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Loan Modification – Retirement vs Mortgage Payment? Get Modified – RealEstateMarketingThisweek.com

admin — Thu, 15 Jul 2010 16:58:58 +0000

http://realestatemarketingthisweek.com/loan-modification/using-retirement-funds-to-pay-your-mortgage-is-just-a-bad-idea-get-a-loan-modification/ – Using Retirement Funds to pay your Mortgage is just a bad idea. Get a Loan Modification –

Part 6 – So it doesn’t 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 assets, 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 asset 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 assists. 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… http://realestatemarketingthisweek.com

Duration : 0:6:12

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Loan Modification – Part 4: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process

admin — Thu, 03 Jun 2010 07:56:21 +0000

Loan Modification Attorneys Negotiate Home Mortgage Bailout – Foreclosure Assistance Plan – Real Estate Foreclosure Prevention Alternative To Fraud and Scams. http://ModificationHotline.com Will Help You Survive The Mortgage Meltdown Crisis by Modifying Your Home Loan. Avoid Foreclosure and Bankruptcy. Get Your Bailout Today.

At http://ModificationHotline.com You Can Claim Your FREE Copy of My Latest Report:
“THE FORECLOSURE SHARKS: A Look At The Rampant Theft Of Americans’ Homes Through Foreclosure ‘Rescue’ Scams”, and While There Also Sign Up For a FREE Consultation With Our Approved Foreclosure Prevention Specialists.

Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

Duration : 0:9:42

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Loan Modification – Part 1: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process

admin — Mon, 31 May 2010 07:59:22 +0000

Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

Duration : 0:10:40

Tax Credit for First Time Home Buyer Mortgage, $8000 Government Assistance Program for Home Finance

admin — Tue, 04 May 2010 06:37:11 +0000

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 http://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 couple of points I want to make and it was something that Michael had said earlier. The first one was that 4% interest rate. Originally Obama said a couple of weeks ago, when he rolled out the mortgage plan, that they were going to take the $200 billion and use it to buy mortgage backed securities, well the article I was reading today said it appears that plan may have changed. Instead of buying the mortgage backs they were actually buying the stock of Fannie and Freddie to help support the company and keep these companies going under. I dont quite understand why being how they own them now.

Well youve got to hand it to the government they have really done a heck of a job helping Fannie Mae out, for instance today the stock is up to $0.41. Wow, doing so well, I remember when it was $150 or so, where it was at the top of the market.

Today, right now is definitely the best time even if rates dont get down to the 4% point. The beauty of it and were going to talk more about this in a later segment, is that we have seen a 51% decline in home values from the peak of the market. So you dont have to have the absolute greatest interest rate in order to be able to buy a house today. The median home price right now is $130,000 in Maricopa County, it was $264,000 just two years ago.

So the median home price is $130,000? We are going to talk a little bit about what a person has to make to actually qualify for that. Well it is definitely well within the means of a median income family. Right now a median income family makes about $64,000 in the state of Arizona according to the US Census Bureau and HUD. I ran some numbers today, I think at 6% interest and at that rate they can buy a $280,000 house. So you can buy twice the median home price if you are making just what the median income family would be in the state of Arizona. So the median household income buys double the median priced house in Maricopa County. That is correct, at 6% interest.

And the reality of it is interest rates are not even that high right now. So for people to be waiting for that perfect interest rate of 4% it doesnt really matter if it gets here or not because right now is such an incredibly fabulous time to be buying a house. There are so many foreclosures out there on the market right now, there are so many short sales out there on the market right now, and the point you made earlier is very important, that people have to get in and get prequalified, know exactly what they can buy. Now in many cases you are going to need a down payment, so get with your mortgage broker, get with Velocity Financial and start working on that program of getting those funds together for the down payment as well.

Dan Havey we talked in the past about whats available for financing these days, interesting to give little pat on the back for Velocity Financial is one of less than 15% of all of the lenders in the state of Arizona that are qualified to do FHA financed homes. Now FHA financing, people used to think it was only for first time home buyers, thats no longer the case. The FHA loan which only requires 3.5% down payment it doesnt matter if you have owned a home before and in many cases you can own another home now so long as your new purchase is going to be your primary residence you can utilize FHA financing and put only 3.5% down.

Duration : 0:6:42

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Loan Modification – Part 2: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process

admin — Sun, 18 Apr 2010 18:35:30 +0000

Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

Duration : 0:10:59

Loan Modification – Part 3: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process

admin — Wed, 03 Feb 2010 12:55:18 +0000

Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

Duration : 0:10:38

Debt Management: Debt Settlement a SCAM?

admin — Thu, 14 Jan 2010 01:45:59 +0000

Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with an agency that will help you reduce your debt, contact a company member of “CONSUMER CREDIT COUNSELING SERVICES” (CCCS)

More info at:
sccrealestateuncensored.com/2008/repair-credit-legally-remove-negative-accounts/

micasamidinero.com/2008/reparo-credito-eliminando-legalmente-cuentas-negativas/

Duration : 0:9:22

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Documentary: NACA’s “Save the Dream” – Mortgage Restructuring and Renegotiation Rescues Homeowners

admin — Tue, 15 Dec 2009 05:22:18 +0000

Background on NACA’s “Save the Dream” program, which has helped homeowners across America restructure and renegotiate home mortgages and home loans they can no longer afford.

For more information, please go to www.naca.com

Duration : 0:9:6

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SBA ARC Loans for Recovery

admin — Sat, 12 Dec 2009 13:09:59 +0000

SBA’s Recovery Act loan programs provide new incentives for small businesses to help them through these tough economic times.

This interview features Jim O’Connor, director of the Small Business Training Network, and Janet Tasker, Deputy Associate Administrator for the Office of Capital Access. They discuss how the America’s Recovery Capital, or ARC, loan can help viable small businesses experiencing financial hardship.

For more information on SBA’s ARC Loan program, see http://www.sba.gov/recovery/arcloanprogram . For information on all of SBA’s Recovery Act programs and activities, see http://www.sba.gov/recovery .

Duration : 0:9:16

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