www.themortgageadvantage.com It’s official. Our government is slowly killing the Arizona housing market. President Obama torpedoed the already distressed home financing industry by announcing the gradual raising of down payments to a minimum of 10% on conventional loans. He touted a 2009 survey by the Federal Reserve Bank of St. Louis that reported families who placed minimum down on their home purchases were more likely to default. Really? 2009 is eons ago in housing terms and those figures are probably reflective of the 100% loans offered from 2004 through 2007. But you would have to actually pay attention to today’s numbers to know families aren’t ‘Toughing it out’ in a house that has lost 50% (or more) of its value, no matter what they put down. In 2004 studies surfaced proclaiming 100 percent financing was hunky dory. At that time housing prices were increasing, the economy was swinging. What could possibly go wrong? Or maybe it was the same survey that reported the more paperwork you sign, the less likely you will foreclose. “Homes Are Now Difficult to Buy” incentive program, or HAND in keeping with the governments love of catchy acronyms, was joined by FHA’s broadcast of a second mortgage insurance premium (MIP) increase in six months to help shore up its reserves. Before September, the monthly MIP on a 0000 FHA loan was .66. After April it will be 1.67, that’s right, a 0.00 a month jump in payment. In the 30’s the government stepped in to save the …
Shanna Wroten-Tucker of Waterstone Mortgage – Prime Equity Group in Boise Idaho shares good refinance news for responsible homeowners as provided in the Obama plan. Customer and firefighter Shane Lowe talks about his refinance success story. Go to www.homeloanboise.com
Acorn has been helping illegal aliens receive home loans for years. Finally the media is catching on that the government is complicit in helping the loans to go through.
I was never behind on my payments until I applied for Home Loan Modification program last year and was told to make reduced payments on my mortgage until I could get my loan modified. I’ve been lied to and strung along for the last six months which has put me in a deep hole in mortgage payments.
Instead of Bank of America giving me the loan modification they promised they sent me a foreclosure letter. Now they want me to pay them ,000 before sept 3 to keep my house.
I have the ,000 dollars to pay them but I’m wondering if its really worth it.
First of all it was because of all their lies I got backed up on my mortgage. Second my house is worth about ,000 dollars less than what I paid for it. I’m thinking about just saying screw it and let them have the house and keep my ,000. The only thing I’m worried about is not being able to find a decent place to live. Should I stay or Should I go?
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 …
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 …
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 1 (Excerpt) Were in Recession and Hank Paulson holds the purse strings. Brett has brought with him some updates on the economy and how things are changing theses days and he brought some great information to discuss with you. We talk about all these different things in the economy and let’s be honest there are a lot of problems out there, no one can dispute that, the unemployment rate is the highest it’s been in many year, with Fannie Mae, Freddie Mac AIG being taken over by the government, Lehman brothers Bear Sterns, WAMU, Countrywide all gone, banks and insurance companies getting their bailout, the auto industry is the next one to get a bailout, were already working on our second stimulus package. 95% of the people according to President elect Obama are going to be getting a tax cut soon. Where is all of the money for all of this going to come from? It just seems to be a downward spiral. Brett’s got some great insight on this that he wants to talk about and some more, unfortunately, a little bit more dismal news, just want you to know before you drive off a cliff there is light at the end of the tunnel. We are going to talk about that so Brett, why don’t you share a little information if you could. Yeah, I would be happy to, you mentioned a couple of things in your …
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 3 (Excerpt) Beware of phishing schemes and bank scams gmacs clients hit hard As promised just before the break, I told you to, listen in if you know anyone who has a GMAC Mortgage, this is one of those too good to be true things. Heres the thing, I have no issues what-so-ever with GMAC, thats not what Im saying, what Im saying is there is a scam of sorts that is going around. A client of ours received a letter, we did a second mortgage for this person a few years ago, they received a letter from GMAC, it looked like GMAC, it sounded like GMAC, and it said that we are willing to forgive your second mortgage of 200 and some thousand dollars in lieu of a one time payment, payable within the next 30 days, of say 20 thousand dollars. I dont recall the exact amount or what it was. There is a phone number on there, it says loss mitigation department on it, a person assigned to this case. They called the phone number, they answered the phone as if you were calling into the loss mitigation department, and verified if you just send us this amount they will release the lien. Well it is completely false. It is absolutely not true. These people are not going to seek you out on their own, now whether it be GMAC, today we have actually seen that one, there may be other ones out there …