FL Mortgage

Today, Attorney General Martha Coakley filed final, revised mortgage broker and mortgage lender regulations with the Secretary of State and has issued official guidance to the broker and lender community to help them understand and implement the new consumer protection regulations governing mortgage brokers and lenders. The regulations, which take effect on January 2, 2008, codify several forms of mortgage fraud and unfair lending which contributed to the recent meltdown in the subprime market and the resulting foreclosure crisis in the Commonwealth.

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http://realestatemarketingthisweek.com – New Fannie Mae Streamline Loan Modifications may do more harm than good

Part 5 –

We do realize that there are situations that people are in that they want to be out of and we want to move past. We have back in the studio, the author of Real Estates Future also the author of The Foreclosure Sharks white paper, a fantastic manual that he has put together that you can get for free. Dan Havey thank you very much for coming back. You can get a copy of the white paper The Foreclosure Sharks at http://mortgageanswerman.com.

So Dan I know that you have brought the just recently released new Fannie Mae, Freddie Mac guidelines, with their streamlined modification process. This is the kind of thing where the consumer can go and do-it themselves, right?

Yes, except that we would certainly advise against that. These are the guidelines that Fannie Mae came out with; they are effective as of a couple weeks ago now. But with Christmas and the holidays I dont think a whole lot of people have figured out what this is all about yet. So as we said in the last segment the guidelines that they have come out with here, and what I have is a print out but I dont know that this is the whole thing because I have heard some commentary on this that actually says that it is much worse then I am about to relay to everyone on the air.

I am just going to pick out a couple points about this and then I will let Michael laugh about them because some of these things are just crazy in the fact that it doesnt really help the home owner and I also dont think it is going to move us past the conditions we have to get people some really good loan modifications, the kind of loan modifications that we are talking about where you actually employ an attorney to help you with your loan modification.

The reality of it is we need to get through this mess we dont need to stave it off, push it out further and in my opinion that is what this does. That is exactly what is going on here, there was an article I was reading by Fitch, which is one of the major bond rating firms and that is exactly what they said. They said that the alt-A arms are all coming back to roost now, I think the default rate was over 14% on all alt-A arms, being at least 90 days past due. And the comment in the article was something like, well we havent really seen a lot of losses from it yet and then it said in a caveat at the end, and we think its because they are not really foreclosing on any of these guys yet, so that is why they havent seen any losses. Well if you keep pushing it off into the future eventually you are going to have to see some of these losses.

We have the same thing here with Fannie Mae, which I think it is just another band-aid; it is not going to really solve the problem. First what they have here, and this one is pretty benign, that once they give you the new mortgage payment you have a three month trial period. If you make the payments during that trial period they let you keep the modification. So that one is not so bad.

The next one says that the qualified borrower cant be in litigation, bankruptcy, or have an existing work out plan, and you have to be at least 3 months behind or in foreclosure in order to be eligible for this streamline.

Ok I get to comment right? SO basically what Fannie Mae and Freddie Mac just told everyone, according to this that I am reading right here, Fannie Mae and Freddie Mac just told you to be 90 days late on your mortgage. That is exactly right, they said that the only way they were going to be able to help you was to be 90 days late on your mortgage.

So I have been, over the past several months, heck Dan you helped us put together the package, you are the cofounder of the modification hotline and I am on the radio every week when we do a little blip about load mods from time to time, saying dont trust anybody who tells you to be late on your mortgage. First of all no loan professional, no mortgage professional, no loan modification specialist will tell you to be late on your mortgage, however, Fannie Mae and Freddie Mac just said you need to be at least 90 days late on your mortgage if you want them to help you.

Duration : 0:6:53

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If you are behind on your mortgage payment & want to save your home from foreclosure & keep it to avoid foreclosure, http://www.SaveMeFromForeclosure.com will suggest an attorney backed loan modification. A loan modification is a great way to stop foreclosure. It can help you reduce your interest rate, the principal balance on your loan, or sometimes even both.

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http://RealEstateMarketingThisWeek.com – What is a Short Sale? – Short Sale experts discuss How to Negotiate to Stop a Foreclosure… http://www.youtube.com/watch?v=kIQ4-b3KnbU

- Short Sale and Loan Modifications; great alternative 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 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… http://realestatemarketingthisweek.com

Duration : 0:5:36

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http://realestatemarketingthisweek.com/foreclosure/rent-skimming-and-other-foreclosure-scams—home-owner-beware/ – Rent skimming and other foreclosure scams. Home Owner Beware. –

Part 8 – And what rent skimming is, a shark as I like to call them, a shark will go out and find a vacant house, and they will go in and change the locks and maybe clean it up a little if need be but then they will rent it out to somebody. They will move that person into the house, they will get their $1,000 or $1,500 a month rent payment on the house, and 3 or 4 months down the road the repo man comes knocking on the door and says, hey you have to get out. He says this to the tenant of course and the tenant says, hey you dont own the house, and it turns out that the guy that they were paying rent from for the last 3 or 4 months didnt own the house either.

So you are talking about somebody, a shark, who goes out and finds a vacant house, breaks in, changes the locks, cleans it up, puts it up on Craigs list and rents it out and collects the money. He never owned the house, he never had any rights to the house, then all of a sudden the sheriff shows up and says you have to go. How can that be legal? Well its not legal; its not legal at all. Because the person who rented you the house knows that they dont own the house, now of course the tenant doesnt know that.

Now under Fannie Maes new guidelines, that tenant, if they are lucky enough to have Fannie Mae own that property, or own that note, you may actually get to stay in the house because Fannie Mae has some new guidelines that if they have a tenant in the house, they will re-sign a contract with them and let them stay in the house. It didnt say how long but they will let them stay in there for a while.

Wow, that is fantastic. I actually didnt know about that, so Fannie Mae is getting into the property management business. Yes, our government is now becoming a landlord as well as the entity that likes to just hand out trillions of dollars. I believe that you and I have a differing of opinion on this, Dan. I actually think that that is the right thing for Fannie Mae and Freddie Mac to do, primarily because if they sell right now they will sell at a huge loss and they have an opportunity to pick up some capitol at some point, dont you think?

Well, I dont know, it all depends on whether property values keep going up or property values keep going down. But the real issue becomes, is our government in the business of owning real estate? And we can argue about this all day long. There is no need to; there is too much other information you are going to talk about, too many other sharks out there.

What is the crime, I mean realistically, some guy goes in, breaks into the house. Sounds like its breaking and entering to me, then he is collecting monies on a vacant house and well there are a number of crimes, I have to admit I dont have the statute with me but I do know in Arizona there is a statute specifically about this very practice. And that would be Terry Goddards website? I would suspect that you could go there and find it.

But real quick here before we run out of time, there are two other quick things I wanted to talk about one just happened to a friend of mine recently where her daughter moved out of a house that she had been living in for years and she moved to another state and the house went vacant. Well, she hadnt been gone for more than a few weeks and the mother, who was going to help her work on a short sale, went over to the house one day and found that the locks were changed.

And I immediately think, Oh, Oh were dealing with a rent skimming situation here. Well it turns out the lender, who does not own the house yet, because there has not been a foreclosure sale, came by, saw the house was vacant, opened the door, changed all the locks on the house and now essentially is not really willing to give the keys to the owner. I couldnt quite figure that one out, especially when I found out that two weeks later they still had not gotten the keys from the lender.

So just be careful of that and the one thing I want, the last thing I will talk about is that a buddy of mine works repos over in California and I think its happening here a little bit, where what will happen is when you are in a foreclosure situation you will have all kinds of people knocking on your door. Some of these people want to come by and buy the stuff out of your house… http://realestatemarketingthisweek.com

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http://shortsalehotline.com Short Sale Experts Negotiate Your Real Estate Bailout – Mortgage Foreclosure Assistance Plan – Free Prevention Alternative to Foreclosure Fraud and Scams. http://Short-SaleHotline.com will Help you Survive the Mortgage Meltdown Crisis. Avoid Foreclosure and Bankruptcy. Get your Bailout with our Real Estate Short Sale, Mortgage Foreclosure Loss Mitigation Prevention Process.

Sign Up For a FREE Consultation With Our Approved Foreclosure Prevention Specialists – Go To http://Short-SaleHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help Save Your Home.

http://realestatemarketingthisweek.com

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(888) 445-2851.

Are you in foreclosure or facing a possible foreclosure proceeding against your home? If so, are you looking for ways to stop foreclosure? If this is you, then you may want to keep reading this article.

We fight foreclosure cases. As attorneys concentrating on this area, we know how to defend foreclosure. Some delay and stop foreclosure, and we will help you to win and free the property of the mortgage by using foreclosure defenses, The Saenz Law Firm defends Florida homeowners rights to stay in their houses when facing foreclosure by banks and mortgage companies. We serve clients throughout the state.
We defend home foreclosures with the aim of winning and keeping you in your home.

News
Why Lenders Cannot Find Mortgage Notes

It seems like the mortgage note would be a basic piece of paperwork a mortgage lender would have readily available. However, with the way mortgages (primarily subprime mortgages) have been sold, re-sold, and re-sold again over the past 5 years the paperwork hasn’t always kept up with the sales transactions. If this is the case with your mortgage company and you ask them to produce your original mortgage note and they cannot, then they may not legally be able to proceed in a foreclosure against you until they can locate the note. If this is the case you may have some time to work something out to keep your home.

Visit http://www.miamiattorneygroup.com or call
(888) 445-2851.

Duration : 0:3:31

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http://realestatemarketingthisweek.com/foreclosure/foreclosure-rates-on-forbearance-agreements-done-with-banks-reaches-58/ – Foreclosure rates on Forbearance Agreements done with banks reaches 58% –

Part 3 – In studio with us today on this fine New years eve is Dan Havey, the co founder of the modification hotline as well as the author of The Foreclosure Sharks a great white paper he put together. He is also the author of Real Estates Future and this segment we are talking about loan modifications and some specific information.

You also have a great story to tell about this to. Well unfortunately I have too many stories about people who have had to go through foreclosures, bankruptcies, loan modifications. The one story I want to talk about real quick is a friend of mine who unbeknownst to me went out and did a loan modification on her own and not to get into a whole bunch of technical details on it she ended up getting a pretty decent interest rate because they actually cut her mortgage payment in half and she was pretty happy about that.

She owed a little bit more than the house was worth, she wasnt terribly upside down, but by the time they got done with her she certainly was going to be because the modification, and actually I should not call it a modification, I should call it a forbearance agreement, what they did to her was to say, OK we will cut your interest rate in half, we will cut your monthly payment in half, but we will take all of that deferred interest and tack it onto the back end of the loan. So that by the time her interest rate went back to where it had been, it was going to adjust up over the next five years, so that within that five year time period she was actually going to owe $60,000 in back interest on top of the principal balance that she had before she went to go talk to her bank.

What kind of a deal is that? I didnt think it was a very good one and she ended up eventually not taking it and just recently let the house go back to the bank, because she just looked at it and said, Wait a second here, I am already $20,000 upside down, by the time Im done with you guys I will be $80,000 upside down and so great I get a cheaper payment for a while. She moved into a rental property that was even cheaper then what she would have had to pay to stay in the house and from what she tells me the house is nicer.

Some of the unfortunate scenarios that come up that we get to see. Unfortunately we talk to lots of people that have similar situations, trying to do these on their own and it is possible to do a loan modification on your own. We know that, the program is designed for you to do that. The problem is it generally does not work out.

The re-default rate on loan modifications done on your own is significantly higher than loan modifications facilitated by an attorney that is representing you, for a number of reasons. Number one you have to pay an attorney to represent you. The other is that I think you are going to get a better modification based its not just a negotiation between you and the loss mitigation department for the bank. We are talking about using a professional attorney who is a trained negotiator to negotiate on your behalf with another attorney. By the way, theyre not talking to the same loss mitigation people in India that you may be talking too.

Here are some numbers that just came out from John Dugan who is the Office of the Comptroller of the Currency and they did a study of the loan modifications that have been done to date. In many cases these were forbearance agreements, not loan modifications. If an individual talks to his bank, generally speaking he will not get the same as result as what an attorney would do, so most of these are really forbearance agreements. And in that case, 36% had defaulted or were 30 days past due after 6 months and 58% were in default after 8 months. Again that is 58% in default after eight months and I saw some numbers the other day and unfortunately I didnt bring them in with me today, that according to some study of the very few modifications that have been done using an attorney, I say very few, but it is still thousands or tens of thousands, but few compared to what is getting done directly with the bank, the number is only like 5% of the ones done with an attorney have re-defaulted and again I dont have the numbers with me so I cant site the source…

Duration : 0:5:47

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LINK FROM: http://newzzcafe.com/

Arizona and Nevada are suing Bank of America Corp., claiming one of the nations largest banks engaged in mortgage fraud.

Attorney General Terry Goddard announced the lawsuit, filed in Maricopa County Superior Court, on Friday. It came after the office said hundreds of complaints have been filed against Bank of America (NYSE: BAC) and that the company violated the Arizona Consumer Fraud Act and a consent judgment from March 2009 between the state and Countrywide companies, which Bank of America owns.

Bank of America just fired the preemptive escalation shot in its duel with Wikileaks.

Late on Friday, America’s biggest mortgage lender, and the firm that is now getting sued left and right for various mortgage transgressions, announced it is joining MasterCard, Paypal and Visa in ceasing transactions for Wikileaks.

While this decision will certainly not improve Operation Anonymous’ empathy toward the North Carolina bank, it may just precipitate overt retaliation by Assange, who is now rumored to be in possession of data that could provie harmful to BAC.

Duration : 0:2:17

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