Chase Loan Modification Number: Fill & Download for Free

Wells Fargo Bank has received much bad publicity for scamming existing customers by opening up new additional accounts without their customers’ knowledge or permission.They had contests among sales people about who could open up the most new accounts - so they would “farm” their existing account base for names, addresses and account numbers and then open up these new accounts without their customers knowing about it.Wells Fargo has had to pay huge fines for this unethical conduct.J.P. Morgan Chase has received bad publicity for the way in which the bank handled Loan Modifications for their mortgage customers, many of whom found themselves under water during and after the 2008 Financial Crisis as the value of their homes plummeted on average 40%. So Chase was required to offer Loan Modifications and hired 50,000 new employees to process these Modifications but, unfortunately, few or none of these new employees had any experience in mortgage lending or even general banking so many of these Modifications took years to get approved because the employees working on them didn’t know how to underwrite and understood little or nothing about mortgages.Chase was required to pay a $20 Billion fine for unethical banking practices after the 2008 Financial Crisis and Jamie Dimon, Chase’s CEO received much publicity for claiming “We can afford it”.Credit card grantors in general scam their customers in less obvious ways. When someone first opens a new credit card account they typically read the agreement very carefully and agree to those terms. Then these terms change intermittently and they are “notified” by a small piece of literature included with their monthly statement, which most people are too busy to read. These changes to their account often result in much higher interest rates than they agreed to originally so in essence the agreement they agreed to at the time they opened the account were more “unilateral” terms than “bilateral” terms in that the credit grantor could change the terms and interest rate at their discretion - and usually when the account had a balance which the customer was unable to pay off in full in order to avoid the new higher interest rate.

Josh, thank you for your question.Though there are many things one should be careful of when purchasing a home or piece of property, there really are only five things I believe bear the most significance over others because they potentially could cause monetary, or, title and ownership loss to a homeowner.I am ranking in them in their order of significance.Title - This is without question the most significant of the four. Why? Because Title means everything to your legal claim to your right to ownership and use of the property. So, What is Title? Title is ones legal claim and right to ownership, and right to use of a piece of property. Ownership or title to property is recorded in chronological order each time a property is transferred from one person to another creating a history of the transfers commonly called the “Chain of Title”. The “Chain of Title” runs from the present owner all the way back to the original owner of the property. If defects are found later in an ownership that were not found prior to the recording of title events, it could lead to legal challenges of ones title and rights to ownership. The cost to remedy if minor can be as simple as what is called a “quite title action where a title company can fix the problem on its own”,. If the damage however is significant and require legal action, then god knows. This is why we pay to have title insurance on our homes, to cover the expenses of such events. But here’s something new that I want to insert into the mix that I believe is of major significance because it affects title and ownership directly and to a level that was never before known to the public but perhaps only to the perpetrators themselves and those that colluded. During the foreclosure debacle of 2008 and between 2009 and even today when banks were found both in court (Florida and California lawsuits) and news media (60 minutes news article on a company called DOCs) to have illegally recreated loan documents to stake claims on mortgages they never owned. They then foreclosed on the reclaimed mortgages while claiming title and ownership to the foreclosed homes. I have been an opponent of illegal foreclosures and loan modifications even though I helped many avoid foreclosures and receive loan modifications. I have for many years, even today, have struggled with this aspect of real estate. To me these loan modifications were nothing more than attempts by banks to legitimize their actions under the guise of government help in reclaiming mortgages that they never had right of ownership to. Bear in mind, mortgages were syndicated and sold to investors in pools. The servicing rights to the mortgages were given to mortgage servicing companies and not the banks. Furthermore, many of these investors were dissolved after collecting loss insurance on their investments, BUT, somehow through all of this, banks ended up having ownership to these loans therefore the homes. So, here’s the question that I have struggled with over these years and one that I strongly believe would one day become relevant. It will take someone with either political clout and money to challenge the system to make it become such. “How is it that titles to homes associated with fraud through these loan modifications and illegal foreclosures by banks, could be, (a): be insurable under title insurance, (b): not affect ownership to title therefore the chain of title, (c): invalidate any vesting of title, (d). not sever the ‘Chain of Title? If real estate contracts are voidable under fraud and fraudulent acts why could this not? I say IT SHOULD. Unfortunately nothing in the current processes had changed, and leads me to believe that there has been/is a continuing effort to cover up the crime. This IS without question is a crime no matter how you dissect it.Financing - Be careful with the the type of loan you get. Get one that fits your needs in down payment requirements, credit qualifications and comfort of making payments. Even if you are qualified for more, do not fall into the trap of over extending yourself into buying a more expensive home than you originally planned and budgeted for, If you are getting your loan through your local banks, let it be known to you that these types of banks have a cookie cutter type requirement for their loans. If you don’t fit inside the cookie cutter box, you are denied, even if you are an established customer of theirs. There is nothing worse than the bank telling you that you are qualified for a loan then you go into escrow and only to be told later in the process that you can’t get the loan. How did I know this? I used to do these rejected loans for Chase Bank. Watch for the zero closing costs pitch. These banks have a tradition for charging higher rates then use that to offset the loss on closing costs. I recommend you use mortgage Brokers or direct lenders. Mortgage Brokers work with many and various wholesale lenders, as such they are able able to find you the appropriate loan type and rates to suit your needs. The rates are cheaper also. Direct Lenders, are precisely what the name suggests. These types of institutional lenders lend, underwrite, package and warehouse their own loans. Their success rate in getting loans through is very high because of the nature of their business. They control everything and are very accommodating. The other thing you should be careful of are, lender fees. Pay closer attention to rate lock and lock extension fees. Some lenders will forget to tell you about these. Watch for prepayment clauses on your loan. Make certain that the interest rate on the loan documents is what was quoted to you or that you locked in at. You or your agent should make it a priority to stay on top of the financing aspect of your home buying process to ensure that your loan comes through on the precise date its meant to arrive.Physical condition - Always, always, have a professional inspect the house. Realtors generally use licensed home inspectors to perform such duties. I recommend using licensed general contractors. Though they are often hard to secure and more costly, the time and money spent is worth the while. Don’t get me wrong, licensed home inspectors are quite capable but they are not general contractors if you get my drift. If you need someone to take a deeper look at structural issues and make relevant recommendations, then you NEED them. Make sure that the contractor has a good reputation, bonded, and has a good standing with the BBB (better business bureau) community. If you have a contractor friend, you are in luckZoning condition - Zoning is one of those things that many home buyers don’t pay too much attention to because generally most residential homes are appropriately zoned residential. However, there are situations where single family homes are zoned residential but their use conditions are for commercial of other types. You typically find these types of zoning of conditional uses in older homes in older neighborhoods, older homes built along major neighborhood, city, and county roads. As cities and counties continue to change use conditions on older homes and neighborhoods, one should be paying more attention to these issues when buying homes because it may impact future value. There’s also other zoning situations like for example; the 100 year flood plains zoning. One needs to pay close attention to this as well. Just like the 100 year sleeping volcanoes that re-erupts, the same could happen to these 100 year flood plains. Zoning can be used as an investment tool. For instance one can petition a change “variance” in the zoning of a residential lot to that of commercial. If successful, just by changing the zoning increases your land value.Termites - Termites are very destructive in certain climates as we all know. If not addressed periodically or when discovered you could be subjecting yourself to significant future costs and losses. Termites are known to have destroyed home foundation wood works to the point that it caused homes to collapse even while being occupied. So pay attention to this. Get it inspected then preform the recommendations presented.Good luck

We’ve got real estate tycoons and we’ve got stock market tycoons. We’ve even got wealthy bond investors such as Bill Gross who pulls in over $100 million a year.It’s important to realize there are no renter or cash tycoons. The return on rent is always -100% every single month. Meanwhile, the return on cash averages a paltry 0.1% nationwide, even after the Fed rate hike.REASONS WHY REAL ESTATE IS BETTER THAN STOCKS1) You are more in control. Every physical real estate investment you make puts you in charge as CEO. As CEO, you are able to make improvements, cut costs (refinance your mortgage now that rates are back down post now that Trump is disappointing on some of his main promises), raise rents, find better tenants, and market accordingly. Of course you are still at the mercy of the economic cycle, but overall you have much more leeway in making wealth optimizing decisions. When you invest in a public or private company, you are a minority investor who puts his or her faith in management. Sometimes managers commit fraud or blow their companies to smithereens through unwise acquisitions. Nobody cares more about your investment than you.2) Leverage with other people’s money. Leverage in a rising market is a wonderful thing. Even if real estate only tracks inflation over the long run, a 3% increase on a property where you put 20% down is a 15% cash-on-cash return. In five years you will have more than doubled your equity at this rate. Stocks, on the other hand, generate roughly 7% – 9% a year including dividends. Leverage also kills on the way down, so remember to always run the worst case numbers before purchase.3) Tax advantageous. Not only can you deduct the interest on up to $750,000 on your primary home for 2018, you can also sell your primary home for tax free profits up to $250,000 for singles and $500,000 for married couples if you live in the home for the last two of a five year period. If you are in the 28% or higher tax bracket, it behooves you to own property. All expenses associated with managing your rental properties are also deductible towards your income. Income limits do apply however, so make sure you don’t make much more than ~$166,000 a year total.4) Tangible asset. Real estate is something you can see, feel, and utilize. Life is about living, and real estate can provide a higher quality of life. Stocks aren’t event pieces of paper anymore, but ticker symbols and numbers. When the world comes to an end, you can seek shelter in your property. Real estate is one of the three pillars for survival, the other two being food and shelter.5) Easier to analyze and quantify If you can calculate realistic expenses and rental income that’s all you really need when it comes down to valuing a piece of property. If you can borrow at 3% and rent out for a 6%+ yield, you’ve likely found yourself a winner. Real estate is immediately exploitable if you have the financial means to invest. There’s not only the cash flow component but the underlying equity component that helps investors build wealth. Stocks require you to trust what the company reports. There are countless ways for companies to massage their numbers to make things look better than they really are e.g. adjusting accounts receivables, adding one off gains, and using various amortization or depreciation strategies to name a few. Take a look at Zillow for the latest estimates, comparables, and sales history. It’s so easy to do research on real estate compared with researching stocks.6) Less visible volatility. Your house value could be tanking and you would never know it since there isn’t a daily ticker symbol. During bad times, the utility of your home really helps soften the blow as you enjoy your home and create great memories. During the 2008-2009 downturn, I still got to enjoy my vacation property in Lake Tahoe 15-20 days a year even though its value was plunging. Meanwhile, looking at the TV or computer screen just made me mad. When your investment is less volatile, it’s much easier to stay the course and not sell at the bottom.7) A source of pride. Making money for money’s sake is a pretty empty feeling after a while. Every time I drive by my rental properties I feel proud to have made the purchases years ago. I know that my money is working as hard as possible so I don’t have to. Real estate is a constant reminder that taking calculated risks over time pays off. There is an indescribable feeling nobody tells you once you’ve closed on your property. Even though the bank probably owns most of it in the beginning, you literally feel like the King or Queen of your castle. When you die, you can pass on your pride to your children or closest companions to let them create their own memories. Further, there is a “step-up” function where your heirs inherit the property based on the value of the property at the time of passing so that the cost basis is higher, which helps lower tax liability if the property is ever sold.8) More insulated. Real estate is local. If you’ve made a good decision to buy in an economically strong region, you will be more insulated from the national economy or the global economy. Spain blowing up is likely not going to affect the rent you can charge. Brexit actually helped drive mortgage rates lower as foreign investors bought safe US Treasury bonds. Look at prices in superstar cities such as NYC, Hong Kong, Singapore, London, Paris, and San Francisco. They fall the least, recover the soonest and gain the most. Of course, industries in your area could suddenly disappear and leave you broken as well. Of course, it’s also a good idea to diversify into lower cost regions of the country for higher yields. I do this through real estate crowdfunding and focus on real estate projects in Texas, Nebraska, Utah, and Tennessee.9) The government is on your side. Not only do you get generous mortgage interest tax deductions and tax free profits, you get bailouts if you can’t pay your mortgage. The government also aggressively went after banks to force them to extend loan modifications to bad and good creditors. I even got a free loan mod recently to my surprise. Programs such as HARP 1.0 and HARP 2.0 are allowing folks without hefty downpayments to get in on the action. There are plenty of non-recourse states such as California and Nevada which don’t go after your other assets if you decide to stop paying your mortgage and squat for months. When was the last time the government bailed individual investors out of their stock investments?Home prices will probably start slowing down in 2018 and beyondREASONS WHY STOCKS ARE BETTER THAN REAL ESTATE1) Higher rate of return. Stocks have historically returned ~7-9% a year compared to 2-4% for real estate over the past 60 years. You can also go on margin to boost your returns, however, I don’t recommend this strategy given your brokerage account will force you to liquidate holdings to come up with cash when things go the other way. Your bank can’t force you to come up with cash or move out so long as you are paying your mortgage.2) Much more liquid. If you don’t like a stock or need immediate cash, you can easily sell your stock holdings. If you need to cash out of real estate you could potentially take out a home equity line of credit, but it’s costly and takes at least a month.3) Lower transaction costs. Online transaction costs are under $10 a trade no matter how much you have to buy or sell. The real estate industry is still an oligopoly which still fixes commissions at a ridiculously high level of 5-6%. You would think the invention of Zillow would lower transaction costs, but unfortunately they’ve done very little to help lower expenses. They are in cahoots with the National Association of Realtors because they are their source of advertising revenue.4) Less work. Real estate takes constant managing due to maintenance, conflicts with neighbors, and tenant rotation. Stocks can literally be left alone forever and pay out dividends to investors. Without maintenance you’re able to focus your attention elsewhere such as spending time with family, your business, or traveling the world. You can easily pay a mutual fund manager 0.5% a year to pick stocks for you or hire a financial advisor at 1% a year. Or you can just manage your portfolio yourself due to so many free financial tools online.5) More variety. Unless you are super rich, you can’t own properties in Honolulu, San Francisco, Rio, Amsterdam and all the other great cities of the world. With stocks you can not only invest in different countries, you can also invest in various sectors. A well diversified stock portfolio could very well be less volatile than a property portfolio.6) Invest in what you use. One of the most fun aspects about the stock market is that you can invest in what you use. Let’s say you are a huge fan of Apple products, McDonald’s cheeseburgers, and Lululemon yoga pants. You can simply buy AAPL, MCD, and LULU. It’s a great feeling to not only use the products you invest in, but make money off your investments.7) Tax benefits. Long term capital gains and dividend income are taxed at lower rates (15% and 20%) than the top four W2 income rates (28%, 33%, 35%, 39.6%). If you can build your financial nut large enough so that the majority of your income comes from dividends, you could lower your marginal tax rate by as much as 20% or so, depending on the current legislation.8) Hedging is easier. You can protect your real estate investments through insurance. If disaster strikes, it’s often a pain to get your insurance company to pay for damages because the burden is on you to prove your claim. With stocks, you can easily short stocks or buy inverse ETFs to protect your portfolio from downside risk.9) Potentially less ongoing taxes and fees. Holding property requires paying property taxes usually equal to 1-2% of the value of the property each year. Then there’s maintenance costs, insurance costs, and property management costs. You can build your own portfolio of individual stocks and bonds for just $5 a trade. Or you can have a digital wealth advisor like Wealthfront build and maintain your investment portfolio for just 0.25% a year in assets under management after the first $15,000. They use their research and algorithms based off modern portfolio theory to best manage your money based off your inputted risk tolerance.CHARACTERISTICS MOST SUITABLE FOR REAL ESTATE AND STOCKSReal Estate* Believe wealth is made up of real assets not paper.* Know where you want to live for at least five years.* Do not do well in volatile environments.* Easily spooked by downturns.* Tend to buy and sell too often. High transaction costs ironically keep you from trading too often.* Enjoy interacting with people.* Takes pride in ownership.* Likes to feel more in control.Stocks* Happy to give up control to those who should know better.* Can stomach volatility.* Have tremendous discipline not to chase rallies and sell when things are imploding.* Likes to trade.* Enjoy studying economics, politics, and researching stocks.* Don’t want to be tied down.* Have a limited amount of capital to invest.NO BAD CHOICES IN A BULL MARKETThe choice between investing in real estate or stocks is like choosing between eating a chocolate cake or a hot fudge sundae. Both are good provided that you don’t go overboard. When you are younger, investing in stocks is easier and makes more sense since you have less money and are more mobile. As you get older you probably want to set some roots so owning at least your primary residence is beneficial.With stocks, it’s terrific to see portfolios go up. But after a while, it becomes unsatisfying to see more money accumulate in your brokerage account. Money needs to be spent on something, otherwise, what’s the point of saving and investing?Whatever you do, don’t own nothing. Inflation will rob you of your financial happiness when you are older and less willing or able to work. Own assets that rise with inflation such as stocks and real estate. Let’s just pray the bear market doesn’t return, but it sure seems like things are slowing.My latest investment focus is on investing in real estate crowdfunding deals through a company called RealtyShares. I’ve got $710,000 invested with them after I sold my rental house in San Francisco in June 2017 after owning it for 12.5 years. I think real estate crowdfunding is a great hybrid to focus on real estate returns WITHOUT all the headaches of managing property.Further, I think it is wise in 2018 and beyond to focus on investing in the heartland of America where real estate values are cheaper and net rental yields are higher compared to buying coastal city real estate. Prices are too expensive now, cap rates are too low, and technology is basically arbitraging work opportunities.Related: Focus On Trends: Why I’m Investing In The Heartland Of AmericaRegards,Sam