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

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http://realestatemarketingthisweek.com – Real Estate Marketing – Avoid a foreclosure on your credit report, short sale your home and save your credit –
Produced by Dan Havey of Real Estate Marketing This Week

Part 8 – Ok, so that is good to know, I know there are people who want to try and do that and I really dont know. I am really a full time mortgage professional, I didnt get into the loan modification business on purpose, we write mortgage loans, real estate loans for residential and commercial, so therefore I dont know your laws on the same token you dont do loan modifications and you dont write loans, youre professional realtor.

Exactly, and one more thing, bottom line is you cant be defrauding the bank. Because then youre stepping into mortgage fraud, as you know. You do have to have a hardship, you honestly do have to show, if youre going to be benefiting from staying in the home, you have to show a hardship that you cant afford the current payment. If youre making a couple hundred thousand a year and have a ½ million in the bank and owe $200,000 the bank isnt on your side in that case.

There are a lot of situations though when a homeowner wants to stay in their home, if that is the case, then we market it to investors, because there is a lot of the people who are buying these homes so we work with the investor and we work out the lease amount and the homeowners can stay in their homes in those situations. Whatever it looks like at the end of the day, the homeowner needs to picture where they are going to be in the short term midterm and long term and where this house fits into those plans, if a loan mod isnt right a short sale is a significantly better option than a foreclosure.

They need to call now, they need to take action because you do need to find a place to live and were here to help you, you dont want to get two weeks to the point of foreclosure and have no where to move your family. And the Dreamvestors Team that is your main focus right now, but people still call you for first time home buyers.

We work with buyers as well as people who are short selling. We have been in real estate several years and we didnt want just short sales, were fortunate to have a very strong clientele base and were always taking new clients. We have just adjusted our focus as the market called for it and as our clients called for it.

The other thing too when we talk about these short sales, getting out of that home before it goes to foreclosure is always the best case scenario, the bank is happier with it, the house is more saleable in most cases, people are still living there, its still there home, they still feel like the pride of ownership.

Yes, and in addition, pride of neighborhood is another point. Your neighbors are going to like you better because there is not a foreclosure in their neighborhood, it helps keep the prices up when the bank takes them back the banks price them even lower typically, well sure and then its vacant and we have the potential problem of neighborhood kids turning the house into a paintball arena.

I saw that in a fantastic two story home with an amazing backyard, this house was to die for, a million dollar home and the neighborhood kids turned this house into a paintball arena. Now I am not going to lie, that might have been fun when I was a kid, but this house was trashed, wires hanging out, I mean it was just an absolute mess. The lenders dont want that, you dont want that. They need to take action they need to call you.

Yes educate yourself and call someone today. Folks its important to point out today that I would like to see you call Kalyn and Jeri for this because I know, I have seen their track record. I know their close ratio and I know that they generally care about you and your needs first, but if you have someone who does this and youre contemplating it, if you have a sale date coming up, you need to take action. Move on with your life, put this part of your life behind you.

One of the things to and we dont want to get to deep into this, Jeri or Kalyn, but after the short sale is done its all said and done, you have an affiliation with people who can help them out in getting their credit repaired and ready to go. We do, we really pride ourselves on being a one stop shop, so we help educate them, if its going to be a loan modification or a short sale once they get through the process then we begin working with them on credit repair. We have a program that we work ourselves, and if its a really sticky issue with your credit we have people that we work very closely with that we will refer you to, we also have a team that includes a bankruptcy attorney, a real estate attorney and a real estate CPA… http://realestatemarketingthisweek.com/avoid-a-foreclosure-short-sale-your-home-%E2%80%93-save-your-credit/

Duration : 0:7:2

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http://stopforeclosurefraud.com/

WE WILL WIN…WE ARE GETTING CLOSER…ONE LAYER AT A TIME. …I will show you how MY personal Mortgage Foreclosure FRAUD happened. Pay close attention and learn before it is too late. Here are the subjects and principles.
Hi Erica Johnson-SECK (SICK) I read in your Deposition how you google your name …Just add this one for reference.
Law Offices Of David J. Stern PA in Plantation Florida Roger Stotts
Dennis Kirkpatrick

These people are ALL over the US pulling this crap
Do searches on them and all and see what you can find out to save your home.

Judge Dale Ross in broward gave my home to IndyMac Bank (Property Managers) and when I tried to speak he rolled his eyes and said “What Difference Does it make”?????? He pre-judged me and this is not his job… The difference is the courts are aiding & abetting FRAUD. Yes Google his name and we will see how his peers enjoy him. I did NOT have a fair trial. I was raped from my RIGHTS as a citizen.

Learn from this study it and maybe WE ON OUR OWN without the GOVERNMENT can make a difference. Thank you for allowing us to loose our wealth, rights, and justice for all.

These are some excellent resources. YOU ARE NOT ALONE. IT IS NOT YOUR FAULT OUR GOVERNMENT FAILED US.

We have just scratched the surface. Wait to see what is at the CORE.

Duration : 0:1:48

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http://realestatemarketingthisweek.com – Real Estate Marketing – What is a Short Sale? – Short Sale experts discuss How to Negotiate to Stop a Foreclosure…
Produced by Dan Havey of Real Estate Marketing This Week

Part 4 – The lenders, its the loss mitigation departments that youre dealing directly, with the two of you doing the negotiations on behalf of the homeowner. Good, and then do you contact the lender immediately when someone calls you, and were going to talk about when they should call you in just a few minutes, but when the homeowner calls you do you immediately contact the lender and find out when the foreclosure date is and try to get that pushed back?

We do that as soon as possible, we can check the foreclosure date on tax records, if there is one that has been set, but there is some paperwork that is involved before we can contact the lender, because the lender will not just speak to anyone on behalf of the homeowner. You can get a lawyer and they will not talk to your lawyer unless they have authorization in writing from you the homeowner to speak about their financial situation and their mortgage on their behalf. So we do have some paperwork that we have clients do and the first thing is the authorization letter, as soon as we have that we can begin speaking to them on your behalf.

So Kalyn the next question is, when should someone start the process? Now. Honestly if youre listening to us right now and this is striking any sort of nerve you should be calling us. If you have concerns about being able to afford your home, or you cant sell it, if youre in a situation like going through a divorce, going through relocation like Jeri mentioned, all of these situations are possible short sales and you definitely should be on the phone now because too many times we see where people are in denial of whatever the situation may be and finally they are two weeks before foreclosure date and they are calling us.

We dont have enough time with just two weeks. There is too much involved for us to get the foreclosure extended, get an offer, get all the things that are included when you only give us to weeks, and then where are you, a lot of the time they dont even have a place lined up, and if you have a foreclosure on your record its a lot harder to get a rental.

Yes the foreclosure has significant impact on your credit report where as a short sale could be potentially much better. Maybe the foreclosure process will be started during the short sale process but not having it completed is better than having an actual foreclosure on your record.

Absolutely, the foreclosure proceedings started will not even show on a credit check if a landlord or a management company is pulling your credit to approve you for a rental, but its the worst thing in the world if you have gone through a foreclosure and youre just now calling us. I have some clients who need to be in a house this weekend and they have a foreclosure. They contacted me after the foreclosure had gone through and you would think that people would understand with the number of foreclosures going on that would not be as harsh on your credit but its. Were having a really difficult time finding landlords that will accept people who have foreclosures on their credit.

Me as a landlord, my wife and I have several rentals and I were to look at a credit report and see that a foreclosure proceeding had been started but the homeowner and potential renter says, we started it but we were able to sell the house short so we didnt have to go ahead with the foreclosure. That absolutely would be someone that I would consider over someone that had a foreclosure because it shows that they care, they certainly tried their very best, so I would think that is a great situation to be in. So two weeks left before your sale date is too late, its not going to work out.

Well I have recently done one in ten days. So it can be done, I had a one ten days before the foreclosure date and I had the bank put out the foreclosure date about a month and a half and we will close a short sale on that. 90% of the time though we wont be able to help you with that little of time.

Well the hardest part about the process is the beginning process, getting the lender to even acknowledge that they have received the authorization letter or the information packet that we have sent, the financials and the offer. You have to understand that lenders have thousands of foreclosures going on and they may have 20 bulk fax machines in their offices and as the paperwork comes through if its not that persons paperwork it may get tossed. That process alone can take 30 days before they even tell us they got what they need… http://realestatemarketingthisweek.com/if-facing-foreclosure-call-a-short-sale-expert/

Duration : 0:5:58

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Bloomberg is reporting that Bank of America, the largest U.S. lender, will halt foreclosures in all 50 U.S. states to determine whether corresponding documents contained accurate data.
The company said in a statement, “We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate.”
Bank of America already froze foreclosures this month in the 23 states where courts supervise home seizures. The new policy extends the freeze to the entire nation. State officials are urging banks to halt foreclosures because of surfacing allegations that employees used unverified or false data to speed up the process. Attorneys general in the states of Ohio and Connecticut have amounted the practices to fraud.

Duration : 0:1:1

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