Dec 20
This video is soooo stupid…….LOLOct 22
Looking for a cheap used car on sale and have bad credit? Get approved for a loan at DriveTime. DriveTime is the largest auto dealer that offers Loans for cars for people with bad credit issues and history.
Duration : 0:0:31
Oct 17
2003 FORD EXPLORER SPORT TRAC FOR SALE IN JACKSONVILLE
Duration : 0:0:44
Aug 27
Real Estate Marketing – Foreclosures, Loan Modifications and Government Bailout Plans – Part 3
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http://realestatemarketingthisweek.com- Real Estate Marketing – Foreclosure rates on Forbearance Agreements done with banks reaches 58% – With Michael J Barnes and Dan Havey of Real Estate Marketing This Week
Part 3 – In studio with us today on this fine New years eve is Dan Havey, the co founder of the modification hotline as well as the author of The Foreclosure Sharks a great white paper he put together. He is also the author of Real Estates Future and this segment we are talking about loan modifications and some specific information.
You also have a great story to tell about this to. Well unfortunately I have too many stories about people who have had to go through foreclosures, bankruptcies, loan modifications. The one story I want to talk about real quick is a friend of mine who unbeknownst to me went out and did a loan modification on her own and not to get into a whole bunch of technical details on it she ended up getting a pretty decent interest rate because they actually cut her Mortgage payment in half and she was pretty happy about that.
She owed a little bit more than the house was worth, she wasnt terribly upside down, but by the time they got done with her she certainly was going to be because the modification, and actually I should not call it a modification, I should call it a forbearance agreement, what they did to her was to say, OK we will cut your interest rate in half, we will cut your monthly payment in half, but we will take all of that deferred interest and tack it onto the back end of the loan. So that by the time her interest rate went back to where it had been, it was going to adjust up over the next five years, so that within that five year time period she was actually going to owe $60,000 in back interest on top of the principal balance that she had before she went to go talk to her bank.
What kind of a deal is that? I didnt think it was a very good one and she ended up eventually not taking it and just recently let the house go back to the bank, because she just looked at it and said, Wait a second here, I am already $20,000 upside down, by the time Im done with you guys I will be $80,000 upside down and so great I get a cheaper payment for a while. She moved into a rental property that was even cheaper then what she would have had to pay to stay in the house and from what she tells me the house is nicer.
Some of the unfortunate scenarios that come up that we get to see. Unfortunately we talk to lots of people that have similar situations, trying to do these on their own and it is possible to do a loan modification on your own. We know that, the program is designed for you to do that. The problem is it generally does not work out.
The re-default rate on loan modifications done on your own is significantly higher than Loan modifications facilitated by an attorney that is representing you, for a number of reasons. Number one you have to pay an attorney to represent you. The other is that I think you are going to get a better modification based its not just a negotiation between you and the loss mitigation department for the bank. We are talking about using a professional attorney who is a trained negotiator to negotiate on your behalf with another attorney. By the way, theyre not talking to the same loss mitigation people in India that you may be talking too.
Here are some numbers that just came out from John Dugan who is the Office of the Comptroller of the Currency and they did a study of the loan modifications that have been done to date. In many cases these were forbearance agreements, not loan modifications. If an individual talks to his bank, generally speaking he will not get the same as result as what an attorney would do, so most of these are really forbearance agreements. And in that case, 36% had defaulted or were 30 days past due after 6 months and 58% were in default after 8 months. Again that is 58% in default after eight months and I saw some numbers the other day and unfortunately I didnt bring them in with me today, that according to some study of the very few modifications that have been done using an attorney, I say very few, but it is still thousands or tens of thousands, but few compared to what is getting done directly with the bank, the number is only like 5% of the ones done with an attorney have re-defaulted and again I dont have the numbers with me so I cant site the source… http://realestatemarketingthisweek.com/foreclosure-rates-on-forbearance-agreements-reaches-58/
Duration : 0:5:47
May 01
What is a Short Sale and How to Negotiate to Stop Foreclosure – RealEstateMarketingThisWeek.com
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http://RealEstateMarketingThisWeek.com – What is a Short Sale? – Short Sale experts discuss How to Negotiate to Stop a Foreclosure… http://www.youtube.com/watch?v=kIQ4-b3KnbU
- Short Sale and Loan Modifications; great alternative to 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
Apr 28
Foreclosure Short Sale – Mortgage Bank Approved Sales Process – RealEstateMarketingThisweek.com
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http://realestatemarketingthisweek.com/short-sales/prices-are-back-to-2003-levels-a-short-sale-is-significantly-cheaper-for-a-bank-than-a-foreclosure/ – Prices are back to 2003 levels: A Short Sale is significantly cheaper for a bank than a foreclosure
Part 7 – Were in the studio today with Kalyn Roberts and Jeri League of the Dreamvesting Group, these two young ladies are experts in the short sale area, they are NOT going to tell you what you want to hear, they are going to tell you what you need to hear. There is a big difference between what you want and what you need in the case of getting out of a situation. We talked during the break about the different types of people; who qualifies, who doesn’t qualify, who this is good for, and who its not good for. I want you to talk about people who are upside down and how you’re here to help.
What we want to get across today if you just need to call someone if you’re upside down in your Mortgage, if you have a listing next door and its a bank owned or short sale, there is a good chance you’re probably upside down in you mortgage if you bought anytime in the last, in the last 5 years were almost back to 2003 pricing now.
Just to jump in real quick, Jeri and Kalyn its not just the people who purchased, its the people who used their homes as ATMs which is a crude way for me to say it but lets be honest. You watch the television, and I am not going to name any names, but a company that rhymes with lie-tech though, they have a commercial where they are showing pictures of using your home to buy a big boat and everybody got sucked into that and now here were.
Yes, if you used your second mortgage to build that big beautiful pool in your backyard, maybe you need to call us. Yes, its unfortunate, we always tell everyone like you just said, everybody got sucked into it, it doesn’t mean you’re stupid, it doesn’t mean you necessarily made a really bad decision. Most people got caught up in the real estate market and good marketing ploys like that, and the bottom line is as we said earlier you dont have to be late on your mortgage payment, you don’t have to be facing a foreclosure, if you’re simply upside down because you refinanced your home or purchased too recently and the house next door is selling for $100,000 less than yours and you just need to get out of a bad financial situation, you’re a candidate for a short sale or even a loan modification.
One of the things about Loan modifications that I hear all the time is, and I research other loan modification companies, and what I hear is they are telling people things that just aren’t real. For instance if your owe $400,000 and your house is worth $300,000 and you want your lender to forgive $100,000 on a loan modification, chances are that isnt going to happen, whereas with a short sale, when youre exiting the property because it just isnt going to work, they would in most cases consider doing that.
Absolutely if that is the market value of your home they are going to consider the bottom line, the banks dont want these properties back, it costs them so much money to go through a foreclosure process and as our prices are falling, monthly, weekly, daily, the likelihood of the value of the property being extremely lower by the time they get the property back is 100%.
In addition to the $60,000 in foreclosure cost, paying real estate commissions and a few other fees is significantly better, because the loss is going to be significantly less with a short sale. Heres a question and I hope that I am not putting either of you on the spot, but suppose the guy owes $400,000 on his house, lets just say its worth $300,000 and you get the listing and this guy is out at a cocktail party and his cousin shows up and says, Ill buy the house from you. Ill buy the house from you, we will make the bank pay the difference and Ill just let you stay in the house. Is that a realistic situation, is someone going to find out about it? Is it good to do that or not?
In real estate, real estate purchases and transactions have to be non-arms length. Now arms length is described as your parents and your children, other than that we pretty much stay out of it because theoretically, yes that could happen, however the banks want to see that the homeowner is not benefiting, so the homeowner would have to become a tenant and be paying rent to new owner at that point. So there are many legitimate situations where you could meet someone who would buy the home and allow you to stay in the home… http://realestatemarketingthisweek.com
Duration : 0:5:53
Apr 28
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Uncovering Mortgage Fraud with Forensic Auditing Team by helping HomeOwners who are faced with an option of Short Sale & LIABILITY can now utilize an Alternative Program with the NonProfit Organization in transferring their Liabilities into an Asset!! Join http://www.illuminatingminds.ning.com and email Druanna and Ronnai Kim for more information!
Listen to some Empowering Remedies for Home Owners, Secure Party Creditors, Metaphysics, on http://www.blogtalkradio.com/illuminatingminds
Duration : 0:8:1
Apr 24
http://www.PropertyInvestmentPros.com/ Foreclosure expert, Patrick Arena explains 7 ways to avoid foreclosure and even keep your house.
Duration : 0:5:2
Feb 17
Mortgage Short Sale – Realtor Negotiates for Bank Approval – RealEstateMarketingThisweek.com
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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
Jan 21
First Time Home Buyer – Buy Now with $8000 Government Assistance – RealEstateMarketingThisWeek.com
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http://realestatemarketingthisweek.com/first-time-home-buyer/the-median-income-first-time-home-buyer-can-afford-twice-the-median-priced-home/ – The median income family can afford twice the median priced home –
Part 2 – And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the Mortgage industry. He left us about a year and a half ago, is that right Dan?
Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself.
As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy.
There are a couple of points I want to make and it was something that Michael had said earlier. The first one was that 4% interest rate. Originally Obama said a couple of weeks ago, when he rolled out the mortgage plan, that they were going to take the $200 billion and use it to buy mortgage backed securities, well the article I was reading today said it appears that plan may have changed. Instead of buying the mortgage backs they were actually buying the stock of Fannie and Freddie to help support the company and keep these companies going under. I dont quite understand why being how they own them now.
Well youve got to hand it to the government they have really done a heck of a job helping Fannie Mae out, for instance today the stock is up to $0.41. Wow, doing so well, I remember when it was $150 or so, where it was at the top of the market.
Today, right now is definitely the best time even if rates dont get down to the 4% point. The beauty of it and were going to talk more about this in a later segment, is that we have seen a 51% decline in home values from the peak of the market. So you dont have to have the absolute greatest interest rate in order to be able to buy a house today. The median home price right now is $130,000 in Maricopa County, it was $264,000 just two years ago.
So the median home price is $130,000? We are going to talk a little bit about what a person has to make to actually qualify for that. Well it is definitely well within the means of a median income family. Right now a median income family makes about $64,000 in the state of Arizona according to the US Census Bureau and HUD. I ran some numbers today, I think at 6% interest and at that rate they can buy a $280,000 house. So you can buy twice the median home price if you are making just what the median income family would be in the state of Arizona. So the median household income buys double the median priced house in Maricopa County. That is correct, at 6% interest.
And the reality of it is interest rates are not even that high right now. So for people to be waiting for that perfect interest rate of 4% it doesnt really matter if it gets here or not because right now is such an incredibly fabulous time to be buying a house. There are so many foreclosures out there on the market right now, there are so many short sales out there on the market right now, and the point you made earlier is very important, that people have to get in and get prequalified, know exactly what they can buy. Now in many cases you are going to need a down payment, so get with your mortgage broker, get with Velocity Financial and start working on that program of getting those funds together for the down payment as well.
Dan Havey we talked in the past about whats available for financing these days, interesting to give little pat on the back for Velocity Financial is one of less than 15% of all of the lenders in the state of Arizona that are qualified to do FHA financed homes. Now FHA financing, people used to think it was only for first time home buyers, thats no longer the case. The FHA Loan which only requires 3.5% down payment it doesnt matter if you have owned a home before and in many cases you can own another home now so long as your new purchase is going to be your primary residence you can utilize FHA financing and put only 3.5% down… http://realestatemarketingthisweek.com
Duration : 0:6:42