On this episode Jim discusses Burt Reynolds financial problems. Reynolds is selling off more than 600 items through one of the largest auctions of its kind. Burt Reynolds is losing his home to foreclosure and is being sued by ex-wife Loni Anderson for unpaid support payments from their divorce settlement. Rush Limbaugh pays $500,000 per in in property taxes on his Palm Beach estate. New York Taxi medallion values plummeting as Internet based ride sharing services take hold. Why 2015 should be a very good year for Bitcoin. Jim's own Pearl Harbor story. Read more →

Famed actor Burt Reynolds says he is not broke, but some people are wondering after the announcement of the auction one of the largest personal collections of a living celebrity. The Burt Reynolds Auction will take place in Las Vegas on December 11 and 12. Bidders may also register to participate online and by telephone. Reynolds, age 78, is selling everything, including the kitchen sink (more than 600 personal items). Many of the items are the sort of thing you would expect, such as movie memorabilia, etc... but others are more of a personal nature, such as art and conversation... Read more →

The Crystal Cathedral, one of America's most well known churches, filed for bankruptcy with more than $40 million in debt. An example of some of the extravagant spending; one creditor that provided live animals for the churches annual Christmas presentation is owed $57,000. While most churches don't have expenditures like the Crystal Cathedral, the number of churches in foreclosure has tripled in the last three years. Churches, like many Americans, used the real estate boom to borrow and expand. Now, with donations down 15 to 25 percent nationwide, there is a growing number of churches in financial crisis. How Individual... Read more →

A frequent question I receive at ChristianMoney.com is how to buy a foreclosed home. Let me first start by making clear that stories of homes for one dollar are mostly urban legends. There are some exceptions, such as the abandoned inner city homes offered for $1 in Detroit. Although it is highly unlikely that you will buy a home for $1, you can see discounts of 50 to 60 percent of what a home sold for just five years ago. The four windows of opportunity to purchase a distressed home: 1. Pre-Foreclosure A homeowner has fallen behind on their payments,... Read more →

In my last article, I addressed the latest chapter in the foreclosure crisis. Banks and mortgage companies announced last week that they intend to freeze all foreclosure proceedings. The self-imposed moratorium was due to serious questions that have been raised about the legitimacy of legal documents being filed by some lenders. Just a few days later, the major banks have now decided that perhaps they have overreacted and now they are poised to begin foreclosing again. This is extremely confusing, even to those of us that cover financial news for a living. We are definitely in uncharted territory here. Those... Read more →

It is called The Neighborhood Preservation Act and if passed into law, may provide foreclosed homeowners a way to stay in their homes. The idea is pretty straightforward. The government will allow banks to lease back homes to foreclosed homeowners for a period of up to five years. There is also a provision that would provide the foreclosed homeowner the option to buy back their home at the end of the lease. There are still a lot of questions that we simply do not have answers to at this time. For example, how much would the monthly rent be and... Read more →

March 3 2009 Update – Homeowner Affordability and Stability Plan For Full Plan Details Click Here Link To Questions and Answers On Plan Citi's $500 a month mortgage deal Financial Crisis University The sad but sickening news is that very few people are getting any help from the various programs designed to assist homeowners in trouble. I recently asked my followers on Twitter and Facebook for any stories of success with a loan modification. You guessed it, not one story of anyone getting any help. What makes me really angry is when I see big companies like AIG getting billions... Read more →

It is called the Hope For Homeowners Act of 2008, but the question is will it provide any more hope than the government’s prior failed attempts to help people that are losing their homes? What Is In The New Law? 1. A Bail out Of Fannie Mae and Freddie Mac About 50% of all mortgage loans are ultimately funded in the secondary market by Fannie Mae and Freddie Mac. These organizations are not government entities, but operate under close government supervision. They are referred to as GSE’s (government sponsored entities), which means that the U.S. government is standing in the... Read more →

March 3 2009 Update – Homeowner Affordability and Stability Plan The sad but sickening news is that very few people are getting any help from the various programs designed to help homeowners in trouble. I recently asked my followers on Twitter and Facebook for any stories of success with a loan modification. You guessed it, not one story of anyone getting any help. What makes me really angry is when I see big companies like AIG getting billions from the Government, yet the ‘little guy’ gets nothing. What’s worse are the false promises that help is on the way through... Read more →

Yes, the infomercial guys are really starting to push foreclosure investing. I have an e Book on this topic available for only $9.95, which will give you everything you to know to get started with finding and buying foreclosures (a far better deal that you will find through the TV infomercials). Jim's Foreclosure e Book The major drawback involved with buying foreclosures is that you will likely need to buy the property and hold it for at least 2 to 3 years. This is why my primary recommendation on buying foreclosures is for people to use this as a strategy... Read more →

One option in foreclosure, known as “deed in lieu of foreclosure” gives borrowers a quick way out of a foreclosure lawsuit. By agreeing to give up ownership in your home to your lender without a legal fight, you should be able to avoid owing any money if your house sells for less than your mortgage balance at auction. When a home goes into foreclosure, in most states the lender must file a lawsuit (judicial foreclosure states). The foreclosure lawsuit ends with a judgment of foreclosure and the house is then sold by the court at a public auction. By fighting... Read more →

I have been getting this question a lot lately and the answer is yes. Under the law in most states (all that I know of) a foreclosure action effectively cancels your right to occupy a property under a residential lease. In most foreclosure lawsuits, the lender will serve a foreclosure notice to the tenants as well as the owner. This puts you on notice that you will be forced out when the foreclosure goes through. In most cases, a foreclosure action will take several months. If you do become aware of a foreclosure on a property you are renting I... Read more →

I have been getting this question a lot lately and the answer is yes. Under the law in most states (all that I know of) a foreclosure action effectively cancels your right to occupy a property under a residential lease. In most foreclosure lawsuits, the lender will serve a foreclosure notice to the tenants as well as the owner. This puts you on notice that you will be forced out when the foreclosure goes through. In most cases, a foreclosure action will take several months. If you do become aware of a foreclosure on a property you are renting I... Read more →