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George of the Credit Jungle
United States
เข้าร่วมเมื่อ 22 พ.ย. 2017
Since 1989 George has helped thousands navigate through THE CREDIT JUNGLE (TM) in order to get into that next home. Call today to get started!
Mortgage Financial Group, a division of American Pacific Mortgage Corporation NMLS 1850. Mortgage financing and credit education. George Andersen - Branch Manager NMLS 28861. Licensed in Utah #5489768-NMLM. Equal Housing Opportunity
Mortgage Financial Group, a division of American Pacific Mortgage Corporation NMLS 1850. Mortgage financing and credit education. George Andersen - Branch Manager NMLS 28861. Licensed in Utah #5489768-NMLM. Equal Housing Opportunity
3 Pitfalls to avoid when BUYING on Seller Finance - Reason #1
Fannie Mae has updated their guidelines 2 times in 2024 regarding the treatment of seller finance transactions. This is a clear indicator of the increase in these types of transactions, but this is only part of the story. All the guidelines do is instruct a lender on how to treat the documentation they encounter when underwriting the impact of a seller finance transaction. This applies to both buyers and sellers. In this video we discuss the #1 mistake some BUYERS make when purchasing a home on seller finance. Knowing this one tip can save you from losing your investment.
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3 Powerful Benefits By Buying on Terms! @Staybnbee
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Podcast with Brigham Blackham - Success Coach and creative real estate investor and mentor.
New Credit Scoring Methods hit YOUR report on August 4th!
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For those of you looking to get a Conventional loan, there will be a new method of credit evaluation showing up on your credit report effective August 4th. This new method is called Trended Data and the full bulletin can be found in the link right here: guide.freddiemac.com/app/guide/bulletin/2024-6 3 years ago I did a video where I warned that Trended Data would be something that would eventua...
WHAT TYPE OF MORTGAGE DO I HAVE?
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Why would you need to know what type of mortgage you have? There are a few different reasons. First, if you already have an FHA, VA, or USDA loan it is highly unlikely that you'll be able to take out a second one until the one you have now is paid off. There are exceptions in all cases, but most of the time your options for having a second mortgage loan in your name (simultaneously) will be lim...
Is Seller Financing Illegal?!
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This is a common question asked by home owners, but also many real estate agents and brokers. There seems to be a lot of misinformation regarding an interpretation of the Due on Sale Clause (which every mortgage loan has). I've done a couple of videos on this subject already, so search within the channel here for a more complete explanation of what the Due on Sale Clause actually is. Right now ...
WHAT MORTGAGE IS EASIEST TO QUALIFY FOR
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Are some mortgage loans harder to qualify for? The short answer is yes. There are three factors to consider when buying a home to live in. 1st - what is the minimum down payment? Just because a down payment is not required does not mean it is easy to qualify for! There are often minimums for the credit score, maximums on your household income, and restrictions on the area where you can purchase...
Use O.P.M. (other people's money) to Trade Up!
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If you're looking to trade up but feel trapped in your current home because of your loan interest rate, there is a way to use that to your ADVANTAGE! This video explains the benefits of leverage and how you can become a bank by leveraging your low-interest rate mortgage. This is a completely different option than what most people do. Yes, your departing residence might make for a great rental p...
8 Above Appraisal, No CC
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Welcome sellers to the Credit Jungle. If you follow the capital markets, you know that we're not joking when we call it the credit jungle. Interest rates have more than doubled in less than 2 years. In my 35 years in the mortgage business, I've never see them rise so fast, and by such a large margin. It has caused a real disruption in the housing market, but relax, you are about to tap into the...
1031 Exchange with Seller Financing Taxes and Tenants are no more problem!
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Anyone who has held rental properties for a long time knows about the 2 greatest hassles as we near retirement age. #1 is the tenants. #2 is the taxes. The tax issue can be deferred into another property that is newer with less maintenance, but you will still be a landlord and the tax man cometh with perhaps an even bigger bill the longer you wait. The landlord issue can be solved by selling th...
Fannie Mae thumbs nose at the courts - supports our Realtors
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On April 15th Fannie Mae released a Bulletin that clarifies how they will treat IPC's or Interested Party Contributions on their mortgage transactions. When a buyer is negotiating the price of a home, it is typical for them to ask for help with closing costs, prepaids, discount points, or a temporary buydown. Depending on the down payment amount and the type of transaction, that contribution fr...
Investors! Get a better rate with less money down!
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If this sounds too good to be true, it's possible you may have seen this video right after your neighbor's house just sold to an investor. If you're looking to get traditional financing on an investment property, the minimum down payment is 20%. The interest rate on that loan right now is going to be in the 7's. Try this before you get too excited. Have your lender calculate your total payment ...
Using an ADU to help you qualify for more hou
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What is an ADU, or an Accessory Dwelling Unit? It is a separate, but smaller dwelling, within your current home, or detached to your current home, but still on the same parcel of land. You can finish a basement, or add on to the house to make the ADU part of your current home, or, if you can meet the set back requirements, you can build a detached unit from your home on the same parcel of land....
The 1-year mortgage rule and the 2-year real estate rule - what do these mean?!
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The 1-year mortgage rule and the 2-year real estate rule - what do these mean?!
Student Loan Debt Locking Out Home Buyers
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Student Loan Debt Locking Out Home Buyers
Coral Reef Dive, Samal Island, Philippines
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Coral Reef Dive, Samal Island, Philippines
Seller's can sell ABOVE market value with this trade secret!
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Seller's can sell ABOVE market value with this trade secret!
Oh No! My job is being replaced by A.I.
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Oh No! My job is being replaced by A.I.
3 Ways To Get Mortgage in the 3s (WEB)
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3 Ways To Get Mortgage in the 3s (WEB)
NEW CONFORMING LOAN & FHA LOAN LIMITS, is it time to move to Wayne County?
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NEW CONFORMING LOAN & FHA LOAN LIMITS, is it time to move to Wayne County?
"Zeller Finance" Podcast with George & Dustin
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"Zeller Finance" Podcast with George & Dustin
Self Employed? They use my Gross Income - don't they?!
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Self Employed? They use my Gross Income - don't they?!
Stuart Varney and the Golden Handcuffs - How to break away and win.
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Stuart Varney and the Golden Handcuffs - How to break away and win.
Hey, loved the vibe🙌! I'm not really sure if it is the best time to ask but, I was wondering if I could help you create a better distribution by working on post-production like better storytelling through Edits, Keywords, think catchy intros and outros, or even some engaging short clips! Would love to chat if you're interested.
I don't care. My score is zero and that's fine by me. Living debt free is real nice.
Allow me to show you the power of credit and how you can use to your advantage while at the same time be debt free
That's the incorrect way to view this. Ironically, this implies you don't know how to use credit responsibly. There is 1000% a way to use a credit card and not owe a single cent in your life.
I get calls that I will be served at my job ,it's scared because they threat me
Depending on the type or stage of the debt, creditors have a variety of legal ways they can try to collect. My video here is for dealing with the credit bureaus, and typically once the creditor has determined the debt is uncollectable.
Oh, I love this intro! 🫵😆🥹🤣🇺🇲x5 th-cam.com/video/D8rViF7V_oA/w-d-xo.htmlsi=ETGC1VwBx-9SHRGE
Great video content on the subject. Realist truth I've heard so far to deal with collections.
Thanks Collin - it's not always an easy thing to hear, but there are more and more companies who agreeing to participate this way, so that is some good news on the horizon.
Sure thing. Are you describing a situation where the buyer assumes the seller's underlying mortgage and then takes back a 2nd for the equity that the buyer could not cash out?
Hey George, great video! Can you speak on having a seller finance their equity when assuming their existing mortgage? Thanks so much!
i missed your question here Lawrence. the short answer is yes. so long as the buyer qualifies with the payment on the seller financed 2nd mortgage, the borrow van still assume the 1st.
Thanks for the response!
Hello there! I hope you are well. I have seen the videos on your channel. Your video is very good But your video optimization is very poor 1. SEO Score is very low 2. No Title - Description - Tag SEO friendly 3. No Share Social Media Platform and many problems on your TH-cam Channel. If you solve these problems, your TH-cam I think channel will reach a good position in just one month, I strongly believe that your TH-cam channel will reach a good position within a month.I can solve your problem. I am SEO Expert. I can help you increase your subscriptions and views. I am waiting for your response. Thank you.
Thats beautiful i want to comr there xd
Tanned in one day. Apricot
Is that Available in Denver Colorado ?
Great info. If you have access from the main floor above grade to the basement as well as an exterior walkout for the basement does the appraiser give any extra value due to the exterior walkout?
That's a great question Brian. My dad owned a lake house in Wisconsin with a full walk-out daylight basement to the lake front. From the street you only saw the garage, but I'm afraid that below grade calculation is still stuck as described in the video. However! Appraisers are also smart enough to be subjective on this type of situation. If there are comparable sales in the area with a similar situation it is very easy for the appraiser to make a positive adjustment to value. Still a case by case basis, so a lake home, or a home on a hill side will fetch more value, but do your homework and see if there are similar sold properties in the neighborhood.
OH MAMMA MI HAI FATTO VENIRE FREDDO DI COLPO BRRRRRRRRRRR
I weigh 75kg and do pull-ups with 60kg and I do them full range. Guess what, not worth wasting peoples time posting it on here so this definitely isn’t. Get a life
Thanks
As a cash buyer, your concessions are worthless to me. I only care about purchase price. You make money when you buy a house not when you sell it.
You're correct - a cash buyer doesn't have to play with mortgage options. Can you explain how you make money when buying? I've bought and sold dozens of homes, but the gain/profit doesn't become a taxable event until the sale.
After a process of fact finding while trying to purchase a home our lawyer along with an individual at the IRS gave us proof that you do not need a subordination ruling from the IRS if you have a tax lien on you as an individual. “In 1968 the Internal Revenue Service published Revenue Ruling 68-57, which states that it is the position of the IRS that a PMM or a PMSI given in good faith to secure a loan for the purchase of real property or goods, has priority over an already recorded Notice of Federal Tax Lien.” This information is critical if you are trying to obtain financing for real property. Publication 785 (10-2005) Catalog Number 47474W Revenue Ruling 68-57 Section 6321 - LIEN FOR TAXES 26 cfr 301.6321-1: Lien for Taxes Rev.Rul. 68-5 I would suggest hiring a tax attorney if only to give your lender peace of mind that they take priority if the property is sold later on or if the loan is in default. It wasn’t as expensive as we thought it would be around $1000.
That's correct. The IRS automatically subordinates to a purchase transaction and in my video I never mention the need for the subordination agreement.
I wish I could visit Ireland, also Scotland. Ancestry was traced back to Scotland and Ireland. I will never be able to afford it.
I thought Iceland was green
Arctic ocean gallop
Only issue I see is the seller will have this on their credit until the buyer either refinances or pays in full.
That is correct in all seller finance contracts. However, if the contract is drafted appropriately it will not affect the seller's capacity to get another mortgage.
@@georgeofthecreditjungle When you say correctly, is there any key notes or drafts you could send my way by chance? Not having much luck with seller financing on this side of town. Sellers are more concerned of getting this debt off their credit.
@@gnice2127 Are you in Utah? The types of contracts may differ depending on the state you are in.
@@georgeofthecreditjungle Hi George, no I actually reside in Baltimore county. I have a lady who owns her property and would consider seller financing. The rent roll Is between $1500-1850. But there's not a lot of people in my circle who has closed one of these deals. I would love to see a scenario on this deal above. For example, how would you structure taxes and insurance? And how much should I give her to put down? Also should I structure a gap payment?
@@gnice2127 Is the term "Land Contract", or "Contract for Deed" common vernacular in Maryland, or perhaps "Bond for Deed"? That's the most flexible contract that is recognized in the guidelines. Terms are whatever you mutually agree upon, but it also depends on what the seller intends to do once the home is sold.
I think you are wrong. This is not time to buy according to major property investors.
I'm very curious to see where this goes. I just know that myself and my other friends hoping to buy a house need prices to go down quite a bit before we feel we can justify it, especially with any rates over 5%. Many of us are actually pivoting to the idea of taking our careers and families out of the state to more rural areas and less popular states so we can afford something better.
That is sad to hear, but I understand. For decades prior Utah was the place people came to for affordable housing.
sorry mr jungle but interest rates are going up prices are falling and banks are failing telling people to buy so they lose money next year isnt a good way to get viewers
Thank you for the quick video, let us know how things play out.
I have an issue with a closed account that I was never aware of (was a joint user, not responsible for payments). It got missed payments until it eventually got charged off, and I just recently saw it on my report. I called them and they gave me a settlement offer to put the balance to $0, but they told me the missed payments would still show on the credit report and that they couldn't remove those. How can I get these late payments removed? Should I call again and say I will accept the settlement if they agree to change the missed payments to current?(Pretty sure the person I talked to said this wasn't possible, but may have more luck with someone else). (It is still with the original creditor, not in collections.)
You've got a couple of challenges. Whether you were a joint user or an authorized user, you still "technically" are responsible for the debt. Even a divorce wouldn't change that, nor would a bankruptcy filed by the other person. On debts like these it always makes sense to call and make the offer - especially when there is a balance owing. If the balance is less than $1,500, as a general rule, don't offer any money at all unless they also delete the payments. The balance is too small for them to pursue a wage garnishments and if the debt is old enough, it won't prevent you from getting approved for a mortgage loan. Hope that helps.
In Florida I'm on disability my wife was able to get loan by her self I'm on mortgage does on time payments does it help 1 or both with their credit
If you're both on the loan and payments are always made on time, then yes, you will both have a benefit to your credit. Hope that's the answer you were looking for.
Thanks for sharing this massive tip. This is real value coming from a mortgage pro as a realtor myself I've been advising my buyers and sellers about this very important tool in today's market
That is so good to hear Dave. Where is your market?
Great explanation. Thank you for simplifying this concept!
My pleasure DeAnna
What a beauty. I picked up a 91 SS yesterday :) took me a long time to find a white frame.
Congratulations! What kind of condition is yours in and where do you live? I've only put about 1,500 on mine since I bought it. Just got it back from a complete run through tune up and getting ready for the Spring.
The wind is a demon
That was Friday - on Sunday it was so windy that only 2 of the 4 classes raced. I did 3 races that day and love it, but there were a couple of boats that got damaged from the high winds.
What are those?
Those are ice boats. In ideal conditions they can go 5 times the speed of the wind. For kicks and giggles, look up the fastest reported speed of an iceboat. You'll be impressed.
Thank you for the info! I'll be sure to look it up!
🙏 'promosm'!
You didn’t say anything about a judgement
Sorry for the late reply. Judgements still work, however, you would need either a 6 month or 12 month payment plan with all payments verified to be on time. Since it is a lien, the lien holder would also have to sign a subordination agreement to the new first mortgage being originated.
can Down payment funds or is it equity , be these be used toward paying off a short sale or foreclosure ?
If you're in a short sale situation, then by definition, you don't have any equity to borrow against or gift. Does that make sense?
Hello George , does my down payment vanish when property value drop or is my equity still intact ?
If home prices drop, then yes, your equity will go down at the same pace.
Hey George, thank you for your easy and excellent explanation, this is exactly what I needed to structure my loan. You're Awesome!!!
Glad you found it helpful Butch.
I wish I had a nickel everything I've heard that there's no such thing as pay for delete it will come back and bite you again !!!
Dang! Good job
If NC is not a community property state, and title laws will allow, AND, if you don't need her income to qualify, then yes, I would do the loan in your name only and hold title together.
thanks for the info. Q: I'm in NC and my wife don't have debt but her credit score is 50 points lower than mine, should I put her or she'll go in the title only?
Excellent information, George. Much appreciated.
Hi George, any information regarding debt judgements?
I hate to give this answer, but the truth is, it depends. Automated underwriting can be quite generous with charge offs. Your file would have to be run thru desktop underwriter or loan prospector to firm up an answer.
@@georgeofthecreditjungle thanks for your reply and being so quick! I actually could out that I have a judgment against me for a previous car loan from 7 yrs ago and I’m afraid this puts my FHA in jeopardy .
@@misterpinsky9535 The only way to confirm that would be to get a mortgage application, a credit report, and then run the file through DU or LP and see what happens. The fact that this is 7 years ago will work in your favor. In what state would you be getting the financing?
@@georgeofthecreditjungle the judgment is in the state of Florida and I’ll be receiving the financing from the state of Pennsylvania.
@@misterpinsky9535 I'm not licensed in Penn, so I would find a mortgage lender there (not affiliated with a depository bank) and let them take the reigns.
I don't think people made the decision to take a vacation from paying thier mortgages🤣 I'm pretty sure there was a global pandemic that killed a million Americans alone, the whole world shut down, and hundreds of thousands lost thier jobs😅 Yikes. But thanks for the info.
I know people that made the decision to take a vacation from paying their mortgage. Sorry to break it to ya, there are people out there that take advantage of the system.
@@danbrown8373 oh yeah. Well unfortunately, there will always be a few. But it's not common at all. Hate to break it to you, but a millions of people died very quickly and even more found themselves out of work all over the world. Parents were hit pretty hard aswell considering that if daycares and schools are all shut down, there's no way for families to earn money to pay said mortgages. It's not like it was in the 90s when I stayed home alone all day while my parents worked. That's gunna get your kids taken away these days. I think the ability to differentiate is important here. Maybe you weren't directly affected by pandemic, and good for you, but majority of people were. Mortgage companies and land lords are hardly the victims here. I know people personally who couldn't keep thier lights on because they had to pay hospital bills for thier family members and then funeral costs when they died anyway. The millionaire politicians and ceos who talk about "Nobody wanting to work" are the ones cheating the system. Not paying taxes, exploiting the common folk, profiting off of tragedy, and trying to gaslight us all about it. Go look up all the children who were left parentless over the last 2 years due to covid. Hundreds of thousands. We're those kids supposed to pick up the mortgage? What a bunch of silly geese. 🥲 but sure, go off about the few bad eggs as if people aren't actually suffering.
Thank you for sharing your expertise.
I didn't notice a cut in my appraisers fee but he never came by. Also, what motivation does a contractor have not to use the cheapest materials possible?
I have 2 very small collections totaling under 200$ I just wasn’t aware of. Should I call them pay on full after getting the Pay to Delete? Also does I’m writing mean letter or can it be email ?
Did you ever do this? Was it deleted?
Hi, if the buyer defaults, what is the name of the court motion that the seller must file to regain physical possession (we already recorded the special warranty deed from buyer back to seller) ?
In the State of Utah it's called a Forfeiture of Contract. You would have to find out the terminology for your state.