How to Survive the Coming Housing Crisis by June Fletcher_7 doc

It does not include property taxes, insurance, association dues, or other charges... notice of defaulted has not been filed more than 2x in the past Connecticut Mortgage Strict Foreclosu

10 / Epilogue 137

With the purchase price at $155,000 and $15,000 down, I could carry

$140,000 at 9.5 percent, which is $1,177 per month See Figure 10.1 Because the payments on the underlying first and second mort- gages would be at $1,000 per month, I would have $177 per month in cash f low Furthermore, by staying in the middle of the deal, I would collect one single monthly payment from the buyer, a concept that is very easy for the average person to grasp

Hindsight is always twenty -twenty, but take away an important lesson here: The more you learn, the more you earn!

FIGURE 10.1 How I Could Have Saved $1,000 and Made a Bundle

A P P E N D I X A

Interest Payments Chart

140 A PPENDIX A

Interest Rate Chart Monthly Payment per $1,000 Borrowed Interest

Rate %

15-Year Term

30-Year Term

Interest Rate %

15-Year Term

30-Year Term

6.65 = $997.50 per month This is a calculation of principal and interest only It does not include property taxes, insurance, association dues, or other charges

A P P E N D I X B

State-by-State

Foreclosure Guide

notice of defaulted has not been filed more than 2x in the past

Connecticut Mortgage Strict Foreclosure None, unless ordered by the court A strict foreclosure vests title in the lender without a sale

Borrower cannot reinstate the loan A court may delay the foreclosure for up to six months if the borrower is not making enough money!

default

judgment or 7 months of service of the foreclosure complaint

Borrower has 90 days from the service of the complaint to reinstate

equity Kentucky Mortgage & Deed of

Trust

Judicial Up to one year if the sale does not bring at

least 2/3 of the property’s value

agreement provides for less

Borrower can reinstate within 30 days of default

Maryland Deed of Trust Power of Sale with court

supervision

None stated, although equitable redemption permitted

Missouri Deed of Trust Power of Sale One year if the lender purchases the

property at sale

reinstate loan New

Hampshire

by agreement in writing

Rhode Island Mortgage Power of Sale Up to 3 years by filing a lawsuit

West Virginia Deed of Trust Power of Sale None if the sale is confirmed by the court Borrower has 10 days from notice of default to reinstate loan

Option to Purchase Real Estate [Buyer-Slanted]

Wrap Around Mortgage [or Deed of Trust] Rider

Installment Land Contract

Subordination Agreement

144 A PPENDIX C

SAMPLE FORMS 145

146 A PPENDIX C

SAMPLE FORMS 147

148 A PPENDIX C

SAMPLE FORMS 149

150 A PPENDIX C

SAMPLE FORMS 151

152 A PPENDIX C

SAMPLE FORMS 153

154 A PPENDIX C

SAMPLE FORMS 155

156 A PPENDIX C

SAMPLE FORMS 157