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…

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Duration : 0:4:20

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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 5 (Excerpt)

The Loss Mitigation Department at the Bank is not on your side

Welcome back once again my guest Brett Fallon, Brett is a regular guest on the show, he is a registered financial consultant with RG Capitol and AIG Financial Advisors Brett W Fallon welcome back to the show.

It is nice to have the financial advisors perspective on some of these things so many people dont have a financial advisor so for thousands and thousands of people listening right now you are their only option for that, financial advisory services are typically not for the masses but again you are here to help and your services are available to quite a number of people you actually work with fortune 500 companies is that correct?

Yes, I do a number of workshops for fortune 500 companies that are headquartered here around the valley, the idea is to help people create efficiency with all assets, understanding that their home and home mortgage is typically the largest asset that most Americans have and if you are not treating that with efficiency, the retirement accounts and investments accounts, and all the other stuff has to work in concert, so Im happy to weigh in with information and give you my viewpoints and my perspective.

We were talking just a few moments ago about utilizing an expert negotiator when trying to do a loan modification, people are getting mail from bogus service sources, we have already covered that, but from their servicers saying if you need help with your mortgage, help is here, give us a call. Im certainly not going to tell everyone in the world that they cant do their own loan modification because some people are qualified to negotiate on their own behalf, though in my opinion they will still be emotionally attached to it and if they hear something that sounds good, it may be enough for them to essentially bite at the offer which is exactly what the loss mitigation department wants you to do.

It goes back to the disinterested third party, that expert negotiator, negotiator being the key word in that phrase. One of the things we were talking about and I want to make sure that we address this especially in this segment, we are talking about loan modification of mortgages of people that have some financial constraints, some pressure whatever the source of pain is, for them knowing that this option exists to take an existing mortgage loan and modify it to their best or better interest, from what it currently is, so who should and who should not do a loan modification, lets start with that.

Ill tell you and lets start with people who shouldnt do a loan modification. Someone who thinks their interest rate is too high and owes more than the house is worth, feels that they are entitled to a loan modification, is not really a good enough reason or a hard enough hardship for those types of people unfortunately. This is essentially a handout that is being offered because of some of the malpractices, if you will, that were happening within the mortgage industry over the last several years.

With these big huge banks offering these products that were teaser loans, toxic mortgages, as we call them now. We certainly didnt call them that then when the consumer calls me up and says I want that 1% loan thats going to be my ticket. Unfortunately people took theses loans but what they didnt realize is that someday this loan with the ridiculously low interest was going to reset and their payment was going to quadruple and who on earth could have known that the economic times would be as bad as they are and they would have no option to get out of these loans.

So someone who simply finds themselves upside down on their home, owing more on the house than the actual value of the house, does not necessarily need to consider a loan modification. No they may not qualify on those merits alone in most cases.

I just want to make a point, I was reading an article in the wall Street Journal about this stuff and basically the gist of the article was that the average foreclosure on any property in the United States costs the lender $50, 000 from start to finish…

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http://www.longtermwealthstrategies.com – Michigan Real Estate Investing. 7 Deadly Mistakes most real estate investors make when buying a wholesale property!

Duration : 0:3:19

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CALIFORNIA FORECLOSURE REAL ESTATE MARKET CONDITIONS

First thing first – we need to get ride of the HVCC. If you’re in the real estate game you know – this is a problem. Do something about it and sign the petition – Help get rid of HVCC at: http://www.HVCCPetition.com .

A quick video on what’s been going on with the market. I’m a firm believer on looking at numbers and ALOT of numbers. If you can read the charts – you can block out the noise from the media and make an educated guesstimate on which way the market may go.

With the backlash of Senate Bill 1137 we saw another record fillings of NOD’s in California. In my previous video (http://www.youtube.com/watch?v=2ZP8Vuf2wUk) I made in Jan. I spoke about what may happen. I stated we may see a huge drop in price in May, June, July… or something to that tune.

Well… we just saw another moratorium pass – I am behind the 8 ball on this… I just finished the first 3 pages only… you can read the actual draft here…

http://www.corp.ca.gov/OLP/pdf/rm/ForeclosurePreventionDraftRegs.pdf

With record NOD fillings and high unemployment rate – can the market soak up all of the inventory that is about to hit the market? Only time will tell…

One last thing…

A pending Senate Bill 94 will kill the loan modification companies… I’ll post a video on my take later on this week.

Jeff Coga
The Short Sale Samurai

Duration : 0:10:42

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Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

Duration : 0:10:38

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Facing Foreclosure on Your Real Estate Mortgage, Short Sale & Loan Modification are Alternatives. Hire an Expert Short Sale Negotiator, Experienced Real Estate Agent. Go To http://RealEstateMarketingThisWeek.com

Part 2 (Excerpt)

Short Sale and Loan Modification; Make sure you Work with an Expert

Were just going to go ahead if we could and just jump right into the short sale information. Jeri, again thank you so much for taking the time to be with us. What is the name of your firm?

Our group is Dream Vesting Group and our brokerage is Keller Williams Arizona Realty.

So that is great, licensed agents with Keller Williams and I know the two of you and I know of your history and we will talk a little bit more about that, but you have been working together for awhile. You and I had a chance to speak about the short sales and your success rate, very, very impressive proven results always helps. So the natural first question for those that are listening today. What is a short sale exactly?

A short sale is a property sale where the bank or lender agrees to accept less than what is owed to them. So the bank is agreeing to take a loss on the sale of your property, and I like what you said earlier about not trusting a loan modification or a short sale to just anybody, you definitely dont want to be the guinea pig and you dont want to approach the bank yourself and ask them to please take a loss because you need to sell your home.

And that is one of the things that is funny nowadays. I know people have seen them pop up all over the town, the ugly yellow bill boards all over the place. Advertising on the radio about loan modifications and they have 100% success rate, all kinds of these different things. The same thing with short sales, you actually have a process and you have a lot of experience doing it, you know the ins and the outs and this isnt a part time job this is a fulltime job.

Absolutely is a fulltime more than fulltime job, the last three Sundays I have been on the phones with lenders when they are open, one of them has a call center in India. I have been on the phone from 10 oclock at night until Midnight and again at 6am with the same lender trying to stop foreclosure.

Well that is good that you have the time, Take the time to do that. I am sorry that you have to work that many hours but you know Kalyn, is it not true that the sooner we get through all of these short sales and loan modifications the better off were all going to be anyway right?

Absolutely, a lot of people ask, what does it take? Who should be considering a short sale? If youre late on your mortgage currently, if your mortgage has adjusted, if you can no longer afford your monthly payment, if you foresee yourself not being able to afford your monthly payments, any of these instances plus several more, you should definitely be sitting down with someone and talking about your options which would be most likely a short sale or loan modification.

Yes the last thing anyone wants, and I mean anyone, is a foreclosure, that is the last resort. Nobody wants a foreclosure; you dont want it on your record, you dont want to have to deal with that. Its a very public event, a foreclosure is, the banks dont want you to foreclose and that is probably why they are so willing to work with you would you say? Absolutely the banks dont want the home back no matter what they tell you.

Exactly and on the loan modification side people try on their own to do this and its true that people can actually do a loan modification on their own but there are so many pitfalls and its just not something you want to try on your own. Surely you dont want to try a short sale on your own. So Jeri let me ask you this, what are some of the main objections?

The main objection that we hear from most of our clients is the cost to them, they already cant afford the payment on their mortgage or they wouldnt be in that particular situation 9 times out of 10 and so they are concerned about cost. Most people have already resigned themselves to the fact that they are losing their home and they dont want to spend any more money on it.

The good news is in a short sale you dont have to spend anymore money, all of the costs are absorbed by the bank. They agree to lose more money basically, so there is no realtor fees and the majority of the time we can negotiate an as is contract so if there are repairs that need to be made they dont come to you and ask you to do it, its just factored into the cost. So its very effective for homeowners.

And again it keeps them from going into foreclosure. They get to stay in the house and they get to save whatever is left of their dignity, some people take it very pride fully as well. So Kalyn, the second most common objection is?

Duration : 0:6:34

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Duration : 0:13:11

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http://RealEstateMarketingThisWeek.com/short-sales-great-alternatives-to-foreclosure – Facing Home Foreclosure? A Short Sale Specialist is your best Foreclosure Defense.

Part 1

What is a Short Sale? How to Negotiate to Stop Foreclosure.

Kalyn Roberts and Jeri league, welcome to the program. Jeri and Kalyn are short sale experts and have graciously decided to come to the program to discuss some of the short sale important things that people do need to know, and were going to get to all of this short sale information, but a couple of things important to mortgage interest rates. Today is a fantastic day in the mortgage rate world. Leslie and Staci at Velocity Financial were kind enough to put together a scenario for us so listen to this folks.

This is not the teaser, this is not the loss leader, this is the real deal as of today, a $417,000 loan amount, the interest rate is 4.875%, thats 4.875% that is below 5% obviously, the APR is 4.948% and that is for a no cash out loan, and that is a special rate and we have a certain allotment of loans that were allowed to do at that special rate. If youre interested in talking to a member of my staff or myself or anyone else about that program you would call. There are people there standing by to take your phone call.

Were a local licensed firm and one of the only 15% of the mortgage companies in the state of Arizona that is licensed to do FHA loans as well. Any mortgage related needs that you have were here to help but for the next hour were going to be talking about Short Sales.

Now over the last several months we have been talking about loan modifications on the show a lot, Velocity Financial was one of the first companies to work with a national network of attorneys, a 16 year old firm that were working with. They have done thousands of these loan modifications, and the loan modification industry in Arizona is for the most part unregulated, but you want to make sure youre working with a licensed firm, and you want to make sure youre utilizing an attorney.

You dont want to be giving money to anybody that says they can get you a loan modification, the only money you give is to an attorney, dont be giving money to people who come by and say they can help you out. Youre going to have to be very careful on how you handle that, but interestingly enough the loan modification is for the mortgage side, essentially the loan modification is to the loan officer what a short sale would be to a realtor.

Now the short sale part of real estate is not something you want to trust to somebody starting out doing short sales, unless they are being supervised by a pro, you dont want to mess around with it. This is not a time to be trying it out, this is not a time for people to be using you as their guinea pig, not a good idea at all.

That is why we brought Jeri and Kalyn in and were going to talk about some of the specifics. You definitely want to make sure that if you need to do a loan modification, if youre facing foreclosure or you want to do a short sale, whatever scenario is the better decision for you and your family, you have got to work with a professional, Jeri and Kalyn have extensive experience, they have an unbelievably great success rate.

It doesnt have to take six months to get this done they can execute this for you and they are the pros so were going to go through some questions over the next hour, there is just one more thing I want to talk about and that is if a loan modification is something you think you need call the office and we have put together a video for you that you can watch, its very short, it explains the process and we will then get together with you and answer any questions that you have… http://realestatemarketingthisweek.com

Duration : 0:5:36

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Follow the real estate guru’s twitter channels for more insightful tips on how to escape the real estate crisis….

RevestGroup Twitter – http://www.twitter.com/RevestGroup
RevestGroup LiveSite – http://RevestGroup.com

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