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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.

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Duration : 0:7:4

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239-206-4500
eo@2hot4realestate.com

This is the first episode of my new weekly show. I know it’s a bit rough. The sound will improve, so will the content and imagery.

“2 Hot 4 Real Estate” weekly show will bring you:

- Most interesting and useful Florida real estate and financial news

- “Home of the Week”, a review and a tour of a hand picked house in Florida.

- “Things To do in Florida”, a segment about place to go and things to do around the state of Florida

- “Celebrity Homes”, best and most interesting news in celebrity real estate

- “Question of the Week” will consist of E’s question for you , as well, as any of your question pertaining to real estate and more.

I hope you enjoy it!

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SEND IT TO ALL OF YOUR FRIENDS! SPREAD THE WORD!

And of course, any questions, and future episodes suggestions are welcome.

In this Episode:
News: Chinese Drywall, Tax Credit, Banks’ Meltdown, Ben Stiller’s House and guest starring Alice.

Tell me what you think of Alice, I might make her a permanent guest on the show.

If you’re interested in Florida real estate, contact us at the number below:
239-206-4500
eo@2hot4realestate.com

Duration : 0:4:43

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Part 4 (Excerpt)

The pitfalls for trusting your bank one more time; Beware The Foreclosure Sharks

This whole loan modification thing reminds me a lot of the old Peanuts comics where every fall Lucy would get out with the football and she would set it down on the ground, and she would coerce Charlie Brown into coming along and kicking the football. Well of course as we all know Charlie never got to kick the ball, Lucy always pulled it out from underneath him and I kind of look at the mortgage industry, the servicing end of it in particular that way.

You have to think about it, in many cases the loan that you were put into was not a good loan in the first place. The person who gave you that loan knew it was not a good loan, the Wall Street banks that came up with these crazy ideas should have known better. Now admittedly they didnt otherwise they would not be out of business today, but they should have known that these were not good products.

Yet when you are faced with an issue regarding your house so many people go back to the bank, like Charlie Brown going back to Lucy and believing that THIS time Lucy is not going to pull the ball away. Well what is going to keep the bank from not pulling the ball away from you this time? Absolutely nothing.

I love that analogy; everyone remembers the Charlie Brown show and the comic books like you said. Another thing I want to point out too, going back just a little bit, you mentioned the lenders who put these home owners into these loans knew that they were not good loans. My thoughts after some of the mods that Ive seen, that you and I have seen doing the forensic audits, the home owner could have qualified for an FHA loan in those times, but it was so much easier for banks to put them into these sub prime loans because the documentation was easier, and it was just easier.

It is not just that they are easier; I know that your firm, Velocity Financial is FHA approved but what percentage of lenders today when, we probably have maybe 30% as many lenders as we had two years ago, what percentage today is FHA approved?

In the state of Arizona, of all the lending institution, less than 15% of all mortgage firm, banks, credit unions, less than 15% are licensed by the federal Housing Administration. Velocity Financial is proud to be one of those firms.

What I saw back in the peak of the market is of course everybody thought that real estate was going to go up for ever. Every body wanted to jump on board and buy 3,4,5,6 properties and I always tell the story that I knew we were in trouble, I knew we were hitting the top of the market long before I developed any of the models for Real Estates Future when I walked into our bank one day and I saw that they had a loan that was 100% financing for someone to buy an investment property and they didnt have to prove their income and they only needed a 620 FICO score.

Which considering everything now, I mean, to get a Fannie Mae loan today what kind of a FICO score do you need? If youre an investor? If youre an investor you need 720 and probably 20% down, at least 20% down and certainly it is not stated income anymore. No that doesnt exist, and significant cash reserves, the whole nine yards.

So these banks knew the kind of garbage that they were giving to people and yet we are supposed to trust them to get us good loan modifications. I think that in one of the later segments we are going to talk about the newest guidelines that just came out from Fannie Mae and Freddie Mac regarding their new fancy-schmancy loan mod program and to be honest with you I dont think it really does much for people at all. We will talk about that in the next segment and to the people who are in the mortgage or real estate industry or who have been in the real estate or mortgage industry it is going to sound a little bit like a comic bit because this might as well be bath tissue, I dont even know why they came out with it.

We are going to talk about that along with a few other things, so real quick I know we havent had too much of a chance to talk about The Foreclosure Sharks, Dan but we will touch on that a little bit later. How do people get a copy of this white paper, The Foreclosure Sharks these are things that people need to be looking out for?

Yes, for The Foreclosure Sharks you can go to my website, http://mortgageanswerman.com. There will be a link there you just click on it and pick yourself up a copy and it will help if you are in a foreclosure situation if people come knocking on your door it will help you to at least know what to look out for. So mortgageanswerman.com for The Foreclosure Sharks…

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