Blog

Is Your Family dealing with a financial crisis?

New TV show for SPIKE TV may be able to help.

Looking for families who are living above their means , downsizing , maxed out, or facing foreclosure of home or business . 

Corporate strategist and fortune 500 Business Strategist, Victor Antonio, will meet and help families who are facing a fiscal calamity.

With a mix of expert guidance and tough love, Antonio will work to help the family out of their monetary pit.

If this describes your family, please email mrwelch23.gsd@gmail.com or give us a call.
Include your name, location, contact information and a photo. Also please describe your current situation.

You can also call 3 2 three 8 two two 4 four 8 two.

CLICK HERE & LISTEN: 

http://realestatemarketing.podomatic.com/entry/2014-10-01T15_10_45-07_00

Real Estate Marketing "The Podcast" How do I get listings or deals? #Investor #Realtor

David Bartels LIVE from Anaheim CA presentation

805-413-8000
http://www.homeloanadvocates.com/

Banks grant short sales for two reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.

The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines, but the basic procedure is similar from bank to bank.

A few examples of a hardship are:
Unemployment / reduced income
Divorce
Medical emergency
Job transfer out of town
Bankruptcy
Death

The seller’s short sale package will most likely consist of:
Letter of authorization, which lets your agent speak to the bank.
HUD-1 or preliminary net sheet
Completed financial statement
Seller’s hardship letter
2 years of tax returns
2 years of W-2s
Recent payroll stubs
Last 2 months of bank statements
Comparative market analysis or list of recent comparable sales

Writing the Short Sale Offer and Submitting to the Bank

Before a buyer writes a short sale offer, a buyer should ask his or her agent for a list of comparable sales.

Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive somewhat close to market value.

The short sale price may have little bearing on market value and may, in fact, be priced below the comparable sales to encourage multiple offers.

After the seller accepts the offer, the listing agent will send the following items to the bank:
Listing agreement
Executed purchase offer
Buyer’s pre-approval or proof of funds letter and copy of earnest money check
Seller’s short sale package.

The Short Sale Process at the Bank

Buyers may wait a very long time to get a response from the bank. It is imperative for the listing agent to regularly call the bank and keep careful notes of the short sale process.

Buyers may get so tired of waiting for short sale approval that they may feel the need to threaten to cancel if they don’t get an answer within a specified time period.

That type of attitude is self-defeating and will not speed up the short sale process. If buyers are the type with little patience, perhaps a short sale is not for them.

Following is a typical short sale process at the bank:
Bank acknowledges receipt of the file.
A negotiator is assigned.
The bank orders a valuation of the property.
The file is sent for review or to the investor.
The bank may then request that all parties sign an Arms-Length Affidavit.
The bank issues a short sale approval letter.

Some short sales get approval in 3 weeks. Others can take as long as 12 months. A typical Short Sale transaction takes 4-6 months to complete.

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

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.

What is the Purpose of an Appraisal?

A mortgage has many specific pieces involved in it. Obviously there is the money supplied by the lender to pay the seller for their asking price. There are also many other items such as the title report and title insurance, a survey (sometimes), proof of homeowner insurance policy and an appraisal. An appraisal is actually one of the more important pieces and yet it still brings questions from buyers and sellers alike.

Required by the Lender

First and foremost, if a home is being purchased through the use of a mortgage then the lender will require a formal appraisal. A licensed appraiser works independently of the real estate agent and the lender to ensure that there is no undue influence on the process. The appraiser’s report will indicate if the home is worth the asking price.

Appraisal ordered after a Selling Price has been negotiated

The appraiser is contacted after the real estate agent(s) and all associated parties have worked out a price for the home. The appraiser will look at the contract along with a host of other items such as

* Square footage of the home

* Local property taxes for the home

* When the home was built

* General shape and condition of the property

* Average sales price of similar homes in the area

The price for the appraisal depends on the area of the country. Sometimes the appraisal fee is paid by the borrower up front and other times it may be paid as part of the closing costs.

Wise to Inspect First and Appraise Second

In an ideal world the buyer of a home would hire a home inspector to review a property before the home is appraised. The job of an inspector is to seek out any potential problems with the property. This can be as simple as finding a loose door knob to as complicated as finding out the entire heating and ventilation system needs replacing. Once the inspector has looked at the home the appraiser can approach the property with some idea of any possible short comings of the home and assign the correct value to the home. In a worst case scenario an inspection could lead a buyer to cancel a contract and look for a different home.

The Journey of the Appraisal

Once the appraiser has finished the report a copy will be sent to the mortgage lender and possibly the real estate agents. If the buyer paid for the appraisal up front then they too will get a copy when it is complete. Otherwise, the buyer will receive a copy at closing.

The lender, whether it is a bank or local mortgage company, will have their own process to review the appraisal and ensure the numbers look accurate. If the value of the home is much lower than expected then the lender may cancel the loan. On the flip side, if the home is determined to be worth more than the asking price then the buyer will have instant equity.

Where would you like to be when you are old? I don't know how to read minds but I am sure you don't want to be homeless. I am sure you don't want to helplessly see your home foreclosed by a bunch of crooks driven by greed.

Many old people, cancer patients, newly married couples, single moms, among others have been evicted by the loan servicer Ocwen. Many have seen their short sale requests turned down only to watch their homes sold for lower prices to builders and investors. As per the allegations, Ocwen used deceptive and unfair means while working with borrowers who were delinquent and underwater. The company has been accused of misrepresenting facts while filing foreclosure documents, charging unjustified fees for default-related services and forcing borrowers to buy unnecessary insurance policies, among others.

Greed of the lenders led to the subprime mortgage crisis which in turn created an economic crisis which led to people losing income and jobs. People struggled to meet their high-interest mortgage repayments. Some requested for forbearance, some wanted their loans refinanced, some thought a short sale would help ease the strain on their finances.

Greed, though, was not dead yet. Those engulfed by greed only seek profits. To them it does not matter even if it comes from someone else's misfortune. One man finds himself standing against an organization driven by greed of such intensity that has seldom been seen before.

Benjamin Lawsky, Superintendent of the Department of Financial Services, had little option but to block the Ocwen-Wells Fargo deal in a bid to prevent more Americans being unwittingly led towards foreclosure by a loan servicer with a consistent track record of delay in providing statements, adding expensive and at times unnecessary insurance to accounts, not applying payments to account or applying them late. What more, its Chairman is the single largest shareholder in a company (Altisource Portfolio Solutions) that profits immensely from foreclosures and snatches away the livelihood of real estate agents trying to feed their families.

Mr. Lawsky's grandparents, immigrated from Nazi Germany to an apartment on 192nd Street after his grandmother’s father had been killed at Auschwitz; his parents, in turn, had made good through public schools, graduating from Bronx Science and C.C.N.Y. His father was in the U.S. Public Health Service, and Mr. Lawsky and a twin sister were born on a Navy base in San Diego before the family moved to Pittsburgh, where Mr. Lawsky grew up waiting tables and selling funnel cakes out of a food cart. As a high school point guard, he was recruited by several small schools but chose to attend Columbia, where he played briefly as a walk-on before taking up long-distance running. He wanted to study architecture, but, faced with drawing cubes, switched to art history. He became interested in the law when a controversial exhibition of Robert Mapplethorpe photographs in 1989 sparked a national conversation about art and the First Amendment. He graduated cum laude and enrolled in Columbia Law.

Mr. Lawsky has, in the past, questioned Ocwen and gotten them to agree to monitoring but more is expected this time around. For a man who threatened to take away Standard Chartered's license, he can surely do more than just deliver a gentle slap on the wrist to Ocwen.

"For almost 10 years," Lawsky wrote, "SCB schemed with the government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion, and reaping SCB hundreds of millions of dollars in fees. SCB's actions left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins, and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity."

I quote Ana Merlan, "Lawsky wanted to know why he shouldn't pull Standard's license to operate in New York—a move that would cost the bank billions. The financial world erupted in chatter.

From a sleepy federal investigation that was going nowhere fast to punishment that threatened Standard's very existence, it was clear there was a new sheriff in town."

It is time to be brave, Mr. Lawsky. Give the people some hope.

(The author, Saurabh Singh, is a student of the Buddhist monk Thich Nhat Hanh. He is a Foreclosure Prevention Activist and a vegan. He is also a member of People for Ethical Treatment of Animals(India), Consumer Advocates in American Real Estate, UNITES Professionals and supports charitable causes and crowdfunding.)

As part of the Federal Housing Administration (FHA) document requirements agents are required to provide a signed "FHA  Preforeclosure Sale Addendum & Real Estate Licensee Certification Form". This document is required by all lenders however, you can obtain the Bank of America Short Sale Addenda via the links included. These may also be obtained on the Bank of America Agent Resource Center under the Forms & Tips tab.

Note there is also a non-FHA version of the Short Sale Purchase Contract Addendum & Real Estate Licensee Certification Form. Bank of America asks that you please make sure the correct version of this form is being used.

The Opland Group  Specializes in  Real Estate Sales, Luxury Home Sales, Short Sales  in;    Bexley    Columbus    Delaware    Downtown    Dublin    Gahanna    Grandview Heights    Granville    Grove City    Groveport    Hilliard   Lewis Center    New Albany    Pickerington    Polaris    Powell      Upper Arlington    Westerville    Worthington

Columbus OH Short Sales, Columbus OH Realtor, Short Sale Specialists, Short Sale Process, Ohio Foreclosure Process and your Options, Avoid Foreclosure, Short Sale vs Foreclosure, What to do when you owe more on your home than its worth, How will a short sale affect your credit, Understanding Short Sales,  Bank of America Short Sales, Home Affordable Alternative Program (HAFA), What’s My Home Worth?

What Kind of Mortgage Fits Your Needs?

No matter the state of the economy, each year the number of new mortgages underwritten reaches millions of homeowners.  Some are buying for the first time while others are downsizing or upsizing.  When rates drop, like they did over the past 2 years, many people seize the opportunity to refinance their home loan.  However, how do people decide on which mortgage to use for their specific need?  An online survey conducted by HSH.com points to some of the factors that influence consumer decisions.

Most Important Factor

It should come as no shock that the most important factor is the interest rate.  Regardless of the type of loan, the size of the loan or the customers home state, everybody is trying to get the best rate for their home loan.  In the survey mentioned above over 45% stated that the rate was the top factor for choosing a loan.

Other items, such as the length of the term and the fees also ranked high in the survey, but none was as vital as the rate.

Deciding How Much to Use for Down Payment

The ability to make a down payment equal to 10%-20% of the home’s price will give the borrower a range of products to choose from.  A large down payment and a solid credit score will usually allow a borrower to qualify for a conventional loan which has the best interest rates.

For borrowers that have a smaller down payment, their options will be limited to FHA, USDA or VA for qualifying veterans.

Choosing the Right Term

With rates at an all-time low many borrowers are actually paying more attention to the term of the mortgage loan as part of the decision process.  While the traditional fixed rate of a 30 year loan remains quite dominant more and more people are looking at different adjustable rate products.  Those borrowers that have refinanced in the past 2 years have often chosen to go down to a 15 or 10 year term in order to drastically cut down on their total interest pay back while also paying off the home sooner.

Brokers Still the Top Choice

When looking for the right mortgage loan a number of people still prefer to use the services of a mortgage broker over a local bank or credit union.  In the survey mentioned earlier over 30% of respondents claimed that they sought the services of a broker rather than another type of lender.  Since brokers typically have access to multiple lenders they can offer any type of mortgage loan and get the best rate too.

Obviously, none of these factors discussed the two biggest items facing a borrower; are they happy with the home and can they afford the mortgage payment?  Beyond those two items, the guidelines mentioned above should help any new borrower pick a loan that is right for their situation.

Additional Mortgage Info:
Home Mortgage Loans

Related Articles:

1. Things You Should Ask a Mortgage Broker Things You Should Ask a Mortgage Broker Since buying a...
2. Thousands of homes Foreclosed; Can you afford a Risky Loan? Thousands of homes Foreclosed; Can you afford a Risky Loan?...
3. What is better for you: The FHA mortgage or the Conforming mortgage? What is better for you: The FHA mortgage or the...
4. WHEDA Home Loan Mortgage Rates at Historic Low I receive daily updates on current mortgage rates in the...
5. No Money Down USDA Mortgage Understanding the No Money down USDA Mortgage Buying a home...

Superintendent Benjamin Lawsky's office at the Department of Financial Services have raised certain concerns about Ocwen's ability to service mortgages and have halted indefinitely a $2.7 billion deal by Ocwen Financial Corp. to purchase mortgage-servicing rights from Wells Fargo.

Ocwen typically acquire loan servicing rights from lenders like Wells Fargo, Deutsche Bank, Bank of America, Chase, HSBC etc. and by acquiring companies like Homeward, Litton etc. who possess such loan servicing rights. The consumer has no ability to prevent his loan from being serviced by Ocwen.

The Consumer Financial Protection Bureau investigated Ocwen in the year 2013 and came to the conclusion " that Ocwen violated federal consumer financial laws at every stage of the mortgage servicing process" and "Ocwen made troubled borrowers even more vulnerable to foreclosure."

You may wonder what a loan servicer could possibly gain from a foreclosure. According to Ron Faris it would be an account lost! In order to understand this you need to understand that a company by the name Altisource Portfolio Solutions shares common ownership with Ocwen. Ocwen's Chairman William Erbey is also the chairman of Altisource and its single largest individual shareholder. Altisource sell foreclosed properties through their website www.HUBZU.com. In most cases these properties are listed through Altisource or Real Home Services and Solutions which is, no prizes for guessing, owned by Altisource. Altisource are also responsible for maintenance of these properties and provide title and escrow services to real estate transactions. In fact their Purchase and Sale Agreement states that the seller offers to pay the title insurance fees should the buyer elect to use Premium Title as BOTH an escrow and title company, thereby ensuring that escrow fees can be earned by Premium Title, who are an Altisource company! So Altisource and entities associated with and owned by Altisource earn from selling and servicing foreclosed homes in the following manner:
1. Real Estate commissions (usually up to 3%  of the net purchase price).
2. Buyer's Premium (usually 3-5% of the offer price, can be very high in some cases).
3. Web Technology Fee.
4. Escrow fees.
5. Title Insurance fees.
6. Property Preservation fees.
7. Closing coordination fees (if applicable).

In addition to this, Western Progressive, Altisource's wholly owned trustee subsidiary, processes residential non-judicial foreclosures in California, Nevada and Arizona.

So, while Ocwen do not stand to gain from these foreclosure related activities, Altisource do and thereby benefit the "common ownership".

You are vulnerable to foreclosures if:
1. You do not receive your statements on time.
2. If the payments you make are not credited to your loan account on time.
3. If your mortgage repayments rise due to higher insurance or other fees after the loan was transfered to Ocwen.
4. If your refinance/short sale/loss mitigation request was not given appropriate consideration or was rejected on flimsy grounds or was delayed while Ocwen were simultaneously attempting to foreclose on your loan.

If you are noticing early signs of such symptoms, it is better to take preventive measures. It is your right to approach regulatory authorities with your concerns. Please carry out due diligence to your satisfaction and don't just take my word for anything.

There is no place for foreclosures in a humane society.

While I strongly believe that as a responsible organization, Ocwen genuinely wish to help its customers, here is the link to submit your complaint to the DFS should you need to:

www.dfs.ny.gov/consumer/fileacomplaint.htm

(The author, Saurabh Singh, is a student of the Buddhist monk Thich Nhat Hanh. He is a Foreclosure Prevention Activist and a vegan. He is also a member of People for Ethical Treatment of Animals(India), Consumer Advocates in American Real Estate, UNITES Professionals and supports charitable causes and crowdfunding.)

To improve the customer experience, Bank of America has enhanced it's home retention application and document collection process in an effort to help customers explore all opportunities to resolve their mortgage delinquency. Changes to their home retention evaluation process have been implemented to support that commitment.

What has changed?

Application & document collection process:
A streamlined application process means that customers will now be evaluated for all availableforeclosure avoidance options and programs for which they are eligible, including loan modifications, short sales and deed in lieu, at the same time from one loss mitigation application. This approach will give customers more complete information about the range of options available and reassurance that Bank of America is working with them toward an acceptable delinquency resolution.

The short sale process will begin automatically if it is determined that it is the best option for the customer. Customers interested in proceeding with the short sale process can advise the short sale specialist to add the real estate professional of their choice to the file. The same customer documents collected during the home retention evaluation (modification) will be used for the short sale transaction. Eligibility criteria has not changed; however:

• We will continue to provide our customers with a comprehensive list of all the required documents, which are to be collected at the beginning of the process.  
• Notification will be provided advising of all options and programs for which the customer was evaluated along with the approval or denial resulting from the evaluation.

Helping customers understand this approach is critical to setting expectations and successfully partnering with them.

Bank of America Short Sale Initiation Process:
The customer may choose to proceed directly to a short sale evaluation and not be evaluated for home retention options first. Ensure the customer contacts their assign Customer Relationship Manager (CRM) to discuss options that are available to them. For this type of direct initiation a Borrower Election Form will be required before an approval can be provided.

• Customer Initiation: The customer calls Customer Care 1.866.880.1232 to request a short sale without previously being evaluated for home retention options. The Customer or Authorized Third-Party will work with the assigned short sale specialist to upload the required documentation

• Agent Initiation: The customer's agent or Authorized Third-Party opens the short sale record in Equator ^® and assists the customer to upload the required documentation

For both Agent initiated and Customer initiated files, a letter will be sent advising of any missing borrower required documents. In addition, for this type of direct initiation an Advisement letter containing the Borrower Election Form will be sent. The fully executed Borrower Election Form will be required before an approval can be provided.

To save time and avoid delays with the short sale process, borrowers should first explore all available home retention options prior to beginning the short sale or has chosen to pursue a short sale instead.

If you’re facing foreclosure you’re facing some very important decisions. We want you know you’re not alone and we are here to help with any questions you may have to assist you in making the best decisions for your situation. There is no charge for this service and we are happy to help! We offer confidential and professional real estate advice.

The Opland Group  Specializes in  Real Estate Sales, Luxury Home Sales, Short Sales  in;    Bexley    Columbus    Delaware    Downtown    Dublin    Gahanna    Grandview Heights    Granville    Grove City    Groveport    Hilliard   Lewis Center    New Albany    Pickerington    Polaris    Powell      Upper Arlington    Westerville    Worthington

Bank of America's team of short sale specialists are dedicated to assisting you and your client through the short sale process. Occasionally, an issue arises that demands immediate attention or an escalation. The best way to resolve escalated issues is to follow the steps below:

1. Notify Your Short Sale Specialist. Your short sale specialist can resolve most issues that occur during the short sale process. Simply send a message from Equator to your short sale specialist by selecting "negotiator" (or "closing officer") from the drop-down menu in the "To" field and provide the details of the issue.  Within two business days, you should receive a response. You can also contact your short sale specialist at the phone number previously provided to you and your client. If you have not received a response after two business days, or if the short sale specialist cannot resolve your issue, then go to step two.
2. Notify The Short Sale Team Lead. In those cases where your short sale specialist has not responded, you can contact the Short Sale Team Lead by sending a message from Equator. Select "Team Lead" from the drop-down menu in the "To" field and provide the details of the issue. Within two business days, you should receive a response from the Short Sale Team Lead. In those rare cases where you have not received an answer from the Short Sale Team Lead, or the team lead cannot resolve your issue, then go to step three.
3. Contact Short Sale Customer/Agent Care. To escalate the unresolved issue, call 1.866.880.1232 Monday-Friday, 8 a.m. to 10 p.m. and Saturday, 11 a.m. to 4 p.m. Eastern and provide the details to the short sale representative. Customer/Agent Care monitors the response rates for Equator messaging and will provide the best escalation option for your issue. They will ensure the escalation process is followed and tracked.

Most issues in the short sale process can be prevented by following the tips below:

1. Ensure Documents are Error-Free. Document errors are the main reason an issue occurs in the short sale process.  To avoid document errors, make sure you are:
   1. Using the correct form.
   2. Including all signatures, printed names, and initials in every applicable space on each page of your documents.
   3. Checking that signatures are in the proper format. Most issues arise if a document does not allow electronic signatures. If it does not, handwritten signatures and dates will be needed before the documents can be submitted.
   4. Providing complete, consistent buyer and seller information. Names, addresses, zip codes, and other information must be consistent on each document and on the HUD-1 or the seller's tax forms.
   5. Submitting clear and legible documents and a complete short sale package including a signed and dated hardship letter. Enter as much information electronically before you print the document.
   6. Including all agent information. Be sure to provide the names and license numbers for both buyer's and seller's agents.
   7. Submitting all requested documents on the same day. Each time documents are requested by your short sale specialist or Equator task, be sure to collect and submit them right away to expedite the process.
   8. Keeping the original title of each document. For faster processing, keep the original name of the document you download from the Agent Resource Center to refer to when discussing with your short sale specialist.
2. Be Aware of Deadlines. Many steps in the short sale process are time-sensitive. Check for Equator tasks daily and make note of deadlines provided by your short sale specialist. By using Equator for all communications, you can keep track of all communications and responses.
3. Understand the Equator Processing System. Equator is the best way to communicate with your short sale specialist and track the progress of the short sale. If you are not familiar with the Equator Processing System, education guides are available in the Agent Resource Center to assist you with the steps to complete a short sale.

Your short sale specialist is available to assist you and your client through the short sale process. For more information, please visit bankofamerica.com/shortsaleagent or call 1.866.880.1232.

Helping a home owner prevent foreclosure is a noble cause. Those realtors who wish to commit themselves to this cause are entering the path of Enlightened activities. However,  not everyone will be a success. It is more profitable to flip homes than work on a short sale for months only to see your efforts fail.

There are many challenges like negotiating liens, voluminous documentation, high wait time and an aggressive first mortgagee trying to foreclose the property. Such challenges do not exist on a normal real estate transaction. A reator entering this path will need to not only familiarize themselves with the technical aspects but also train their mind to develop certain special qualities.

This website does a good job of helping realtors with the technical aspects through a course and through the forum. When like minded people get together, they can encourage each other. However, I want to talk about training the mind to develop special qualities so we don't abandon our cause.

First,  we must try to remember that many people have helped us when we have been in distress and the high esteem in which we hold such individuals. Compare them with selfish individuals you have come across. You can then see clearly that you'd rather be the former than the latter. This is the first training.

Second, we develop the understanding that this could happen to anyone. Many people experience financial difficulties due to poor economy or not being able to work due to illness etc. Loss of job or reduction in income are the most common reasons due to which  people are unable to make  their mortgage repayments. This can happen to anyone. We must develop the understanding that this can easily happen to us.

Third, we develop a commitment to the cause. We must not look at a short sale transaction as just another transaction. We do not want to just go through the motions. Having realized that we want to help others and having understood that this could happen to us, we must seize the opportunity to rescue the home owners from their plight. This happens when we have committed ourselves to the cause. Every morning when you wake up tell yourself that today you will save homes from being foreclosed. You will save a family from the social and financial trauma brought about by a foreclosure.

Fourth, is awareness. Aware of the stress that such transactions can cause we can be better prepared. We have all experienced stress and if we did not like the experience chances are that somebody else will not like it either. By offering our presence to our clients we put them at ease by bringing them in contact  with our solidity.

Fifth, we must be vigilant. Many things can go wrong. By being vigilant we can prevent that from happening. Always keep an eye on the foreclosure clock. Check if you have standard documents like hardship letter, pay stubs etc. Some lenders frequently lose items or may deny having ever receiving them. Know where you are with each transaction at all times.

Sixth is developing the very valuable quality of patience. We have to tell ourselves that this will take time. You can negotiate a lien for 30% quicker than for 10% but that can kill the short sale. Be patient and help others do the same.

Seventh is perseverance. Perseverance is the ability to overcome difficulties that come our way. No agreement between the first and second lien holder. Unrealistic timelines set by the first mortgagee. Non responsiveness. These are commonly encountered challenges that we must overcome.

Eight is meditation. Take a glass of water. Add a few spoons of sand in it and stir it. That is the state of our mind. Now wait for the water to be still. The sand settles at the bottom and you can see clear water. This is a mind post meditation. By meditating we create conditions for wisdom to arise. We stop negative seeds like selfish desires, greed and frustration from germinating and we remind ourselves of these nine qualities and improve every day.

Finally, the ninth quality is wisdom. The understanding that we are all connected to each other and no one can do anything arbitrarily. While one idiot with poor knowledge can ruin it for others, this also means that we can make it a success. Make sure that you drive the transaction. Be clever. This realization will help you take almost every transaction to the desired conclusion.

Helping others is an activity of the Enlightened. Welcome to the path of Enlightened activities!

----------------------------------------------------------------

Saurabh Singh is a student of the Vietnamese monk Thich Nhat Hanh and is currently employed with Altisource. None of the views expressed in this post are endorsed by his employer.

I just wanted to drop you a note to express my heartfelt thanks for being there when someone needs you. All too often, the pursuit of wealth and duplicity associated with gaining the inside track to the "All-Mighty Dollar" seems to win over and corrupt even the most honest & upright individuals among us. Thankfully, you are not among them! 

We have known each other for a short 2-3 years but it seems as though we've known each other forever. We are kindred spirits, you & I. We believe in fighting for the oppressed, the put upon, the lied to...the "Little Guy" who for one reason or another cannot or doesn't know how to fight back against the Corporate Giant banking industry in regards to protecting their homes from, oftimes, illegal "landgrab" foreclosures. It was through our dedication to fight for them that we have not only become business acquaintances but good friends.

Friendship in both personal as well as professional relationships requires a commitment to truth, honesty, respect and a dedication to others as well as oneself. You have outdone and outlasted many of the so-called "professionals" I have known in both my personal and professional lives. I can't count the times that I've called you with a question that I had that we didn't go into a long discussion & "learning exercise" that has expanded my expertise & ability to help homeowners to fight back against unscrupulous and underhanded banks. You've always been available, open and honest in your counsel, yet compassionate and understanding to the plight of the homeowner. For these qualities in you, I'm truly thankful.

In closing, let anyone who may question your ethics, who may doubt your honesty or think otherwise of your dedication contact me, personally. For all that you've done for me & everyone whose lives you've touched you are owed a huge debt of gratitude. If there is EVER anything that I may do to help you or your cause, PLEASE don' hesitate to call me!!

Sincerely
Randy Dant

I would highly recommend the MIRS Service to family and friends. In fact - I have already done so. Janet was not only competent, extremely knowledgeable and factual, but she has always followed up on commitments she made to me. After the COTA was complete, she was also able to refer me to an attorney, Dale Wiley who was successful in stopping the foreclosure process on my home. The whole process was a pleasant one. The end result was what I had expected, no surprises- which was such a relief in such a stressful time. Thank you for providing such a valuable service to the average homeowners who would otherwise not have a clue about how to stop their foreclosure!

Sincerely
Gordon and Jeannie Merritt, WA

Make a difference! Save your home with this FREE report now!
Click here for more info! http://bit.ly/get-free-info

The most valuable gift you can give others is your presence. This is the perfection of giving. When we are present we are practicing the perfection of giving. When we are present and mindful we can touch life. We can truly be of service to others.

Working for a real estate service provider I come across many people experiencing great anxiety and stress. Some buying a home for the first time. Some desperate to save their homes. Some trying to prevent a foreclosure.

People rely on real estate professionals to help them through what can easily turn into a nightmare. Most real estate agents are quick to highlight their achievements, their qualifications, the number of deals they have completed etc. Only a few say, "Don't worry. I will be there. It can get complicated and frustrating but I'll help you cope with it."

Being there we can do more. We do not have to be Governors or Presidents to make a difference. We don't have to be the CEO to bring about transformation. We just need to be present and mindful. When we are present and mindful we can penetrate the moment. We can heal. We can transform.

Your presence reassures a first time home buyer. Your presence gives confidence to someone trying to prevent a foreclosure. Offer your presence, your serenity, your freshness. These are more valuable than you can imagine.

I am happy to be with you. Lets see what comes along. When we are present, we are aware. We can experience. The food, the music, the love. We can experience life. We can touch happiness. “The most precious gift we can offer others is our presence. When mindfulness embraces those we love, they will bloom like flowers.”

------------------------------------------------------------------------------------

Saurabh Singh is a student of the Vietnamese monk Thich Nhat Hanh and is currently employed with Altisource. None of the views expressed in this post are endorsed by his employer.

PDF Version of this article - 10 Underwater Homeowner Options

Slipping toward foreclosure can lead to feelings of anxiety, depression, and loss of self-esteem. Don’t give up. There are options available to help millions of homeowners rescue themselves from the brink. Since it is crucial to act before a foreclosure takes place, now is the most important time for you to review the following options and solutions.

As a Certified Distressed Property Expert (CDPE), I am trained in assessing all foreclosure alternatives and pursuing the best solution for your own financial situation.

1) Short Sale

A short sale allows the homeowner to avoid foreclosure, minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, a short sale allows the borrower to qualify for a new mortgage in just 24 months, as opposed to five years or more after a foreclosure.

A trained real estate agent can help facilitate a short sale with your lender if you have three qualifications. First, you must show some type of financial or personal hardship. Second, you must have a monthly shortfall, meaning your monthly expenses are greater than your monthly income. Finally, you need to prove that your debts are greater than the value of your assets (certain investments, property, etc.). These requirements may differ per lender, so check with a distressed property specialist for specific information from your mortgage company.

2) Reinstatement

A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult for homeowners to achieve. The homeowner simply pays the total amount past due (including late fees) to the lender. This solution does not require the lender’s approval and will “reinstate” a mortgage up to the day before the foreclosure sale.

3) Forbearance or Repayment Plan

A forbearance or repayment plan involves negotiating with the mortgage company to allow the homeowner to repay back-payments over a period of time. The homeowner typically makes current mortgage payments in addition to a portion of the back-payments owed. This option requires lender approval.

4) Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These changes require lender approval and typically result in a lower payment for the homeowner and a more affordable mortgage.

5) Rent the Property

This option does not require lender approval, but does require the homeowner’s ability to rent the house for enough money to cover the monthly mortgage payment.

It is important to remember that there may be unexpected costs associated with the maintenance of a rental property in addition to the monthly mortgage payments. Homeowners should take this into consideration when deciding whether this option will work for them.

6) Deed-in-Lieu of Foreclosure

Also known as a “friendly foreclosure,” a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property. Deed-in-lieu can potentially lessen the damage to a credit score and future loan eligibility, and sometimes the lender will forgo their right to pursue a deficiency judgment, meaning the homeowner will not be responsible for further payments.

7) Bankruptcy

Many have considered and marketed bankruptcy as a “foreclosure solution,” but this is only true in some states and situations. This does not require lender approval, but you must have non-mortgage debts that you claim as a hardship.

Entering bankruptcy can be a risky and costly process. Be sure to seek the advice of a qualified bankruptcy attorney when pursuing this as an option.

8) Refinance

As opposed to mortgage modification, refinancing means you will be acquiring a new loan based on your current credit standing. If you have already missed mortgage payments, your credit score may make it difficult to find a loan with cheaper payments.

9) Sell the Property

Homeowners with sufficient equity can list their property with a qualified agent who understands the foreclosure process in their area. Unfortunately, many homeowners in today’s market have experienced a decline in home value and may owe more than what the home is worth.

10) Servicemembers Civil Relief Act

(Military personnel only)

If a member of the military is experiencing financial distress due to deployment—and that person can show that the debt was entered into prior to deployment—he or she may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers to help qualify them for this relief.

Pull Yourself Back From the Brink

If you are on the edge, you have no time to waste. Call me today; I’m here to lend a hand.

Place Your Confidence in CDPE

With the right assistance, the stress of facing foreclosure becomes manageable. CDPE- designated agents have received the knowledge and training necessary to assess all possible foreclosure alternatives and pursue homeowners’ best options. A CDPE- designated agent attends several days of intensive, thorough training on foreclosure avoidance and how to help facilitate a short sale efficiently and ethically. The highly regarded CDPE logo means you are working with the most informed, up-to- date resource available.

Michael Collins, CDPE, SFR, BPOR
Broker - Rock Realty
608-921-8536

If you are wondering if a short sale might be right for your home, please visit our Short Sale Home Evaluation page.

To know me is to know that I LOVE peanut butter...I love it on a spoon by itself, on bread, with jelly, without jelly, with bananas, etc...I think you get the picture.

When someone felt it prudent to mix peanut butter with chocolate.....OH MY!!!! I was in absolute peanut buttery heaven!!!!

Now that you know how I feel about the peanut butter and chocolate.......

Recently...Bank of America announced that it was now processing it's FHA short sales through Equator!!!

WHADDAYA MEAN????

Gone are the days of

*Endless faxes that apparently dump into a black hole never to be retrieved again

*Unanswered phone calls that seemingly fall into a telephonic abysss

*Having to repeatedly update docs that have expired because it's been 8 months and the file still hasn't even been assigned

Alas.....I've found that warm fuzzy feeling that I've only been able to receive from peanut butter and chocolate...Bank of American PFS Short Sales and Equator....I've found a new love!

Hi Everyone.  I am negotiating a short sale where the first is a Freddie Mac serviced by Nationstar and the second lien holder is Cenlar.  Cenlar wanted a $43K payoff and I negotiated down to a bottom line of $12K.  The Freddie Mac guideline is to pay no more than $6,000 to the second lien holder.  The buyer had agreed to reduce the closing cost credit by $3,000 and both agents will be pitching in $1500.00 to come up with the other $6,000.  I had a new HUD done and sent it to Nationstar.  They are refusing to allow this to take place.  Nationstar said that these are Freddie Mac's guidelines and that we will not be allowed to pay Cenlar any more than $6000 --period.  No contributions will be allowed.

Has anyone been able to get around this situation?  If so, how did you do it?  Anyone have any creative ideas?

I have escalated this with Freddie Mac and should be talking with a case manager within the next few days, but the supervisor I talked with today for over an hour said that Freddie Mac will not bend these rules.

Thank you for any ideas!

Suzanne Martin