll be able to keep your home. Please consult a HUD-approved counselor to see whether filing bankruptcy is a suitable option.

Sell Your Home Before Foreclosure

A foreclosure will remain on your credit report for seven years. Bank will hold a foreclosure auction to sell your home. You can avoid this situation by selling your home to a local real estate solutions company. A trusted firm can provide you with a much-needed solution. They can purchase your home as-is for a cash price. You’ll be free from debt, and your credit report will remain safe. If you need assistance, please visit this link or call us now to understand the process better.

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Do You Feel Like Your Drowning In Debt?

debt

Across America debt is becoming a massive problem. In fact approximately 80% of Americans are in debt according to fool.com1. That percentage shows that you are not alone in your struggles. There is one piece of information that research does not show. It fails to show how many are able to manage that debt and pay their monthly payments on time.

Debt can be very daunting and reasons can range from job loss to a death in the family and everything in between.  The government and debt collectors will not care however when it comes to late payments. Not be able to manage your debt can destroy your credit or even worse, divorce can be a horrible outcome caused by financial troubles.

There is a light at the end of the tunnel however! Debt is manageable and here are some easy steps you can take to start managing your debt today!

debt

1. Find The Facts:

In order to get a hold of this problem that feels like you are spiraling out of control, you need to discover how much debt you actually have. Many websites online allow you to check your credit score for free. Just remember if you check your own credit score it is considered a soft hit and does NOT affect your credit score. If a bank or loan agent checks your credit score, it is considered a hard hit and WILL affect your credit score.

Pro Tip: When shopping for a mortgage, Loan, Credit Card etc, you can “shop around” within a “14 day span” and it will only be counted as One Inquiry!2

Going to websites like mybankrate.com, creditkarma.com, myfreecreditreport.com are all safe websites to check your credit score for free. Checking your credit score will show you exactly how much you owe on your loans, to creditors, credit cards, student loans etc. I personally use mybankrate.com when helping people fix their credit score and it is quite easy to navigate.

-Find out more why it's important to manage your credit!

2. How Much Do You Owe?

Once you look up your credit report, you need to add up all your debt. Just remember to add what you owe on loans, credit cards and also creditors. Remember creditors charge interest, so what you see on your credit report may have gone up since then. Don’t stop there! There are thing you can do to fix this!

3. So Much Money, Who Do I Pay First?

You first need to prioritize what is important to pay off first. You want to pay off any creditors first because that is killing your credit BUT don’t neglect the accounts you are paying on time. Next would be credit cards because their interest rates are usually around 25%! Vs a loan which can be closer to 1-12% depending on your credit score. The last thing you want to throw EXRTA money towards is your loans. You do however want to continue paying them on time.

debt

4. But What If I Don’t Have Enough?

If you owe more in payments than what you can afford, you need to hurry to take control. A really easy and quite common thing to do is combine all of your debts into one loan! Just by reducing the interest rates on your credit cards and the crazy rates that creditors charge can save you THOUSANDS! This is called a Consolidation Loan and many times you can call and get rates right over the phone.

Also you should be thinking about downsizing. If you have 3 cars for example, can you sell one and save on the insurance and DMV payments etc? Most people can find some savings somewhere in their budget, the most common being their food bill. You will be surprised how much eating out can cost!

5. Lets Fix This!

Two things to be aware of is a prepayment penalty and the 14 days you have to shop around. When getting any loan make sure there is no prepayment penalty which will allow you to pay off the loan early without a fee. Just keep in mind the loans your already have may have a prepayment fee. On bankrate, there are phone numbers you can call for your loan specifically to find this out. Also just remember once you have done your homework, make sure you pick who you are going to do a loan through within the 14 days, from when you started shopping around. The Biggest thing you can start doing is start being accountable for where your money goes. Many times a Wife, Husband or even a friend can keep you in line and make sure you don’t have any late night spending urges on Amazon.

I believe in you, and know you can do it. The first couple steps are easy and you can start it right now for FREE. So what are you waiting for? Go out there and start making yourself better today!

 

 

Remember if you ever have any questions feel free to contact me at any time, or if you have a topic you want covered just let me know!

  1. fool.com/retirement/2018/02/15/its-official-most-americans-are-currently-in-debt.aspx
  2. https://www.myfico.com/credit-education/credit-checks/credit-report-inquiries/
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Why Taxes Suck and Retirement is Awesome!

retirement

Have you ever avoided taxes altogether? If you have ever had a job, then you haven't. Taxes are inevitable and normally when we get money in any form, we have to pay taxes on it, including retirement. That doesn't have to be true though!

Retirement accounts are one of the governments loopholes where if you just plan ahead, than you can receive a paycheck during retirement TAX FREE! That's right no taxes at all. Are you listening yet? The second I realized this was real I opened up each type of 'deferred' and 'Tax Exempt' account as soon as I could.

A couple of popular examples are 401k's and social security that we pay into. Retirement accounts don't stop there!

Roth IRA:

  • Contributions to this account is taxed up front, yet the growth and withdraws are 100% tax free so long as you pull out the money after 59 1/2
  • Pulling  money from your retirement account before 59 1/2 can also be tax free so long as your account is 5 years old up to $10,000 for 'qualified first-time home buyer expenses'
  • Roth IRA's allow you to invest into whatever you want, individual stocks, index funds, lifestyle investments, and many creative investments as well!
  • The only problem? You can't earn too much money or the government limits your contributions, so invest now! Right now (2018) the government limits your contributions to $5,500/yr under 50 years old and $6,500/yr over 50. If you earn more than $120k than your limited to the amount on contributions and above $130k your not allowed to contribute anymore.

Traditional IRA:

  • Contributions into this type of retirement account can actually lower your taxable income which can qualify you for other incentives like the child tax credit or a  student loan deduction.
  • If you are under 59 1/2 you can also withdraw $10,000 early, for qualified first time home buyer expenses and also higher education expenses
  • Hardships like unreinbursed medical expenses and disability could also qualify for early contributions

401k, Deffered Comp, 403b:

  • All of these retirement accounts are taken out of your paycheck pretax. Which means that Uncle Sam never sees a drop of that money until its time to take the contributions out.
  • There is definitely a place for these accounts and if your employer matches your 401k, than you are loosing out on free money if you don't take advantage of that plan
  • On the flip side, most of us plan to earn more money when we retire, and if that places you into a higher tax bracket than you are currently, you could be paying more in taxes later on.
  • This though process goes both ways, because these accounts lower your taxable income and can be very beneficial if you are about to jump into the next tax bracket right now.
  • Most of these accounts have the same limits with 59 1/2 years old being the magic number when you can start withdrawing money.

Just know that knowledge is power! All you have to do is spend a couple hours of research and you can easily save thousands of dollars in the long run. The government gives many benefits for these retirement accounts and I encourage you to start planning for and taking advantage of that retirement now!

Remember if you ever have any questions feel free to contact me at any time, or if you have a topic you want covered just let me know!

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How I Earned $1,000 on accident – Determining Price

price

Accidentally?

Have you ever done your laundry and accidentally stumbled upon a couple dollars?  This time I earned $1,000 and it wasn’t from doing laundry. Although this story does involve an explanation of how I did it, what’s most important to derive from this story is the lesson of determining price based on an objects value.

First off I love buying used cars. The entire thought process intrigues me. It intrigues me that I can buy a car for a fraction of the value that someone bought it for at the dealership. I’ve even bought cars at a price as cheap as $500 and they have lasted me years before they stopped passing smog. That’s a couple months worth of gas and my car is fully paid for, character included for FREE!

When I bought my house it ended up requiring a bit of work to get it to a clean livable condition. That also meant my car wouldn’t cut it when I needed to carry pieces of plywood, loads of tile, etc. So, I went out and started shopping for a truck. My first destination was craigslist. Usually there are plenty of deals and you can find the average price for a particular used vehicle that you want.

The Fix…

After scrolling through some adds and talking to a couple people I found a Ford Ranger 2.3L with 100k+ miles at a decent price point. I thought, “Perfect. It’ll last another 50-75 thousand miles and ill have a nice truck.” The guy was asking for a price of $1,200 and after some negotiation we settled on $1,000, we signed the paperwork and I was on my way. I kept looking on craigslist however to make sure I was getting a deal and stumbled upon another ranger that had a bigger 4.0 engine and was only $1,400! Thats a few thousand dollar upgrade if I were to buy it new! Soo.. I bought it.. But what am I going to do with two trucks? I guess I didn’t think that one through fully so I used the same pictures the other guy had taken and I listed it at a price of $2,200 and noted in the posting that it had low miles. It’s all about perspective, because to me the truck had plenty of life left in it.

The Price?

All of  a sudden I was receiving a flood of calls and sold it within 2 days. Price? We agreed on final price point of $2,000, which is $1,000 more than what I bought it for minus the registration and smog. I immediately went online and looked to see if it was illegal to do this regularly. It turns out that curbstoning or “flipping cars” is illegal in California. I, however, sold my truck at a higher price than I had bought it on complete accident. Oops!

What’s important to take away from this story is not that you can make money flipping cars, because as I mentioned above there are some legality issues with that process, it’s that I realized quickly the value of an item is all perceived in who is selling it. As famous Grant Cardone said in a speech, “If the value of an item exceeds the cost, then someone will buy it”

Similar Information:

Sacramento CBS Investigate Flipping Cars or “Curb stoning”

Click here to browse a list of my most interesting life stories

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Why does everything lower my credit score??

credit

Does your credit score suck? How come you can't get a loan anywhere?  Can't even get a credit card because of a low credit score? Don't worry, your not alone! Even I got suckered into a couple credit cards and didn't even realize what paperwork I was signing! (Easily avoidable now!) The topic of credit is one that comes off as complicated, intricate, and a general nuissance to many, but below I've simplified how you can start bettering your credit as well as the important factors that determine your credit score.

There are two easy steps you can take right now to help your credit immediately. Start by paying all of your bills on time and then reduce the debt that you are 'utilizing'. Right now i'll dive into the world of credit cards and how they can be your BEST Friend, or WORST Enemy...

This topic not to say debt is bad, however your credit score is calculated based as a percentage of how much debt you have, vs have much your allowed to have. Lets say you have a $1,000 credit card limit. If you have $800 on your credit card, it is going to look horrible because you are "utilizing" 80% of what your allowed to spend. There is two things you can do, and I caution you with the second.

First, you can pay off your debt at the end of each month (That will definitely look good on your credit report and to your bank!). Just remember, that the second you decide to roll the unpaid balance into the next month... You are going to get hit HARD with interest rates! Those suckers can be as high as 25% which means your original $800 bill is now $1,000 that you owe to the bank!!  I don't know about you, but there are a lot of things i would rather do with $200 than to blow it at the bank for no reason.

Second, you can pull off a rich persons secret. See to them debt is not an enemy, and instead its a tool. Correctly used in an investment, they can earn more money on the investment than what they are paying in interest on a loan. How does that affect us though? Well if you take that same $800 and put it on a credit card with a $5,000 credit limit, now your only utilizing 16% of what the bank has allowed you to spend. Same $800, crazy huh? Also it is going to looking amazing on your credit score. Your goal should be to keep your utilization around 30% or less. Caution though, the bank will raise your limit even if you can't afford it, so realize how to control your spending first and pay off that card each month.

YES, that means that bran new car you bought, just lowered your score, HOWEVER! If you pay your payments regularly it will eventually level out and help with your 'length of credit' and 'paying your accounts' on time.

credit

The Solution To Debt!! Don't have enough money to pay for your credit card?? First thing you can take action on at the end of this paragraph, is to go onto your account history for everything you spend each month and simply write it down. I believe in you! Write down at least the last 3-4 months and categorize everything into subjects like Bills, Gas, Food, etc.

Now calculate how much you earn each month. Do you spend more than you earn? I know back when I did tried this, I was going to circle the drain quick if I didn't do something about it! I realized I was blowing around $1,000/month on just food for two of us and a couple dogs. Way too much money and the easiest thing that even you can reduce. I now challenge you to buy fresh groceries and cook! Friends coming over? You can BBQ and have a cooking fest, it'll be fun and soo much cheaper than eating out! I know every time my friend Aly brings her son James over we end up cooking and never eat out. I promise it'll bring your friends closer together and you'll save tons.

In conclusion, I want you to know that debt is not bad, so long as you can control it. Now go out there and rock those finances.

Remember if you ever have any questions feel free to contact me at any time, or if you have a topic you want covered just let me know!

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