Real Estate

Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com

Part 6 (Excerpt)

Using Retirement Funds to pay your Mortgage is just a bad idea Get a Loan Modification

So it doesnt matter if it is a $100,000 property or a $500,000 property the cost to the lender is $50,000 on the average nationally.

So the idea of the upside down scenario, you may see banks more willing to entertain a broader audience of loan modifications or a broader request of loan modifications based on the fact that they know that now, what we are calling toxic assets, not only exist on their balance sheets, but they want to do something to avoid the additional cost of foreclosing on the property, to avoid the additional impact on our economy nationally with all these foreclosures mounting. So a loan modification that may not be the best or most ideal candidate today, dont throw the option completely out of the window.

And to that point I would never tell a home owner to stop making their payments just to get a better loan modification, because as of today, this may not be the case two weeks or two months from now, but as of today, your servicer is not going to entertain a loan modification unless youre late in most cases. Heres the situation, though at first you may get mad at that and they get mad at me for it, but the reality of it is we have a real problem now with lots of people who are two, three, four months behind on their mortgages, this loan modification we are jumping in, we are getting attorneys involved and getting right in front of the asset managers or the attorneys for the servicers to get these foreclosure proceedings stopped.

Im absolutely certain that in the foreseeable future they are going to allow people that are not late yet to do these loan modifications, hold on, I said I would never tell a home owner to not make their mortgage payment to get a loan modification, the other thing I would never tell a homeowner to do, never ever, is to take money out of your 401K to pay their mortgage payment because you cant go forward.

There are other stops in place, if you dont make your mortgage payment because of hard times you are going to get a loan modification. I talked to a guy the other day that had a 23 year, huge 6 figure income, he lost his job, big huge firm here in the valley, he is probably listening to the show right now, this guy drained his entire 401K, I mean a huge one, just to make his mortgage payments.

And the average 401K participant, investor, does not understand the ramification of what that is, just because your company plan allows you to take a loan against your 401K doesnt mean it is the right thing to do. There are ramifications beyond our time and the scope of this discussion regarding that decision. Loan modification first, if you are taking money from a 401K to make a house payment you are not only inefficient in creating the velocity of money but you are costing yourself in penalties, taxes, and that is certainly something we can be forthright about talking with anyone who wants to call.

And in this case the poor guy used up every dime of his 401K because his lender told him NO, NO, NO, three separate times because he was not late, well he wasnt going to allow that to happen. Unfortunately knowing what he knows now he would have looked at it differently.

Loan Modification is not for someone who has no income at all, the investor, the servicer, the bank that holds your mortgagee is not willing to do a loan modification because you dont have the means to pay. Even if it is a modified loan, you still cant make the payment. Right in some cases where you have significant cash reserves, but I have not seen one of those done.

That wouldnt be the ideal candidate, describe a little bit about who should be doing this loan modification and I know we are getting close to a break but people need to know that this option exists. They are hearing all these different concepts in the news and they are hearing in the media the spin about Hank Paulson and what the treasury is doing, and hearing about this bailout package and what that represents, and now they are hearing that the money is not going to be used to buy back bad loans, and mortgages, bad assists. So what does that do to the underlying holder of that mortgage? The owner of that house?

It is pretty scary for the majority of them, the loan modification lenders are getting very aggressive when being approached with a lawsuit or being addressed by an attorney, receiving a subpoena in regard to a specific loan case. They are paying attention to that and those are the people who are going to be getting the best options at this time…

Duration : 0:6:12

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Nestled between the charming cobblestone streets of Chestnut Hill and the vivacious style of Manayunk is the historic neighborhood known as West Mount Airy. It was developed in the mid 1800’s through early 1900’s. Mature trees surround the beauty of the Greek and Gothic Revival style architecture as well as lovely Victorian homes creating a distinctive suburban feel.

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Duration : 0:1:51

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Infinity Investment Group, Home For Sale Milwaukee, Real Estate Agent. This is a video of one of our redeveloped homes for sale in milwaukee. Video points out all of the features and upgrades that Infinity Investment Group. Infinity Investment Group caters to first time home buyers by making their homebuying experience second to none

Duration : 0:8:58

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Maharashtra Chamber of Housing Industry is a founder member of CREDAI and one of the premier housing and developers associations in India, Established in 1982 at Mumbai, MCHI has membership of apx. 400 leading developers who account for 90% of the housing supply in Mumbai and its vicinity.

MCHI has to its credit of intiating and successfully running Property Series (Property 2000 – 2008) across India and the world. With a keen insight into consumer buying pattern, MCHI knows what it takes to turn an exhibition into a SUCCESS !

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Duration : 0:2:15

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2117 Lost
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Listed by Lesa Jarski – REAL ESTATE ONE GAYLORD

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Duration : 0:2:21

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Duration : 0:1:31

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Real estate training http://www.yourcoach.com Are you a brand new agent or are you someone who is looking to make a sale in the next 30 days or less? In this video, real estate coach Tom Ferry gives you some very specific points to have a successful open house, where you can connect with one or more buyers!

Duration : 0:4:20

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An outlet mall in Monroe, Michigan mostly empty near interstate I-75.

Duration : 0:7:5

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232 Blunk St
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Listed by Jerry Delaney – REAL ESTATE ONE-NOVI

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Duration : 0:2:21

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realestate.yahoo.com provide guide to realestate listings uploading in xml format
its desribed in guide_to_listings_sub.pdf
but there is nothing about xml structure, no any examples! only fields list. dose anybody have example of xml or know where to see that one?
http://realestate.yahoo.com/professionals/brokers;_ylt=AkMEhzVD9oFfKaGIPMapFVjDXKB4

“Guide to Listings Submission” Technical Spec

xml is Excel spreadsheet format.

The fields list is all you need. Copy the field list across the top row in a new Excel page. Then fill in the details underneath, for your your property. It will include items like real estate type (house, condo etc), for sale or rental, address, various description fields, and things such as DisloseAddress, which you fill with Yes if you want it done and No if you don’t want it. Any that don’t apply to your ad, just leave blank.

This lets you submit numerous properties on one XML sheet, one property per row on the sheet.

If you could come back here and put the link for the page that directs you to that PDF, I could look it up for you and give you better details.
=======

I see what you mean.

Address type the address.

Other items where it days "decimal" just type numbers eg 56000.00 or 3.5, no commas or dollar signs.

"String" means words, eg name of provider (you) or builder.

for "Enumeration" they’ve listed all the choices you have. I get the impression you need to put these into quotes, the way they have them shown.

Woops, further down (purchase, lease, rent etc) they DON’T have them in quotes. Try them each way.

I suggest you copy only the compulsory fields to your spreadsheet, and submit ONE sample, with one item in quotes and one not. See which one comes out and then stick with that style for the rest.

listingsKey and ListingKey are confusingly NOT THE SAME. The top one is a code you invent eg "julylisting1" for the whole ad; the second is another one you invent for this particular property only, eg "wiscCondo".

"integer" means a number, eg 500 (square feet).

Anywhere that says "Boolean" means yes/no. They don’t specify whether to write Yes/no, so it might be better to use computer boolean, which is 1 for yes and 0 for no.

Where they ask for URLs, eg for images, put the images into Flickr and give the URL for that page.

Once you’ve worked out your test submission, also add in the next page of non-compulsory items, as some of them would be of good value to potential buyers.

Section 6 – Data Transmission tells you the address to upload your file to. I suggest you name your files with some initials, such as your company initials, and the date, eg MRL20100705.xml.

WOW they expect a lot of computer expertise from real estate experts. I hope this helps you get started.