Victorian Houses

House
Mortgage backed Securities, Bonds and Mutual Funds

Commercial mortgage backed securities or also known as CMBS are bonds, that are backed by commercial property such as apartments, retail shops and similar in structure as the collateralized mortgage obligation CMO is a special purpose entity that is wholly separate from the institution that create it by being the legal owner of a set of mortgages, which in this case will be commercial mortgages, called a pool. Investors in a CMO buy bonds issued by the entity, and receive payments according to a defined set of rules.

Commercial securities are called the collateral, the bonds are called tranches also known as classes, and the set of rules that dictates how money received from the collateral will be distributed is called the structure. The legal entity, collateral, and structure are collectively referred to as the deal. So the use of fixed income funds can be managed by a bond fund manager who will help you with less prepayment risk than other MBS types, thanks to the structure of commercial mortgages you will find that many often contain lockout provisions after which they can be subject to defeasance, yield maintenance and prepayment penalties to protect bondholders.

Investors choose which CMBS bonds to purchase based on the level of credit risk/yield/duration that they seek. Each month the interest received from all of the pooled loans is paid to the investors, starting with those investors holding the highest rated bonds, until all accrued interest on those bonds is paid. Then interest is paid to the holders of the next highest rated bonds and so on. The same thing occurs with principal as payments are received.

Commercial mortgage backed securities are a package, and they include both low risk AAA rated bonds all the way down to high risk B rated bonds.

Facts about Securitized Commercial Mortgages

Delinquencies of securitized commercial mortgages may quadruple in the next 18 months to almost 4 percent, which has been projected by real estate hedge funds. It has been stated that about 70 percent of commercial mortgages are pooled into commercial mortgage-backed securities that are sold to investors, so with commercial loan rates based on spreads, or the difference between the amount of money CMBS promise to pay investors over what the 10-year Treasury bill will pay.

This has resulted in a sequential payment structure is generally referred to as the waterfall because there is a shortfall in contractual loan payments from the borrowers or as in 2008 that market dried up to the tune of 95% less securitized lending compared to 2007 the loan collateral is liquidated and does not generate sufficient proceeds to meet payments on all bond classes, the investors in the most subordinate bond class will incur a loss with further losses impacting more senior classes in reverse order of priority. Canada had $32 billion of Non Bank Asset-Backed Commercial Paper freeze when owners found out there was U.S. sub-prime mortgages and high risk credit default swap contracts within the trusts.

Canadian Asset-Backed Commercial Paper Restructuring

Risk of Investing in Asset Backed Securities

Other terms related to the asset management fixed income products would include:

Collateralized Mortgage Obligation
Commercial Paper Funding Facility
Fannie Mae Federal National Mortgage Association 
Ginnie Mae Government National Mortgage Association 
Mortgage-Backed Securities
Pass-Through Security
Real Estate Investment Trust
Temporary Lender
Vintage
Weighted Average Coupon

Real estate investors are looking for other ways to handle the current mortgage prepayment protection for the home foreclosure process the financial crisis and economic meltdown has hit rock bottom has caused investors to look into asset backed securities, An asset-backed security is a security whose value and income payments are derived from and collateralized by a specified pool of underlying assets which typically is a group of small and liquid assets that are unable to be sold individually, so instead they are pooling the assets into financial instruments allowing them to be sold to general investors,

In a process called secularization, it keeps the risk of investing in the underlying assets to be diversified because each security will represent a fraction of the total value of the diverse pool of underlying assets. Some of the advantages include reducing the risk-weighted assets by freeing up capital, enabling them to originate still more loans such as common payments from credit cards, auto loans, and mortgage loans, to esoteric cash flows from aircraft leases, royalty payments and movie revenues.

Big Houses on it

Real Estate

Mortgage Contracting Services

Most national property preservation and inspection companies provide mortgage field services which include property inspections, property preservation, REO property maintenance, as well as valuation services.

Many national real estate asset management companies offer home improvement options to help reduce the time it will take for a property to go through resale. These types of jobs are done with before and after photos that can take one day up to a week to complete depending on the turn around time and size of the property.

Property and REO Maintenance Services

• Locksmith - fixing or replacing locks on doors
• Repair and remolding - fixing damages and structural changes
• Lawn Service - mowing grass and maintaining landscapes
• Lockout and Evictions - include filings, re-keying and property recovery
• Board and Securing - boarding up of windows and securing of doors
• Trashout and Debris Removal - cleaning, removal of items left behind
• Winterization and Plumbing - repair of pipes and frozen plumbing issues
• Swimming and Pool Maintenance - providing safety and cleaning unused pools
• Janitorial Services - home cleaning and maintenance
• Toxic Mold Treatment - cure mold moisture problems with testing and remediation 

Who can use these services ?

Mostly the people who will need the types of services that most national property preservation services provide are Asset Managers, Lenders and Real Estate Professionals.who need a team of trained field servicers to take care of pre-foreclosure, vacant and REO properties. The foreclosure preservation services include: Debris removal, Boarding windows, doors, Fire damage repairs, Interior cleaning, Lawn maintenance, Lock changes, Lock re-keying, Mold Remediation, Hazardous material removal, Pool maintenance, draining, Rehab, Roofing, Water damage repairs, as well as Appliance replacements.

Some of the areas that are serviced include:

Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Kansas, Kentucky, Louisiana, New York, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, West Virginia, Wyoming and Puerto Rico.

Local Property Preservation Companies California Default Services Property Preservation

The economy has created a new set of skill set for those involved in real estate, one of them being default services, most national property preservation companies offer REO maintenance and repair to pre-foreclosures and banked owned real estate.

What are other services offered by national foreclosure preservation companies?

These custom solutions may include such things as title services such as title insurance and property reports, appraisal services and valuation, settlement and closing services, property management and on-site property preservation.

It may be more cost effective for the lender if they can work with one company that can provide all their real estate servicing needs.

Where can I find a list of national property preservation service companies?

The best way to get a list of companies is to go on the DMOZ Open Directory for Business, Financial Services, Field Service Companies:

A City Suburban Service, Inc. they provide property inspection, evictions and preservation services as well as debris removal, board-ups, painting services in the illinois, chicago area.

ASD America, Inc. they offer property management, inspections, preservation and protection, of REO properties.

AppIntell Inc. they provide risk management information and data analysis solutions to lending companies

Asset One Marketing Group they are a asset management and disposition firm who offers services to financial institutions, financial services companies and mortgage servicers.

Big Apple Inspections , They provide residential, commercial, insurance and HUD REAC inspections in the New York Metropolitan and Long Island area.

C & A Preservation, Inc., they provide re-keying, lawn cuts , boarding , pool draining , rehab , debris removal and on site inspections in California.

Cavanaugh & Company, LLC , they provide property inspections, preservation, REO management and notary services in Connecticut.

Classic Mortgage Services 

Clear Capital they provide real estate valuation and BPOs, AVMs, AVM hybrids, and property inspections nationwide.

Cyprexx Services 

Douglas-Guardian Services they help lenders with collateral verification inspection services.

Eagle Inspections of Michigan 

Field Asset Services, Inc. 

Field Services, Inc. they provide field service inspections and winterization as well as skip tracing services for manufactured housing.

Five Brothers Mortgage Company Services and Securing

GS Property Management Home Improvements, LLC

Imagine Service Group, Inc. The do inspections and preservation services including lock changes, winterization, lawn care, eviction assistance, minor or major rehab. 

JR Services, LLC i

Keystone Asset Management are a REO Management includes occupancy status, cash for keys programs, evictions, securing and re-keying, moving, property storage, BPO's and Appraisals.

Kinnamon Group, Inc. 

LPS Field Services i

Landmark Contractor Services, Inc.

Lenders Asset Management Corp. they are a full service property preservation company, that does lock changes, winterization, eviction services, and board-ups. also they do property preservation billing services for contractors.

M & M Mortgage Services i

Maryland Real Estate Services, Inc.

McDaniel Contracting Inc, they provide services to real estate agents and mortgage brokers who specialize in REO, distressed and foreclosed properties in the Atlanta Georgia area.

McDargh Real Estate Services 

Michaelson, Connor & Boul they do BPO, REO marketing and disposition, appraisals, property management and inspections. 

National Field Representatives, Inc. 

Property Preservation Jobs

Field Service companies hire field service representatives to do property inspection jobs with most of the work in property preservation and inspections.The record number of foreclosures on the market has some housing experts cashing in on the income potential by starting their own property preservation company. If you are looking at the current real estate crisis, and you are not interested in a start-up you can always work for an established national company who is hiring field inspectors all you will need is proper training.

National Companies Hiring:

• Safeguard Properties: All independent contractors must fill out a vendor application.
• Safeguard is a turn-key resource for all aspects of property management, for Property Inspections, Property Preservation, Real Estate Owned (REO) Services, Property Valuations, Insurance Loss Inspections, High Risk/Code Enforcement, Vacant Property Registration, Title Services, Evictions and Hazard Claims Administration

http://www.safeguardproperties.com/Careers/Employment_Opportunities.aspx

• First American Default Management: on-site property inspections and property preservation and maintenance services. First American National Default Title Services (NDTS) division offers the mortgage servicing industry various default-related loan servicing activities.

http://www.firstam.com/news/2008/10799.html

National Foreclosure Services they offer foreclosure services including evictions, cash-for-keys, property preservation, and appraisals.

National REO Services, Inc. 

Nationwide Appraisal Services , they do appraisal and title management providing valuation, REO, title, settlement, title insurance and escrow services.

Northern New England Field Services 

One West Realty Group, LLC

Organization of Real Estate Professionals, they provide Errors and Omissions insurance for home inspectors, appraisers, mortgage field services and other real estate professionals.

PCI-West Property Preservation 

PLM Lender Services, Inc. they offer outsourcing for BPO, re-key, and evictions in Nevada and Cali.

Premier Field Services, LLC 

Quick Silver Messenger Service they do process serving, delinquency interviews, bankruptcy, foreclosure, insurance loss, merchant site inspections. 

REM Corporation they do BPO's, appraisals, market evaluations, portfolio evaluations, title searches, and REO sales.

REO Allegiance Inc.i

REO Express 

REO Nationwide are providing default management, loss mitigation and liquidation of REO properties. 

REO Network 

REO Servicing 

Real Estate Owned Management, Inc. is a national company that provides delinquency interviews, property inspections, repairs, the U.S., Virgin Islands, and Puerto Rico.

Real Estate Services Group 

Red A Ranch Field Maintenance Co.

Reliance Field Services  they do Inspections, preservation, insurance loss, vehicle inspections, and eviction assistance. 

Reo Illinois 

Safeguard Properties, Inc.

Sprint Mortgage Services is providing default interviews, occupancy status, insurance loss draft, commercial inspections, BPO and appraisals, property preservation, evictions.

Superior Home Services they do hazard insurance recovery and repair of damaged properties in the foreclosure and conveyance process. 

U. S. Property & Appraisal Services Corp. they provide appraisals, preservation services, flood zone certification, radon and termite inspections.

WolfPac Property Services, Inc., they are a property preservation and management company in New Hampshire and parts of Maine ..

Wolverine Real Estate Services 

York-Jersey Underwriters, Inc., they provide liability and errors and omissions insurance for the mortgage field service industry. 

This is a partial list, to get more detailed list go to: dmoz.org/Business/Financial_Services/Field_Service_Companies/

Property Preservation Inspection Services

Before a inspection can be done on a foreclosure or REO it must be determined if the residence is occupied or vacant, the simplest way to do this is by a drive-by inspection where a mailer or door hanger is left on the property. Once this happens then a visual inspection is followed by claims and documentation.

There are five types of property inspections

• Occupancy Inspections
• Initial Vacant Property Inspections
• Vacant Property Inspections
• Voluntary Pre-Conveyance Inspections 
• Eviction Inspections

Occupancy inspections are required when a homeowner defaults on their mortgage payments, then the lender goes through the process of trying to contact the mortgagor by phone or correspondence to determine if the property is vacant or abandoned if the property is occupied a visual inspection will determine if the home has a for sale sign as well if the doors and windows are secured and the lawn is maintained.

On the other hand if the home is vacant and abandoned, it is important to document if there is property damage, and then go through the process to initiate preservation to secure the property beginning with an Initial Inspection.

In the case that there is no monetary default, a visual inspection will determine if there has been a written notice of code violation, municipal lien, condemnation or demolition, disconnection of utilities or cancellation of homeowner insurance. 

The home inspectors job is to verify occupancy from the following methods:

Direct contact by telephone or Occupancy Inspection.

What should the occupancy Inspection report include:

The following should be considered such as the date of the occupancy inspection, the Identity of the inspector, how occupancy was determined, the identity and status of occupants, the valid telephone number for the occupant, documentation of house locked or secured, obtain broker name or contact number if there is a For Sale sign on the property, is the grass mowed or shrubs trimmed, describe any exterior damage such as broken glass, boarded up doors or windows as well as notation of personal property or debris left behind.

In the case that occupancy is not able to be determined some of the ways of checking would be to check utility meters, contacting the listing broker, observing general maintenance or speaking to neighbors.

Since a drive-by inspection may not be enough to determine occupancy a inspection report must be filled out.

REO Foreclosure Clean Out California

Property Preservation blueprint on how getting started with a REO services business that cleans out forclosures you will be offering a valuable service that is in demand and will continue to grow as property values continue to drop.

California banked owned properties are being put on the market as many homeowners lose their homes due to high adjustable rate mortgages.

The main reason is because home mortgage payments are too high and this leaves the lenders, insurance companies and banks in California with the task of cleaning up the properties where they can resell them at tax lien auctions.

Offer a professional cleaning service

If you decide you want to start out in a business that cleans out houses you will need a cleaning crew. A suggestion of some of the services that you can provide include things that brokers and investors require in clean out and trash-out homes seized by the lenders.

If your looking to get started most of your business will come from Realtors in California who specialize in foreclosures or from new owners who want the homes fixed up.

Duct Cleaning and Carpet Cleaning is Needed

Your repair and maintenance services will include fixing broken windows, mowing the lawn, cleaning up items left behind, removal of trash, power washing the floors, walls, as well as vacuuming the carpet.

California Field Inspection Services

The previous real estate boom has caused home foreclosures to mount and that is why many are starting a business and getting paid by RE companies and banks.

How it works is that under HUD’s new Neighborhood Stabilization Program they will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.

The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.

Congress has allocated billion's to help clean up the foreclosures across the country, with work that involves going to distressed homes and hauling away debris, cleaning the interior and exterior of the house and doing the gardening.

Once you perform quality cleaning services inside and out to prepare REO property for sale or rent. You will be able to get Government Jobs, Landscaping Jobs,Property Preservation Companies, Property Preservation Jobs and Foreclosure Clean-up Jobs.

How to price your foreclosure property bids to get more work.

Pricing foreclosure cleaning jobs start with finding out what the competition is charging. You will see that there are foreclosure cleaning business owners in every state in the country. Each one will have a different way of bidding on work from lenders and reo agents.

Your area may charge less than another, keep that in mind when investigating price options. cleaning job leads is another way of doing it, you can get more work with targeted leads in your area.

To get a quote on a cleaning job you can call businesses on the phone and ask them what they charge for a single family home. They may ask you if any furniture needs to be moved or trash removal is needed.

Contact a realtor, real estate investor or property owner to help you with the specifics because not all companies will want to talk to a novice. In my experience how to price foreclosure cleaning jobs starts with learning as much as you can about the industry, before you even get licensed and insured.

Other useful tips is to pay attention to advertisements that feature cleaning services who take care of abandoned homes. Cleaning REO or repossessed homes can lead to other small or large job and government contracts.

Make a list of: Time Sheets, Invoices, Payment Methods, Number of workers, Uniforms, completion deadlines, as well as referrals.

Not all businesses that participate in cleaning properties for real estate contracts will be as professional or experienced as others this is where you can make your company stand out from the rest.

What is a Trashout?

Those who specialize in cleaning and maintaining the nation's growing inventory of bank-owned properties,

What is considered Hazardous material removal ?

If you offer this type of service you will identify, remove, package, transport, and dispose of various hazardous materials, including asbestos, radioactive and nuclear materials, arsenic, lead, and mercury, these are sometimes called abatement, remediation, or decontamination removal services.

Are you a trash-out specialist? In order to become one it takes just having the right information and training to provide a service to the property preservation industry.

How much should you charge for your trashout services?

One contractor fees include $600 to $1,500 depending on the state you're in for the following services:

• light landscaping
• basic hauling and
• general cleanup

It has been noted that you can charge upwards of $7,000 for trash removal, debris and cleaning forclosures.

Remember the years of experience that you have obtained, the size of your firm and if you provide any of these services will be the key to earning higher annual salaries.

Companies that can offer remodeling, reconstruction services to a fence or chain link fence will be of value.

There will always be a need for a container rental, dumpster or small truck for junk hauling, at short sales, real estate sale, and garage sales leftovers. The busiest types of properties are going to be condo cleanup, garage cleanup, chimney brick removal,reo cleanout, and foreclosure cleanup.

It is recommended that you check the site first before giving a quote, because you will not know how long it will take you to finish the job.

How to get started fast in cleaning foreclosures in California

First contact real estate investors, asset management companies and landlords of commercial and residential buildings, you can also check with home developers.

Learn the Services necessary in a trash out cleaning business

I have listed some of the reasons that people need your type of company:

When they are selling a home or a real estate salesperson is helping an owner get ready for closing by deciding to "cleaning up" a property to put on the market,

When someone has inherited a property and need the contents of the property cleared out. Also many times a bank or property manager needs to get a property maintained to sell or rent it on a later date.

These are the types of situations that occur in which your business can specialize in emptying the total contents of cellars, garages, barns, attics and entire households or estates for a fee.

Some Ideas on what to do with the valuable items cleaned out of homes

If you think some of the stuff is saleable or valuable contact an estate liquidation specialists at estate liquidation sales companies in California these companies will auction or sell the valuable contents at an on-site estate tag sale and then donate the useable contents or sell the better merchandise.

Your options in your California Trash out foreclosure business can be:

• Moving boxes and packing materials, old furniture and appliances, yard debris, remodeling debris, estate clean-outs, rental clean-outs.
• weekly visits to commercial properties, event clean-up, real estate curb appeal, property management clean-ups and trash-outs, dumpster clean ups.
• non hazardous illegal dumping clean-ups, construction site clean-ups and other related trash outs.

A List of clients who will hire you can include:

Homeowners, Property Managers,Realtors, REO Agents, Apartment Complexes, Property Investors, Landlords, Tenants, Senior Citizens, and Bank Foreclosure Brokers.

Trash Removal Services Guide

Most recycling and trash removal services offer their business to the residential market as well as for waste control, I was surprised to find poop removal service added to the list, and you are probably familiar with garbage disposal repair.

Interestingly due to the high number of foreclosures and people needing to move the business for junk clearance, rubbish and waste removal services will be on the rise because it is such a devastating situation. You can provide the needed solution. If you like to fix things you could also offer garbage disposal installation as a side job. All commercial and residential contracts are going to require a dumpster truck rental for hauling and disposal.

Field Survey Job Boards

I have found the best way to find jobs in a special niche industry is to go to simplyhired.com they have a huge database of careers such as associate field survey technician in Dallas, if you want to find employment, field engineer jobs are available at Dice.com, also I just noticed that Time Warner Cable has a position that requires the following experience to survey new businesses, schools and customer premises to determine serviceability as well as present survey results and options to sales representatives and management then conduct post inspection of work completed by contractors and then update department surveys and database for other duties as assigned.

How to Find Cleaning Work

You can start by marketing your services to real estate investors, building a client base with the right people will make a difference for you and landing more work. The foreclosure crisis is providing long term assignments because many RE agents are having a hard time selling mortgage properties. Real Estate Investment groups are a good starting point since they are in every city.

You will want to contact them through either city or mail. now by networking with real estate investors you will be able to get the inside scoop on what is happening in your industry. The other thing to keep in mind the more property preservation services you can provide to future clients the more valuable you will be when they need to hire you.

cleaning out and maintaining foreclosed properties in California

You will be able to earn income from banks, lenders and real estate companies hiring trashout firms which is a growing industry from coast-to-coast.

It is important to keep in mind that starting your business will require that you provide property preservation services for REO properties. This can include getting rid of junk, general cleaning such as janitorial, landscape clean up and carpet cleaning. In most cases it will be necessary to provide before and after photos.

As you are probably aware to find a list of banks in California that will work directly with trash out companies, or find a list of companies that are currently adding new vendors can be a challenge.

How to Start a Residential Trash Removal Service

Waste management and garbage collection is big business in local cities across the country. Homeowners who need waste solutions are going to be your primary candidates for your local business idea.

You just need to make sure you have all the tools necessary to do what is necessary to get clients and then make enough money annually.

How this is done starts first by placing advertisements in classifieds for the city or town that you will provide your service. It helps to have a website that your visitors can read and get a idea of what you will offer from your price sheet.

Residential curbside trash is growing by the minute as borrowers lose homes due to defaulting on mortgage payments. Foreclosures, evictions and home repossession will increase the demand for residential dumpster rentals, and this will help you earn high income in a down economy.

Dumpster rentals how they work

You will need to have a big enough dumpster to put all the debris and trash from many cleanup jobs. Home Depot offers dumpster rentals, they come in 14 day increments, ranging from 15 cubic yards to 40 cubic yards. You will be interested to note that the price does not include any weight. You can get that giant 40 cubic yard for only $240. But that price is based on an empty roll off. For every ton you add to the roll off, you pay another $93.

An example of one would be can get you the lowest dumpster rental price. You choose your waste type from general waste, green yard waste, construction waste or recyclables. Containers come in 10 to 15 Yd, 20, 30 and 40 yd.