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

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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…

Duration : 0:6:54

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http://www.JamesOsmar.com

Training Video Example

London Ontario real estate agent, James Osmar and his team apply his London home selling system in the London Ontario Real Estate market. Selling primarily residential, condominium, multi family and investment property. Relocation services and a referral service for relocation are also a value added for the buyer and seller moving in and out of the London Ontario real estate market.

James has lived in London, Ontario and has been selling real estate there for over two decades and at times has been in the top 100 list for all of Canada with one of the largest sellers of real estate on the planet.

http://RedHotWebPage.com

Duration : 0:3:40

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Part 5 (Excerpt)

CDOs and the disgraceful actions of the Bond Rating Agencies

We just talked about the process regarding your mortgage lender and having standing, which is a legal term, which was a little complicated Dan. I’m not going to lie to you. That is why all the information is on the website, http://MortgageAnswerman.com And you can also go to VelocityFinancial.com. There is a link there to Dan’s website.

Dan is talking about breaking these mortgages down and eventually selling them off to Bangladesh in different tranches. Some of the servicers are actually in India, of all places. If you have a mortgage that you’re having trouble with and you need to call somebody to get help, you are actually calling India to talk to somebody about your mortgage here in Phoenix. I dont really know why, but none the less, Brett, you wanted to address this from a financial advisor standpoint

Yes, I am pretty immersed in this because what Dan was describing in these collateralized debt obligations, CDOs, CMOs etcetera, does get a little complex. I think I can clarify it a bit as you may feel that this doesnt apply to me, is this something I should consider in my own strategy. It works like this, this is true for most people who took out a mortgage in the last couple of years, you start your mortgage and get your payment book, and you are writing a check to Bank A, and then you get a notice maybe 30, 45 or 60 days into this loan that says thank you for your business you are now writing your checks to Bank XYZ, your payment to Bank XYZ. That is exactly what was happening.
When you slice the loans up this way, and you get it spun off.

Wall Street wanted their piece of profitability right? The mortgage industry was running rampant in terms of profitability. And so Wall Street says hey I want a piece of that and I know how we can do it we can sell mortgage backed securities, asset backed securities. Well theyre safe, that’s the way Wall Street was selling these to the investing public. Yeah theyre safe as long as housing values keep going up 15% a year, which is completely unrealistic.

It’s an asset class just like any other asset class. Its cyclical, what goes up does come down in any investment asset class. So people wanted to put the blinders on, they paid no attention to that. As property values declined and all of these Wall Street Firms that are today bankrupt and are no longer in business, they were leveraging that debt, meaning they were borrowing more money to buy more debt.

So for this collapse, what is it all about, how does it affect you, the individual. How does it impact you the mortgage holder, it impacts you by saying does this strategy makes sense, should I refinance, can I get a better rate or should I look at a loan modification option. That’s the simple answer.

You go to the website and you do your due diligence then you call the guys at Velocity, the team at Velocity and you start working through the process, because I can tell you this from a financial advisory perspective. Its all about efficiency; investment efficiency, tax efficiency, and interest rate efficiency. All these things are combined, and that is how you win the financial game, that’s how you stay ahead of the recession. That is how you create your own Velocity of Money, you have got to make the call. We have to look at these efficiencies.

So you’ve got all the way down to where the money is broken down. Dan explained it on a technical level. You kind of broke it down a little bit more that we actually got to the point of the CDO? Actually explained what the CDO represents?

Well yes, we did, the CDO is a whole bunch of mortgages that a rating firm decided all had the same credit class. Well let me ask you a question, I have heard a lot of buzz about these rating firms not having a standard

Duration : 0:6:51

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Part 1 (Excerpt)

Shorts Sales & Loan Modifications; Great Alternatives to Foreclosure

Kalyn Roberts and Jeri league, welcome to the program. Jeri and Kalyn are short sale experts and have graciously decided to come to the program to discuss some of the short sale important things that people do need to know, and were going to get to all of this short sale information, but a couple of things important to mortgage interest rates. Today is a fantastic day in the mortgage rate world. Leslie and Staci at Velocity Financial were kind enough to put together a scenario for us so listen to this folks.

This is not the teaser, this is not the loss leader, this is the real deal as of today, a $417,000 loan amount, the interest rate is 4.875%, thats 4.875% that is below 5% obviously, the APR is 4.948% and that is for a no cash out loan, and that is a special rate and we have a certain allotment of loans that were allowed to do at that special rate. If youre interested in talking to a member of my staff or myself or anyone else about that program you would call. There are people there standing by to take your phone call.

Were a local licensed firm and one of the only 15% of the mortgage companies in the state of Arizona that is licensed to do FHA loans as well. Any mortgage related needs that you have were here to help but for the next hour were going to be talking about Short Sales.

Now over the last several months we have been talking about loan modifications on the show a lot, Velocity Financial was one of the first companies to work with a national network of attorneys, a 16 year old firm that were working with. They have done thousands of these loan modifications, and the loan modification industry in Arizona is for the most part unregulated, but you want to make sure youre working with a licensed firm, and you want to make sure youre utilizing an attorney.

You dont want to be giving money to anybody that says they can get you a loan modification, the only money you give is to an attorney, dont be giving money to people who come by and say they can help you out. Youre going to have to be very careful on how you handle that, but interestingly enough the loan modification is for the mortgage side, essentially the loan modification is to the loan officer what a short sale would be to a realtor.

Now the short sale part of real estate is not something you want to trust to somebody starting out doing short sales, unless they are being supervised by a pro, you dont want to mess around with it. This is not a time to be trying it out, this is not a time for people to be using you as their guinea pig, not a good idea at all.

That is why we brought Jeri and Kalyn in and were going to talk about some of the specifics. You definitely want to make sure that if you need to do a loan modification, if youre facing foreclosure or you want to do a short sale, whatever scenario is the better decision for you and your family, you have got to work with a professional, Jeri and Kalyn have extensive experience, they have an unbelievably great success rate.

It doesnt have to take six months to get this done they can execute this thing for you and they are the pros so were going to go through some questions over the next hour, there is just one more thing I want to talk about and that is if a loan modification is something you think you need call the office and we have put together a video for you that you can watch, its very short, it explains the process and we will then get together with you and answer any questions that you have…

Duration : 0:5:36

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Duration : 0:3:42

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Serving all your Real Estate needs from the Mountains to the Sea!
I specialize in homes and estate properties throughout Los Angeles including The Sunset Strip, Hollywood Hills, West Hollywood, Santa Monica, Venice Beach, Van Nuys, Studio City, Sherman Oaks, Encino, Tarzana, Reseda, Woodland Hills, West Hills, Winnetka, Canoga Park, Chatsworth Horse Properies, Panorama City, Arleta REO foreclosures and bank owned houses, North Hollywood, Sunland, Sun Valley, Pacoima, Sylmar, Silverlake, Century City, Beverly Hills. Real Estate Agent helping first time buyers to multi-million dollar investors.

I know top Realtors and real estate agents all across the world and will gladly refer you to a top Realtor like myself.

To search for homes all across the world simply click: http://www.SuperHomeSearch.com

Thanks for watching and taking the time to rate and comment on the video.
Please be sure to check out my other shows “Hollywood Happens” & “LA Happens”.

John McQuilkin – Real Estate Happens – The Unofficial Spokesperson of Real Estate
Priceless Experience you can count on!
email: John@SuperHomeSearch.com
DRE# 1338501

Duration : 0:2:22

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SUBSCRIBE NOW, TAKES 1 SECOND.. TRY IT!:)
www.TheREOLife.com
Theme song by: Jason Jones and Andrew White

Duration : 0:7:11

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Duration : 0:2:40

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http://www.davidpannellhomes.com

Vice President Dick Cheney In Dallas

Vice President Dick Cheney is in Dallas today as part of a 2-day trip to Texas. Fort Worth resident Barbara Newton (Short Sale Realtor) was on a list of a few invited gusts who looked on as the vice president and Mrs. Cheney arrived at Love Field this morning.
Vice President Cheney will stay overnight in Dallas, and then heads back to Love Field in the morning to take off for a stop at Fort Hood where he’ll rally the troops. Then, Cheney heads to Midland for a reception for Senator John Cornyn.
Officers escorting Cheney’s motorcade wore black tape over their badges in honor of fellow officer Victor Lozada.
Lozada was killed Friday while escorting Senator Hillary Clinton to a campaign rally.

http://www.krld.com/pages/1714712.php?contentType=4&contentId=1620307

Borrowed!!!! from….

http://en.wikipedia.org/wiki/Dick_Cheney_hunting_incident

Richard Bruce “Dick” Cheney[1] (born January 30, 1941), is the forty-sixth and current Vice President of the United States. As Vice-President, Cheney is also the President of the United States Senate.

Cheney was born in Lincoln, Nebraska but soon relocated to Casper, Wyoming where he grew up. He began his political career as an intern for Congressman William A. Steiger, eventually working his way into the White House during the Ford administration where he served as White House Chief of Staff. In 1978, Cheney was elected to the U.S. House of Representatives from Wyoming; he was reelected five times, eventually becoming House Minority Whip. Cheney was selected to be the Secretary of Defense during the presidency of George H.W. Bush, a position he held for all but two months of Bush’s term. During this time, Cheney oversaw the 1991 Operation Desert Storm, among other actions.

Out of office during the Clinton presidency, Cheney was Chairman and Chief Executive Officer of Halliburton Company from 1995 to 2000.

Cheney joined the presidential campaign of George W. Bush in 2000, who selected him as his running mate. As Vice President, Cheney remains a very public and controversial figure. He continues to assert that the Iraq War and War on Terror must be won by the United States, and many of his other policy recommendations initially drew strong approval, but in his second-term disapproval of his performance has outweighed approval, as measured by national polls. Cheney is generally acknowledged to be one of the most powerful and influential Vice Presidents in U.S. history!

Borrowed on White House.gov
Vice President Richard B. Cheney has had a distinguished career as a businessman and public servant, serving four Presidents and as an elected official. Throughout his service, Mr. Cheney served with duty, honor, and unwavering leadership, gaining him the respect of the American people during trying military times.

Mr. Cheney was born in Lincoln, Nebraska, on January 30, 1941 and grew up in Casper, Wyoming. He earned his bachelor’s and master’s of arts degrees from the University of Wyoming. His career in public service began in 1969 when he joined the Nixon Administration, serving in a number of positions at the Cost of Living Council, at the Office of Economic Opportunity, and within the White House.

When Gerald Ford assumed the Presidency in August 1974, Mr. Cheney served on the transition team and later as Deputy Assistant to the President. In November 1975, he was named Assistant to the President and White House Chief of Staff, a position he held throughout the remainder of the Ford Administration.

After he returned to his home state of Wyoming in 1977, Mr. Cheney was elected to serve as the state’s sole Congressman in the U.S. House of Representatives. He was re-elected five times and elected by his colleagues to serve as Chairman of the Republican Policy Committee from 1981 to 1987. He was elected Chairman of the House Republican Conference in 1987 and elected House Minority Whip in 1988. During his tenure in the House, Mr. Cheney earned a reputation as a man of knowledge, character, and accessibility.

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