realestatemarketingthisweek.com – Attorney negotiated loan modification process. Going thru the Legal Door – Part 7 – We have Dan Havey with us talking about loan modifications. This segment we want to talk about the specifics of the actual mechanics of, how does it actually work for the homeowner? Let me just start it off and if you would then explain the back end of how it works. Our job is to determine where you’re at now, be very specific about where you’re at with your mortgage now, what the rate is, what it’s done, those specifics. How much you make? We have to help the lender with one thing which is to establish a hardship which is crucial to this. You can’t be making half million a year paying 00 a month in a mortgage, they are not just going to lower your interest rate because you want it. There actually has to be some sort of change, financial change, hardship. We determined that and then there is a significant amount of paperwork involved, Velocity Financial takes care of that for you. We fill out the paperwork along with your help, review all of the documentation, we then recommend be right loan modification, whether it be an interest rate reduction, or extending the term of your loan, waiving some of the balance that you owe which is very very rare. To make sure that once we’re done with this whole process you can sustain and live in that house and be happy forever. So the process itself really is not that much different than what people went through …
RealEstateMarketingThisWeek.com – Part 2 – Were just going to go ahead if we could and just jump right into the short sale information. Jeri, again thank you so much for taking the time to be with us. What is the name of your firm? Our group is Dream Vesting Group and our brokerage is Keller Williams Arizona Realty. So that is great, licensed agents with Keller Williams and I know the two of you and I know of your history and we will talk a little bit more about that, but you have been working together for awhile. You and I had a chance to speak about the short sales and your success rate, very, very impressive proven results always helps. So the natural first question for those that are listening today. What is a short sale exactly? A short sale is a property sale where the bank or lender agrees to accept less than what is owed to them. So the bank is agreeing to take a loss on the sale of your property, and I like what you said earlier about not trusting a loan modification or a short sale to just anybody, you definitely dont want to be the guinea pig and you dont want to approach the bank yourself and ask them to please take a loss because you need to sell your home. And that is one of the things that is funny nowadays. I know people have seen them pop up all over the town, the ugly yellow bill boards all over the place. Advertising on the radio about loan modifications and they have 100% success rate, all kinds of these different things. The same thing with short …
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realestatemarketingthisweek.com – Prices are back to 2003 levels: A Short Sale is significantly cheaper for a bank than a foreclosure Part 7 – Were in the studio today with Kalyn Roberts and Jeri League of the Dreamvesting Group, these two young ladies are experts in the short sale area, they are NOT going to tell you what you want to hear, they are going to tell you what you need to hear. There is a big difference between what you want and what you need in the case of getting out of a situation. We talked during the break about the different types of people; who qualifies, who doesn’t qualify, who this is good for, and who its not good for. I want you to talk about people who are upside down and how you’re here to help. What we want to get across today if you just need to call someone if you’re upside down in your mortgage, if you have a listing next door and its a bank owned or short sale, there is a good chance you’re probably upside down in you mortgage if you bought anytime in the last, in the last 5 years were almost back to 2003 pricing now. Just to jump in real quick, Jeri and Kalyn its not just the people who purchased, its the people who used their homes as ATMs which is a crude way for me to say it but lets be honest. You watch the television, and I am not going to name any names, but a company that rhymes with lie-tech though, they have a commercial where they are showing pictures of using your home to buy a big boat and everybody got sucked into that and now …
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 RealEstateMarketingThisWeek.com Part 6 (Excerpt) Hire an expert negotiator to work for you whether for a short sale or a loan modification Alright so getting back to the person that is looking to do a short sale how do they start? Well obviously, call us. The most important thing as we have been saying throughout the program, call somebody as soon as possible take it upon yourself to get the education. Education is your most important asset in hard economic times. So take it upon yourself if you have a lender or you have a realtor that you prefer to work with ask them about it, but make sure that you get their qualifications in dealing with this situation. Not every realtor chooses to deal with short sales. In fact our team actually negotiates on behalf of other real estate teams for their clients, we allow them to keep the listings but we do all the negotiations, because most realtors dont want to do it, its a not an easy process and its not something where you want to be a guinea pig for your mother in law to be doing. If you have someone who is not experienced, talk to them about working with us. We would be more than happy to do that as well. Were not opposed to that as well. Thats great because since the Velocity of Money show has been on the air, Velocity Financial works with several different …
Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To RealEstateMarketingThisWeek.com Part 2 (Excerpt) 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 …
Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To RealEstateMarketingThisWeek.com Part 5 (Excerpt) New Fannie Mae Streamline Loan Modifications may do more harm than good We do realize that there are situations that people are in that they want to be out of and we want to move past. We have back in the studio, the author of Real Estates Future also the author of The Foreclosure Sharks white paper, a fantastic manual that he has put together that you can get for free. Dan Havey thank you very much for coming back. You can get a copy of the white paper The Foreclosure Sharks at http So Dan I know that you have brought the just recently released new Fannie Mae, Freddie Mac guidelines, with their streamlined modification process. This is the kind of thing where the consumer can go and do-it themselves, right? Yes, except that we would certainly advise against that. These are the guidelines that Fannie Mae came out with; they are effective as of a couple weeks ago now. But with Christmas and the holidays I dont think a whole lot of people have figured out what this is all about yet. So as we said in the last segment the guidelines that they have come out with here, and what I have is a print out but I dont know that this is the whole thing because I have heard some commentary on this that actually says that it is much worse then I am about to relay to everyone …
Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To RealEstateMarketingThisWeek.com Part 3 (Excerpt) Re-Default rates on Forbearance Agreements done with banks reaches 58% 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 …
Attorney Negotiated Mortgage Modification for Home Owners. Expert Advice on Real Estate and Loan Mods. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To 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 …
First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To RealEstateMarketingThisWeek.com Part 2 (Excerpt) The median income family can afford twice the median priced home; prices drop over 50% And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan? Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself. As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy. There are a …