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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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Five people, including a Westchase couple, filed 50 fraudulent mortgage loan applications over a five-year period to take advantage of the state’s real estate boom, the Florida Department of Law Enforcement said.

Duration : 0:2:5

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Company Promises Lower Mortgage Payments | http://www.cbsatlanta.com/news/25133432/detail.html | CBS Atlanta News has found Bishop Eddie Long and another local megachurch leader, Gary Hawkins, are linked to a questionable mortgage venture that is being investigated by the feds. CBS Atlanta was the first to report on Matrix Capital’s long list of victims. The company promised to lower people’s mortgages for $1,500 upfront. Police say thousands of homeowners paid Matrix money, but according to investigators, most of them ended up in bankruptcy and losing their homes.

Additional tags include: bishop, pastor, prophet, prophetess, apostle, evangelist, church, tbn, dianetics, scientology, witchcraft, COGIC, baptist, methodist, episcopal, catholic, catholicism, charismatic, pentecostal, cult, apologetics, islam, muslim, israel, apologetics, eternal security, spiritual warfare, false teacher, false prophet, antichrist, prosperity, dominion, Jehovah, Jesus, Jim Jones, Ed Young, Juanita Bynum, Thomas Weeks, Rick Warren, Eddie Long, Creflo Dollar, TA Body, Medina Pullings, Terry Hornbuckle, Renee Hornbuckle, Benny Hinn, T.D. Jakes, Robert Schuller, Marilyn Hickey, Paul Crouch, Jan Crouch, Rod Parsley, Carlton Pearson, Kenneth Copeland, Gloria Copeland, John Hagee, Jessie Duplantis, Oral Roberts, EW Kenyon, Kenneth Hagin, Frederick Price, Tony Alamo, Todd Bentley, Sherman Allen, Jack Van Impe, Joyce Meyer, Morris Cerullo, Clarence McClendon, Paula White, Kim Clement, Mark Chironna, Aleister Crowley, Jack Van Impe, Jack Hayford, Lord Maitreya, Dalai Lama, Joseph Prince, Nasir Siddiki, Al Sharpton, Sherman Allen, Billy Graham, Firpo Carr, E. Bernard Jordan, Dorinda Clark Cole, Clark Sisters, gospel music, nytn, atlanta, georgia, Barack Obama, Al Sharpton, George Bush, Mitt Romney, Pat Robertson, Jerry Falwell, James Dobson, Charles Stanley, Sarah Palin, president, congress, senate, cbs, abc, cbs, nbc, msnbc, fox, fox news, cnn, news, media, business, economy, politics, lgbt, gay, black, african american, united states, israel, hamas, gaza, big meech, larry hoover, bmf, rick ross

Duration : 0:3:41

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Company Promises Lower Mortgage Payments | http://www.cbsatlanta.com/news/25133432/detail.html | CBS Atlanta News has found Bishop Eddie Long and another local megachurch leader, Gary Hawkins, are linked to a questionable mortgage venture that is being investigated by the feds. CBS Atlanta was the first to report on Matrix Capital’s long list of victims. The company promised to lower people’s mortgages for $1,500 upfront. Police say thousands of homeowners paid Matrix money, but according to investigators, most of them ended up in bankruptcy and losing their homes.

Additional tags include: bishop, pastor, prophet, prophetess, apostle, evangelist, church, tbn, dianetics, scientology, witchcraft, COGIC, baptist, methodist, episcopal, catholic, catholicism, charismatic, pentecostal, cult, apologetics, islam, muslim, israel, apologetics, eternal security, spiritual warfare, false teacher, false prophet, antichrist, prosperity, dominion, Jehovah, Jesus, Jim Jones, Ed Young, Juanita Bynum, Thomas Weeks, Rick Warren, Eddie Long, Creflo Dollar, TA Body, Medina Pullings, Terry Hornbuckle, Renee Hornbuckle, Benny Hinn, T.D. Jakes, Robert Schuller, Marilyn Hickey, Paul Crouch, Jan Crouch, Rod Parsley, Carlton Pearson, Kenneth Copeland, Gloria Copeland, John Hagee, Jessie Duplantis, Oral Roberts, EW Kenyon, Kenneth Hagin, Frederick Price, Tony Alamo, Todd Bentley, Sherman Allen, Jack Van Impe, Joyce Meyer, Morris Cerullo, Clarence McClendon, Paula White, Kim Clement, Mark Chironna, Aleister Crowley, Jack Van Impe, Jack Hayford, Lord Maitreya, Dalai Lama, Joseph Prince, Nasir Siddiki, Al Sharpton, Sherman Allen, Billy Graham, Firpo Carr, E. Bernard Jordan, Dorinda Clark Cole, Clark Sisters, gospel music, nytn, atlanta, georgia, Barack Obama, Al Sharpton, George Bush, Mitt Romney, Pat Robertson, Jerry Falwell, James Dobson, Charles Stanley, Sarah Palin, president, congress, senate, cbs, abc, cbs, nbc, msnbc, fox, fox news, cnn, news, media, business, economy, politics, lgbt, gay, black, african american, united states, israel, hamas, gaza, big meech, larry hoover, bmf, rick ross

Duration : 0:7:33

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Consumers beware! Truman Foreclosure has conveniently changed their name to Franklin Financial Group and are being investigated by the Florida Attorney generals office. See all of their rip off reports online

Duration : 0:3:53

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http://realestatemarketingthisweek.com/real-estate/b-of-a-and-countrywide-pay-150m-fine-for-deceptive-mortgage-practices/ – B of A and Countrywide pay $150M fine for deceptive mortgage practices –

Part 8 – 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… http://RealEstateMarketingThisWeek.com

Duration : 0:6:10

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http://igotnextblog.blogspot.com/

Duration : 0:5:15

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http://www.MtgModExperts.com Mortgage Loan Modification Services. We can help stop foreclosure by using mortgage loan modification. Log on to speak with one of our loan modification experts today!

Duration : 0:4:43

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During an interview with Sean Hannity, Michael Moore laments the mortgage fraud that’s been caused by banks and lenders, and suggesting Hannity is blaming victims of the mortgage crisis for not knowing any better, Moore says it’s “like asking a woman how short was your shirt after you’ve been raped.”

Duration : 0:5:23

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http://realestatemarketingthisweek.com/real-estate/beware-of-phishing-schemes-and-bank-scams-gmacs-clients-hit-hard/ – Beware of phishing schemes and bank scams GMACs clients hit hard –

Part 3 – 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… http://realestatemarketingthisweek.com

Duration : 0:5:36

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