mortgage loan modification

First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com

Part 5 (Excerpt)

loan modifications are all the craze beware and only work with an Attorney

I have been a part of these broadcasts where we have talked about the loan modification concepts exclusively and to your credit Michael and your team at Velocity I saw you guys as being first to the punch if you will, first to start introducing this concept not only to the listening audience but to your clientele whenever it might be appropriate for the people who need to look at that option. Now I am seeing on street signs that are handmade and posted on street signs all over the city, call me for loan modification. I am hearing commercials and radio broadcasts that are discussing this loan modification concept; I have seen infomercials regarding this now so its becoming a bigger and bigger scope, its a big buzz right now and maybe you could tell me, and I already know the answer to this how long have you been doing this? And then what are the criteria for someone to consider this process?

Its funny that the loan modification concept is new and its the new buzz word and everybody is talking about it and everybody is doing it and it has been around forever. People have been able to do this for many, many years. The banks dont want your house back; they really, really dont. They may act like it and when you talk to them it may sound like they do but they dont. Velocity Financial is working with a national network of attorneys that have been doing this for 16 years, they have done thousands of these.

These law firms have represented thousands of home owners helping them, keeping them from going into foreclosure. You will see yard signs, street signs, advertisements. As you know Velocity Financial does not advertise, the radio station does play a spot because its important for people to know there is legitimate, licensed help out there. What I want to point out is if you have tried to do it on your own and it didnt work out, I am sorry about that and it doesnt mean it cant be done.

Most importantly you want to deal with somebody that you can sit across the table from, that is here locally, and you dont want to write a check to anybody other than a law firm. A licensed attorney needs to handle this, it is the best way to handle this. Velocity Financial does not charge an up front fee; we take care of all of the necessary paperwork, the discovery work. We do all of that and we dont charge for that. You do have to pay an attorney to represent you and after the case is done and modified and everyone is happy, they will pay us for the work that we have done. So dont work with anyone who isnt an attorney, thats my opinion.

In most states its the law and in Arizona its the wild, wild, west once again as usual, loan modifications are just not regulated but you know what, if you need a legitimate firm, if you need a human being to talk to and sit down with and lets get this thing worked out.

Well as you know Michael I started in the business about 20 years ago and the entire time I have really been working with attorneys. When I was doing loans for 12 plus years, I worked almost exclusively with bankruptcy attorneys helping to bail their clients out of bankruptcy and out of foreclosure, and I had been approached by other people and seen plenty of stuff on the internet about how you can basically buy a book online for $495, or go to a seminar, or do whatever and suddenly youre this loan modification expert after you read the book and filled out a couple of forms and that just doesnt give you the knowledge, the background and especially the negotiating ability that you have when youre dealing with an attorney…

Duration : 0:5:40

Read the rest of this entry »

Technorati Tags: adjustable, administration, ARM, Attorney, Avoid, Bank, bankruptcy, buyer, Closing, corporation, Cost, credit, discount, down, Estate, expert, fannie, Fed, federal, fha, first, fixed, FNMA, Foreclosure, fraud, freddie, funds, Future, home, housing, Income, Insolvency, interest, Lender, Loan, loss, mac, mae, marketing, Median, mitigation, mod, Modification, mortgage, negotiate, no, owned, Payment, Price, program, purchase, rate, Real, Realtor, refinance, Rent, REO, repo, Resolution, RTC, S&L, Sale, savings, scam, seller, Servicer, Short, TARP, tax, time, trust

First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com

Part 5 (Excerpt)

Loan Modifications are all the craze beware and only work with an Attorney

I have been a part of these broadcasts where we have talked about the loan modification concepts exclusively and to your credit Michael and your team at Velocity I saw you guys as being first to the punch if you will, first to start introducing this concept not only to the listening audience but to your clientele whenever it might be appropriate for the people who need to look at that option. Now I am seeing on street signs that are handmade and posted on street signs all over the city, call me for loan modification. I am hearing commercials and radio broadcasts that are discussing this loan modification concept; I have seen infomercials regarding this now so its becoming a bigger and bigger scope, its a big buzz right now and maybe you could tell me, and I already know the answer to this how long have you been doing this? And then what are the criteria for someone to consider this process?

Its funny that the loan modification concept is new and its the new buzz word and everybody is talking about it and everybody is doing it and it has been around forever. People have been able to do this for many, many years. The banks dont want your house back; they really, really dont. They may act like it and when you talk to them it may sound like they do but they dont. Velocity Financial is working with a national network of attorneys that have been doing this for 16 years, they have done thousands of these.

These law firms have represented thousands of home owners helping them, keeping them from going into foreclosure. You will see yard signs, street signs, advertisements. As you know Velocity Financial does not advertise, the radio station does play a spot because its important for people to know there is legitimate, licensed help out there. What I want to point out is if you have tried to do it on your own and it didnt work out, I am sorry about that and it doesnt mean it cant be done.

Most importantly you want to deal with somebody that you can sit across the table from, that is here locally, and you dont want to write a check to anybody other than a law firm. A licensed attorney needs to handle this, it is the best way to handle this. Velocity Financial does not charge an up front fee; we take care of all of the necessary paperwork, the discovery work. We do all of that and we dont charge for that. You do have to pay an attorney to represent you and after the case is done and modified and everyone is happy, they will pay us for the work that we have done. So dont work with anyone who isnt an attorney, thats my opinion.

In most states its the law and in Arizona its the wild, wild, west once again as usual, loan modifications are just not regulated but you know what, if you need a legitimate firm, if you need a human being to talk to and sit down with and lets get this thing worked out.

Well as you know Michael I started in the business about 20 years ago and the entire time I have really been working with attorneys. When I was doing loans for 12 plus years, I worked almost exclusively with bankruptcy attorneys helping to bail their clients out of bankruptcy and out of foreclosure, and I had been approached by other people and seen plenty of stuff on the internet about how you can basically buy a book online for $495, or go to a seminar, or do whatever and suddenly youre this loan modification expert after you read the book and filled out a couple of forms and that just doesnt give you the knowledge, the background and especially the negotiating ability that you have when youre dealing with an attorney…

Duration : 0:5:40

ation/real-estate-conditions-5-mortgage-first-time-home-buyer-dec08-attorney-loan-modification#more-2480″ class=”more-link”>Read the rest of this entry »

Technorati Tags: adjustable, administration, ARM, Attorney, Avoid, Bank, bankruptcy, buyer, Closing, corporation, Cost, credit, discount, down, Estate, expert, fannie, Fed, federal, fha, first, fixed, FNMA, Foreclosure, fraud, freddie, funds, Future, home, housing, Income, Insolvency, interest, Lender, Loan, loss, mac, mae, marketing, Median, mitigation, mod, Modification, mortgage, negotiate, no, owned, Payment, Price, program, purchase, rate, Real, Realtor, refinance, Rent, REO, repo, Resolution, RTC, S&L, Sale, savings, scam, seller, Servicer, Short, TARP, tax, time, trust

If you need form letters to send to your lenders I can get them to you. If you have any questions email me at loanmodguru@yahoo.com. I will answer them as soon as I can. I am negotiator who speaks with the banks on behalf of the homeowners I am most sought after as I have a very strategic system which allows me to obtain a loan modification almost every time for anyone regardless of the situation. I can tell you how. My videos show you exactly how to do a loan modification or achieve a principle reduction. I am doing this for free. As hard as I am trying I haven’t been able to reach everyone so having these workshops up makes me accesable to everyone. Tell a friend if you know of anyone who needs help. It’s a terrible feeling to lose hope and not know what to do. I know first hand. You or they can email me at loanmodguru@yahoo.com. I will answer all questions as soon as I can. I have been getting an overwhelming response since I have started my philantropic approach. I have succesfully negotiated hundreds on loans for homeowners in various states. Unlike the people on the other videos, I actually speak with the lenders myself. I am giving the information for free. I have also noticed that the other people speaking about loan modification don’t help anyone at all. All they are saying is send me your money. I don’t think a single family should face foreclosure especialy because they can’t afford the outlandish fees these guys are charging for a loan mod. If you are from Detroit Michigan, Atlanta Georgia, Las Vegas Nevada, Miami Florida, Phoenix, Arizona, Ohio, Illinois, it doesn’t matter I will show you all my secrets to save your home. There is government istance available. Making Homes Affordable is a program that helps distressed homeowners, it’s part of the Obama bailout. So watch and learn and don’t try to buy anything from me. I am busy enough out here in Arizona. About 350 to 500 homes per day are being foreclosed on, just here alone. So if I were helping with 50 modifications a day I still would wake up every morning behind. I think this is the best way to help. People are losing homes and they don’t know that they can save them. People are just walking away with their families without trying or fighting. So this is all about us. I was once facing foreclosure and since I knocked down the principle on one home $150,000.00 and lowered the interest rate to only 2.5% on an investment property of mine. People that know me know that I am the best at what I do. Yesterday I helped a single lady, divorcee lower her monthly payment $500. She wasn’t even late. So you don’t have to be late to get a loan modification approval. God Bless Enjoy

Duration : 0:8:51

Read the rest of this entry »

Technorati Tags: affordable, america, Arizona, assistance, Atlanta, aurora, bailout, Bank, bankruptcy, Behind, california, Consolidation, countrywide, crisis, debt, distressed, do, Estate, exposed, florida, foreclose, Foreclosure, free, georgia, help, home, homeowner, homeowners, ILLINOIS, it, late, Lenders, litton, Loan, Making, Michigan, Modification, money, mortgage, obama, of, Ohio, on, Payment, Payoff, plan", prevention, principle, rate, Real, Reduction, refinance, relief, Sale, save, Short, stop, Truth, your, yourself

If you need form letters to send to your lenders I can get them to you. If you have any questions email me at loanmodguru@yahoo.com. I will answer them as soon as I can. I am negotiator who speaks with the banks on behalf of the homeowners I am most sought after as I have a very strategic system which allows me to obtain a loan modification almost every time for anyone regardless of the situation. I can tell you how. My videos show you exactly how to do a loan modification or achieve a principle reduction. I am doing this for free. As hard as I am trying I haven’t been able to reach everyone so having these workshops up makes me accesable to everyone. Tell a friend if you know of anyone who needs help. It’s a terrible feeling to lose hope and not know what to do. I know first hand. You or they can email me at loanmodguru@yahoo.com. I will answer all questions as soon as I can. I have been getting an overwhelming response since I have started my philantropic approach. I have succesfully negotiated hundreds on loans for homeowners in various states. Unlike the people on the other videos, I actually speak with the lenders myself. I am giving the information for free. I have also noticed that the other people speaking about loan modification don’t help anyone at all. All they are saying is send me your money. I don’t think a single family should face foreclosure especialy because they can’t afford the outlandish fees these guys are charging for a loan mod. If you are from Detroit Michigan, Atlanta Georgia, Las Vegas Nevada, Miami Florida, Phoenix, Arizona, Ohio, Illinois, it doesn’t matter I will show you all my secrets to save your home. There is government istance available. Making Homes Affordable is a program that helps distressed homeowners, it’s part of the Obama bailout. So watch and learn and don’t try to buy anything from me. I am busy enough out here in Arizona. About 350 to 500 homes per day are being foreclosed on, just here alone. So if I were helping with 50 modifications a day I still would wake up every morning behind. I think this is the best way to help. People are losing homes and they don’t know that they can save them. People are just walking away with their families without trying or fighting. So this is all about us. I was once facing foreclosure and since I knocked down the principle on one home $150,000.00 and lowered the interest rate to only 2.5% on an investment property of mine. People that know me know that I am the best at what I do. Yesterday I helped a single lady, divorcee lower her monthly payment $500. She wasn’t even late. So you don’t have to be late to get a loan modification approval. God Bless Enjoy

Duration : 0:8:51

Read the rest of this entry »

Technorati Tags: affordable, america, Arizona, assistance, Atlanta, aurora, bailout, Bank, bankruptcy, Behind, california, Consolidation, countrywide, crisis, debt, distressed, do, Estate, exposed, florida, foreclose, Foreclosure, free, georgia, help, home, homeowner, homeowners, ILLINOIS, it, late, Lenders, litton, Loan, Making, Michigan, Modification, money, mortgage, obama, of, Ohio, on, Payment, Payoff, plan", prevention, principle, rate, Real, Reduction, refinance, relief, Sale, save, Short, stop, Truth, your, yourself

If you need form letters to send to your lenders I can get them to you. If you have any questions email me at loanmodguru@yahoo.com. I will answer them as soon as I can. I am negotiator who speaks with the banks on behalf of the homeowners I am most sought after as I have a very strategic system which allows me to obtain a loan modification almost every time for anyone regardless of the situation. I can tell you how. My videos show you exactly how to do a loan modification or achieve a principle reduction. I am doing this for free. As hard as I am trying I haven’t been able to reach everyone so having these workshops up makes me accesable to everyone. Tell a friend if you know of anyone who needs help. It’s a terrible feeling to lose hope and not know what to do. I know first hand. You or they can email me at loanmodguru@yahoo.com. I will answer all questions as soon as I can. I have been getting an overwhelming response since I have started my philantropic approach. I have succesfully negotiated hundreds on loans for homeowners in various states. Unlike the people on the other videos, I actually speak with the lenders myself. I am giving the information for free. I have also noticed that the other people speaking about loan modification don’t help anyone at all. All they are saying is send me your money. I don’t think a single family should face foreclosure especialy because they can’t afford the outlandish fees these guys are charging for a loan mod. If you are from Detroit Michigan, Atlanta Georgia, Las Vegas Nevada, Miami Florida, Phoenix, Arizona, Ohio, Illinois, it doesn’t matter I will show you all my secrets to save your home. There is government istance available. Making Homes Affordable is a program that helps distressed homeowners, it’s part of the Obama bailout. So watch and learn and don’t try to buy anything from me. I am busy enough out here in Arizona. About 350 to 500 homes per day are being foreclosed on, just here alone. So if I were helping with 50 modifications a day I still would wake up every morning behind. I think this is the best way to help. People are losing homes and they don’t know that they can save them. People are just walking away with their families without trying or fighting. So this is all about us. I was once facing foreclosure and since I knocked down the principle on one home $150,000.00 and lowered the interest rate to only 2.5% on an investment property of mine. People that know me know that I am the best at what I do. Yesterday I helped a single lady, divorcee lower her monthly payment $500. She wasn’t even late. So you don’t have to be late to get a loan modification approval. God Bless Enjoy

Duration : 0:8:51

Read the rest of this entry »

Technorati Tags: affordable, america, Arizona, assistance, Atlanta, aurora, bailout, Bank, bankruptcy, Behind, california, Consolidation, countrywide, crisis, debt, distressed, do, Estate, exposed, florida, foreclose, Foreclosure, free, georgia, help, home, homeowner, homeowners, ILLINOIS, it, late, Lenders, litton, Loan, Making, Michigan, Modification, money, mortgage, obama, of, Ohio, on, Payment, Payoff, plan", prevention, principle, rate, Real, Reduction, refinance, relief, Sale, save, Short, stop, Truth, your, yourself

Home loan modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To http://RealEstateMarketingThisWeek.com

Part 4 (Excerpt)

The pitfalls for trusting your bank one more time; Beware The Foreclosure Sharks

This whole loan modification thing reminds me a lot of the old Peanuts comics where every fall Lucy would get out with the football and she would set it down on the ground, and she would coerce Charlie Brown into coming along and kicking the football. Well of course as we all know Charlie never got to kick the ball, Lucy always pulled it out from underneath him and I kind of look at the mortgage industry, the servicing end of it in particular that way.

You have to think about it, in many cases the loan that you were put into was not a good loan in the first place. The person who gave you that loan knew it was not a good loan, the Wall Street banks that came up with these crazy ideas should have known better. Now admittedly they didnt otherwise they would not be out of business today, but they should have known that these were not good products.

Yet when you are faced with an issue regarding your house so many people go back to the bank, like Charlie Brown going back to Lucy and believing that THIS time Lucy is not going to pull the ball away. Well what is going to keep the bank from not pulling the ball away from you this time? Absolutely nothing.

I love that analogy; everyone remembers the Charlie Brown show and the comic books like you said. Another thing I want to point out too, going back just a little bit, you mentioned the lenders who put these home owners into these loans knew that they were not good loans. My thoughts after some of the mods that Ive seen, that you and I have seen doing the forensic audits, the home owner could have qualified for an FHA loan in those times, but it was so much easier for banks to put them into these sub prime loans because the documentation was easier, and it was just easier.

It is not just that they are easier; I know that your firm, Velocity Financial is FHA approved but what percentage of lenders today when, we probably have maybe 30% as many lenders as we had two years ago, what percentage today is FHA approved?

In the state of Arizona, of all the lending institution, less than 15% of all mortgage firm, banks, credit unions, less than 15% are licensed by the federal Housing Administration. Velocity Financial is proud to be one of those firms.

What I saw back in the peak of the market is of course everybody thought that real estate was going to go up for ever. Every body wanted to jump on board and buy 3,4,5,6 properties and I always tell the story that I knew we were in trouble, I knew we were hitting the top of the market long before I developed any of the models for Real Estates Future when I walked into our bank one day and I saw that they had a loan that was 100% financing for someone to buy an investment property and they didnt have to prove their income and they only needed a 620 FICO score.

Which considering everything now, I mean, to get a Fannie Mae loan today what kind of a FICO score do you need? If youre an investor? If youre an investor you need 720 and probably 20% down, at least 20% down and certainly it is not stated income anymore. No that doesnt exist, and significant cash reserves, the whole nine yards.

So these banks knew the kind of garbage that they were giving to people and yet we are supposed to trust them to get us good loan modifications. I think that in one of the later segments we are going to talk about the newest guidelines that just came out from Fannie Mae and Freddie Mac regarding their new fancy-schmancy loan mod program and to be honest with you I dont think it really does much for people at all. We will talk about that in the next segment and to the people who are in the mortgage or real estate industry or who have been in the real estate or mortgage industry it is going to sound a little bit like a comic bit because this might as well be bath tissue, I dont even know why they came out with it.

We are going to talk about that along with a few other things, so real quick I know we havent had too much of a chance to talk about The Foreclosure Sharks, Dan but we will touch on that a little bit later. How do people get a copy of this white paper, The Foreclosure Sharks these are things that people need to be looking out for?

Yes, for The Foreclosure Sharks you can go to my website, http://mortgageanswerman.com. There will be a link there you just click on it and pick yourself up a copy and it will help if you are in a foreclosure situation if people come knocking on your door it will help you to at least know what to look out for. So mortgageanswerman.com for The Foreclosure Sharks…

Duration : 0:6:54

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Technorati Tags: adjustable, administration, ARM, Attorney, Avoid, Bank, bankruptcy, buyer, Closing, corporation, Cost, credit, discount, down, Estate, expert, fannie, Fed, federal, fha, first, fixed, FNMA, Foreclosure, fraud, freddie, funds, Future, home, housing, Income, Insolvency, interest, Lender, Loan, loss, mac, mae, marketing, Median, mitigation, mod, Modification, mortgage, negotiate, no, owned, Payment, Price, program, purchase, rate, Real, Realtor, refinance, Rent, REO, repo, Resolution, RTC, S&L, Sale, savings, scam, seller, Servicer, Short, TARP, tax, time, trust

Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To http://RealEstateMarketingThisWeek.com

Part 4 (Excerpt)

The pitfalls for trusting your bank one more time; Beware The Foreclosure Sharks

This whole loan modification thing reminds me a lot of the old Peanuts comics where every fall Lucy would get out with the football and she would set it down on the ground, and she would coerce Charlie Brown into coming along and kicking the football. Well of course as we all know Charlie never got to kick the ball, Lucy always pulled it out from underneath him and I kind of look at the mortgage industry, the servicing end of it in particular that way.

You have to think about it, in many cases the loan that you were put into was not a good loan in the first place. The person who gave you that loan knew it was not a good loan, the Wall Street banks that came up with these crazy ideas should have known better. Now admittedly they didnt otherwise they would not be out of business today, but they should have known that these were not good products.

Yet when you are faced with an issue regarding your house so many people go back to the bank, like Charlie Brown going back to Lucy and believing that THIS time Lucy is not going to pull the ball away. Well what is going to keep the bank from not pulling the ball away from you this time? Absolutely nothing.

I love that analogy; everyone remembers the Charlie Brown show and the comic books like you said. Another thing I want to point out too, going back just a little bit, you mentioned the lenders who put these home owners into these loans knew that they were not good loans. My thoughts after some of the mods that Ive seen, that you and I have seen doing the forensic audits, the home owner could have qualified for an FHA loan in those times, but it was so much easier for banks to put them into these sub prime loans because the documentation was easier, and it was just easier.

It is not just that they are easier; I know that your firm, Velocity Financial is FHA approved but what percentage of lenders today when, we probably have maybe 30% as many lenders as we had two years ago, what percentage today is FHA approved?

In the state of Arizona, of all the lending institution, less than 15% of all mortgage firm, banks, credit unions, less than 15% are licensed by the federal Housing Administration. Velocity Financial is proud to be one of those firms.

What I saw back in the peak of the market is of course everybody thought that real estate was going to go up for ever. Every body wanted to jump on board and buy 3,4,5,6 properties and I always tell the story that I knew we were in trouble, I knew we were hitting the top of the market long before I developed any of the models for Real Estates Future when I walked into our bank one day and I saw that they had a loan that was 100% financing for someone to buy an investment property and they didnt have to prove their income and they only needed a 620 FICO score.

Which considering everything now, I mean, to get a Fannie Mae loan today what kind of a FICO score do you need? If youre an investor? If youre an investor you need 720 and probably 20% down, at least 20% down and certainly it is not stated income anymore. No that doesnt exist, and significant cash reserves, the whole nine yards.

So these banks knew the kind of garbage that they were giving to people and yet we are supposed to trust them to get us good loan modifications. I think that in one of the later segments we are going to talk about the newest guidelines that just came out from Fannie Mae and Freddie Mac regarding their new fancy-schmancy loan mod program and to be honest with you I dont think it really does much for people at all. We will talk about that in the next segment and to the people who are in the mortgage or real estate industry or who have been in the real estate or mortgage industry it is going to sound a little bit like a comic bit because this might as well be bath tissue, I dont even know why they came out with it.

We are going to talk about that along with a few other things, so real quick I know we havent had too much of a chance to talk about The Foreclosure Sharks, Dan but we will touch on that a little bit later. How do people get a copy of this white paper, The Foreclosure Sharks these are things that people need to be looking out for?

Yes, for The Foreclosure Sharks you can go to my website, http://mortgageanswerman.com. There will be a link there you just click on it and pick yourself up a copy and it will help if you are in a foreclosure situation if people come knocking on your door it will help you to at least know what to look out for. So mortgageanswerman.com for The Foreclosure Sharks…

Duration : 0:6:54

Read the rest of this entry »

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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 3 (Excerpt)

Short Sale Objections, Advantages and Hardship Letters; Keeping the Home Owner in the Home helps fight vandalism

One of the things I mentioned at the beginning of the last segment is this special allotment of funds that we received from one of our mortgage banks that we currently have available, a 30 year fixed, no pre payment penalty this is the real deal just what youre looking for a 4.875% interest rate with an APR of 4.95% and that is available we do have people at the office right now if you have questions in regard to that they can answer them for you. You would call 480-Velocity

Michael, I have some clients who are buyers that would love that rate. Is that available to buyers as well? Actually, yes its that rate is for a no cash out refinance, no higher than 80% LTV, they have to have perfect credit to hit this number but even in some cases, well with this particular loan there are some closing costs, but one of the things we have available too is a no cost option and that interest rate is for people who are doing the purchase or refinancing and that rate is only 5.5%. The interest rate is 5.5% and the APR is 5.5% so that is for purchase money as well.

Were back talking here with Jeri League and Kalyn Roberts, were talking about the objections to doing short sales, there is another one you wanted to point out Jeri?

Yes, one more objection that people often have when we talk to them about their particular situation is that people feel that they have to be behind on their mortgage payment in order for a bank to consider a short sale and that is not true, the bank analyses everyones entire situation, we have people write a hardship letter, they want to see your financials and there is an entire situation not just being behind on your mortgage payment.

Your hardship may be that youre being relocated by your employer and you simply cant sell your home for what you owe on it due to todays market conditions. The banks will definitely look at that.
People think that the key is that you have to be late but that is not the case. That is really good to know, so we talked about the objections or the pitfalls rather what about the advantages to doing a short sale?

The biggest advantages to doing a short sale are: that its less impactful on your credit typically than a foreclosure and one of the most exciting benefits is that we can often extend the foreclosure and keep you in your house longer. In Arizona banks have a right to start a foreclosure as soon as youre over 30 days late on one mortgage payment. In todays current economic situation most banks are not starting that process for three to six months, but again that is most banks. They can start after one month.

Yes, but once they start the foreclosure process its a 90 day process in Arizona. So you will get a notice that says basically you have 90 days to come current with the note or to move and they are taking your house and selling it in 90 days. Now once we start the short sale process many times we can extend that foreclosure date.

I have personally done one that we had the home owner in for almost a year from when they stopped making their mortgage payments. Its not uncommon to be two or three months past the original foreclosure date that they gave you which of course gives people a lot longer time to decide what they are going to do, especially if its a family, they are not in such a rush to move, they can keep their kids in the same school district, there are so many reasons that that is a good advantage.

So Kalyn the truth is that homes that are occupied generally are better off and easier to sell than vacant homes right? So long as people are in the house and taking care of the house, if the house looks lived in but not trashed. What youre saying is lenders would just as soon leave them in the house then to have it vacant and potentially vandalized.

Definitely, the lenders prefer to have somebody living in there because they are taking care of the home, like you just said when the homes are vacant there is a high risk of them being vandalized, unfortunately and the worse the economic situation in the country gets the higher the vandalism rate on homes goes. In fact we were talking with a realtor in our office who typically takes listings in some of the lower income areas in town and they are going to stop putting signs on vacant listing because they are getting vandalized so much.

Duration : 0:6:19

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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 3 (Excerpt)

Short Sale Objections, Advantages and Hardship Letters; Keeping the Home Owner in the Home helps fight vandalism

One of the things I mentioned at the beginning of the last segment is this special allotment of funds that we received from one of our mortgage banks that we currently have available, a 30 year fixed, no pre payment penalty this is the real deal just what youre looking for a 4.875% interest rate with an APR of 4.95% and that is available we do have people at the office right now if you have questions in regard to that they can answer them for you. You would call 480-Velocity

Michael, I have some clients who are buyers that would love that rate. Is that available to buyers as well? Actually, yes its that rate is for a no cash out refinance, no higher than 80% LTV, they have to have perfect credit to hit this number but even in some cases, well with this particular loan there are some closing costs, but one of the things we have available too is a no cost option and that interest rate is for people who are doing the purchase or refinancing and that rate is only 5.5%. The interest rate is 5.5% and the APR is 5.5% so that is for purchase money as well.

Were back talking here with Jeri League and Kalyn Roberts, were talking about the objections to doing short sales, there is another one you wanted to point out Jeri?

Yes, one more objection that people often have when we talk to them about their particular situation is that people feel that they have to be behind on their mortgage payment in order for a bank to consider a short sale and that is not true, the bank analyses everyones entire situation, we have people write a hardship letter, they want to see your financials and there is an entire situation not just being behind on your mortgage payment.

Your hardship may be that youre being relocated by your employer and you simply cant sell your home for what you owe on it due to todays market conditions. The banks will definitely look at that.
People think that the key is that you have to be late but that is not the case. That is really good to know, so we talked about the objections or the pitfalls rather what about the advantages to doing a short sale?

The biggest advantages to doing a short sale are: that its less impactful on your credit typically than a foreclosure and one of the most exciting benefits is that we can often extend the foreclosure and keep you in your house longer. In Arizona banks have a right to start a foreclosure as soon as youre over 30 days late on one mortgage payment. In todays current economic situation most banks are not starting that process for three to six months, but again that is most banks. They can start after one month.

Yes, but once they start the foreclosure process its a 90 day process in Arizona. So you will get a notice that says basically you have 90 days to come current with the note or to move and they are taking your house and selling it in 90 days. Now once we start the short sale process many times we can extend that foreclosure date.

I have personally done one that we had the home owner in for almost a year from when they stopped making their mortgage payments. Its not uncommon to be two or three months past the original foreclosure date that they gave you which of course gives people a lot longer time to decide what they are going to do, especially if its a family, they are not in such a rush to move, they can keep their kids in the same school district, there are so many reasons that that is a good advantage.

So Kalyn the truth is that homes that are occupied generally are better off and easier to sell than vacant homes right? So long as people are in the house and taking care of the house, if the house looks lived in but not trashed. What youre saying is lenders would just as soon leave them in the house then to have it vacant and potentially vandalized.

Definitely, the lenders prefer to have somebody living in there because they are taking care of the home, like you just said when the homes are vacant there is a high risk of them being vandalized, unfortunately and the worse the economic situation in the country gets the higher the vandalism rate on homes goes. In fact we were talking with a realtor in our office who typically takes listings in some of the lower income areas in town and they are going to stop putting signs on vacant listing because they are getting vandalized so much.

Duration : 0:6:19

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This weeks PreforeclosureDailyGrind.com Tip of the Week is especially interesting because we got slapped directly by Countrywides/BofA’s Loss Mitigation Department about one of our prior videos! Make sure you listen in to the details!

Duration : 0:4:34

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