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What is Forbearance?

Friday, May 15, 2020
by Don DeHanas, Broker

With the economic chaos brought about by COVID-19 I have had a number of homeowners tell me their banks will allow them to delay payments for 3 months, with some banks requiring payment in full on the 4th month, and others allowing the seller to pay off the 3 months at the end of the loan or when the home is sold.  While this may be the only recourse to save your home, it does come with some negative "side-effects".

Unfortunately, there is a significant amount of misinformation regarding Payment Forbearance related to the CARES Act and the impact on homeowners. Since the CARES Act prohibits Lenders from reporting Late Payments to the Credit Reporting Agencies many people are operating under the assumption they can just skip making payments without any negative repercussions. What started as Mortgage Payment relief has spread to every type of credit. We are seeing prospective Buyers entering Payment Forbearance plans on every type of credit Car Loans, Installment Loans and Credit Cards. Regardless of what the Government intends you cannot stop making payments on Credit Accounts without it hurting you!

Forbearance basically means you cannot pay on your debt. That is exactly how a lender will see it. And that information will be used when considering your next loan. While a creditor is prohibited from reporting the payment to the credit bureau, they will list it as either "Forbearance", "deference", or "modified", which will make it very difficult for you to obtain a new line of credit.

Regardless of what the Government says, going into a forbearance will hurt you. It is best to consult with a financial advisor to determine if this is the best course of action.  

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Tips for Real Estate Investors

Wednesday, May 6, 2020
by Don DeHanas, Broker

If you are a real estate investor, or are considering investing, or maybe you want a bit more info before jumping in, the first place to begin your preparation is with your financial portfolio. Since most homes are in need of renovation, available financing for investors is generally limited to cash, or hard money. Using cash to purchase the home will help you to avoid financing fees, but this is not always an option, especially for first time investors. Those with limited cash on hand might choose to research Hard Money Lenders as a viable source. These loans are not regulated by the Federal Reserve, and loan qualifications will vary from lender to lender, as will the fees associated with the loan. Additionally, the investors experience will also dictate some of the fees. Generally, the more you use the same hard money lender, the lower the fees for using the money are reduced.

Here is a list of Hard Money lenders as included in The Scottsman Guide: Residential Edition:

1 STOP HARD MONEY WWW.1STOPHM.COM 949-236-6600

ACCESS FINANCIAL GROUP – JON PARLOT 720-482-0883

AEGIS FUNDING INC WWW.AGISFUNDING.COM 800-290-1954

AGOURA HILLS FINANCIAL WWW.AGOURAHILLSFINANCIAL.COM 818-707-3452

ALLIANCE PORTFOLIO PRIVATE EQUITY FINANCE WWW.ALLIANCEPORTFOLIO.COM 949-382-7300

ARCHWAY FUND WWW.ARCHWAYFUND.COM 310-447-8899

ARIXA CAPITAL WWW.ARIXACAPITAL.COM 310-889-0376

ATHAS CAPITAL GROUP WWW.ATHASCAPITAL.COM 877-877-1477

BRIDGE LOAN FINANCIAL WWW.BRIDGELOANFINACIAL.COM 714-264-4660

BROADMARK REALTY CAPITAL WWW.BROADMARK.COM 206-971-0800

BROOKVIEW FINANCIAL WWW.BROOKVIEWFINANCIAL.COM 877-734-2211

BUILDER FINANCE INC WWW.BUILDERFINANCE.COM 800-752-0401

CALCAP LENDING LLC WWW.CALCAPFINANCIAL.COM 833-816-5580

CALIFORNIA TD FUNDING INC WWW.CATRUSTDEEDS.COM 888-447-8882

CAPITAL FUNDING FINANCIAL WWW.CAPITALFUNDINGFINANCIAL.COM 866-999-2011

CAPITAL THREE SIXTY LLC WWW.CAPITALTHREESIXTY.COM 866-673-2300

CAPSTONE FINACIAL WWW.CAPSTONEFI.COM 480-737-3268

CARLYLE CAPITAL - WWW.CARLYLECAPITALINC.COM - (877) 700-1914

CENTER STREET LANDING – WWW.CENTERSTREETLANDING.COM - (855) 943-0253

CIVIC FINANCIAL SERVICES – WWW.CIVICFS.COM - (424) 336-7584

CONSTRUCTIVE LOANS LLC- WWW.CONSTRUCTIVELOANS.COM - (833) 855-3811

COREVEST FINANCE – WWW.COREVESTFINANCE.COM – (844) 223-2231

CROSSWIND FINANCIAL- WWW.CROSSWINDFINANCIAL.COM – (310) 597-4001

DIRECT LENDING PARTNERS- WWW.DIRECTLANDINGPARTNERS.COM – (484) 218-0141

DRI MORTGAGE LEDNING – WWW.DRIFUND.COM/LOANS - (561) 299-1905

EQUITY CAP FUND ADVISORS- WWW.EQUITYCAPFUNDADVISORS.COM EQUITY MAX- WWW.EQUITYMAX.COM - (954) 267-9103

EQUITY WAVE LANDING - WWW.EQUITYWAVELANDING.COM - (888) 399-8881

FMC LANDING - WWW.FUNDMORTGAGECAPITAL.COM FUNDLOANS – WWW.FUNDLOANS.COM - (970) 300-1900

FUND THAT FLIP – WWW.FUNDTHATFLIP.COM - (646) 895-6090

GENESUS CAPITAL – WWW.GENESISCAPITAL.COM - (213) 634-1002

HERZER FINANCIAL SERVICES INC. – WWW.HERZER.COM - (650) 363-8003

HILTON FINANCIAL CORP. – WWW.HILTONLOANS.COM - (602) 375-8951

INNER CORE CAPITAL INC.- WWW.INNERCORECAPITAL.COM - (619) 890-9825

JB PRIVATE INVESTMENTS – WWW.JBPISCORP.COM – (650) 315-9933

LENDINGHOME FUNDING CORP.- WWW.LENDINGHOME.COM/BROKER - (844) 415-4663

LENDINGONE LLC – WWW.LENDINGHOME.COM/BROKER-PARTNERS (888) 341-9162

LIMA ONE CAPITAL – WWW.LIMAONE.COM - (800) 390-4212

LONE OAK FUND LLC – WWW.LONEOAKFUND.COM - (310) 826-2888

LYNK CAPITAL – WWW.LYNKCAPITAL.COM - (321) 209-6871

M & M PRIVATE LENDING GROUP LLC – WWW.MMPRIVATELENDING.COM (719) 284-9166

PACES FUNDING – WWW.PACESFUNDING.COM (404) 814-1644

PACIFIC PRIVATE MONEY LOANS – WWW.PACIFICPRIVATEMONEY.COM (415) 793-3403

PATCH OF LAND – WWW.PATCHOFLAND.COM – (877) 761-6489

PB FINANCIAL GROUP CORP – WWW.CALHARDMONEY.COM (877) 700-3703

PREMIERE MANAGEMENT INC. – WWW.POLKPROPERTIES.NET (323) 685-6545

PSG CAPITAL PARTNERS INC. – WWW.PSGFUND.COM – (844) 386-3774

RCN CAPITAL – WWW.RCNCAPITAL.COM – (860) 432-5858

RED ROCK CAPITAL – WWW.FUNDWITHREDROCK.COM (719) 900-5400

REDWOOD MORTGAGE – WWW.REDWOODMORTGAGE.COM RODEO LENDING – RODEOLENDING.COM (310) 400-5631

SARATOGA CAPITAL INC. – WWW.SARATOGACAPITAL.NET (408) 418-5032

SETTLE FUNDING GROUP LTD. – WWW.SETTLEFUNDINGGROUP.COM (888) 734-3863

SHARESTATES – WWW.SHARESTATES.COM (212) 201-0750

SOUTH FLORIDA QUALITY MORTGAGE CORP. – WWW.FLORIDAHARDEQUITYLOAN.COM (954) 455-7600

SPROUT MORTGAGE – WWW.SPROUTWHOLESALE.COM/LOAN-PROGRAMS/FIX-FLIP - (800) 642-3354

STRATTON EQUITIES – WWW.STRATTONEQUITIES.COM (800) 962-6613

SUNSET EQUITY FUNDING – WWW.SUNSETEQUITYFUNDING.COM (866) 291-3412

T&M COMMERCIAL FUNDING – WWW.TMFUNDING.COM (207) 358-7527

TAYLOR MADE LENDING LLC – TAYLORMADELENDINGLLC.COM - (954) 614-5109

TRIUMPH CAPITAL PARTNERS – WWW.TRIUMPH.CAPITAL (877) 353-1099

VAL-CHRIS INVESTMENTS INC.- WWW.VAL-CHRIS.COM (949) 252-1907

VALE CAPITAL INC. – WWW.VALECAP.NET - (650) 600-7250

VELOCITY MORTGAGE CAPITAL – WWW.VELOCITYMORTGAGE.COM (866) 505-3863

VERISTONE CAPITAL – WWW.VERISTONECAPITAL.COM (877) 891-6078

VISIO LENDING – WWW.VISIOLENDING.COM (888) 521-0353

WADOT CAPITAL INC. – WWW.WADOTCAPITAL.COM (206) 362-4444

WESTERN DEVELOPMENT LLC. – WWW.WESTERNDEVELOPMENT.BIZ (703) 988-4666

WOODLAND HILLS MORTGAGE CORP. – WWW.WOODLANDHILLSMTG.COM (818) 999-6600

If you are interested in knowing more about buying or selling a home, or if you are in need of Property Managegment services, please call us at 301-870-1717. DeHanas Real Estate Services serves Southern Maryland, King George County Virginia and Washington DC.

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The DeHanas Team
DeHanas Real Estate Services
601 Post Office Road, Suite 2D
Waldorf MD 20602
Office: 301-870-1717
1-800-842-0190
Fax: 240-754-7867
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Servicing all Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro areas of Maryland, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County real estate advertised in this website are subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise any preference, limitation, or discrimination based on race, color, religion, sex, handicap and familial status, or national origin, or any intention to make any such preference, limitation or discrimination. DeHanas Real Estate Services will not knowingly accept any listing agreement for real estate sales in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas which are in violation of the law. Our clients and customers are informed that all dwellings advertised on our website in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas are available on an equal opportunity basis. All prices and finance claims appearing in this site are subject to change without notice.