Breaking News

Originally posted 2009-01-03 01:13:45. Republished by Blog Post Promoter

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Breaking News for Investors

Originally posted 2009-01-04 13:04:51. Republished by Blog Post Promoter

On August 1, 2008, Freddie Mac changed its guidelines.  Those changes are affecting investors who finance the property in their portfolio and have those properties under the entity, limited liability corporation (LLC). 

 

Freddie Mac backs many of the conforming loans on the secondary market, so any changes in the rules is very important and should be headline news; hence, this news release. 

 

The changes are as follows:

• Freddie Mac will no longer approve refinance for any property that has been under a limited liability corporation entity for the previous six months. 
• Freddie Mac is limiting the number of properties the investor can have financed to four not ten as in years passed.

 

The solutions to these changes are as follows:

• Cash is king.  Allow the equity that you have build in the properties you currently own acquire new properties not using a loan; however, with this option you will have to factor in the cost of repairs.  In other words, the cash has to cover the purchase and the repairs.
• All properties that are acquired must be protected.  The way they are protected will still include the LLC.  It will just be a trust that will act as a go between.  The property will be held under a trust with the beneficial interest being the LLC.

 

Remember, these changes do not preclude you from owning properties.  It just changes how they are held and how many can be financed at any given time.  Lastly, speak with an attorney on how to set up your trust and having the beneficial interest going to the LLC.

Things that Make You Say Ummm

Today, there are several things that are going through my mind.  I was wondering where will the economical woes of this country lead?  Will just thinking outside the box be enough to put a bandage on the wounds or are we as a nation not as President, Congress, Senate, Democrat, Republican, but we as a nation able to heal from the financial struggles that all of us is experiencing in one fashion or another.

Let’s face it.  Financial wounds though it may not be physical hurt just the same.  The old adage “stick and stones break my bones but words will never hurt me” applies here.  Here is how.  Well, “the words” from that old adage are referring to the financial wounds.  The financial wounds that many of us is experiencing are not physical as the old adage implies, but the financial are battle scars that worrying does to the mind, body, and soul. 

At this crucial time in our nations history, we need to stop pointing fingers, calling names, or placing the blame.  We, as a nation, must stand up and be heard.    This country is free, but what is its freedom if we can not enjoy the basic necessity of shelter free of greed and injustice.  My question is: are we free if we can not live in our homes due to no jobs?   The answer is a resounding, NO.   Are we free from poverty?  The answer again is NO.    Can we be come free?  Yes, we can.  Once we as a nation realize that true freedom is giving a darn about what is really plaguing our nation, our ability to survive.  Our ability to survive will depend on the accountability that we give to companies that take their jobs overseas.  Our ability to survive will depend on the accountability that we give mortgage companies who do not hear homeowner stating, “I want to keep my home, but the adjustment in the rate is to much.” 

Remember that this time in our history has been compared to the “Great Depression”, and it is as equally important to remember that often times history has a way of repeating itself.