The Place to get the Latest Dust from the Mortgage Industry. My job is to keep you updated on all that is going on in the industry!!! Most of this will keep you educated & it will save you MONEY in the long run.
Got a question? Ask away! http://ask.fm/mortgagedust
Foreclosure procedures have been initiated against 1.7 million of the nation’s households. The pace of resolving these problem loans is slow and getting slower because of legal challenges, foreclosure moratoriums, government pressure to offer modifications and the inability of the lenders to cope with so many souring mortgages.
The average borrower in foreclosure has been delinquent for 438 days before actually being evicted, up from 251 days in January 2008, according to LPS Applied Analytics.
Even though I don't recommend this for everyone it may be the last possible step a homeowner can take
to get their financial house in order. Feel free to contact me 800-208-4753 or refionce@gmail.com
Article showing things are getting worse then what Media has been saying for much of this year. I feel that CNBC blog is sometimes too soft on the Banks and lenders
but they do cover a lot of issues.
In my professional opinion I see a double dip recession coming I apologize for the doom outlook and can't wait for the day I can say
that we are recovering but after the Summer time I see the Real Estate Values dropping more and the Unemployment Rate going over 10%
If you need help getting your Financial "House" in order feel free to contact me. 800-208-4753 Office or refionce@gmail.com
Feel free to contact me at 800-208-4753. Based on HAMP Guidelines you may qualify for loan modification if your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) is more than 31% of your current gross income.
See how Homeowners are getting their Mortgages modified ! MANY ARE SAVING HUNDREDS EVEN THOUSANDS PER MONTH & OVER THE LIFE OF THE LOAN!!! CALL TODAY 800-208-4753
Get your financial house in order Call today 800-208-4753 OFFICE or email me at refionce@gmail.com See how you can save hundreds even thousands per month!
Macro economic data suggest the great recession is over. But the gap between the haves and the have-nots is growing, thanks, in large part, to a jobless recovery. Wall Street Cheat Sheet’s Damien Hoffman says the growing underclass now accounts for about 10% of the U.S. population.
In this clip, he and his brother Derek, who jointly run the Wall Street Cheat Sheet website, point to several signs America is turning into a two-class society:
* -The foreclosure problem. 2.8 million homes were foreclosed in 2009. RealyTrac expects that number to increase to 3-3.5 million in 2010. Damien Hoffman thinks it could be even higher if "strategic foreclosures" become a more accepted practice.
* - Unemployment. The official rate is 9.9% but the wider measure of under employed and those who have given up on their job search is more like 17%. That's more than 24 million Americans out of work.
* - Record numbers using food stamps. The Agriculture Department said a record 40 million Americans, or 1 in 8 Americans, may not be able to eat without government assistance. “This is the ultimate sign of an under class,” the Hoffman Brothers say.
* - Take a look at Dollar Tree Stores. The discounter's stock is near an all-time high while revenues are up 12.5% this year. In other words, more Americans are chasing cheaper goods.
I am reviewing the Foreclosure Radar report on Foreclosures in California for the month of April 2010. The numbers are not good in my professional opinion. It might be good news to some.. Lawyers and Realtors! Here is a breakdown
"Foreclosure filings were down in April for the 1st time since the beginning of the year. Despite the decline in filings, the inventory of properties in Pre-foreclosure or scheduled for sale only dipped slightly as the drop in filings were offset by an increase in the time to foreclosure" --Foreclosure Radar
1. Notice of Trustee Sale
still close to the pace of 2009 3.10% vs. Prior Year
Notice of Trustee Sale filings set the date and time of auction and serve as the homeowner’s final notice before sale.
2. REO Inventory still high
REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.
3. Notice of Trustee Sale
Cancellations higher by 11.39% prior month and 174.37% from this time last year!!!!
*After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal
requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the Bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to Bank and become part of that bank’s REO inventory. –Per Foreclosure Radar Report April report
This is the number that bugs me the most since it just shows that one a cancellation can be the bank re-filing the Notice of Trustee sale due to extended postponements, a filing error or successful short sale or loan modification which I highly doubt. Since I am seeing more and more banks delaying loan modification approvals by up to 6 to 9 months. The number just is not going down and it's creating a major back log.
4. Sold to 3rd Party
Is up 6.05% from the previous month and up 158.62% from last year!!! This just brings surrounding homes market value down since most 3rd Party sales are below the Market value of the home.
Based on these numbers I don't see a Real Estate Recovery this year. I would consider this year gone and done for Real Estate barring something drastically happening down this year like having the Federal Government doing something about changing the "Making Home Affordable" program to include values and having the Banks seriously doing modifications of home loans to a reasonable payment of the home loan since I see possible worse case scenarios affecting all debt ridden homeowners. One scenario is Interest rates shooting upwards after inflation takes effect and it will due to ALL the spending being done by the Federal Government. Second scenario is continuing slow down of the economy on the job front which experts are saying could last into 2014!!!!!!! All this will continue to trickle down the whole economy as a whole especially when our economy is 75% consumer spending!
I will be coming out with a Do it yourself Consumer and Loan modification package soon. This package can get you on a more solid financial footing. Feel free to call me at 800-208-4753 or email me at refionce@gmail.com for pre-order special price of $79.00 once the package goes online for sale the price will be $125.00.
This loan is a 2nd lien or 2nd mortgage on a Rental property. The original loan amount was $30,314.00. GMAC at first turned down the settlement offer all together but after a few months they came around. They came back with a initial offer of $7,500.00 we countered with $6,000.00 and we just got the approval! Click at the link to see it! APPROVAL
So now the borrower has no 2nd mortgage and that eliminates the 2nd mortgage payment of $294.43 & over the life of the loan he is saving $70,000 in just what he would pay on INTEREST!!!
OLD TERMS
30,314.00 LOAN AMOUNT
11.25% INTEREST RATE
30 YEARS
$294.43 PRINCIPAL AND INTEREST
NEW TERMS
$6,000.00 SETTLEMENT AMOUNT
NO MORE PAYMENTS
NO MORE 2nd Mortgage
FYI I will soon be releasing a Consumer Credit & Loan Modification Package which could save you hundreds per month & hundreds of thousands over the life of the loan! This will not be a just Do it yourself Package or E-BOOK. This is a package of how to beat the banks at their own game! Sign up for email updates and I will send out an email once it's ready! Like always feel free to contact me at 800-208-4753 Office or email me at refionce@gmail.com for more information.
This is a Rental Property & the borrower was on an Adjustable loan which got up to 11.00% before settling to 10.25% and the client was behind over 12 months on the mortgage payment. His main worry was his Interest rate could go up higher once Interest rates start moving upwards. The old and new terms are as follows
OLD TERMS
10.25% Interest Rate (Adjustable)
No Escrows included
12 months behind on mortgage payments
Loan modification was turned down once before by the bank
NEW TERMS
8.00% Interest Rate (Fixed) Loan is now impounded Client is now current and is longer facing foreclosure
I would like to note that the loan modification is not the best of terms but at the end of the day ALL banks have the final say on what they want to give the Borrower as in new loan modification terms or even approving a loan modification. Feel free to give me a call or email me with any questions you may have 800-208-4753 Office or refionce@gmail.com Click on the link for Approval http://bit.ly/ayjl5hNewApproval
Feel free to contact me at 800-208-4753 or refionce@gmail.com if you have any questions regarding loan modifications or if you are thinking of doing a short sale on your home!
