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Monthly Archives: July 2010

Do You Know What Impacts Your Credit Score? Take This Quiz To Find Out

Via Le-Ann Vicquery (Coach Realtors, Inc.):

Do You Know What Impacts Your Credit Score? Take This Quiz and Find Out

According to credit experts, 42% of U.S. consumers have credit scores between 550 and 699. As a result, these consumers typically don’t qualify for preferred interest rates and, depending on their overall credit profile, they may not even qualify for certain loans and credit cards.

As a member of the Top 5 in Real Estate Network®, I, along with my team, have worked with many clients throughout my years in the business and have seen first-hand how credit scores can wreak havoc on securing a favorable mortgage. Most clients we work with don’t have a clear picture of what impacts their credit profile and, more importantly, don’t know what steps they can take to help improve it. We find this short quiz, from credit consultants, to be immensely helpful when it comes to understanding how your credit profile works. Take a few minutes to see if your credit knowledge is up to par.

1. To have the best credit-profile impact, what is the maximum amount of your monthly credit line that should be used?
a) 70%
b) 30%
c) 50%

2. What is the number-one contributing factor to a good credit score?
a) Length of credit history
b) Amounts you owe
c) Payment history

3. If you pay 2% each month on your credit card (typical minimum payment), when will you pay off a $3,000 balance at 10% interest?
a) 18 years
b) 6 years
c) 3 years

4. After paying off a high-interest credit card, you should:
a) Continue using it occasionally
b) Close the account
c) Use the full amount of available credit every month

5. Applying for credit cards in order to just receive a free sign-up gift (t-shirts, mugs, etc.) has no impact on my credit profile?
True or False

6. Rewards points on credit cards are a good deal when:
a) I get cash back
b) I get free airline tickets
c) I carry no balance each month

7. To have a credit score, I must have at least one creditor reporting activity on my credit report for:
a) 12 months
b) 8 months
c) 6 months

8. Credit bureaus that manage your personal credit report data and credit scores are a:
a) Government entity
b) Non-profit agency
c) Regular business corporation

9. Banks and credit card companies think you are creditworthy by how many credit offers you receive by mail?
True or False

10. Credit scores are used by lenders mainly to:
a) Tell how I compare to other consumers
b) Tell if I make my payments on time
c) Predict the likeliness that I will repay my loan on time

Answers: 1 – c, 2 – c, 3 – a, 4 – a, 5 – False, 6 – c, 7 – c, 8 – c, 9 – False, 10 – c

If you find you answered more than half of these questions wrong, you’re not alone, says ApprovalGuard, whose surveys reveal that the majority of consumers do not know the answers to these and similar types of questions. The good news is it’s not too late. With a good understanding and proper guidance of how credit works, consumers can learn how to effectively manage their personal credit profile. For more information, please e-mail our team, and please feel free to forward this quiz to others.


Jean Gillin & Le-Ann Vicquery
Coach Realtors, Inc.
Office: (631)-360-1900 269 or 23

Facebook Applications for your blog


Here is a list of facebook aps that you may be interested in for your blog.

Social RSS Social RSS allows you to add your blog/favourite RSS feeds to your wall, boxes tab or a dedicated tab on your profile or Facebook Page. It updates automatically and lets your readers subscribe to the feeds if they wish!
Poll  is a simple facebook application which lets you to create polls for your fanpages and profiles.

Blogvote is a simple facebook applications for bloggers which lets you to vote for other blogs and promote your blogs.

NutshellMail  helps to maintain your online activities which will deliver your facebook activities in a single e-mail digest.

Yakket allows you to synchronize your twitter updates with your facebook status.

RSSGraffiti  Unlike other applications this app lets you to publish mutliple rss feeds to the walls of your facebook profiles,fan pages and groups.

Webaddress is a simple facebook application which lets you to maintain your mutliple online profiles in a single link.

Tag Biz Network ApplicationTag Biz is a business network application developer. Our focus is to create business network applications that operate within social networks. Tag Biz is a free application that provides you with a customizable business card, a Tag Biz directory listing, and the ability to create a business network with all your Facebook friends.
Simplaris Blogcast lets you to blogcast your latest posts in your blog.

Webprofiles  lets you to connect your social media accounts like twitter ,bebo,my space etc.., to your facebook profile.

Friendmeup is a simple facebook application lets you to connect your youtube,linkedin and twitter to your facebook profile.

Twitter is a simple facebook application which lets you to synchronize twitter updates with facebook.

Help What Do I Do? Bank of America Short Sale Process. Part 3 2nd Mortgage

Bank Of America 2nd Mortgage Short Sale Process

Help for agents

If you have a seller that has a 2nd morgtage by Bank of America the process is different than it is for a 1st mortgage. Click here for information on a Sample of Authorization for Title and Escrow

Typically 2nd mortgages will either accept a $3000 or $6000 pay off, so I usually indicate $3000 on my estimated HUD 1 worksheet.

Posted in Active Rain

Help What Do I Do? Bank of America Short Sale Process. Part 2 Homeowner Steps

Bank Of America Short Sale Process

Help for Home Owners

I have submitted an offer on a Bank of America short sale in equator, now what do we do.

Each bank has a different way of processing short sale packages. With Bank of America, most of the leg work is handled by a third party company at In my last article, I explained how to submit an offer to Bank of America on the equator system. Now that you have an offer and submitted it on the equator site, you will ask the homeowner to call the bank and complete the short sale package. If your seller does not know how to scan documents and upload files you will need to do this for them.

The home owner will need to call this number
They will then send him a password to his email.

When the homeowner gets the password he needs to sign into this website.

Username is the email address and then the password that they sent him. He then needs to make up a new password, put it in twice and that will reset the password.

Some of the supporting documents that bank of america will need from the homeowner

Updated Hardship Letter
2 Bank Statements (Dated within 60 days of today’s date)
2 Paycheck Stubs (Dated within 30 days of today’s date – for each borrower)
2008 & 2009 Tax Returns

Here are a list of questions that Bank of America will ask on the website.


How many people are in the Household (Including yourself)?:
How much do you have in Voluntary Funds?:

(Borrower 1) Monthly Income from Employment:
(Borrower 1) Frequency of Pay Period:
(Borrower 1) Monthly Governmental Benefits and Insurance Income:
(Borrower 1) Monthly Unemployment Income:
(Borrower 2) Monthly Income from Employment:
(Borrower 2) Frequency of Pay Period:
(Borrower 2) Monthly Governmental Benefits and Insurance Income:
(Borrower 2) Monthly Unemployment Income:
Monthly Rental Income:
Monthly Alimony Income:
Monthly Child Support Income:
Other Monthly Income Description:
Other Monthly Income:
Total Monthly Income:
HelpExpenses Family
Monthly Auto Maintenance:
Monthly Food:
Monthly Medical/Dental:
Monthly Alimony Paid:
Monthly Child Support Paid:
Monthly Child Care:
Monthly Entertainment:
Monthly Tuition School Expenses:
Other Monthly Family Expenses Description:
Other Monthly Family Expenses:
Total Monthly Family Expenses :
Monthly HOA Dues:
Monthly Taxes:
Monthly Home Repairs:
Other Monthly Home Expenses Description:
Other Monthly Home Expenses:
Total Monthly Home Expenses:


Monthly Cable TV:
Monthly Electricity:
Monthly Natural Gas:
Monthly Phone/Internet:
Monthly Sewer/Water:
Other Monthly Utility Expenses Description:
Other Monthly Utility Expenses:
Total Monthly Utilities Expenses:


Monthly Dry Cleaning:
Monthly Parking:
Monthly Union Dues:
Other Monthly Work Expenses Description:
Other Monthly Work Expenses:
Total Monthly Work Expenses:


Monthly Auto Insurance:
Monthly Health Insurance:
Monthly Life Insurance:
Other Monthly Insurance Expenses Description:
Other Monthly Insurance Expenses:
Total Monthly Insurance Expenses:


Monthly Church/Charity Contributions:
Other Monthly Contributions Expenses Description:
Other Monthly Contribution Expenses:
Total Monthly Contribution Expenses:

Debt – Auto
Monthly Auto Payments 1:
Monthly Auto Payments 2:
Total Monthly Auto Payments:

Debt – Credit Card
Monthly Credit Card Payment 1:
Monthly Credit Card Payment 2:
Monthly Credit Card Payment 3:
Monthly Credit Card Payment 4:
Total Monthly Credit Card Payment:

Debt – Mortgages

1st Lien Monthly Payment Resident:
2nd Lien Monthly Payment Resident:
Monthly Student Loan Payments:
Other Monthly Loan 1 Description:
Other Monthly Loan 1 Payment:
Other Monthly Loan 2 Description:
Other Monthly Loan 2 Payment:
Total Monthly Mortgage/Loans:


401K Accounts:
Checking Account:
Savings Account:
IRA/Keogh Accounts:
Motor Home/Travel Trailers:
Other Recreational Vehicles:
Real Estate:
Other Asset Description:
Other Assets:
Asset Total:


Monthly Expenditures:
Monthly Total Income:
Monthly Unencumbered Income:
Monthly Expenditures/ Income:
Monthly Debt/ Income:

The second link on the website will be the hardship section. Here are the questions asked on this form.


Reason for Default:
Curtailment of Income
Whose income has been affected?:
What has caused the reduction in income?:
What are you doing to supplement your income?:
Is this short-term/long-term?:
Do you plan on keeping the property?:
What other resources do you have?:
(Borrower 1) Are you self-employed?:
(Borrower 1) Are you un-employed?:
(Borrower 1) Bank Statement (Most Recent):
(Borrower 1) Bank Statement (2nd Most Recent):
(Borrower 1) Pay Stub ( Most Recent):
(Borrower 1) Pay Stub (2nd Most Recent):
(Borrower 1) Tax Return (Most Recent):
(Borrower 1) Tax Return (2nd Most Recent):
Other Comments (Please provide detail around your hardship reason):

Help What Do I Do? Bank of America Short Sale Process. Part 1

Bank Of America Short Sale Process

Help for agents

Each bank will process short sales differently. While Bank of America used to take care forever to process, they are becoming one of the quicker and easier banks to work with. If you have a seller that needs a short sale with Bank of America, familairize yourself with BofA short sale process.

First step is to register on the equator site.

Go to and register as an agent.
Once approved you may sign in at the top right hand corner.
If you have short sale properties, you may post a property for sale.

Bank of America does not give you a listing price. A good rule of thumb is that the banks will usually accept up to 30% of what the seller owes on the property. List your property slightly above this figure. Remember to ask the selling agent to collect the first 5 digits of each of the buyers social security number and date of birth. I usually have my sellers accept every offer with a short sale addendum notifying the buyer that there will be multiple offers and that the bank will make the final decision on which offer is acceptable.

I run across alot of 2nd mortgages and home equity loans from Bank of America. The process is completely different for BofA Junior liens. For more information see my article on BofA short sale of 2nd mortgages

The second you get an offer in, upload it on the equator site.

If you have an offer on a BofA short sale click initiate short sale. You will receive a series of emails after each of these steps and be placed with a generic negotiator.

Next upload your 3rd Party Authorization. Click here for a Sample

You will then be asked to put in the sellers contact information.

Next is uploading the Offer and all the supporting documents.

The supporting documents will be a property photo, prequalification letter, proof of funds, estimated hud1 worksheet, mls sheet and mls number

A negotiator at Bank of America will then be assigned to your case and a BPO will be ordered.

At this point you will instruct the homeowner on the steps they need to take. You can find information on what the homeowner needs to do to complete the short sale package here

The negotiator may send emails to you through the equator system. Be sure to check often for messages and new tasks. The negotiator will either accept the offer or counter the offer. Everything is done on a worksheet inside the equator system, you will either accept or counter on this worksheet. (Example of the worksheet).

Once an offer is accepted it will be marked as accepted and the final hud will be approved.

One thing that is not evident in the system is that you must wait for a closing agent to approve everything in the equator system before you close escrow. Other banks the negotiator delivers the final verdict but in Bank of America you must have a closing agent. If your close of escrow date changes, make sure you evidence that on the worksheet.

After the close of escrow you are not done! You will need to upload a few more documents such as A certified HUD, insurance, certified and signed approval for 2nds, etc. Be sure to look for these tasks or BofA may send back the wire transfer.

I hope this helps you to navigate through the Bank of America Short sale process.

first time and repeat home buyers tax credit extended

For those clients stressing about closing in time to qualify for the tax credits we have a reprieve. The House of Representatives passed a proposal to extend the original June 30 closing deadline for home buyers who want to get up to $8,000 in tax credits. The Home Buyers Assistance Act of 2010 pushes the deadline to midnight September 30, 2010 on contracts that were signed by the midnight April 30 deadline. 


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