My (14)

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Real Estate Marketing (The Podcast)

How do I get a listing or deal? #Investor #Realtor

Short Sales are BACK!

CLICK HERE TO LISTEN TO THE PODCAST: http://tinyurl.com/qa62n6h

GUESTS: 
Bryant Tutas 
407-873-2747 
Co-founder of www.ShortSaleSuperstars.com. Working Short Sales every day all day.

Real Estate Broker and Owner of Tutas Towne Realty. A virtual Real Estate company specializing in listing and selling Short Sales and REO properties in the Central Florida Area.

Finding solutions that get your property “sold” is what I do.

Folks, if you need to sell your home then give me a call today and let’s talk! 407-873-2747 All calls are confidential. I can help……

….if you’re facing foreclosure. www.CentralFloridaShortSales.com 
….if you need to sell a Holiday Home. www.BuyProperty.ning.com 
….expose your property to over 500 web sites. www.TutasTowneRealty.com 
….educate you on current market conditions. www.BrokerBryant.com

Mike Linkenauger 
904-733-4911

Main website http://www.short-sale-specialists.com

Short Sale Websites - www.ShortSaleHosting.com
Mike got his start in Real Estate in 2005 at the young age of 26. He immediately established himself as a top producer in the Jacksonville, FL market, moving into the top 1% of agents his first year in the business. As the Florida housing market became depressed in 2007, Mike shifted his focus and immediately found a calling in assisting home owners with a short sale. In no time he amassed an inventory of over 100 short sale listings and quickly established himself as one of the top short sale agents in the State of Florida. As his online presence grew, homeowners from other parts of Florida began contacting him for guidance with a short sale and to be connected with a local short sale agent.

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Signs That You are Ready to Be a Home Seller

Selling your HomeMost people easily recognize when the time is right to buy their very first home. They are tired of their current situation and the appeal of getting their own place is too enticing to resist. However, the signs are not quite so easy to notice when it is time to sell the home. Some home owners have a long, drawn out inner debate before coming to the conclusion that they need to sell and move to another place. Here are some ways that you can know the time has come for you to sell your current home.

The Attachment to the Home is Gone

Many people hang on to a home for far too long because they are emotionally connected to the home. The nursery where they brought home their first born, the hallway where a baby took its first steps and other sentimental memories make it tough to part ways with a home. However, if the idea of selling the home brings about a feeling more of relief and not sadness then you are emotionally ready to move on.

A New Plan Has Developed

If you have already picked out another home, or decided what the next home should look like and what features are necessary, then you are ready to move on. Knowing where you wish to live and what the house should look like is a huge step in getting ready to sell your current home and move to a new place. This type of preparation is typically very motivating for most people and helps them to get everything in order for the move.

Your Finances are In Order

Getting ready to purchase that first home is quite an experience for most people. Monitoring credit scores, reducing debt and keeping all payments up to date while saving up a nest egg takes time and discipline. However, once those habits are in place it is easier to maintain a solid credit score. Also, if you have been in the home for any length of time it is likely that there is built up equity which can be used as a down payment on the next home. All of these factors make it simpler to sell a home and be in the right financial position to purchase another home.

It is Time to Move On

Lots of people have come to the realization that they need to change jobs, end a personal relationship or sell some of their long held items. When the thought occurs to you that you would be OK with the idea of getting rid of your house, then the time has come to move on to a new place.

Sell your home for top dollar, by putting it in front of the largest online pool of buyers! Check out the Rock Realty Marketing Plan.

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Glendale Short Sale Help

Glendale, California – Is your loan with a large Bank/Lender, for instance Chase, Well Fargo, Bank of America or Citibank? In contrast, these Banks/Lenders usually do not make the FINAL decision on your Glendale Short Sale.

Here are the reasons why:

 

The vast majority of the time, the banks/lenders are working as a just the servicing company. They’re handling the loan for an “Investor” or third party.

 

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

 

The third party owner will most likely be a corporation, a pension fund, a Wall Street firm, or split up amongst sometimes thousands of individuals in what’s called MBS (Mortgaged Backed Securities)

 

The owner, or Investor, can also be a government backed or sponsored entities…for instance, Fannie Mae & Freddie Mac. These entities are called GSEs (Government Sponsored Entities).  This is essential, in most cases, because you can contact these entities if your servicer refuses your short sale.

 

What to find out if Fannie Mae or Freddie Mac own your mortgage loan? Click here! We have ways to find out who the Investor is on your mortgage loan if your home is NOT owned by Fannie Mae & Freddie Mac. Click Here, and fill out the short form to the right of the page and one of my team members will give you a call…we have multiple ways of figuring out who the investors are and how to get a hold of them. Usually, they will reassess your short sale…all you have to do is present your case and make sure that they are aware of your concerns and let them know absolutely why they should accept the short sale offer.

 

I’ve noticed that the Investor will generally do a much better job of assessing the short sale offer…especially, because it’s their money. Once their review is complete, they will usually approve the short sale offer and make sure that the servicing company is well aware of the acceptance. This has been especially helpful when the servicing company has asked for a contribution from the buyer and/or seller, when they want to issue the seller a promissory note or a deficiency judgment.

 

There has been many times where the negotiator at the servicing company will just reject the short sale for no good reason. There have been other times where the negotiator has asked for irrational demands…like an offer on the home for above fair market value.

 

You may ask why in the world someone would do this. Well? It could be multiple reasons…for instance; they may get compensated with a bonus for obtaining an offer and successfully closing the short sale for a higher price than what the property is worth.

 

Do to this, they might turn down a short sale offer that otherwise might have been approved. When this happens and the property forecloses, the Investor usually nets a much lower amount back, once the home is sold as a REO.  It becomes a lose, lose situation for all parties involved including the investor. The servicing company is the only one that usually wins regardless of the property foreclosing or closing through a short sale. Their servicing agreement allows them to collect everything that’s owed to them by the investor on the property; which puts a lot less money into the investor’s pockets.

 

This might be a surprise to many of you, but this does happen quite often. If you feel like this is happening to you, find out who the investor is and make sure they are aware of what’s happening with the servicing company. I’ve personally been able to get multiple short sales approved by bypassing the servicing company and going directly to the investor when the servicing company does not cooperate.

 

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at CMe4Homes@JenniferEscobar.com will contact you for a free consultation.

 

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (818) 335-7078

 

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

 

Want more information about a California Free Loan Modification? Our FREE Loan Modification Services will help you get a loan modification approved with your lender.

 

Click Here for more information regarding my FREE LOAN MODIFICATION SERVICES!

 

Thanks for reading my blog post, Jennifer Escobar.

 

The Jennifer Escobar Team @ Qwest Real Estate

Phone: 818-335-7078              Email: CMe4Homes@JenniferEscobar.com

Website: www.TheJenniferEscobarTeam.com

 

Glendale California Real Estate | Short Sale Specialist | Short Sales | California Free Loan Modification Los Angeles Short Sale Specialist | Los Angeles Short Sale | When to short sale in Los Angeles | Los Angeles Short Sale Taxes | Why Short Sale in Los Angeles | Los Angeles Short Sale Requirements | Los Angeles Short Sale Guidelines | How does short sale work in Los Angeles | Los Angeles Mortgage Short Sale

 

Jennifer Escobar Specializes in FREE California Loan Modification Help to Southern California distressed homeowner’s who are seeking FREE CA Loan Modification assistance in their pursuit of a Loan Modification in Southern California. Furthermore, Jennifer Escobar also Specializes in Short Sales and has successfully listed, marketed and successfully negotiated hundreds of short sales in Southern California. Jennifer Escobar is a Short Sale Specialist successfully negotiating short sales in Glendale, Burbank, Granada Hills, North Hollywood, Sunland, Tujunga, Sylmar, Van Nuys, Valley Village and Lake Balboa. Glendale Loan Modification Help, Glendale Short Sales, Glendale Short Sale Realtor, Short Sale Realtor. Glendale CA Short Sales. Glendale Realtor. North Hollywood Loan Modification Help, North Hollywood Short Sales, North Hollywood Short Sale Realtor, North Hollywood Realtor. Granada Hills Loan Modification Help, Granada Hills Short Sales, Granada Hills Short Sale Realtor, Granada Hills Realtor. Burbank Loan Modification Help, Burbank Short Sales, Burbank Short Sale Realtor, Burbank Realtor. Van Nuys Loan Modification Help, Van Nuys Short Sales, Van Nuys Short Sale Realtor, Van Nuys Realtor.

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How do I qualify for a short sale?

 While lenders have become more lenient in recent times, there are typically three qualifications required for a short sale.

  1. Financial Insolvency (no other major assets),
  2. The proceeds from the sale of the property, after all closing costs are paid, are less than the amount currently owed on the property, and
  3. Financial hardship. Acceptable hardships may vary, but some common ones are; loss of income or employment, divorce or separation, relocation or job transfer, property in need of repairs without recourses to make repairs, major illness and medical expenses, death of a family member, vacant rental properties, etc. In most cases, a short sale is not for those who want to sell, but only for those that have to sell.
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I have read several news and Blog pieces about 2012 being the bottom of the market and how the best time to purchase a home is now. In good conscious I cannot sit idly by without voicing my opinion.

The news and columnists have based their analysis on the low number of inventory currently on the market for sale and the fact that it is 22% less than this time last year. They further site a 30% increase in property searches on Realtor.com which is one of the top search websites where consumers make purchase decisions. The reporters further substantiate their point by stating that interest rates are the lowest they have been since the great depression. Well folks, I am here to let you in on a few things. I am a distressed property real estate broker and live in the numbers and happenings on the ground. Last year alone I personally closed $17 Million in real estate. More than three quarters of my sales were short sales and bank owned property sales. My job revolves around tracking properties that have defaulted on their mortgage payments and listing the property for sale before it ends up in foreclosure. When properties do end up going to foreclosure the banks also contacts me to sell the properties back into the marketplace as a bank owned property. This is also known as a REO (Real Estate Owned) property.

In dealing with the lenders on a daily basis I have the ability to see how many mortgages are current or behind in any part of California. The numbers are staggering! One in three properties in San Diego County is currently underwater (owe more than what the property is worth).
Many of you may have heard of the “Mortgage Debt Relief Act of 2007” which is set to expire at the end of 2012. This means that anyone wanting to do a short sale has until the end of this year to get it done to avoid the enormous tax and deficiency implications. As homeowners scramble to do short sales, the banks are absolutely inundated with files. Banks have increased their loss mitigation departments to handle the amount of short sale requests as the deadline draws near.

So to shed further light on the subject of a “recovery,” I would have to say that the reason there is a 22% decrease in inventory on the market for sale is due to the “Robo-signing” debacle which simply held up the foreclosure process for a few months. Furthermore, the lenders have started issuing three month extensions to foreclosure sale dates rather than the standard 30 day extensions. The numbers are artificially adjusted to modify the supply and demand ratio. Also, the news columnists have stated that the average nationwide sales price has started increasing and the market is recovering. This is not quite correct because the number of higher end distressed sales has dramatically increased. In other words, if 100 homes sell at $200K and 900 homes sell at $500K, the average home price may have increased.  However, what they are not saying is that the home that is currently selling at $500K was purchased in 2005 for $900K.  See how they are messing with the numbers. Just because the average nationwide sales price has increased, does not mean we are recovering.

So I would maybe agree that the lower end has reached the bottom whereas the middle and higher end have room to fall.  Far be it from me to state that 2012 is the “Big Housing Recovery.” New young families or recent college graduates will also add to the lower end recovery as they will need to purchase in this range.

The number of Baby Boomers now wanting to downsize will further hamper the prices of the middle and higher end as they add to the supply. There are currently 30 million Americans in this segment of the market.

The FED made an error in judgment a month ago when they stated interest rates would remain low through the end of 2014, which took away the immediate driving force to purchase now. If interest rates would remain low for an extended period of time, why would anyone be in a hurry to purchase when they know how much shadow inventory the lenders are sitting on?

As the world has become a global economy, few have shed light on the fact that China has begun their housing crisis with more than half the cities reporting huge decreases in home prices. This may have an influence on our economy further down the road as this may affect the cost of consumer goods locally.

Gas prices are at an all-time high and could further contribute to inflation and gyrations in the consumer price index.

Unemployment is still stubbornly above 8% and steam rises from the printing presses at the Fed.

I don’t know folks. Recovery 2012?  I am not so sure. And over the years I have learned that in the long run it pays to be honest rather than bending a situation for personal gain. There is a reason I am renting right now. Though the rents are higher, cash will soon be back on the thrown to be crowned King. Don’t be in any hurry to purchase unless you find a great deal.

This is my honest humble opinion.

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Los Angeles, CA - Chase to buy Bank of America!!!!

 

After some digging in I've been told by an Attorney who's one of several attorney's working on the buy out/merger of Bank of America with Chase! What I've been told is that out Federal Government has been strategically planning on having Chase buy Bank of America for years now! It's finally coming to life..! I've been waiting off on putting this out there, but when I received an email from Mike Linkenauger, stating that he just received a letter from Bank of America stating that the seller qualifies to receive up to $20,000, I knew it was time to make it public! Chase has been offering relocation assistance to destressed homeowner's for for several months now!

 

Jennifer is a Real Estate Agent at Qwest Real Estate.


www.JenniferEscobar.com

 

Los Angeles Short Sale Specialist | Los Angeles Short Sale | When to short sale in Los Angeles | Los Angeles Short Sale Taxes | Why Short Sale in Los Angeles | Los Angeles Short Sale Requirements | Los Angeles Short Sale Guidelines | How does short sale work in Los Angeles | Los Angeles Mortgage Short Sale

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Los Angeles, CA – Just in, Governor Brown, signed into law today, SB458. This law will be written in the California Civil Code Procedures under CA CCP Section 580(e).

 

Get my Free, Step By Step Loan Modification Guide by clicking here.

 

What this law states is that if a homeowner does a short sale, where the property has a 2nd Trust Deed, that 2nd lender/investor can no longer pursue the homeowner for the deficiency balance if they agree to entertain a short sale. If you recall, SB931, which came into effect as of January 2011, protected California homeowners from their lender/investor from coming after them for the deficiency balance on ONLY the 1st Trust Deed. What SB458 does now is that it encompass the 1st and 2nd Trust Deeds and protects the California homeowner from the possibility of their lender/investor from perusing the deficiency balance.

 

In Layman’s terms: If the 2nd Trust Deed Lender agrees to the short sale, they’re also agreeing to waive their right to collect on the deficiency balance!


There are two key things to point out here:

1) SB458 does not state that the 2nd TD Lender cannot ask for a cash contribution from the seller at closing.

2) SB458 does not state that the 2nd TD Lender cannot ask for a unsecured note from the seller at closing.

 

Thinking about a loan modification? Our Glendale loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at cme4homes@jenniferescobar.com to request a Free Copy. Or, click here to request a copy.

 

Want more information about a California Free Loan Modification? Our FREE Loan Modification Services will help you get a loan modification approved with your lender. Click here to for more information regarding my FREE LOAN MODIFICATION SERVICES!

 

Thanks for reading this, Jennifer Escobar.

 

Jennifer is a Real Estate Agent at Qwest Real Estate.

 

My BLOG: CA Free Loan Modification Services | Los Angeles Short Sale

 

Los Angeles Short Sale Specialist | Los Angeles Short Sale | When to short sale in Los Angeles | Los Angeles Short Sale Taxes | Why Short Sale in Los Angeles | Los Angeles Short Sale Requirements | Los Angeles Short Sale Guidelines | How does short sale work in Los Angeles | Los Angeles Mortgage Short Sale

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If you own an FHA or HUD insured home and you are desiring to request a short sale of your home, there are specific requirements that must be met.  I have worked with a number of homeowner's in selling their FHA insured home and before listing their home for sale, we discuss the guidelines that I know FHA is going to require be met by my homeowner Sellers.  

I am going to provide some of the FHA and/or HUD insured guidelines for a short sale over the course of several posts and try to give examples of facts that might fit the requirements.  The first that I want to discuss is the requirement that the home must be owner-occupied with exceptions in certain cases for job transfer, death and divorce for example.

I recently sold a home for a homeowner that had a FHA insured loan.  He had previously vacated the home and had moved out of State.  At the time we requested to be approved for a short sale, the Seller provided evidence that his reason for vacating the property and therefore, the home being vacant, was due to the need to have to move out of State in order to be able to obtain another job in his field of employment.  We documented this through not only with his current income statements, but through a letter explaining the history and reason for his move.  We were able to obtain an exception to the requirement of the home being owner occupied. 

Each situation will be specific to the individual homeowner.  But, overall, it is important to be aware that one of the requirements for a FHA and/or HUD insured short sale, is that your home be owner occupied. 

 

 

If you don't know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)

(Image courtesy jscreationz/FreeDigitalPhotos.net)
 

About the Author:

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome

 

 

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

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Los Angeles Short Sale Specialist | Los Angeles Short Sale | When to short sale in Los Angeles | Los Angeles Short Sale Taxes | Why Short Sale in Los Angeles | Los Angeles Short Sale Requirements | Los Angeles Short Sale Guidelines | How does short sale work in Los Angeles | Los Angeles Mortgage Short Sale

 

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Los Angeles CA –Wall Street Fat Cats say homeowners shouldn’t walk away from upside down
homes. Why? “If you do it, then everyone will start doing it”, they say. “It isn’t moral. People should own up to their commitments.

 

People should be responsible. This is more than just a contract. It’s what holds the entire economy together.” However, those same rules don’t seem to apply to the Wall Street Bankers.

 

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

 

Turns out Wall Street firm Morgan Stanley strategically defaulted on their upside down properties.

Here is the article from Bloomberg: Morgan Stanley to Give Up 5 San Francisco Towers Bought at Peak.

 

Here is what the article says: “Morgan Stanley, the securities firm that spent more than $8 billion on

commercial property in 2007, plans to relinquish five San Francisco office buildings to its lender
two years after purchasing them from Blackstone Group LP near the top of the market.


The bank has been negotiating an “orderly transfer” of the towers since earlier this year, Alyson Barnes, a Morgan Stanley spokeswoman, said yesterday in a telephone interview. AREA Property Partners will
take over the buildings. Barnes declined to say when the transfer will occur.


“This isn’t a default or foreclosure situation,” Barnes said. “We are going to give them the properties to get out of the loan obligation.


The Morgan Stanley buildings may have lost as much as 50 percent since the purchase, he estimated.

Morgan Stanley bought 10 San Francisco buildings in the city’s financial district as part of a $2.5 billion purchase from Blackstone Group in May 2007. The buildings were formerly owned by billionaire investor Sam Zell’s Equity Office Properties and acquired by Blackstone in its $39 billion buyout of the real estate firm earlier that year.


Morgan Stanley, based in New York, was the biggest property investor among Wall Street firms at the time of the purchase. The transaction made the company one of the largest office landlords in San Francisco, with the purchase giving the bank 3.9 million square feet of office space there.”


Pretty interesting. If an ordinary guy walks away from his upside down home, then that makes him a immoral deadbeat. “He’s working the system”, the Wall Street people say.

 

But, to them it’s a moral business decision. “We’re doing what’s best for our stockholders”, they say. “That’s our obligation and duty.”

 

Here is my question. Doesn’t a parent have an obligation to do what is best for the stockholders in their family? Let’s say that they can save hundreds of thousands of dollars in mortgage payments.

 

As a result, little Timmy will be able to attend college when he grows up. Isn’t it their moral obligation to do what is best for the stockholders in the family?

 

Thanks for reading this, Jennifer Escobar.

 

Jennifer Escobar is a Real Estate Agent at Qwest Real Estate.

 

My Website: www.JenniferEscobar.com

My Blog: www.Glendale-ShortSales.com

 

Los Angeles Short Sale Specialist | Los Angeles Short Sale | When to short sale in Los Angeles | Los Angeles Short Sale Taxes | Why Short Sale in Los Angeles | Los Angeles Short Sale Requirements | Los Angeles Short Sale Guidelines | How does short sale work in Los Angeles | Los Angeles Mortgage Short Sale
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Los Angeles Short Sale Specialist | Los Angeles Short Sale | When to short sale in Los Angeles | Los Angeles Short Sale Taxes | Why Short Sale in Los Angeles | Los Angeles Short Sale Requirements | Los Angeles Short Sale Guidelines | How does short sale work in Los Angeles | Los Angeles Mortgage Short Sale

 

Helping Homeowners avoid foreclosure! I provided FREE California Loan Modification Help and Short Sale Assistance for distressed homeowners!

 

Los Angeles, CA - Banks must hate Strategic Defaults. A person who walks away from hundreds of thousands of dollars in mortgage debt gets on their nerves!

 

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

 

It must bug them so bad that Fair Isaac, the founder of the FICO score, came out with a program that tracks strategic defaults. Here is the story according to Inman News:

 

Fair Isaac, developer of the ubiquitous FICO score, has a new warning for homeowners plotting a strategic default or walkaway: We can now spot you in advance. We’ve developed a black-box risk-identification tool that enables lenders and mortgage servicers to tag you months in advance — and then pursue their own strategic measures to intervene.

 

The tool is so effective, according to FICO, that it can “capture nearly 67 percent of strategic defaulters” who are otherwise unremarkable and undetectable, paying their mortgages on time.

 

Sound a little spooky? Not for the major lenders who are working with FICO to install the new statistical risk-scoring model, aimed at some of the costliest and most perplexing defaulters in the marketplace: people who just stop paying on their loan abruptly, without ever previously being late, even though they have the income to pay.

 

Strategic walkaways are a multibillion-dollar headache to banks and investors. A study by researchers at the University of Chicago’s Booth School of Business found that during last September alone, 35 percent of mortgage defaults in the U.S. were strategic — up sharply from 26 percent in March 2009.

 

With an estimated 23 percent of all residential mortgages underwater as of March of this year, according to data from consulting firm CoreLogic, spotting — and dealing with — walkaways has become a high priority for the biggest banks.

 

Walkaways are also more than a slight concern to default risk-scoring giants like Fair Isaac and Vantage Score LLC, the joint venture created by the three national credit bureaus: Equifax, Experian and Trans Union.

 

Both companies have been stunned to find that the very consumers they deemed the least likely to go into default — people with 800-plus FICOs and 900-plus Vantage scores — are statistically more likely to default strategically, with no outward signs of impending payment stoppages, than the lower-scoring masses.

 

People with low FICO scores still default more often than high scorers, but when high scorers do default, they are far more likely to do so out of the blue. In the lowest score category (300 to 499) more than twice as many people default non-strategically — they begin missing payments over time, typically because of income declines — than strategically.

 

These walkaways are especially vexing to score-modeling experts like Andrew Jennings, Fair Isaac’s chief analytic officer and head of FICO Labs. “They open up new credit accounts” before stopping their mortgage payments, he told me in an interview last week. “They prepare.”

 

They intentionally default on their mortgages in part “because they believe it is in their best financial interest, and because they believe the consequences will be minimal,” Jennings said.

 

Jennings supervised Fair Isaac’s work in developing a special tool that pinpoints likely strategic defaulters while they’re still cocooning and haven’t yet revealed their intentions to lenders.

 

Some of the research involved examining massive samples of credit bureau data — 5 percent of all U.S. mortgage accounts — during a recent one-year period, looking for telltale clues, month by month, that would separate out strategic defaulters from ordinary defaulters.

 

What the project turned up, said Jennings, helped formulate the model that FICO has now created for lenders and servicers.

 

So what’s in the black box? Obviously the complex statistical model and exactly how it works is proprietary. But Jennings said it looks at a composite of separate risk factors from credit and real estate databases, and enables servicers to identify borrowers whose profiles match those of strategic defaulters most closely.

 

Some of the key characteristics include:

 

–How long have the borrowers owned the house? The shorter the time span, the higher the risk.

 

–Are they good to excellent managers of their household finances and credit relationships? Do they make modest and responsible use of credit cards and other revolving debt? Do they pay their accounts on time as a rule? Do they rarely, if ever, go over the limits on their cards — or even come close?

 

–Have they departed from their past credit usage patterns in recent months by opening up multiple new accounts?

 

–Based on local property-value indexes, is it likely that they have slipped into negative equity territory? Remember: How deeply underwater is only a moderately predictive factor. Lots of owners whose properties are worth far less than their mortgage balances do not strategically default, but keep plugging away paying every month, while borrowers who fit the FICO strategic defaulter profile may be only slightly underwater but still walk away abruptly.

 

By the way, location is not a key factor in the equation. FICO found that 40 percent of all strategic defaulters live in “recourse” states where lenders can — and do — pursue defaulters for any un-recovered debts following a foreclosure.

 

Of course, the model cannot peer into would-be walkaways’ minds and motivations. “We’re not trying to explain their psyches,” Jennings said, “but you see the patterns” and certain borrowers’ profiles light up like flashing neon signs.

 

The top bracket of high-risk homeowners identified by FICO’s new model are 110 times more likely to strategically default than other borrowers — even though they otherwise appear to be solid customers, according to Fair Isaac.

 

Armed with these risk profiles, what are banks and servicers likely to do as they scan their portfolios? Fair Isaac recommends that they intervene early with what it calls “pre-delinquent treatments.”

 

These include contacting high-risk borrowers to warn them about the consequences of strategic defaults: Their credit scores will tank by 150 points or more, they’ll be hampered or penalized in applications for rentals, employment, car loans or leases, and they can forget about buying another home for at least several years, possibly as long as seven.

 

If they live in a state that allows deficiency recoveries, servicers will probably emphasize their determination to do so in the event of any default.

 

Will all this work? Major banks and FICO think it should help. The jury is out at the moment, but if the early detection concept is valid, who knows?

 

Maybe it will cause some homeowners to think twice and discourage them from taking that first, crucial step: Secretly plotting their walkaway, months in advance.” End of Article.

 

This has big repercussions for anyone thinking about a strategic default. Tomorrow we’ll talk about how this affects you if you and what to do to avoid problems on a strategic default.

 

Thanks for reading this, Jennifer Escobar.

 

Jennifer Escobar is a Real Estate Agent at Qwest Real Estate.

 

My Website: www.JenniferEscobar.com

 

Los Angeles Short Sale Specialist | Los Angeles Short Sale | When to short sale in Los Angeles | Los Angeles Short Sale Taxes | Why Short Sale in Los Angeles | Los Angeles Short Sale Requirements | Los Angeles Short Sale Guidelines | How does short sale work in Los Angeles | Los Angeles Mortgage Short Sale

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Los Angeles California Real Estate | Short Sale Specialist | Short Sales in Los Angeles | Short Sale Los Angeles| Los Angeles Loan Modification:

 

I have a Realtor friend that works out of Pasadena California that recently was fired by her seller because of this letter. Chase told the seller that they would receive $30,000 at the close of escrow if they fired their current agent and picked an agent from the CDPE network.

Here's my take on it at at this point, the laws, the ethics, the rights of agents and homeowners, the rules, etc...does not matter anymore! The laws are being shifted, once again, to protect the financial sector. My belief is that it will tremendously hurt Real Estate.

We are seeing a shift in our duties as Agents...we now have a fiducuary duty towards the seller, the buyer and the banks/investors/servicers! How can an agent who's been provided a lead/referral/listing from a Bank be a neutral, ethical advocate and conduct his/her duties as the homeowner's agent and the homeowner's best interest at heart?

 

Click on this link to see the letter that was sent out from Chase to this particular client:

 

Chase Letter

 

Thanks for reading this, Jennifer Escobar.

 

Jennifer is a Real Estate Agent at Qwest Real Estate.

 

My BLOG: www.Glendale-ShortSales.com

 

Los Angeles California Real Estate | Short Sale Specialist | Short Sales in Los Angeles | Short Sale Los Angeles| Los Angeles Loan Modification

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Los Angeles CA – I recently received an e-mail from another real estate agent. They were asking for our advice on a short sale.

They accused a large, national lender (one of the 4 largest in America) of lying to Fannie Mae. Fannie Mae is almost a subsidiary of the Federal Government

 

Here was the e-mail they sent us. ” The lender told the seller that they had to agree to a deficiency or the short sale would not be approved.

The seller said that was unacceptable. They told us they wouldn’t go thru with the short sale unless the deficiency was waived. We notified the short sale negotiator and he sent us a short sale decline letter.

The decline letter says buyer walked. That was a total lie! It appears that this lender told the owner of the loan, Fannie Mae, that the buyer walked when that was not the case.

But, he told us that Fannie Mae was making them do it. I think they are showing this to Fannie Mae to cover their butts! Steve.”

Our comments on this. This is a big deal. That lender’s legal obligation is to do what is best for Fannie Mae. Short sales usually reduce a lender’s losses by 20%, thereby netting Fannie Mae more money.

For this lender to do this is a blatant violation of their legal obligation. Fannie Mae’s policy is to not pursue short sale deficiencies. They just write off the loss and move on. We have sold many short sales where Fannie Mae waived their deficiency rights.

I think the short sale negotiator’s ego is getting in the way of a deal. They are probably delegated for Fannie. This means Fannie tells them to do whatever they want on behalf of Fannie.

The person not willing to waive the deficiency is this short sale negotiator. This is pathetic and should be investigated.

There is a solution to the problem. I would recommend calling Fannie Mae directly and let them know what is going on.

Thinking about a loan modification? Our Glendale loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at cme4homes@jenniferescobar.com to request a Free Copy. Or, click here to request a copy.

 

Want more information about a California Free Loan Modification? Our FREE Loan Modification Services will help you get a loan modification approved with your lender. Click here to for more information regarding my FREE LOAN MODIFICATION SERVICES!

 

Thanks for reading this, Jennifer Escobar.

 

Jennifer is a Real Estate Agent at Qwest Real Estate.

 

My BLOG: CA Free Loan Modification Services | Los Angeles Short Sale

 

Los Angeles Short Sale Specialist | Los Angeles Short Sale | When to short sale in Los Angeles | Los Angeles Short Sale Taxes | Why Short Sale in Los Angeles | Los Angeles Short Sale Requirements | Los Angeles Short Sale Guidelines | How does short sale work in Los Angeles | Los Angeles Mortgage Short Sale

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Helping Homeowners avoid foreclosure! I provided FREE California Loan Modification Help and Short Sale Assistance for distressed homeowners!

 

Los Angeles, CA – I’ve seen lots of creditors/collection company's use illegal debt collection techniques and tactics to collect on unpaid bills and/or credit cards. There are Federal Laws that regulate what a debt collector can say and/or do; which is called FDCPA (The Fair Debt Collection Practices Act).

 

I own a Credit Repair/Credit Consultation Company, MiCredito, Inc. dba We Build Credit, and had a client of mine, we'll call her Karen, that was continuously receiving harassing phone calls from individuals at Hoffman, Weinberg & O’Brien, threatening to sue her if she did not pay the complete balance off and all at once. They would use legal terms to scare her. Sound like a law firm...? Sure it does, now imagine when they throw at you a "Case Number"! Scary, right?

 

Here's what company's and individuals like this are banking on...that the consumer does NOT know their rights.

 

We did some digging here at www.WeBuildCredit.com and found out that Hoffman, Weinberg & O’Brien is NOT a law firm...they just named the company to mimic what a legitimate law firm would be named.  This gives them a psychological advantage when trying to collect from the consumer. Furthermore, they cannot threaten to sue you and not follow suit. They cannot continue to call you after you have asked them not to in writing.

 

All of these actions by Hoffman, Weinberg & O’Brien are a violation of Federal Law, once again called: The Fair Debt Collection Practices Act.

 

If you want a list of 12 common violations and instructions on how to stop the calls, then click here and scroll down to the Right. Click on How To Stop Harassing Debt Collector Calls.

 

Thanks for reading this, Jennifer Escobar.

 

Jennifer Escobar is a Real Estate Agent at Qwest Real Estate.

 

My BLOG: www.Glendale-ShortSales.com

 

Glendale Short Sale Specialists | Burbank Short Sale Specialists | Granada Hills Short Sale Specialists | North Hollywood Short Sale Specialists | Van Nuys Short Sale Specialists | North Hills Short Sale Specialists

 

Jennifer Escobar Specializes in FREE California Loan Modification Help to Southern California distressed homeowner’s who are seeking FREE CA Loan Modification assistance in their pursuit of a Loan Modification in Southern California. Furthermore, Jennifer Escobar also Specializes in Short Sales and has successfully listed, marketed and successfully negotiated hundreds of short sales in Southern California. Jennifer Escobar is a Short Sale Specialist successfully negotiating short sales in Glendale, Burbank, Granada Hills, North Hollywood, Sunland, Tujunga, Sylmar, Van Nuys, Valley Village and Lake Balboa. Glendale Loan Modification Help, Glendale Short Sales, Glendale Short Sale Realtor, Short Sale Realtor. Glendale CA Short Sales. Glendale Realtor. North Hollywood Loan Modification Help, North Hollywood Short Sales, North Hollywood Short Sale Realtor, North Hollywood Realtor. Granada Hills Loan Modification Help, Granada Hills Short Sales, Granada Hills Short Sale Realtor, Granada Hills Realtor. Burbank Loan Modification Help, Burbank Short Sales, Burbank Short Sale Realtor, Burbank Realtor. Van Nuys Loan Modification Help, Van Nuys Short Sales, Van Nuys Short Sale Realtor, Van Nuys Realtor.

 

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

 

Important Notice

Jennifer Escobar, Qwest Real Estate, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?


Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer FREE California Loan Modification Assistance.


However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.


We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.


This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.


You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.


The views expressed here are Escobar’s personal views and do not reflect the views of Qwest Real Estate.


This information on Glendale, CA Real Estate | Short Sale Specialist | Short Sales | CA Free Loan Modification – Is this debt collector breaking federal law? is provided as a courtesy to our viewers to help them make informed decisions.

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Banks should hire seasoned agents as consultants to train bank personnel from the ground up. Cross train to ensure everyone is on board, especially when people go on vacation or change departments or move on to other banks. Out-of-state banks need to stop thinking properties are worth much more than they are by holding out for that ‘perfect offer’ that will never come. A universal short sale form packet should be designed for all banks to use – no more than 5 pages. Give a deadline of no more than 60 days from the time a complete file is turned in to wrap it up and to be held accountable and charged a per diem if they do not perform.
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