Feb 20
Your, your children’s and grandchildren’s financial future is at risk. Here. Now. Today.
This is what you need to know, and what you need to do.
Here.
Now.
Today.
Duration : 0:10:21
Feb 17
Mortgage Short Sale – Realtor Negotiates for Bank Approval – RealEstateMarketingThisweek.com
property loan 1 Comment »
http://realestatemarketingthisweek.com/short-sales/in-a-short-sale-make-sure-you-hire-an-expert-negotiator-who-is-a-full-time-real-estate-agent/ – In a Short Sale make sure you hire an expert negotiator who is a full time real estate agent –
Part 5 – If you’re in trouble and you think you want or need to do a loan modification, we work with a national network of attorneys that are here to help your situation, and this show were talking about short sales because a loan modification is not for everyone. A short sale is a great alternative to a loan modification, the reality is if you can do a refinance that is more than likely the best case scenario, if you cant a Loan modification is a great tool, the reality the retainer for the law firm is less than a refinance, but if those arent the options for you, you need to call Jeri and Kalyn here and they are the short sale experts.
Kalyn in the last segment we talked about where people should start the process and the reality of it is youre saying they should start now, right? They should start it now we dont care at this point whether you have a foreclosure date already or if you dont or if you know you need more information about this you need to call us today. Were happy to come over and give you a free consultation, no obligation we will just sit down with you and review your full situation and we will be frank with you and we will be honest and we will help you make the right choice for your financial future. Relieving you of pain or debt or whatever you have going on were the experts and we want you to call us.
Nobody wants to hear false truths or false promises its so easy for people who right now are facing foreclosure, for any number of reasons, its easy for them to bite onto anything that sounds like what they want to hear. The reality of it is they need to hear the truth as harsh as it is and youre going to tell them the truth, and that is your job, youre not going to tell them anything that they dont want to hear. Nobody wins in that case.
If we dont know that we can close it we will not even take it, we will be honest with you. That is so important, again talking to, because every single day I do talk to people who call in from the show and we talk about this, the reality of it is it is not going to do anybody any good if it doesnt work out, or we dont know if its going to work out, or we dont have a really good idea that its going to work out on their behalf, and in the case of a short sale as well as a loan modification this has to be a win-win.
The homeowner that is in this situation they need out and a short sale may be the right option. The lender sure as heck does not want the house back even if they are required to take a loss its a significantly better option for the lender then a foreclosure. Going back to a few minutes ago when you said youre making these calls to India and everything else, I had the opportunity last week to teach a contract writing course at Paradise Valley College, Lynn Phelps the Phd there at Paradise Valley Community College allowed me to teach this finance class and there were several people who were getting their real estate license. Most of the people in the class were thinking that real estate was an 8-5 job.
No, Not even close. I thought it was going to be glamorous. I love it, I do love it but its more of a life choice. Its a lifestyle, I remember when Kalyn was first coming on my team and that is one of the things that is most important to me is that the agents on my team understand real estate is not a career as much as its a life. It really is, you work when other people dont work and you work when they work.
That makes perfect sense and its not the 9-5 job that it might have been in the middle of 2006, and maybe your job isnt very fun in the beginning of September in the middle of the day on Sunday, probably a little hot and sticky out there but now Kalyn you have been in real estate now for about 9 years.
Youre the team leader for the Dream Vesting group and a certified negotiator is that correct. Yes. And you Jeri as well have been in real estate for 9 years. Yes, almost nine years. I am an associate broker so I am excited about that, I took the class almost two years ago and finally decided to take the test and take the plunge.
Well good and that is a great accomplishment and you also have extensive experience in property management is that correct? Not property management, property sales management. I actually ran three different condo projects back in 2006 when it was fun to be a real estate agent. I helped actually with the acquisition of the properties, the development and then the sales, and then ran the sales teams and I ran three real estate offices as well. Very nice so the condo conversions are what you’re talking about back in 2006 in the day right? Yes… http://realestatemarketingthisweek.com
Duration : 0:6:31
Feb 15
(Click “More Info” to see full video script!)
http://www.60MinuteLoanModification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own Home Loans – and how you can too. Ask Mortgage Modification questions on our forums at http://www.60minuteloanmodification.com/members
Initially, lenders strictly adhered to the seven guidelines explained below when awarding mortgage modifications. Today thats no longer true. Theyre now limiting their analysis to fewer of the original criteria as the crisis deepens and the workload increases. In fact, the range is surprising and somewhat inconsistent. This indicates to me that the rules are being written on the fly.
Virtually all lenders are using cascading calculations, whereby one set of calculation results are used in the subsequent calculation. Therefore, no one criterion is final; rather, qualification depends on a combination of factors.
Ability to pay: This is your ability to meet the obligations of the modified loan. Customary underwriting criteria are used, so take 55% of your gross monthly household income. That is a rough estimate of how much monthly debt payment the lender will allow. This is your target amount after modification.
Debt to Income Ratio is the term that lenders use to describe this underwriting guideline. Its simply your total monthly debt payments, including cars, credit cards, student loans, and others, divided by your Gross Monthly Household Income.
Type of Loan: 100% of Negative Amortizing Adjustable-Rate Mortgages (NegAM) Loans will be approved for modification to fixed rate loans. Almost no fixed rate loans with rates lower than 6.0% will be modified. Everything in between is fair game.
Hardship: Six hardships are commonly accepted:
Divorce or separation
Loss of income
Reduction in income
Death of spouse/co-borrower/family member
Illness
Military service.
Lets face it, with the economic downturn there are literally millions of Americans whose ability to meet monthly payments has diminished. So theres no shortage of hardship. The lender simply needs to know personally and specifically what your hardship is.
Occupant: Owner-occupied homes are the easiest. However, even HELOC loans on investment properties are being modified.
Default status: The FDIC Guidelines are that the borrower must not have filed bankruptcy during the life of the loan and a foreclosure sale must not be imminent. The Guides also state that borrowers should be encouraged to apply even if theyre not late on payments.
In reality, applications from borrowers who are current on their loans arent getting good modification offerseven with all the announcements to the contrary.
Age of loan: You can expect that any loan older than 9 months will be considered for a modification.
Balance Sheet strength: Whether you have significant additional assets beyond the property may be an issue, especially if the loan was a refinance with equity taken out or is a Home Equity Line of Credit (HELOC).
The first guideline is most important ability to pay. The modification will be approved by an underwriter who will apply standard qualifying criteria to your application. YOU MUST BE ABLE TO DEMONSTRATE THAT YOU CAN MAKE THE MODIFIED LOAN PAYMENTS. Beyond this, you need to make a strong case for at least one of the other two major guidelines.
I have automated this calculator has been automated! Use it online at www.60MinuteLoanModification.com.
Homeowners who dont qualify are in situations either too bleak (such as too close to foreclosure) or too solid (such as no duress and with good loans).
Duration : 0:4:40
Dec 20
Congressman Alan Grayson discusses how AIG went under. Yes, there were bad credit default swaps involved, but that does not explain the extent of the greed.
Duration : 0:4:41
Nov 20
The pressure is mounting on Ireland, as it desperately tries to stabilise its economy.
IMF and European officials are in Dublin to discuss how to help the country deal with its debt crisis.
After all the denials from Ireland’s leaders that it can manage its finances, it now looks all but inevitable that they will have to accept a huge financial bailout.
The head of the central bank has come out to say he expects a substantial Loan, running into tens of billlions of euros.
Al Jazeera’s Alan Fisher reports from Dublin.
Duration : 0:1:25
Sep 14
Taxes on Short Sale, Loan Modification and Foreclosure – Expert Real Estate and Tax Advice from CPA
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http://realestatemarketingthisweek.com/taxes/expert-tax-advice-from-a-cpa-regarding-real-estate-related-issues/ – Expert tax advice from a CPA regarding a real estate related issues –
Part 1 – Today’s show has a timely message. We have with us, an expert in the tax ramifications of the different types of Mortgage situations that people find themselves in, we have brought in Mike Patenella, that I will introduce in just a moment, as well as Brett Fallon is back with us. Were going to be talking about the tax ramifications of short sales, foreclosures, and some of the different types of loan modifications.
Now if you listen to our show regularly, of course you know, we have been over the last several weeks, talking about loan modifications, but we have been getting hundreds of e-mails and calls requesting more information on the Loan modifications. There are also some interesting questions that people ask about whats going to happen in regard to taxes. Thats the one thing that so many people are not talking about.
Well we need to talk about it. Its something that we need to bring to you that you can hear and thats what were going to focus the majority of today’s show on. Before I introduce Mike I need to introduce one of my very best friends and the best financial advisor I have ever known, Brett Fallon. Brett thanks for being on the show today.
Brett also has some information in regard to the markets and there is some really great, exciting stuff out there. But before I throw that back over to Brett, we have our expert guest today. He is a CPA and his name is Mike Patenella, thank you for being on the air with us today.
Mike is an expert in taxes, he is a CPA, he knows the ins and outs of all matters tax. His expertise in this particular area is widespread. Mike is an expert and will have specific answers to questions that we have put together. If you have had a foreclosure or youre facing foreclosure or if youre considering a short sale or bankruptcy, any number of things. Were going to touch on each just a little bit.
But we have a few numbers on our staff who are experts in loan modifications, we have put together a great video that helps explain the process, it’s about seven minutes long. And we will get that sent out to you in immediately… http://realestatemarketingthisweek.com
Duration : 0:5:25
Sep 12
During an interview with Sean Hannity, Michael Moore laments the Mortgage fraud that’s been caused by banks and lenders, and suggesting Hannity is blaming victims of the mortgage crisis for not knowing any better, Moore says it’s “like asking a woman how short was your shirt after you’ve been raped.”
Duration : 0:5:23
Sep 10
Small Business Financing Solution – 3 Day funding- Business Cash Advance $2000-$250,000
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Need a Business Loan? Get a Business cash advance Instead. No fixed payments, No Debt! Funds in 3 days! Use the funds for any purpose. Meet payroll, advertising campaigns, equipment, rent etc. Get Started NOW! http://www.3dayfunds.info
Duration : 0:1:36
Aug 26
A second wave of Mortgage defaults is about to come (2 of 2)
Duration : 0:5:58
Aug 15
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Duration : 0:4:4