2010 presents everyone with some unique housing
situations, which housing option(s) below describes you:
A: Looking for housing
B: Staying in your house
C: Leave your house
A: Looking for Housing
1. Looking to Rent-Monthly
rent? bedrooms? move-in date? cities? housing type? pets?
2. Looking for a Rent to Own--Monthly
rent? bedrooms? move-in date? cities? Money Available?
3. Looking for a Contract for Deed--Money
available? monthly payment? bedrooms? ities?
4. Looking for a Home Loan-580+
credit score? money available? any Foreclosures? any bankruptcies?
5. Credit Repair Help-Start
as a 1st step, collections? lates? judgments? liens? errors? ,etc.
*Sellers pay for
buyer’s agent commissions in almost all scenarios
*Frequent communication with a buyer’s agent is very important
B: Want to stay in your house
1. Do a Short-Refi-Before
foreclosure? A short-refi with a new lender, close within 120 days at new market
value, minimal fees
2. Do a Loan Modification-Modify
the terms of your current loan with your lender, no mortgage reduction
3. Do a Foreclosure Extension-Buy
more time, delay your foreclosure by 6-12+ months, affordable monthly payment
*These options
are ideal for those that are over-financed, and/or behind on payments
C: Leave your house
1.Rent out your property-Only
if you aren’t in foreclosure, and you aren’t selling, fee is 1 months rent
2.Lease Option your property-If
you want to get some option money and a possible future owner
3.Sell on a Contract for Deed-If
you want to get an owner type and a down payment
4.Sell your House Deed-If
you can’t sell with equity, sell your deed as an option, get paid cash for your
deed
5.Sell your house-We
can have your house listed on the market, the MLS, and help to sell it, listing
fees competitive
6.Sell on a Short Sale-for
those with little equity, short sale itself doesn’t require upfront money, city
inspection, assoc dues apply
7.Property Management-For
those that don’t want to manage their property monthly
*Due to the amount of
clients that contact us, we can only help those that are willing to sign an
exclusive contract
You may use many services at
one time.
For example, while in foreclosure
A: You may seek a foreclosure extension
B. You may seek a short sale
C. You may seek credit repair
D. You may want to purchase your next house on a contract for Deed
ron@minnesotainvestors.com
http://www.ronorr.com
763-634-1766
Who I am:
My name is Ron Orr, (RonOrr.com) I have helped people in all areas of
real estate since 2002.
I am a Real Estate Broker with MinnesotaInvestors.com, Inc. I’ve created a friendship/business relationship
with many people over the years, all specializing in different areas of real estate. I do the marketing to help
find a good win-win fit for each affiliate and each referral I get. We generally work in the 8
county area.
Items you’ll want removed off of your credit:
Collections
Foreclosures
Inquiries
Charge-Offs
Late Payments
Public Records
Tax Liens
Bankruptcies
Judgments
Repossessions
How your good credit score will help you out in daily life:
-You may now be able to qualify for a home loan and buy that home you’ve always
wanted
-Even if you plan on getting a home loan, a higher credit score offers you more
choices and possibly a lower rate
-You can qualify to get credit cards
-Many of the credit cards you qualify for will likely offer lower interest rates
-You may save money on your Auto Insurance, as it’s often tied into credit
rating
-Better interest rates, and cheaper payments helps you to have better and more
affordable options
-You may be able to get a auto loan and make small payments instead of a life of
expensive car repairs
-You may be able to open up bank accounts you couldn’t before
-You may be able to open up investment accounts that you couldn’t before
-Many employers check credit, this may help you get a job or a better one
-You may not be forced to have high interest rate department store credit cards
-You may be able to get a credit line increase
-You may be able to get a home equity line of credit
-It may help you to get a cell phone service instead of month to month, or
pre-pay minutes
-It may help you to get cable TV or direct TV, without a huge deposit
-You may be able to get a new electric company service without a huge deposit
-You may be able to get a college loan so that you can get a career that you
like, eventually making more money
-Us negotiating your credit card payoffs may save you thousands of dollars
-We can use advanced techniques to save you from wage garnishment
-We can help the banks from calling, we can help from non stop collections
-We can help negotiate lower high interest rates
-We can help eliminate some late fees
-We can help with penalties
-We can help avoid or minimize the impact of liens
-We can help avoid bank levies
-We can help avoid or minimize the impact of judgments
-We can help delay your foreclosure, so that you can get back on your feet
Available Programs:
Down Payment Assistance Now Available
(Available for a limited time until the money runs out)
-Ramsey County Down Payment
-Down Payment Assistance Crystal
-Brooklyn Center Grant Programs
-Anoka County Down Payment
-55411 Zip Code Neighborhood Program
-MN Grant Assistance Programs
-Home Help Guidelines
-Grant Programs (Over 30+)
Other Loan Programs:
FHA
FHA 203K (For rehabbers)
VA
Conventional
HomePath (Owner Occupied and Investment)
Manufactured and Modular Homes
MN Housing; MMP, CASA, HOMEHELP
Rural Development
Recent Bankruptcy or Foreclosure:
Chapter 13 BANKRUPTCY:
There must be 12 consecutive months of on time payments on all accounts
(including utilities, cell phones,etc) from the filing of the chapter 13 bankruptcy.
Chapter 7 BANKRUPTCY:
There must be 24 months of perfect credit from the disposition of a Chapter 7 bankruptcy.
FORECLOSURE:
EXTENUATING CIRCUMSTANCES
FINANCING 1 YEAR OUT OF FORECLOSURE
The FHA Underwriters have the ability to manually underwrite the file and get an
“exception” if there are extenuating circumstances (ie Medical, Death, multiple job loss).
Buyers would need to write out a very detailed explanation of exactly what happened,
and will need to submit supporting docs (legal, medical, etc). Each File will be reviewed
by UnderWriting to determine if the circumstances warrant “Extenuating”.
If so, they will grant Pre-Approval.
ron@minnesotainvestors.com
http://www.ronorr.com
763-634-1766
