Posts Tagged ‘no’
Loan Modification 4 - Home Mortgage & Real Estate Marketing Nov08 Home Owners Negotiating with Banks
Attorney Negotiated mortgage loan modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com
Part 4 (Excerpt)
Home Owner Negotiated loan modifications may have too many pitfalls
Yes, I think that makes perfect sense, the only analogy that I can come up with is I could probably figure out how to change the oil in my car, but its not my expertise. Im certainly not going to take the time away from what I have expertise in in order to figure out how to do that, Im going to have a professional do that, and it is the same idea with when someone is considering a loan modification.
You can probably call up that loss mitigation department of that lending institution versus going through the legal department and try to work through that scenario. But you dont know what you dont know, and if you take that approach and make that attempt it could cost you money, it could cost you a higher interest rate, it could cost you something that you are not even aware of. Thats where your team and the loan modification professionals and this attorney network that you exclusively work with come into play.
Again you talk about choosing to not change your own oil, of course you could figure it out, you wouldnt operate on yourself, if you got yourself into some legal trouble and you were an attorney you wouldnt represent yourself. Even though you may know what to do and how to do it, you are just not going to do it because you need an unbiased, 3rd party that is truly going to fight for your rights.
And who has expertise in this particular area, specifically focused on working on the mortgage holders, the consumers best possible outcome.
Thats right and that is a great point, we have example after example of people who have tried to do the loan modification on their own and most of the time what we see is a situation that is best for the bank, a temporary fix, well people dont need a temporary fix.
Temporary being the key word there, well make it better for one year, three years, five years,
whatever it is, but we will tack it onto the life of the loan. One of our strategic partners was just sharing a story on the break about someone he knows personally that did this, they did this themselves without the benefit of an attorney and the end result was a temporary, short term fix today, all of the back interest, costs etc. were tacked on to the other side of the loan, of this mortgage. That is not what you are after, with a loan modification.
And when you think about it a temporary fix is what put most of these people in the situation to begin with it, were a temporary fix. Remember the billboards that said if your mortgage payment is only $500 a month you are payment too much, call us for a 1% interest rate. Give me a break, people fell for it, everybody fell for it, it was a disaster. You dont need a temporary fix you need a real fix.
A real fix that is going to meet your needs as a consumer, that is going to meet the needs of your family so you can stay within the home and thats going to meet the needs of your cash flow monthly, to get a reduced payment, whatever it is going to be for you and your family, that is the whole idea behind modifying your existing loan.
Another important item we hammer down on so many of these issues, a loan modification is not for somebody who doesnt care. This is if you care and it appears that you will be faced with foreclosure, if you are late on your mortgage, if it is getting ready to go up, any number of genuine true hardships financially that happen to you. Your main goal has to be that you want to stay in your house, keep your family in that house, you need to call, we are here to help, we are not salesmen.
If you are able to find another solution, you know what we are happy for you, the more people in my opinion that are affiliates of my firm that are out there to help us through this process the better off we all are, the sooner we get through this loan modification, these toxic mortgages, the sooner all things economic will recover. The housing market is the basis for this economic crisis and everybody knows that.
There is no question and a number of experts that have weighed in and who have credibility that I receive advice from in terms of helping my own clients, they talk about the stock market in terms of when does it improve and when do stocks get a foothold and go forward and the economy starts to rise and recession come to an end and all those things.
Duration : 0:6:24
Attorney Negotiated mortgage loan modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com
Part 2
Congressman Barney Frank is calling for the restructure of the loan servicing business
Well, in the past we have talked a lot about loan modifications and since the first time we started talking about loan modifications the whole space has changed. Everything about loan modifications since our very first broadcast talking about it, we don’t talk about it every week, but we do talk about it allot. It has changed so much, when we started anybody who had a significant hardship, or financial hardship, or had one of these toxic mortgages, that had adjusted, would be able to qualify for a loan modification. These things have changed all of a sudden, and not all across the board. Brett you made a comment earlier that people are concerned that once these servicers do these modifications they could be subject to lawsuits right?
Yes, it is amazing how quickly things have changed over the course of the last couple of weeks, it seems this information, and this news is changing almost hour by hour, at this point one of the things that came out regarding this mortgage modification program is from Barney Frank, “Congress should act to restructure the servicing of home mortgages.” So the idea is that they are catching on to something that you and your team at velocity financial were ahead of the curve on in terms of loan modifications.
Knowing that those rules for a hardship and why you are entitled to one have definitely changed. Now it is more of a situation where in order to stop foreclosure, to stop the problems ociated with this mass foreclosure market place, modifications are being talked about amongst the banks now. Barney Franks comments today, he stressed how these voluntary inducements to get these private entities to protect homeowners from the government has fallen short, and Hank Paulson has fallen short of putting their weight behind this concept.
Although I personally believe that is the next evolution of this. Loan Modifications are a critical step for people who are feeling this economic crisis, and for people who want to stay in a home, for people who need this type of istance. The idea is you have a short window of opportunity here before something else significant changes where you may no longer be entitled to.
You heard Citigroup, you know this we talked about it, Citigroup came out and made the announcement that they were going to suspend their pursuit of foreclosures in certain areas of the country that have the highest unemployment rate, that was the caveat. We will see how big the scope of that gets, but the whole idea is for you as a mortgage owner, as a home owner with a mortgage, if you need to establish a modification to an existing loan, in order to have more favorable terms in interest, a more favorable monthly payment, a way to keep that home, you have to look at this option.
Yes, and I appreciate you saying that one of the things that Citigroup announced they were going to be doing was giving people teaser rates of 1%. Look anybody with a brain can realize that that is ludicrous. What got us into this situation in the first place was huge banks, just like that one, giving people toxic mortgages, with fake interest rates, and pick your own payment, do whatever the heck you want to. It is exactly what they are trying to do again.
Essentially what they are talking about is giving people a short window of a very low interest rate, but they are going to be back in the same situation in the future. That’s why the loan modifications that we do, that we hire on your behalf, the national network of attorney’s that we use. We go for the throat, we are not looking to get you a 1% interest rate for the next 12 months. We are looking to get you a lifelong, or for the term of the loan if possible, the very lowest interest rate available, and fix it or extend the term so you can actually sustain that payment well beyond the short term.
One thing I want to point out before we have to go to a break, if you know of anyone out there, that has a GMAC mortgage, whether it be a GMAC first mortgage or second mortgage, you have got to tune in to the second segment you are not going to believe this scam that’s out there, going against people with these loans…
Duration : 0:5:49
Loan Modification 5 - Home Mortgage & Real Estate Marketing Nov08 Loss Mitigation works for the Bank
Attorney Negotiated mortgage loan modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com
Part 5
The Loss Mitigation Department at the Bank is not on your side
Welcome back once again my guest Brett Fallon, Brett is a regular guest on the show, he is a registered financial consultant with RG Capitol and AIG Financial Advisors Brett W Fallon welcome back to the show.
It is nice to have the financial advisors perspective on some of these things so many people dont have a financial advisor so for thousands and thousands of people listening right now you are their only option for that, financial advisory services are typically not for the masses but again you are here to help and your services are available to quite a number of people you actually work with fortune 500 companies is that correct?
Yes, I do a number of workshops for fortune 500 companies that are headquartered here around the valley, the idea is to help people create efficiency with all ets, understanding that their home and home mortgage is typically the largest et that most Americans have and if you are not treating that with efficiency, the retirement accounts and investments accounts, and all the other stuff has to work in concert, so Im happy to weigh in with information and give you my viewpoints and my perspective.
We were talking just a few moments ago about utilizing an expert negotiator when trying to do a loan modification, people are getting mail from bogus service sources, we have already covered that, but from their servicers saying if you need help with your mortgage, help is here, give us a call. Im certainly not going to tell everyone in the world that they cant do their own loan modification because some people are qualified to negotiate on their own behalf, though in my opinion they will still be emotionally attached to it and if they hear something that sounds good, it may be enough for them to essentially bite at the offer which is exactly what the loss mitigation department wants you to do.
It goes back to the disinterested third party, that expert negotiator, negotiator being the key word in that phrase. One of the things we were talking about and I want to make sure that we address this especially in this segment, we are talking about loan modification of mortgages of people that have some financial constraints, some pressure whatever the source of pain is, for them knowing that this option exists to take an existing mortgage loan and modify it to their best or better interest, from what it currently is, so who should and who should not do a loan modification, lets start with that.
Ill tell you and lets start with people who shouldnt do a loan modification. Someone who thinks their interest rate is too high and owes more than the house is worth, feels that they are entitled to a loan modification, is not really a good enough reason or a hard enough hardship for those types of people unfortunately. This is essentially a handout that is being offered because of some of the malpractices, if you will, that were happening within the mortgage industry over the last several years.
With these big huge banks offering these products that were teaser loans, toxic mortgages, as we call them now. We certainly didnt call them that then when the consumer calls me up and says I want that 1% loan thats going to be my ticket. Unfortunately people took theses loans but what they didnt realize is that someday this loan with the ridiculously low interest was going to reset and their payment was going to quadruple and who on earth could have known that the economic times would be as bad as they are and they would have no option to get out of these loans.
So someone who simply finds themselves upside down on their home, owing more on the house than the actual value of the house, does not necessarily need to consider a loan modification. No they may not qualify on those merits alone in most cases.
I just want to make a point, I was reading an article in the wall Street Journal about this stuff and basically the gist of the article was that the average foreclosure on any property in the United States costs the lender $50, 000 from start to finish…
Duration : 0:5:26
Attorney Negotiated mortgage loan modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com
Part 6
Using Retirement Funds to pay your Mortgage is just a bad idea Get a Loan Modification
So it doesnt matter if it is a $100,000 property or a $500,000 property the cost to the lender is $50,000 on the average nationally.
So the idea of the upside down scenario, you may see banks more willing to entertain a broader audience of loan modifications or a broader request of loan modifications based on the fact that they know that now, what we are calling toxic ets, not only exist on their balance sheets, but they want to do something to avoid the additional cost of foreclosing on the property, to avoid the additional impact on our economy nationally with all these foreclosures mounting. So a loan modification that may not be the best or most ideal candidate today, dont throw the option completely out of the window.
And to that point I would never tell a home owner to stop making their payments just to get a better loan modification, because as of today, this may not be the case two weeks or two months from now, but as of today, your servicer is not going to entertain a loan modification unless youre late in most cases. Heres the situation, though at first you may get mad at that and they get mad at me for it, but the reality of it is we have a real problem now with lots of people who are two, three, four months behind on their mortgages, this loan modification we are jumping in, we are getting attorneys involved and getting right in front of the et managers or the attorneys for the servicers to get these foreclosure proceedings stopped.
Im absolutely certain that in the foreseeable future they are going to allow people that are not late yet to do these loan modifications, hold on, I said I would never tell a home owner to not make their mortgage payment to get a loan modification, the other thing I would never tell a homeowner to do, never ever, is to take money out of your 401K to pay their mortgage payment because you cant go forward.
There are other stops in place, if you dont make your mortgage payment because of hard times you are going to get a loan modification. I talked to a guy the other day that had a 23 year, huge 6 figure income, he lost his job, big huge firm here in the valley, he is probably listening to the show right now, this guy drained his entire 401K, I mean a huge one, just to make his mortgage payments.
And the average 401K participant, investor, does not understand the ramification of what that is, just because your company plan allows you to take a loan against your 401K doesnt mean it is the right thing to do. There are ramifications beyond our time and the scope of this discussion regarding that decision. Loan modification first, if you are taking money from a 401K to make a house payment you are not only inefficient in creating the velocity of money but you are costing yourself in penalties, taxes, and that is certainly something we can be forthright about talking with anyone who wants to call.
And in this case the poor guy used up every dime of his 401K because his lender told him NO, NO, NO, three separate times because he was not late, well he wasnt going to allow that to happen. Unfortunately knowing what he knows now he would have looked at it differently.
Loan Modification is not for someone who has no income at all, the investor, the servicer, the bank that holds your mortgagee is not willing to do a loan modification because you dont have the means to pay. Even if it is a modified loan, you still cant make the payment. Right in some cases where you have significant cash reserves, but I have not seen one of those done.
That wouldnt be the ideal candidate, describe a little bit about who should be doing this loan modification and I know we are getting close to a break but people need to know that this option exists. They are hearing all these different concepts in the news and they are hearing in the media the spin about Hank Paulson and what the treasury is doing, and hearing about this bailout package and what that represents, and now they are hearing that the money is not going to be used to buy back bad loans, and mortgages, bad ists. So what does that do to the underlying holder of that mortgage? The owner of that house?
It is pretty scary for the majority of them, the loan modification lenders are getting very aggressive when being approached with a lawsuit or being addressed by an attorney, receiving a subpoena in regard to a specific loan case. They are paying attention to that and those are the people who are going to be getting the best options at this time…
Duration : 0:6:12
Texas Mortgage Info: How your mortgage person structures your loan is more important than the getting a low rate. To get the lowest 30 year or 15 year fixed rate consider avoiding PMI (mortgage insurance) even though these loans have higher rates; they have lower payments.
Duration : 0:8:59
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Duration : 0:2:41
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Duration : 0:6:48
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Duration : 0:5:15
http://winwin1234.com/ Loan Modification fast and easy. No up front fee’s or hidden costs. loan modifications are available to all homeowners. For all the homeowners who are upside down and can no longer make their mortgage payment. Rate Freeze from your current lender. Job loss, divorce, or an option ARM that’s resetting higher. We work with your lender(s). to accept a loan modification.
Duration : 0:8:41