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

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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 »

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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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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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Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com

Part 5 (Excerpt)

Mortgage Forgiveness Debt Relief Act of 2007, one exception to paying cancellation of debt income

Welcome back to the Velocity of Money I am Michael J. Barnes Arizona’s and I’m with Velocity Financial and were here every week talking about all matters financial, regarding real estate as well as finances. Brett Fallon is back on the air with us again along with Mike Patenella who is a certified public accountant for the last 20 years and amazing brain, were glad he’s back on.

Mike we were talking before the break about loan modifications, my point before going off the air was that people think they’re going to get this huge amount of money waived on a loan that they have, realistically what most loan modifications are going to look like is extended term, significantly lower interest rate, generally a fixed interest rate for the entire time, and in some cases they will do some principal reduction, and there is some exclusions for people having to pay tax on that, is that correct?

Yes, there is, before I get into that keep in mind that with taxes normally not one rule applies to everybody, were going to talk general but everyone’s going to have their own specific situation, that they’re going to have to really check with somebody and make sure they’re doing the right thing. In 2007 in response to the economic situation, they passed a mortgage forgiveness debt relief act which essentially allows people to not pay tax on $2 million dollars debt forgiven on their principal residence. Thats in regard to be principal reduction, loan modification.

Right, so in your example if $50,000 of your loan is being reduced, if your situation fits, under this new law, we might be able get you to avoid the tax on that.

Once again a very good reason for you to go to a professional CPA like yourself for that help, not something the average person is going to be able to figure out on their own. You have to keep up on the tax law and that’s almost a full-time job.

Hey how many pages is that tax code now? On last count I heard you say it was something like 9000 pages.

I don’t know the exact number of pages I know it’s in the several thousand and as Mike knows quite well, and I am aware of also is the tax code has been morphing and changing more than I have ever seen in my entire career here recently. Going back to the tax act of 2003 to the present there have been literally hundreds of changes. So for the average person whos listening to this broadcast who is considering a loan modification, trying to take care of a portfolio, and take care of their taxes at the same time, WOW! Good luck to you

So exclusions to the income, can we talk about a few different ones?

Sure bankruptcy is one exclusion, if you’re filing bankruptcy; the other one is if the taxpayer is insolvent which essentially means that their liabilities exceed their ets. When you factor in ets you factor in retirement accounts and all that, its not that easy to fall under that one.

Oh so the value of my 401(k) goes into that on the other side of the balance sheet. So for the most part if you dont fall into one of these two youre going to try to rely on this new tax law to exclude some of the debt forgiven.

How long ago was that past? I am sorry I don’t remember, was that August of 2007? It’s called the mortgage forgiveness debt relief act of 2007 and it only applies to qualified principal residences. Is that ongoing? Is there a cap on the time?

Well originally it was set to expire at the end of 09. Then in 2008, since the economy kept getting worse they extended that another three years or so through 2012

Well we hope were all well through of this mess sooner and we won’t have to need this any longer after 2009. Actually I want it gone now.

Duration : 0:6:20

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Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com

Part 6 (Excerpts)

Arizona is not a recourse state, so chances are you will not owe 1099 C Income

In Arizona, typically its not a recourse state, so if they are telling you that theyre going to garnish your wages because you didnt pay back your entire mortgage, there is a local bank ,that was threatening a very good colleague of ours about a small second mortgage that person had taken out. Threatening to send it to collections and garnish her wages. It simply isn’t going to happen.

But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze. There is a lot to it, you need to protect yourself. You talked about bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people dont understand the bankruptcy laws. They are so tight now and your feet are really held to the fire from the federal government right now. It’s not like you just didn’t make your mortgage payment, so you go file bankruptcy, it’s just not realistic. uming bankruptcy is the last resort option for everybody. And we certainly want to avoid that, it would not be sound financial advice from any credible source that I can think of.

Let’s walk through a case scenario, somebody who is listening to this broadcast, their head is spinning right now, they’re thinking, oh my gosh. I should have known about the tax implications, a short sale versus loan modification. Let’s start at the top and work through a quick scenario. And then we’ll point out the specifics of what they should be considering right now.

For example, we talk about this all the time and to your credit Michael Barnes and to Velocity Financials credit, you were early in bringing out the loan modification for people who were in a distress situation regarding a mortgage, maintaining or keeping up with the mortgage payment. So you started going down the path where the refinance started to become a much more difficult option, with new constraints and all the other factors that led to part of this economic crisis, a loan modification has become a buzz topic today. Driving to the station today, driving down Camelback Road, I see a sign on the corner. You know, one of those stick in the ground, homemade jobs, that says don’t refi a Loan, modify, with some success rate and the phone number.

Hang on there I want you to say the success rate. The sign literally said, 99% success rate, and it goes back to the point that you made when they say that they can reduce your mortgage principal by tens of thousands, hundreds of thousands of dollars, thats the absolute last resort for any lending institution. Thats not what this is about, so let’s start with that, then we will work on the tax ramifications of how that might work in the overall financial strategy.

I am familiar with the loan modification industry here in Arizona. There is no regulation, unfortunately. We at Velocity Financial work with a national network of attorneys, so if you’re the guy in El Centro California, or youre in Phoenix, or youre in Alaska it doesn’t matter where you’re at. We have someone who is an expert in that field in that state because the laws are different. But without the regulations some person with the ugly yellow sign on the side of the road says he has a 99% success rate, I don’t believe him it’s probably not using an attorney, who knows, dont buy into that garbage. Were going to tell you the truth, if we cant do a loan modification, we will tell you that we cant do it. And if a loan modification is not the best thing for you, you can find the some of these other options.

Duration : 0:5:19

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Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com

Part 7 (Excerpt)

Beware of grandiose claims when dealing with a loan modification firm.

You know I am glad that were back, when we went to the break we were talking amongst ourselves about some of these concepts, I really want to bring this back down to the listeners. So they really understand what this means to them. You have three strategic partners, each of them experts in their field, sitting around these microphones in the studio talking about how these factors have an impact on the listening public, the people listening to this station right now.

Velocity Financial is an expert in all things mortgage related. It represents the largest et many people have in terms of their home. What were talking about is, we know the economic pain that exists, you probably read that Arizona has the dubious distinction according to the Case-Schiller index of having the highest property value declines in the country. People are feeling some pressure here and for those people who want to consider what a loan modification might do for them, should call you and talk about what that represents.

Then from there, you can refer them to people like Mike Patenella to talk about the tax ramifications, Mike can speak to some of those items and I can talk about their overall financial planning. But to start with let’s talk about what the loan modification process really represents and who can benefit from.

We have talked about all the different things you can do with your home as a home owner, there is the loan modification and there’s several different types of loan modifications, there is the option of a short sale, which can have huge tax implications that people may not be aware of. There is the option of foreclosure, which is almost the last thing you want to do and there is also bankruptcy.

Loan modification is essentially for the person who is unable to make your payment, because there was a material change, and the change that I am talking about is your not making as much money. You may have lost your job. You have one of these mortgages that are toxic, where the interest rate has gone up significantly.

I would not buy the story from some guy with an ugly little yellow sign on the side of the road that says, hey I can help you and I have a 99% success rate with my loan modifications. That is essentially a guarantee and there is nobody in their right mind that would buy the guarantee. There are so many different types of mortgage servicers out there, literally thousands of mortgage companies out there and you cannot predict what any one of these mortgage companies is going to do.

Certainly not guarantee anyone any result. Were definitely going to try our best, thats why we use a national network of attorneys, 45 out of the 50 states have some kind of recourse involved with short sales and foreclosures, loan modifications. This is not something you can just figure out on your own and certainly dont buy into some story that there is somebody who can reduce your mortgage by 50%. Thats not going to happen, or that they have a 99% success rate, things are just not realistic.

You should know better and I know I am putting it bluntly, lets be honest. You should know better. It sounds too good to be true folks, it is. These no cost loans, these goofballs are selling on the radio, saying they don’t cost anything, let me say this, someones got to pay for it. Try walking to one of these big banks right now thats trying so hard right now to make up for some of their losses, so if anyone is offering you something that sounds too good to be true. It probably is, call an expert, call someone who knows what they’re doing, and our team has 16 years of loan modification experience. Our national network of attorneys are dedicated to getting loan modifications and work with almost every major lender, use a pro.

Now Mike, I wanted to throw it over to you to reiterate a few of these things to talk about the different options that people are looking at. The reality of it is that a loan modification, if it works is the absolute best.

That would appear to be the case. You dont want to file bankruptcy, which would be your last choice. Trying to say youre insolvent might be difficult when you factor in all of your ets, so the foreclosures and the short sales, I think those just destroy your credit. Am I right on that?

Duration : 0:6:21

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Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com

Part 7 (Excerpt)

Beware of grandiose claims when dealing with a loan modification firm.

You know I am glad that were back, when we went to the break we were talking amongst ourselves about some of these concepts, I really want to bring this back down to the listeners. So they really understand what this means to them. You have three strategic partners, each of them experts in their field, sitting around these microphones in the studio talking about how these factors have an impact on the listening public, the people listening to this station right now.

Velocity Financial is an expert in all things mortgage related. It represents the largest et many people have in terms of their home. What were talking about is, we know the economic pain that exists, you probably read that Arizona has the dubious distinction according to the Case-Schiller index of having the highest property value declines in the country. People are feeling some pressure here and for those people who want to consider what a loan modification might do for them, should call you and talk about what that represents.

Then from there, you can refer them to people like Mike Patenella to talk about the tax ramifications, Mike can speak to some of those items and I can talk about their overall financial planning. But to start with let’s talk about what the loan modification process really represents and who can benefit from.

We have talked about all the different things you can do with your home as a home owner, there is the loan modification and there’s several different types of loan modifications, there is the option of a short sale, which can have huge tax implications that people may not be aware of. There is the option of foreclosure, which is almost the last thing you want to do and there is also bankruptcy.

Loan modification is essentially for the person who is unable to make your payment, because there was a material change, and the change that I am talking about is your not making as much money. You may have lost your job. You have one of these mortgages that are toxic, where the interest rate has gone up significantly.

I would not buy the story from some guy with an ugly little yellow sign on the side of the road that says, hey I can help you and I have a 99% success rate with my loan modifications. That is essentially a guarantee and there is nobody in their right mind that would buy the guarantee. There are so many different types of mortgage servicers out there, literally thousands of mortgage companies out there and you cannot predict what any one of these mortgage companies is going to do.

Certainly not guarantee anyone any result. Were definitely going to try our best, thats why we use a national network of attorneys, 45 out of the 50 states have some kind of recourse involved with short sales and foreclosures, loan modifications. This is not something you can just figure out on your own and certainly dont buy into some story that there is somebody who can reduce your mortgage by 50%. Thats not going to happen, or that they have a 99% success rate, things are just not realistic.

You should know better and I know I am putting it bluntly, lets be honest. You should know better. It sounds too good to be true folks, it is. These no cost loans, these goofballs are selling on the radio, saying they don’t cost anything, let me say this, someones got to pay for it. Try walking to one of these big banks right now thats trying so hard right now to make up for some of their losses, so if anyone is offering you something that sounds too good to be true. It probably is, call an expert, call someone who knows what they’re doing, and our team has 16 years of loan modification experience. Our national network of attorneys are dedicated to getting loan modifications and work with almost every major lender, use a pro.

Now Mike, I wanted to throw it over to you to reiterate a few of these things to talk about the different options that people are looking at. The reality of it is that a loan modification, if it works is the absolute best.

That would appear to be the case. You dont want to file bankruptcy, which would be your last choice. Trying to say youre insolvent might be difficult when you factor in all of your ets, so the foreclosures and the short sales, I think those just destroy your credit. Am I right on that?

Duration : 0:6:21

le-loan-modification-mortgage-foreclosure-7-nov08-bankruptcy-insolvency#more-2391″ class=”more-link”>Read the rest of this entry »

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Tax on 1099C, Cancellation of Debt Income; Short Sale, loan modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com

Part 2 (Excerpt)

A team approach is best when dealing with all issues regarding taxes, real estate and investments

Brett, wow what an exciting four days

Yes the last four days in the stock market have been a really wild, you know the doom and gloom. I will give you an example, the year to date low closing of the S&P 500 at 752 was the value for that index. And that occurred last Thursday, November 20 the last four days in the stock market has virtually gone straight up, as a matter-of-fact, reporting a yearly 15% gain in those four trading sessions.

What people fail to realize is that level of gain, coming off a loss in your portfolio is really important to get you back on the right track, so those who are wondering if its time to buy or should I have sold. I say November 20 you can’t afford to miss a 15% rally. I can’t tell you what the market will do come Friday, which is a half day or next week, but I can tell you there is a growing consensus among multiple economists, and experts say were in for the mother of all rallies in an otherwise bear market economy.

And one other thing that I want to point out really quickly, thats so important to the listeners out there in regard to this show specifically. We spent a lot of time talking about strategic partnerships, and today is a perfect example of what Velocity Financial and the Velocity of Money Radio Show are all about.

We have strategic partnerships to work towards the best possible outcome for the listeners that are tuned into the broadcast. They are looking for a ray of hope, theyre looking for education, theyre looking for information. And when you put those factors together and introduce tax experts like Mike Patenella, the certified professional mortgage strategies such as you, registered financial consultants like I. Thats how people, when we have these experts and strategic partners working towards the best possible outcome.

Thats a really good point. And I like the way you illustrated that, one of the things that so many people like to do today, is to do so much on their own and that’s okay. When you do things on your own, typically people learn more about it. The problem is, now is not the time to try to figure out what to do with your money in the stock market. Now is certainly not the time.

If youre facing foreclosure, or youre considering a short sale, youre possibly losing your house, you can’t make your mortgage payments or you need a loan modification, its not something you should try on your own, its one of those things where you just don’t know the ins and the outs. More importantly, talking about doing these types of things on your own, do you really have the time to dedicate to what it is youre trying to do.

For instance there is a silly commercial on the tv, Mike where the guy is getting audited and the lady says oh, let’s talk to the box. Thats a classic example of somebody who wants to go buy a box of software at a warehouse store to do their own taxes, and Mike I know for example that you have still have people who have tried to do it on their own. And in most cases you find many things that are missed.

Yes thats why were in business. It’s worth it to have us help you out, you’ll save money and you will pay us less than you will the government. Our goal is to work for you, work with the mortgage guys and financial planners and coordinate an effort to help you out.

Brett Fallon and I have been working together for years, we share most all of our financial sense or ideals are parallel. I have learned a lot about finances from Brett that I never knew. And Brett and Mike have been working together also for many years, it has only been a year or so since you and I have met.

But having said that you could do your own taxes, you could do your own investing. You can get one of those online accounts. Well, you could do your own loan modification, but in any case, that I have ever been involved in, in regard to loan modification, doing your own taxes, or doing your own finances, you will inevitably miss something. It’s just worth paying a little bit more to hire a professional, versus trying to do something like that on your own.

Especially the impact the situation where there is substantial, job loss, loan modification or any of these potential types of situations.

Duration : 0:6:51

Read the rest of this entry »

Technorati Tags: adjustable, administration, ARM, Attorney, Avoid, Bank, bankruptcy, buyer, Closing, corporation, Cost, credit, 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, meltdown, mitigation, mod, Modification, mortgage, negotiate, 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

Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com

Part 2 (Excerpt)

A team approach is best when dealing with all issues regarding taxes, real estate and investments

Brett, wow what an exciting four days

Yes the last four days in the stock market have been a really wild, you know the doom and gloom. I will give you an example, the year to date low closing of the S&P 500 at 752 was the value for that index. And that occurred last Thursday, November 20 the last four days in the stock market has virtually gone straight up, as a matter-of-fact, reporting a yearly 15% gain in those four trading sessions.

What people fail to realize is that level of gain, coming off a loss in your portfolio is really important to get you back on the right track, so those who are wondering if its time to buy or should I have sold. I say November 20 you can’t afford to miss a 15% rally. I can’t tell you what the market will do come Friday, which is a half day or next week, but I can tell you there is a growing consensus among multiple economists, and experts say were in for the mother of all rallies in an otherwise bear market economy.

And one other thing that I want to point out really quickly, thats so important to the listeners out there in regard to this show specifically. We spent a lot of time talking about strategic partnerships, and today is a perfect example of what Velocity Financial and the Velocity of Money Radio Show are all about.

We have strategic partnerships to work towards the best possible outcome for the listeners that are tuned into the broadcast. They are looking for a ray of hope, theyre looking for education, theyre looking for information. And when you put those factors together and introduce tax experts like Mike Patenella, the certified professional mortgage strategies such as you, registered financial consultants like I. Thats how people, when we have these experts and strategic partners working towards the best possible outcome.

Thats a really good point. And I like the way you illustrated that, one of the things that so many people like to do today, is to do so much on their own and that’s okay. When you do things on your own, typically people learn more about it. The problem is, now is not the time to try to figure out what to do with your money in the stock market. Now is certainly not the time.

If youre facing foreclosure, or youre considering a short sale, youre possibly losing your house, you can’t make your mortgage payments or you need a loan modification, its not something you should try on your own, its one of those things where you just don’t know the ins and the outs. More importantly, talking about doing these types of things on your own, do you really have the time to dedicate to what it is youre trying to do.

For instance there is a silly commercial on the tv, Mike where the guy is getting audited and the lady says oh, let’s talk to the box. Thats a classic example of somebody who wants to go buy a box of software at a warehouse store to do their own taxes, and Mike I know for example that you have still have people who have tried to do it on their own. And in most cases you find many things that are missed.

Yes thats why were in business. It’s worth it to have us help you out, you’ll save money and you will pay us less than you will the government. Our goal is to work for you, work with the mortgage guys and financial planners and coordinate an effort to help you out.

Brett Fallon and I have been working together for years, we share most all of our financial sense or ideals are parallel. I have learned a lot about finances from Brett that I never knew. And Brett and Mike have been working together also for many years, it has only been a year or so since you and I have met.

But having said that you could do your own taxes, you could do your own investing. You can get one of those online accounts. Well, you could do your own loan modification, but in any case, that I have ever been involved in, in regard to loan modification, doing your own taxes, or doing your own finances, you will inevitably miss something. It’s just worth paying a little bit more to hire a professional, versus trying to do something like that on your own.

Especially the impact the situation where there is substantial, job loss, loan modification or any of these potential types of situations.

Duration : 0:6:51

Read the rest of this entry »

Technorati Tags: adjustable, administration, ARM, Attorney, Avoid, Bank, bankruptcy, buyer, Closing, corporation, Cost, credit, 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, meltdown, mitigation, mod, Modification, mortgage, negotiate, 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