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- bestsolutionsfl, on 07/31/2008, -0/+0
Oct.1,2008.Housing Rescue Bill.
Absolutely in the right church,but in the wrong pew.
Right church:$300 Billion to help qualified borrowers.
Wrong pew:Qualified borrowers must live in their homes and have loans issued between Jan.2005 and June 2007.Also too little if 2.5 million homes in trouble.
Too late if it still allows foreclosures.
Get into the right pew: because all taxpaying homeowners are equal,some do not live in these homes and some of them were victims in 2004.Change the pew to ALL homeowners that are underwater since Jan. 1,2004 qualify.
Right church:Lenders concessions,writing down the loan to 90% of current FAIR MARKET VALUE and accept proceeds of the new loan on a paid-in-full basis.
Wrong pew:FHA financing the new 90% loan at fixed prevailing rate with 1.5% Mortgage Insurance Premium and having a retained SHARED PROFIT interest in the property.
Get it into the wright pew:New FHA loan to be at 100% of the current FAIR MARKET VALUE,using the 10% "shared Profit" to buy down the mortgage rate on the new fixed rate loan .MAKE THE HOMES AFFORDABLE!
EVERYBODY WINS!!
Carmen Basilovecchio
Broker/owner
Best Solutions Fl Real Estate 9804 S Mili tary Trail E-10,Boynton Beach,Fl 33436
bestsolutionsfl@aol.com
Please email any and all comments.
PLEASE POST,EDIT,AND FORWARD.
PLEASE POST,EDIT.This email is 100% original,all rights to it are freely given to the RECEIVER and anyone to whom it is forwarded.
=0 A
A PLAN TO END THE MORTGAGE CRISIS,AND end the FREDDIE MAC, FANNIE MAE BAILOUT WITH NO COST TO TAXPAYERS.
End foreclosure and short sales...Turn the defaulting loans into
AFFORDABLE HOME LOANS ...Loan modification at NO cost to the taxpayers.________________________________________________
******************************* EVERYBODY WINS PLAN*
THE MAGIC BULLET !
A 10 year fixed rate tax exempt bond is used to pay for all foreclosures and defaulting and "underwater" loans.The answer to this debacle was given in Feb 2008 in the State Of The Union Address...."issue tax exempt bonds"
The window of opportunity is still open.The discount rate still allows for a 3% tax exempt 10 year bond!!!
***** New Mortgage,loan modification.****
A SPECIAL MORTGAGE:
-a 10 year note for 30% of the full note(120 fixed payments)This fixed payment is the total payback for ten years.The balance 70% becomes a balloon mortgage to be acquired at the end of the 10 year term,thereby paying off the full 10 year bond.
READ ON,AND AS WITH ANY NEW IDEA:
CHANGE IT! CHALLENGE IT! OR ENDORSE IT!
"EVERYBODY WINS"
The 10 year 3% Tax Exempt bond is used as payment in full to the lender.The lender is paid FAIR MARKET VALUE! & nbsp;
LOAN MODIFICATION:
TWO PARTS
PART ONE:
PAY BACK OF ONLY 30% OF THE FULL LOAN AMOUNT!
A fixed monthly payment mortgage with a 10 year payment plan.
Loan amount is ONLY 30% of the full note,the Fair Market Value.
A VERY LOW AFFORDABLE PAYMENT.*****EXAMPLE:.............. per $100,000.
********FACTOR IS $1.99 per $100.
LOAN AMOUNT................................................$30,000
10 year Fixed monthly payment....$1.99 X 300 is............. $597
UNBELIEVABLE AFFORDABLE LOW PAYMENT******$597/month.
WHY SO UNBELIEVABLE ???
BECAUSE THIS IS
PRINCIPAL, INTEREST, TAXES and INSURANCE.
Payment fixed for 10 years on a $100,000 loan!
**************A $100,000 UNIT FOR $597 per MONTH!******P.I.T.I.
$200,000 LOAN---would be---------------$1194/MONTH ****P.I.T.I.
________________________________________
LET'S DO THE MATH
Also known as "You have a lot of explaining to do!"
Per One Hundred Thousand
First 10 years payments...............$597X120......TOTAL>>>>>>>> $71,640
*PRINCIPAL.......................................... ........... .................... ........$20,000..
this reduces the $100,000 bond to $80,000.
*INTEREST...................................................................................$30,000
pays the ENTIRE interest on the full $ 100,000
not just the 30%..(That's what makes it no cost to taxpayer)
*TAXES
and
*INSURANCE.....................................................................................$21,640
TOTAL>>>>>>>>>>>>>>$71,640
NO COST TO TAX PAYERS
The balance on the $100,000 bond is now paid off in full by a new 30 year fixed mortgage
for the balance $80,000@no cost to taxpayers &nbs p;
A loan Lenders will fight for!
A borrower that has a ten year
payment history with 20% down!
A prevailing fixed rate mortgage for 30 years for the other $80,000.
Fixed 30 Yr. @6% (example for prevailing rate)
PAYMENT, fixed................................................................................$480 P&I,
Per each $100,000
Note:This payment does not include insurance,or taxes.
$480 per month plus taxes and insurance.
NOW THESE ARE AFFORDABLE HOMES!!!
$480/MONTH P&I
****A $200,000 home for
$960/month plus taxes and insurance for 30 yrs*****P.I.
Carmen Basilovecchio
9804 S Military Trail E-10
Boynton Beach,Fl.33436 1-800-284-8600
cbasilovecchio@aol.com ******** mylonglastname@aol.com
This works no matter what amount of money is needed to resolve this crissis.
$500 Billion,a Trillion,still no cost to the taxpayers.
This could be a new agency******I would call********
**********"FREDDIE AFF"**********
(Federal Affordable Housing)***************** NEW AGENCY WITH NO SHARE HOLDERS
A CAUSE DRIVEN AGENCY,to perpetuate affordable housing!
PLEASE EMAIL ANY COMMENT,Questions,THANK YOU.
cbasilovecchio@aol.com bestsolutionsfl@aol.com
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