Club Chaos Agents - All Things Hollish, Wacked, and Jacked

70 degrees... I will probably work outside for the rest of the afternoon...

Here's a good spot... It has a small boardwalk with a nice view of the water. Parking sucks, but I will get over it (LOL). Studying for a test, so I shall check in with you guys later. Lots of pages to read and music to share... Time to get my Twitter freak on. @CTannStarr if you want to tune in to the Jango game. ;-)

This is a question that I am often asked. And the answer really depends on a lot of factors, as there are many people involved in the process.

For the purpose of this article, let’s talk about a HUD home that has just been listed, and that the purchaser is an owner occupant.

No bids are opened for the first 10 days that the property is listed. So if you make a bid on the first day of the listing period, you will have to wait at least 10 days for an acceptance.

In some cases, it it taking an additional 2-5 days for the winning bidder to be notified. Once notified, the selling agent then has only 2 days to get the contract delivered to the HUD asset manager.

Then it takes an additional 7-14 days to get a fully executed contract. From that point, a buyer obtaining a loan has 45 days to close and a buyer paying cash has only 20.

So the final answer is, it can take anywhere from as few as 30 for a cash buyer a fast turnaround times days to as many as 75 days for a buyer getting a loan and  slow responses from all those involved in the process.

An experienced HUD selling agent can help guide you during the entire process and help you with the exact timelines in your transaction.

To locate HUD homes for sale in your area visit HUDHomestore.com.

You might wonder how I can say The Palms Cliff House Inn is the best bed and breakfast in Hilo, Hawaii, when it's the only bed and breakfast I have stayed at, but it's not just my opinion. The Palms Cliff House Inn was voted the best bed and breakfast in Hilo by readers of the Hawaiian Tribune-Herald for 2010.

This view is from room #5 on the second floor. There are only 8 rooms, four on each floor.

This is the view of the front of the home. It is owned by John and Michelle Gamble who moved to Honomu 10 years ago. John said they were on vacation from Denver and were not intending to buy a home in Hawaii. But they stumbled across this Victorian and fell in love. So, they bought it and built the bed and breakfast quarters attached by a veranda. It sits way back from the road and is located only 15 minutes from Hilo, yet miles away from civilization.

This is the view from our room, #5. Each room is different but similar in size, very spacious. Our room has granite, a large walk-in shower and a separate jacuzzi overlooking the ocean. Much of the furniture and beds are antiques. It's simply beautiful and relaxing.

My husband shot this photo of me posting a blog on ActiveRain. The Palms Cliff House Inn has WiFi but unfortunately none in any of the rooms. There is a guest Lanai and the enormous dining deck where WiFi is accessible. However, I also used my iPad in my room and switched to 3G. The breakfasts, btw, are fabulous -- sweet papaya and island pineapple, homemade muffins, french toast with taro, bacon and broccoli quiche, chicken and apple sausages, fresh-squeezed juices. I gained 3 pounds this week.

This is our private balcony off of our room. I searched the Internet for hours to find The Palms Cliff House Inn. I poured over Hawaiian hotels in Hilo and none compared to The Palms Cliff House Inn. Our own travel agent didn't have this property on his offerings, but he does now. If you're headed to the Big Island for a vacation, you will definitely enjoy an unforgettable experience at The Palms Cliff House Inn. It's magical.

It's located close to the following attractions:

Hawaii Volcanoes National Park

Chain of Craters Road

Akaka Waterfalls

Honolii Paka Beach

Helicopter Tour of Lava and Hilo

Rainbow Falls, Mauna Kea and Waipio Valley

Hawaii Tropical Botanical Garden in Hilo

Photos: Elizabeth Weintraub

These are exciting times... There are days when I wake up and feel as if we are living in the 11th hour and the next decade is about to strike midnight (LOL). I love what my friend Richard has to say about 2011.

Wishing you all a very HAPPY NEW YEAR!!! ;-) 

Trying to understand Credit Scores can seem to be complex at times, especially when there are so many so-called experts online and or credit repair companies. Trust me, I have sat next to loan officers in the past that just made up things as they went along.

Many that come to me and seek my help or advice usually seem to be those borrowers that were previously approved. Yet are denied last minute and in most cases it was because of their credit. And for two months while in processing, that borrower was told all was okay. So how can this be?

In my own opinion, there are three main factors that a loan officer should look at.

1.) Credit scores aka fico scores

2.) All items that are derogatory, to include : latenesses, judgments, collection accounts, bankruptcies, etc

3.) Your credit balances vs your credit limits, to see if you abuse your credit.

What I seem to find that happens in many cases is that the loan officer dwells on the credit score the most, thinking that the deal should not be as difficult if that borrower meets the credit score requirements. Or for the fact that they can’t distinguish less than perfect credit for bad credit. But lately, I am finding more borrowers that were told no problems during the process and their credit scores were between 580 and 619. Here is the reality of it. Most lenders now require 640 or higher. Yes, FHA allows a borrower to go to 500, while on conventional loans you can go to 620. And there are some, such as Infinity Home Mortgage, where we can go to 620 on a case-by-case, if the loan makes sense and the borrower meets the basic guidelines pertaining to debt ratios. Here is the problem. There are a few lenders that will portfolio their loans and go as low as 580. Not only are the rates about 1.5 percent higher than normal market rates, that come with a few more points, but have more lender overlays regarding the lending guidelines. Yet it is very hard to close these loans. Even though I could broker out these types of loans, I tell the borrower that it is best to get their scores up to 620 or higher for various reasons.

When dealing with a lender when you have lower credit scores, your first question is, “how do I get them higher?” This can be such a dangerous question, because there are so many different answers and some are either wrong or misleading.

Example : If you have collection accounts that are two years or older, you should not pay them off at all until you go to settlement. When you pay anything off, that creditor or collection agency will be reporting this to the credit bureaus, which creates a new date. This does affect your credit score for the worse.  I tell people not to pay off a thing until settlement, if requested to be paid off.

How can you increase those credit scores?

• Keep your balances at thirty percent or less of your high credit limit. The higher the balance to credit limit, the more it will hurt your credit score.
• If you don’t have many open trade-lines, you should obtain new credit. "Well, I can’t get a credit card, I tried and was denied." You can get a secured credit card. Just get a $250 limit and keep your balance at $25. Make a payment as soon as you can, not waiting for your bill. Then ask if you can get a letter stating that you made a payment on time and the lenders credit agency might be able to re-score your report. If not, you will just have to wait the full thirty days.
• Credit latenesses – We know that 30 day lates hurt, but what can hurt more are 60 and 90 day lates. Your scores will get a tad better after three months, as long as you aren’t late on anything else. But these credit scores can improve drastically after six full months, as long as you aren’t late on anything.
• I talked about keeping your credit balances low. Sometimes if you even pay down your balance even more, this could help your score.

Example 1 : I have a client who has a mid score of 587. They have one credit card with a credit limit of $6,500 and currently have a balance of $4,000. If they paid it down the normal 30% limit, that would be $1,950 and their score would rise about 16 points. If they pay it down to a balance of $750, their score would increase another 19 points, for a total of 35 points.

Example 2 : The same client also has a card with a $351 balance and their credit limit is $600. To pay it down to the 30% level won’t do much, about 5 more points. But paying it off completely, they will get another 7 points, totaling 12 points. Overall, I am now increasing their credit scores by 47 points. And this will get their mid credit score to 636.

Conclusion: You need to deal with a loan officer that not only understands these different scenarios, but one who has access to a credit analyzer. Never assume what you should do from those on the internet, or from a family member, or from credit repair companies that tell you the world. If they didn’t run a credit analyzer/simulator, then it’s all a guess, with hope and a prayer. And if the lender doesn’t have access to a credit analyzer, then seek one that does.

Key Reminder : Unless instructed to do so, never pay off your credit cards. Keeping a running balance on revolving credit will help if under control. Paying off installment loans won’t really help your credit scores.

Key reminder when others check your credit scores.  If you get an outside source such as True Credit Report or Free Credit Report, your credit scores will usually be higher than when a mortgage company pulls your credit. Why? Because each uses a different logarithm. Just as those that give out car loans, they have a different logarithm.

• Credit Scores Part 1 – The basics and that you don’t need 700 credit scores or 20 percent down

• Credit Scores Part 2 – Understanding your Credit Scores

Disclaimer : I don’t work for a credit agency nor should I be considered a true credit expert. However, I do understand more than the basics and this information is based on my knowledge and research from many years in the mortgage industry.

PS.. don't hesitate to reblog this for your clients and or readers. Thanks

My New Years Gift to all of you.... something that took me a day to put together, like a mini book with many ideas for better business in 2011.

Your 2011 Business Plan - Keeping your eye on the moving target

thanks

As we plunge into 2011, it becomes increasingly apparent that “recent” history is now completely relegated to 21^st Century events.

With a full decade under our belt, (yes, the 21^st Century stated January 1, 2001 but that’s another debate) we are now deep enough into the Millennium to look back at the 80’s and 90’s as the “good old days!”

Where does the time go? It doesn’t seem all that long ago that the Y2K debacle needlessly paralyzed many a New Year’s Eve celebration. And we don’t see blanks for dates on paperwork anymore that have “19___ “ for the year.

As we burrow deeper and deeper into time, at some point the realization occurs that these are only numbers counting off the sands of time! And the only meaning that they have is the significance that we deliberately choose to attribute to them.

Time marches on. And every day is as important as we make it!

Yesterday I posted the first of 5 2011 New Year’s Resolutions.  The first Resolution is about being a "Yes Man".  Check it out and let me know what you think.

Today's resolution is: #4 Break the habit

Yeah, yeah, yeah – you’ve promised it to yourself and to your friends and family for awhile. The empty promises of quitting smoking, drinking, or any other addiction you may have could finally be fulfilled. The hardest part isn’t weaning yourself off of the addiction, it’s taking the first step and committing to it. With the support and love of those around you, breaking the habit doesn’t have to be endured alone. Buy over-the-counter help or for more serious addictions seek out professional therapy. This year, don’t make the resolution to break the addiction just for yourself – make the promise for your loved ones, the ones who truly care about you.

I have to give credit for starting a positive habit to Margaret Rome who just the other day without realizing it got me active again with my blogging.  All she did was share a small tidbit about her habits.  When thinking about breaking a habit think about a good one you can start too.

• blogging daily
• get organized (if you want help here let me know I have a great person to recommend)
• make 3 contacts a day to old or new people in your network
• take time out of your schedule to focus on your family (ie ";date night";)

Stay tuned for the next 2011 New Year’s Resolution.

What have you resolved to do or change in the new year?

November 23rd 2009 is a long time to wait, eh? 2011 is gonna be mad fun (LOL) ;-)

Starting January 2011 I'm going to be featuring other artists on the Ambassadors of Chaos record label. Did you guys know that Cher Johnson writes lyrics? Karen does cool lyrical spoofs, Candice is cooking up a rock band, Jessica is a classical pianist and I would love to high-jack a host of other fun Rainers for my music projects.

I would absolutely love, love, love to hang out in GA and do a "Dear Richard" album. I am drooling over a black stratocaster so next year may be very interesting (LOL). BTW, we've been threatening to have a pajama party blogging on a certain Ambassador's deck inspired by the yellow briefs incident. Hint hint (LOL).

Did I mention I was going to TX in the spring? Oooooooo... Wordy C is invading states not on the eastern seabord... What a scary thought (LOL). Melodious and Amanda shall be the boss of me while there. Can you imagine the Queens of Chaos blogging live... with streaming video? ;-)

Next album is entitled "Believe." First single is "Amazing Grace - Believe." It wont be what you're expecting so you may have to sample it a few times (LOL). 

I posted a larger piece on 2011 New Year’s Resolutions on our company blog.

Here is the first of the Top 5 New Year’s Resolutions for 2011.

#5 - Be a “Yes Man”
Being a “Yes Man” is based on the idea of the 2008 film Yes Man, starring Jim Carrey and Zooey Deschanel. In the movie, Carrey’s complacent and always predictable character is forced to change his boring and uneventful ways. When presented with an opportunity, he has to say “yes” no matter what it is. The result – a wild ride of comedy and a much more entertaining life filled with fun, love and excitement.

Face it, we all have the tendency to be “Boring Betty’s,” “Settled Sally’s” or “Pessimistic Peter’s.” It’s so much easier to say “no” when it could be so much more fun to simply say “yes.” So, this new year, when someone presents you with an opportunity, don’t resort back to firing the holstered “no” standby – take chances, say “yes!” Who knows, it might just change your life.

On a personal note I have met some great people who have been very helpful all because I said Yes to a simple request.  A special thanks to Larry Easto who falls into this category.

Happy New Year to you and stay tuned for the next 2011 New Year’s Resolution.

This is the view of Kilauea Crater and the Halema'uma'u Crater -- it's like a crater within a crater -- from the Thomas A. Jaggar Museum in Hawaii Volcanoes National Park. It sort of looks like Mars, don't you think? This is where the Hawaiian goddess Pele (goddess of fire) lives.

This is the trail above the fountain of Kilauea Iki, which last erupted in 1959. The splatter from the cone devastated this area so all that you see in this photo is new since then. That means this entire rainforest is younger than I am.

I don't know what this flower is but it was interesting enough that I stopped to take a photo of it. I love the beauty of tropical flowers; it's like they were painted by hand.

It's about two miles from the entrance to the Kilauea Iki trail to the bottom of the lake. We took the hike counter clockwise so the hardest part was going down instead of going up. The hill that you see behind me is the fountain of Kilauea Iki. It didn't exist prior to 1959.

This is the head of a new fern. I like these because they remind me of musical notes. In the state of Maine, people eat these as they are known as fiddleheads from the fiddlehead ferns, and they really quite tasty.

An overview of the lava lake, Kilauea Iki, and Kilauea in the background giving off steam. This is the youngest volcano in Hawaii and still active. Another cinder and splatter cone, Pu u O o, began erupting in 1983 and continues today.

Photos: Elizabeth Weintraub