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Duration : 0:0:52
Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com
Part 5 (Excerpt)
The Loss Mitigation Department at the Bank is not on your side
Welcome back once again my guest Brett Fallon, Brett is a regular guest on the show, he is a registered financial consultant with RG Capitol and AIG Financial Advisors Brett W Fallon welcome back to the show.
It is nice to have the financial advisors perspective on some of these things so many people dont have a financial advisor so for thousands and thousands of people listening right now you are their only option for that, financial advisory services are typically not for the masses but again you are here to help and your services are available to quite a number of people you actually work with fortune 500 companies is that correct?
Yes, I do a number of workshops for fortune 500 companies that are headquartered here around the valley, the idea is to help people create efficiency with all assets, understanding that their home and home mortgage is typically the largest asset that most Americans have and if you are not treating that with efficiency, the retirement accounts and investments accounts, and all the other stuff has to work in concert, so Im happy to weigh in with information and give you my viewpoints and my perspective.
We were talking just a few moments ago about utilizing an expert negotiator when trying to do a loan modification, people are getting mail from bogus service sources, we have already covered that, but from their servicers saying if you need help with your mortgage, help is here, give us a call. Im certainly not going to tell everyone in the world that they cant do their own loan modification because some people are qualified to negotiate on their own behalf, though in my opinion they will still be emotionally attached to it and if they hear something that sounds good, it may be enough for them to essentially bite at the offer which is exactly what the loss mitigation department wants you to do.
It goes back to the disinterested third party, that expert negotiator, negotiator being the key word in that phrase. One of the things we were talking about and I want to make sure that we address this especially in this segment, we are talking about loan modification of mortgages of people that have some financial constraints, some pressure whatever the source of pain is, for them knowing that this option exists to take an existing mortgage loan and modify it to their best or better interest, from what it currently is, so who should and who should not do a loan modification, lets start with that.
Ill tell you and lets start with people who shouldnt do a loan modification. Someone who thinks their interest rate is too high and owes more than the house is worth, feels that they are entitled to a loan modification, is not really a good enough reason or a hard enough hardship for those types of people unfortunately. This is essentially a handout that is being offered because of some of the malpractices, if you will, that were happening within the mortgage industry over the last several years.
With these big huge banks offering these products that were teaser loans, toxic mortgages, as we call them now. We certainly didnt call them that then when the consumer calls me up and says I want that 1% loan thats going to be my ticket. Unfortunately people took theses loans but what they didnt realize is that someday this loan with the ridiculously low interest was going to reset and their payment was going to quadruple and who on earth could have known that the economic times would be as bad as they are and they would have no option to get out of these loans.
So someone who simply finds themselves upside down on their home, owing more on the house than the actual value of the house, does not necessarily need to consider a loan modification. No they may not qualify on those merits alone in most cases.
I just want to make a point, I was reading an article in the wall Street Journal about this stuff and basically the gist of the article was that the average foreclosure on any property in the United States costs the lender $50, 000 from start to finish…
Duration : 0:5:26
Attorney Negotiated Mortgage Modification for Home Owners. Expert Advice on Real Estate and Loan Mods. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://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 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
Attorney Negotiated Mortgage Modification for Home Owners. Expert Advice on Real Estate and Loan Mods. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://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. Folks, if you are getting stuff like this you need to verify it and you need to verify it by sources other than the information on the letter that you have received. If you get an email that says your bank account has been tapped into you need to check, chances are it is some kind of a phishing scam and this is no different.
We have gone back to identity theft through the mail and if you have been a party to this you need to verify and check into it, and you need to contact the authorities immediately for more information, if you need help with this sort of situation you are welcome to give us a call at 480 Velocity.
It is pretty amazing that that kind of thing still exists, and with the announcement by Paulson today that the fact is they are no longer willing to buy bad mortgages off the books of the banks. When you come across a phishing scam such as this one there is not a bank out there, I dont care what kind of trouble they are in, that is going to take $0.10 on the dollar to forgive a loan.
In a situation where things are going well, you are right in a situation where things are going well, and the status quo, they are going to be pursued by an attorney, that is entirely different, they are not just going to volunteer up and give you the money, its not going to happen.
Absolutely not and thats where we get back into what a loan modification is, who it benefits, and how it works and so forth, you are starting to see these wheels in motion amongst all of these banks. One of those wheels is certainly not well forgive $200,000 in debt if you write us a check for $20, 000.
And when we have talked about this Brett you and I have had many conversations in regard to what does it take? Can a person do this on their own, we will get to that a little later, but the answer is Yes. A consumer can actually do it on their own, up until very recently with the new announcements made from some of these major servicers and investors, up until then, a person trying to do it on their own would take days upon days and hours and hours on the phone not getting calls back trying to find time during the day while working to get this done and in many cases they are going to get a temporary fix.
The loss mitigation department for the bank that you have your mortgage with, their job is not to mitigate your loss its to mitigate their loss. They are out to protect the bank, thats why we use the national network of attorneys that we do, that are specialists, that have done thousands of these loan modifications, that go to bat for you. By the way folks, they are not going through the loss mitigation door that you would have to go through they are going right to the legal department, they are going to threaten suit if necessary, they are going to do discovery work, they are going to find out if there was anything that was misrepresented either by the bank or the broker and take that angle…
Duration : 0:5:36
Jon Bellomo, VP of Operations of Mortgage Recovery, discusses the Real Estate Settlement Procedures Act and Truth in Lending laws and how they can relate to Loan Modifications.
Mortgage Recovery completes a full forensic audit of each client’s file to ensure they have not been the victim of predatory lending; as a precursor to assembling a thorough Loan Modification proposal. The result is more successful Loan Modifications and more families saved from foreclosure.
Duration : 0:2:18
Tax Credit for First Time Home Buyer Mortgage and Government Assistance Program to Help Home Owners Finance a Real Estate Loan with Low Down Payment and Interest Rate. Go To http://RealEstateMarketingThisWeek.com
Part 5 (Excerpt)
Inventory of foreclosed homes may be declining soon Home sales double in last year
So we are back in studio today with Dan Havey. Dan and I have known each other for many years and we have worked very close over the years in real estate. Dan and I are not necessarily 100% in agreement with where the market is today and whether we are at the bottom or not. I tend to believe that we are. Let me tell you my thinking on this.
Dan uses actual facts and figures to make his prognostications. Heres what I know, I know that Fannie Mae and Freddie Mac have put a moratorium on foreclosures. What that means is that they are slowing the supply of repos. What that means is that they are putting fewer homes on the market, which means the supply has been reduced to a 9 month supply of resale homes on the market. The builders are gearing up, getting ready to start building again, but they are not building again just yet. Thats a great indicator.
Interest rates couldnt be better. They havent been better than they are now, so not only can you buy a house at the same price you would have paid for that house in 2002, but you are going to get a significantly lower interest rate then it would have been then. Effectively a house today is going to cost you less than it would in 2002, with the interest rate and the home value being what they were. Now if property values do continue to increase and the average rate of 4%, your internal rate of return on your investment will increase exponentially.
One of the things that Dan Havey did say, and I kind of think you need to pound on this a couple of more times is this, you dont buy a house for you and your family as an investment, you buy a house because you want to live there, because you want to raise your family there, because its right for you. The investment part of it will come in time on its own. For now owning a home, owning that dirt, raising your family, making your new memories, is the best thing in our opinion that you can do.
Dan, why dont you take a minute and talk about the year over year numbers that you have. Well, there is a number of things I agree with you on Michael and one of the things I was really surprised by when I started looking at the numbers the other day is that since June of 2008, so 7 or 8 months ago, since then, year over year sales actually increased and in many cases have doubled. So lets just say for a specific example if there were 5,000 sales in Maricopa County in June of 2008 that would mean that there were 2,500 a year earlier, and so anytime you see an increase in sales year over year and especially when you see this big of an increase, 100% increase year over year for most all of the last 8 months, that is a huge indicator that the market is starting to recover. Now there are other factors as Michael said, the builders are not quite building yet, but I like the fact that there is the moratorium in many cases now on the foreclosures going through, and with the Mortgage Bailout Bill that came out today part of it was $75 Billion that they were going to throw at Fannie Mae, Freddie Mac, and all of the other lenders who received TARP funds to help modify loans.
One of the requirements is if the lender, Fannie, Freddie, or the servicer is working with the home owner they have to stop the foreclosure process, so hopefully what this is going to do is over the next six months its going to help out millions of people. I am not quite sure how they are going to get all of these loans done, there are an awful lot of people that need to have their loans modified, but even if they can just help some of these people to delay the foreclosure sale, help these people get their loans modified.
First off it is going to help keep people in their homes but the biggest thing from the standpoint of property values and first time home buyers is that its going to start taking some of that supply off the market there are going to be less repos out there for people to buy and because of that property values are going to begin to stabilize and quit dropping…
Duration : 0:5:43
Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com
Cancellation of debt income reported to the IRS on form 1099 C
So we talked about 20 million homeowners are upside down on their mortgages, thousands of their homes are being foreclosed on every week, property values may still be declining in some areas. Homeowners are walking away, they are doing foreclosures, there is a deed in lieu that people may not be aware of, loan modifications in many different shapes, forms and fashions and short sales.
These are all things that do have tax implications that a lot of people are not aware of. Each has its own consequences thats why we have asked Mike Patenella, a CPA to be with us today on the air. Mike tells a little bit about yourself.
Well I am a CPA. I have been in public accounting since 1988, I have my own tax practice and operate out of Scottsdale, and we focus on tax-preparation, advance planning for high net worth individuals and small businesses throughout the Valley. I moved to the Valley in 1990 back from New York.
You know, I have had the opportunity to work with Mike as a strategic partner as well and I share a number of clients. Each time I have had the honor of providing him a referral for tax work the outcome has exceeded expectations, so I am really pleased to be part of the discussions today and to work with such a great group.
It has been a pleasure, and again if you’re talking about that strategic partnership, the financial power team, as our good friend Dan Havey likes to call it, the outcome is important, but when a client calls you up or a homeowner calls you up and says thank you so much for sending me to Brett or Mike, what a great job, wow. Thats the greatest, again Mike thats why youre here with us today
So we should probably dive right in. I know we’ve been talking a lot the last few weeks about loan modifications and how Velocity Financial can help in that regard. But, help me out, even for my financial planning perspective what are some of the implications of taking this approach. For example how does the IRS look at people who don’t pay back their debt?
Well they do have a record of who does not pay back their debt because the banks have to send a form 1099C to anyone who gets any debt forgiven and what that does is it lists how much debt youre able to walk away from. And the reason they want to track that is unless you qualify under certain exclusions that is taxable income to you.
A question for you on that and I honestly don’t know for sure the answer to this, so let’s use a simple scenario, my favorite one is a guy owes $400,000 on his house and he does a short sale for $300,000. A laymen would think that there is going to be $100,000 he is going to get a 1099C for, a 1099C form from the lender that they didnt pay the moneys back for. What about the other cost the lender incurred? For instance even though they sold it for $300,000 there are still real estate commissions, title, deeds all kinds of closing costs, and things like that, that the lender loses below that 300. Do you know if thats included?
Yes that would be almost like lending you additional money to cover those costs.
So in other words if I owe $400,000 and sell it for $300,000 in a short sale, the bank is going to spend $112,000 I saw in a report today, youre getting a 1099C for that right?
In that example yes
The foreclosure cost, I just read today, the average foreclosure costs $112,000, average cost, thats legal fees, carrying cost, all these different things. Thats a lot of 1099C income.
Duration : 0:6:23
First Time Home Buyer Tax Credit of $8000. Government Loan Program & FHA Mortgage w/Low Interest Rates and Fees. Low Down Payment to Purchase Lender Owned Foreclosures. Go To http://RealEstateMarketingThisWeek.com
Part 1 (Excerpt)
Interest rates hit bottom, first time home buyers should buy before the prices go back up
We have a special guest back in the studio today. Dan Havey has been a great promoter for Velocity Financial . Dan and I have been working together for about 14 years now. Dan has brought with him some really, really interesting facts and figures for people who are wondering whats happening, wondering if we are at the bottom of the market, wondering how much further we are going to have to go. We are going to talk about lots of different things like that. Hes got some really good information, in my opinion some good stuff, some good solid data to make some good decisions about whether or not you should or should not buy right now.
So, Today was the official day that President Obamas Plan was rolled out. It was designed to help some 8 to 9 million homeowners, responsibly homeowners they called them, people who purchased homes at the peak of the real estate market with 20% or more down. The plan is just so darned convoluted, it is very complicated, people are calling wondering whats real, whats not real, whats going to happen. The bottom line is about 19% of all the homes were financed utilizing Fanny Mae or Freddie Mac financing. People, who have Fanny Mae or Freddie Mac loans, these conventional type loans, that put 20% down, that used full documentation, which means tax returns to qualify for the loan, those are the only people that are actually going to be helped with this program, and there are so many little caveats to it. I believe its not going to help nearly the number of people as intended. Its very unfortunate that its just not going to be as popular as we thought.
The other thing that people were hoping for, and we have heard this a lot that they are waiting for mortgage rates to get down to 4%, it is not going to happen. If you are out there ready to refinance but holding out waiting for rates to get back down to 4% you need to get off the fence and get something done now. The trend is upward, mortgage rates are going to go up, yes the Fed is buying mortgage backed securities so that should help a little bit. The reality of it is 4% is just not going to happen in this lifetime, so if you are in the middle of the process find something that works good for you and make it happen.
The other thing we are going to talk a lot about today is when rates do go down, which there very well may be a little dip in the next couple of weeks everyone tries to rush in and take advantage of that rate and thats not really what you should do. What you should do is get in with your lender and get the information to them now so they can start working on your loan, put your case together and have everything ready to go so if the rates do drop you will be ready to execute immediately. Interest rates are really good and we are going to spend a lot of time talking about interest rates and how to buy a home, first time home buyer programs and things like that today. But I just had to mention that I get this question all the time when can I lock in 4 and a half or 4%? Well there you go thats my prognostication I am certain that I am right but we will just have to see as time goes on…
Duration : 0:5:32
Attorney Negotiated Home Loan Modification for Home Owners. Expert Advice on Real Estate and Mortgage. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com
Part 8 (Excerpt)
B of A and Countrywide pay $150M fine for deceptive mortgage practices
I have here in my hand something from the office of the attorney general Terry Goddard, this is in regard to B of A and Countrywide. The state has alleged that prior to 2008 that Countrywide used unfair and deceptive tactics in its loan originating and servicing activity and placed borrowers in structurally unfair and unaffordable loans. These are not my words folks this is from the office of Terry Goddard the Attorney General of Arizona
They are talking about lowering peoples rates for the first year only. Look a good loan modification, you dont need a 12 month reprieve if you are 2, 3, or 4 months behind on your mortgage, it is going to take a little bit more than 12 months to get back on your feet.
I was going to say what an important point that you are making is because the announcement today by Paulson regarding the money not being used to buy these bad mortgages any longer, because of Barney Franks comments about how banks need to do more to help avoid foreclosures for mortgagees, what that really is amounting to for me as someone who studies the financial marketplace every single day as part of my profession, what that really amounts to is banks being able to set terms, and the short term reprieves, and the importance of what you are doing right now is critical for people to understand.
You are ahead of the curve, you go to the bank for these modification purposes, you take the proactive steps to make the terms suitable for you, my point is if the bank, by Terry Goddards letter, already has asserted that they have made some type of poor judgment in the way that they treated their mortgagees or the people that they gave loans to, why would you then go back to that bank as the owner of that mortgage and try to negotiate with them on your own? Why then would you have the trust in them that it was going to work to your best possible out come? I find that to be absurd.
You are absolutely right; they have essentially admitted to it, they have a $150,000,000 settlement. I just want to throw one more thing out there, they have a $150,000,000 bill that they have to pay because, according to the Attorney General, deceptive business practices, a hundred and fifty million dollar check that they have to write, somebody is going to have to make that up.
And that is a good point, the point of this would be to take this action yourself prior to these banking institutions making the decisions on your behalf, theyve already done this, they have already made those decisions on your behalf, whether or not you knew exactly what type of loan program you were getting involved with when you took out the loan and all of that.
If you find yourself in a position of not being able to maintain your existing mortgage payment under the terms that you have been issued by the bank, modification is something you should consider, you make the terms going forward, you should use the professional expertise and the negotiating abilities of these attorneys that specialize in this area and make this work for you before the rules are placed at your feet yet again.
We talk about people doing this on there own, what I see being the problem is they are going to send you out a packet of paperwork, maybe email it to you or fax it. I have seen the paperwork that they send out, it is more than 36 pages of legalese, once it goes back it is going to sit in front of the loss mitigation department in a stack, Ive seen the stacks, literally thousands of cases sitting there waiting to be reviewed by someone who may very well not be qualified to make a real decision, in my opinion using the loss mitigation department at the bank you may be dealing with a clerk that was answering sales calls for someone else two months ago.
Versus going to the legal department and dealing with those individuals directly. There is no doubt you absolutely have to use professionals, you need to put your head on the pillow and turn this over to somebody who knows what they are doing, an expert negotiator, a paid attorney that does this for a living, put your head on your pillow and keep your family safe in your home…
Duration : 0:6:10
http://www.LoanAgentsLive.com
A new website allows mortgage consumers the ability to “chat” live with over one hundred mortgage companies. With the simple click of a button, a consumer can start a live & anonymous chat with any listed mortgage company they choose.
LAL Enterprises, Inc. has announced the official launch of www.LoanAgentsLive.com ; a chat based mortgage portal with instant live access to over one hundred mortgage companies.
The website is different from typical mortgage websites, because a visitor is actually communicating live with a professional mortgage consultant. One click and the visitor can chat live with a loan consultant from the brokerage of their choice.
When a customer visits LoanAgentsLive.com, they select a state to find lenders licensed to serve them. A link next to each company’s display ad indicates whether a loan officer at the brokerage is available to chat.
It appears to be a successful approach as more and more consumers are reluctant to give out their phone numbers and personal information via online applications. Based upon preliminary results from a beta test conducted by LAL Enterprises, Inc., consumers are over 4 times more likely to initiate a chat with a mortgage consultant then fill out an online application.
Chat technology allows consumers the ability to “test the waters” without having to provide their phone number or e-mail address. Consumers also have the option to switch to a phone conversation with the same loan consultant at anytime they wish during a chat.
Offering live chat to mortgage consumers is a newer concept, but some industry giants already have implemented it. According to The Washington Times, live chat helped increase Bank of America’s online mortgage sales by 800 percent in the first quarter of this year, compared with one year earlier.
It’s good news for Bank of America and their “good credit” customers, but what about other mortgage consumers? Those that can’t qualify for a traditional loan or those that what to shop companies and ask around.
Having the ability to shop, ask, and get answers from multiple mortgage companies offering all types of mortgage loans and services, all on one site, live and anonymously; that’s what makes us appealing to consumers.
To ensure the safety of visitors to the website all chats are done over a secure server.
Mortgage Quotes
Mortgage Assistance
Mortgage Questions
Refinancing
Home Equity Loans
1st Time Home Buyer
reverse mortgages
Duration : 0:0:33