Updated Loan Modification Approvals

Here is the direct link to all my approvals for this year.  As of December 2010 I have seen
many banks move to help borrowers out with loan modifications. 

Loan Modification Approvals

2nd Mortgage Settement with Ocwen Loan Servicing LLC

Borrower was late 9 months and was owed $59,000.00 on a 2nd mortgage with Ocwen Loan Servicing LLC.
We received a settlement offer of $4,000.00.  Once the Borrower pays the $4,000.00 the 2nd loan is paid and the 2nd lien is released! Check out the Old Terms and New Terms.  The Client will save over $162502.31 since he would have paid $166,502.31 over the life of the loan once all the payments would have been made.  Actual Approval


Old Terms

$47,619.15 Original Loan Amount* Actual Loan Amount $59,000.00 with all late fees
11.25% Interest Rate
30 Years Fix
$462.51 Payment
$166,502.31 Total Payments after 30 Years
$118,883.16 Total Interest paid after 30 Years

New Terms

$4,000.00 Payment
$ 0 Payment
0 2nd mortgage

New Loan Modification Approval Aurora Home Loans

Here is a new approval from Aurora Home Loans.  Clients had a 7.25% interest rate and Interest Only Paymentt and were facing financial hardship due to slow down in their income.   Borrower will save over $90,000.00 for the first 5 years and their interest rate will cap out at 4.50% for the life of the loan.  That's a drop of 2.75% percent! Check out the new approval  Aurora Approval and you can also visit this link for my past loan modification approvals http://bit.ly/loanmodapprovals


Old Terms

$488,000.00 Loan Amount
7.25% Interest Rate
$3.227.38 PITI  (Interest Only, Taxes and Insurance)

New Terms 

$529,899.43 Loan Amount
2.00% first 5 years
4.50% fixed for the life of the loan
$1,679.49 (PITI) Principal, Interest, Taxes and Insurance Payment for the 1st 5 years!
$2,257.92 (PITI) Principal, Interest, Taxes and Insurance Payment payment for the life of the loan!

Outlook for 2011 and 2012: Loan Modification, Interest Rates & Taxes Predictions

As we close out 2010 I just want to say that it's been another roller coaster year just like last year CHECK IT OUT  While i was wrong about interest rates going up this year I do still believe they will go up in the future which i now see anywhere between the next 12 to 24 months.  Also I see higher taxes for everything that can be taxed will be taxed!!! Our Governments will need to find ways to make up revenue somewhere since unemployment will continue to rise or at best stay where they are at.  The elephant in the room that no one is still talking about is the continuing of the foreclosure and shadow inventory of homes many states are not reporting since that would spook everyone out.

As with everything it will come back full circle since a foreclosed home costs not only the person that owned the home but the surrounding homes as lost value.  Also costs City, County and then State and Federal governments revenue in the long run.  I see 2011 and 2012 are going to be some more difficult years for all of us and I feel that with all the data that is out right now I believe the Government and Banks will have no choice but to streamline the loan modification process.

I have seen many approvals this year and I see the moving trend towards that direction for the forseeable future.  What i advice many people to do is secure your financial foundation do not wait until your behind on your house payment 3 to 6 months to look for help! I still see many homeowners keep paying on their car or credit cards before making their house payment...WHY??? Banks are in a bad spot do not believe all the "Good News" you hear on the News or read on the internet! Banks will work with you but you first need to speak up and ask for help or if you do not have time hire someone i know it's hard to find people that are honest or care about your financial well being but there is Ask around to family and friends! Well that's my opinion on where we are going and if you decide that you need help I'm here for your Debt Settlement, Loan Modification, Refinance and Short Sale needs.  Good Luck!

New Approval!!! CITI-Mortgage Borrowers Gets interest rate of 2% !!!

This Approval is from Citi Mortgage.  The Borrower had a 6.30% interest rate that was adjustable.
When we applied for a loan modification the first time the bank wanted to give the borrower a $63.00
reduction! We re-applied and this time around we got a the "Making Home Affordable" Loan Mod
Approval.  The Borrower will be saving over $90,000.00 in the first 5 years! Click HERE for a copy
of the loan modification approval

OLD MORTGAGE TERMS

$415,618.67 -Loan Amount
6.30% Interest Rate
Adjustable Rate
$2,399.33 Principal & Interest
$1,161.47 Taxes & Insurance
$3,560.80 Total Payment


NEW MORTGAGE TERMS


$442,878.71 -Loan Amount
2.00% Interest Rate

Fixed Rate

$1,774.26 Principal & Interest
$400.08 Taxes & Insurance
$2,037.05 Total Payment
$1,523.75 Monthly Savings!!!

Call today and let's get started on your Loan Modification request! Loan Modifications are happening
everyday! Save your House and Your Money!

Robo-Signing Foreclosure Freeze Update

Here’s a quick update on the impacts we are seeing from “Robo-Gate”. For those that missed this major foreclosure news item, robo-gate refers to the foreclosure freezes implemented by various lenders after revelations that foreclosure filings were being attested to in a robotic fashion that may not have met legal requirements. In the beginning the freezes were limited primarily to 23 states that use the judicial foreclosure process, but on October 8th the impact grew when Bank of America announced a national foreclosure freeze.

Stop Foreclosure and get some help

Were here to help here's what we can do:

* Prevent foreclosure
* Explain the foreclosure alternatives:
o Forbearance
o Repayment plans
o Loan modification
o Short sale
o Deed in lieu or "Cash for Keys"
o Bankruptcy
* Apply for government loan modification and mortgage relief programs
* Assistance in talking with your lender

We are here to help — Whether you are having trouble with your housing expenses, have fallen behind on your mortgage payments, or are facing immediate foreclosure
Feel free to contact us at 800-208-4753 Office or email at refionce@gmail.com

Read full article here: Robo-Signing Foreclosure Freeze Update

Current Loan Modification Approvals!

Here is a Updated List of Loan Modification Approvals

As you will see the approvals are from Every Lender out there!
We are currently offering a payment plan to get your loan modification
reviewed by your lender since we believe all homeowners needing help
deserve the help they need on't forget to visit our site or sign up for our Weekly 
Newsletter for updated News and Loan Modification Approvals
and read about the money our clients are saving!

Current Loan Modification Approvals CLICK HERE

40 months to clear inventory of Foreclosed Homes!!!

IBPS IBM lender Business Process Services! Modification Approval! $182k in savings!

Another Loan Modification Approval This time it's from IBM lender Business Process Services.  The client’s old payment was $2,530.00 with taxes and insurance included.  The new payment is $1,808.18 with Taxes and Insurance included.  The 1^st 5 years the interest rate is (2.75%) and  borrower will save over $43,000.00.  On the 6^th year the interest goes to (3.75%) and then The interest rate caps at (4.125%) for the life of the loan.  Take a look at the year savings versus the old loan terms!

Loan Modification Approval 

Yearly savings over 28 years!

1 to 5 years interest rate (2.75%) Payment of $1808.18 with Taxes and Insurance =$43,000.00

6^th Year interest rate (3.75%) Payment of $1950.99 with Taxes and Insurance = $6,948.12

7^th Year interest rate (4.125%) Payment of $2,004.44 with Taxes and Insurance = $132,441.12

Grand Total = $182,389.24

New Chase Approval! October 2010

Borrower had a interest rate of 7.375% with CHASE.   Borrower went from a payment of $3,887.50 (PITI) to $2,483.78 (PITI) SAVING $1,403.72 per month that's $84,223.20 the borrower is saving in 5 years! The interest rate starts at 2% for the first 5 years and climbs to 1% every year until it caps at 4.375% for the remaining loan term.

6th Year (Old Payment) $3887.50 - $2,736.38 (New Payment) = $1,151.12
7th Year (Old Payment) $3887.50 - $3002.40 (New Payment) = $885.10
8th Year to 39th Year (Old Payment) $3887.50 - $3104.46 (New Payment) = $783.04

Check out the approval HERE

Foreclosure Mortgage Mess...Might get Homeowners Free & Clear Houses!

Banks worse nightmare scenario is coming!

The Housing Problem is getting bigger!

Again I hate it when I'm right! The housing problem is getting to the point where many States and City Governments can not afford to ignore any longer.  Check out the stories below.  The Foreclosure problem and lack of help from many "HUD" Agencies and Loan Modification Companies are not helping either.  There is a lot of rumors flying around right now of the Obama Plan Version 2.0 and Countless State Homeowner Stabilization plans. only time will tell.

Watchdog: Treasury outsourced most bailout work -http://yhoo.it/dAVgfN

Banks seize 288K homes in Q3, but challenges await -http://yhoo.it/93lgu7

Wells Fargo to Begin Offering Pick-A-Pay Relief

Wells Fargo has announced that beginning Dec. 18, 2010, through June 30, 2013, at-risk Wachovia Pick-a-Payment customers may be eligible to earn principal forgiveness by making on-time mortgage payments. The company also will contribute about $24 million to eight states to enlist help in customer outreach, and to prevent or mitigate the impacts of foreclosures in these communities. The terms of this agreement have been contemplated in the company’s financial projections, and are expected to have no impact on third-quarter financial results.
The program is part of an agreement with attorneys general in Arizona, Colorado, Florida, Illinois, Nevada, New Jersey, Texas and Washington who expressed concerns about the manner in which pay-option mortgages were originally marketed by World Savings Bank and Wachovia, who originated these loans prior to merging with Wells Fargo in late 2008. The agreement expands on Wells Fargo’s existing home

Publish Post

preservation efforts. Through August 2010, at-risk Wachovia Pick-a-Payment customers already had been given almost $3.4 billion in principal forgiveness.

If you need help with a Loan Modification, Short Sale, Refinance or Purchase contact us at 
Click on the link for the full article http://bit.ly/aELmHo

Obama won't sign bill that would affect foreclosure proceedings

Amid growing furor over the legitimacy of foreclosure proceedings, White House officials said Thursday that President Obama will not sign a two-page bill passed by lawmakers without public debate after critics said the legislation could loosen standards for foreclosure documents.
The bill, named the Interstate Recognition of Notarizations Act, would require courts to accept document notarizations made out of state. Its sponsors intended the effort to promote interstate commerce. But homeowner advocates warn the new law could allow lenders to cut even more corners as they seek to evict homeowners.




Obama won't sign bill that would affect foreclosure proceedings

Interest Rates going up

SAN FRANCISCO (MarketWatch) -- Freddie Mac /quotes/comstock/11k!fmcc (FMCC 0.32, -0.01, -1.56%) said Thursday the 30-year fixed-rate mortgage average edged up to 4.37% with an average 0.7 point for the week ending Sept. 16. In the previous period, the average was 4.35%, and the year-ago average was 5.04%. "Interest rates on 30-year fixed mortgages have remained below 5% for the last 19 weeks giving people ample opportunity to refinance their existing mortgage debt.

Read full story:

http://www.marketwatch.com/story/freddie-mac-30-year-fixed-rate-mortgage-edges-up-2010-09-16-107420?dist=countdown

New Loan Modification Approval Aurora Loan Services

We just received another Loan Modification Approval this time it's Aurora Loan Services.
Borrower is going from a payment of $3,227.38 to $1,679.30.  Please read the APPROVAL it
states that as long as the borrower makes the payment on time the Permanent Loan Modification
will go through.  This is what many banks and lenders are doing first they verify everything you submit
when you apply for a loan modification (income)and from there you will either get a denial or an approval.
This is the 2nd of the current modification approvals we have seen this month where the banks are doing this.
In my professional opinion I like the way it's being reviewed since it stops the slow down of the review period and now you know that if you qualify for a trial payment then you will usually get a loan modifications finalized.  The only banks that I see doing the loan modification process correctly is Chase and Aurora.  Hopefully Citi Mortgage and Bank of America will be shamed into doing the right thing really soon! but I doubt B of A will get it check this out (http://www.piggybankblog.com)it should be a crime what some of these banks are doing to homeowners.

Let's get started today! 

Let judges reset mortgages: It would be drastic, but lenders are doing too little.

In Florida, one in nine households with a mortgage was at risk of foreclosure this summer. This week, the Obama administration will begin yet another program aimed at easing the housing crisis. It's the first that goes to the root of the crisis - underwater mortgages - but it may do no more good than the others.
Starting Tuesday, the Federal Housing Administration will permit lenders to give those homeowners refinanced loans backed by the government. Lenders must forgive at least 10 percent of the principal. In Florida, where 46 percent of home mortgages are under water, a 10 percent principal reduction means little. Home values in South Florida suffered the worst decline of 25 large metropolitan areas in the second quarter of this year.
Because prices have fallen so far, it may take a decade for many borrowers to erase their negative equity. Many will walk away from their mortgages, adding to the foreclosures and further delaying Florida's recovery. "The Obama administration's housing programs have not been successful," said Jack McCabe, chief executive of Deerfield Beach-based McCabe Research & Consulting. "In fact, I think they've been flops.

Read Full Article here:
http://www.palmbeachpost.com/opinion/editorials/let-judges-reset-mortgages-it-would-be-drastic-909043.html

Surprise! Banks help more homeowners than Obama

NEW YORK (CNNMoney.com) -- Remember how everyone complained that banks weren't doing enough to help troubled borrowers?

Well ...Banks have realized that foreclosing on home after home after home may not be in anyone's best interest -- least of all their own. So they've ramped up the number of loan modifications they're handing out to their delinquent clients.

Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration's signature Home Affordable Modification Program, known as HAMP.

But before homeowners rejoice, they should take a close look at the terms of their bank modification offers, consumer advocates say. Many may not be as good as HAMP, which lowers monthly payments to 31% of pre-tax income.

"We don't know if they are sustainable based on the monthly payment," said John Snyder, manager of foreclosure prevention programs at NeighborWorks America, adding banks don't release a lot of information about their modifications. "We're not sure what to think."

Reducing interest and principal

Banks have long come under fire not doing enough to help troubled homeowners, particularly when the mortgage crisis started spinning out of control in 2007. Many loan servicers initially addressed the problem by tacking on the missed payments, which only increased strapped homeowners' monthly burden.

Best recovery bets: 7 cities on the mend

More recently, however, banks have trumpeted their in-house efforts to stem the foreclosure tidal wave. They are calling more attention to their own programs at a time when the president's plan is being widely panned for its ineffectiveness.
Servicers completed nearly 644,000 so-called "proprietary permanent modifications" in the first half of this year, compared to 332,000 such adjustments made under the Obama program, according to Hope Now, a consortium of mortgage servicers, investors and housing counselors.
About half of borrowers who don't land a permanent HAMP modification are given an in-house adjustment, according to federal statistics.
"The vast majority of modifications getting done are happening outside of HAMP," Mike Heid, co-president of Wells Fargo Home Mortgage, told a House of Representatives panel in June.
At the hearing, bank executives credited the president's plan with setting an industry standard for loan modifications. But they told lawmakers that their own programs have helped far more people.
About 78% of banks' in-house modifications involved interest rate and principal reductions, Hope Now found.
Housing advocates are increasingly calling on banks to reduce principal because many homeowners owe so much more on thier mortgages than their home are worth. Banks have been loathe to cut loan balances, and virtually no government-subsidized modifications involve this step, in large part because Fannie Mae and Freddie Mac do not allow it. The two mortgage finance giants guarantee many of the loans eligible under HAMP.
Outside of the Obama plan, however, banks have started to warm to principal reductions.
Wells Fargo, for instance, said last week it has reduced more than $3.1 billion in principal on nearly 60,000 loan modifications in the past 18 months. It uses a combination of principal adjustments, interest rate reductions and term extensions to assist its borrowers, the bank said.

Not the same

Unlike the Obama program, however, bank modifications can vary widely and few details are available about them. Housing counselors say they have heard of some with unfavorable terms.

Calculator: How much is your house worth?

Ida Ward was none too pleased with the permanent modification offer she received last month.
The Atlanta middle school teacher had called her mortgage servicer in the spring of 2009 after seeing her income drop considerably. She was enrolled in a trial HAMP modification, which reduced her monthly payments to $1,424, down from $2,430.
After more than a year in the trial period, Ward received a final loan modification agreement. But she soon realized she had been shifted from the president's program to an in-house Chase modification with "horrible" terms. Her loan was being amortized over 40 years at a 5% interest rate with a $197,500 balloon payment due at the end. She must now pay a little more than $2,000 a month.
"These banks should be ashamed of the terms that they are giving to borrowers," said Ward, who said she had no choice but to accept the offer. "The loan modification process is flawed and deceptive to borrowers."
A Chase spokeswoman said that Ward did not meet the qualifications for a HAMP modification, but the bank was able to give her an adjustment that it believes will allow her to keep her home.

Case Shiller Home Price Index Results

New Loan Modification Approval GREEN TREE Servicing

Here is a new Approval we just received from Green Tree Servicing
Borrower was behind by 2 payments and is a Business Owner who has
seen the Business sales go down since 2008. The Homeowner had a
5 Year Fix Loan and was making the Taxes and Insurance Separately from
the Mortgage Payment. Old Interest Rate was 5.375% and now the new interest
rate will be 2.00% for the first 5 years and go up 1% every year until it hits
the ceiling rate of 4.50% fixed for the life of the loan. Check out the
details below and see how much the Homeowner is saving Now!!!! Call or email me
today and let's get started!!! 

OLD TERMS

$417,000.00 Original Loan Balance
5.375% Interest Rate
5 Year Fix Loan than it would adjust
$2,335.08 Principal and Interest Only
$902.23 Property Taxes and Homeowners Insurance.
$3,237.31 Total Mortgage Payment with Taxes and Insurance

NEW TERMS

$397,453.93 New Loan Balance
2.00% Interest Rate
5 Year Fix after 5 years interest rate goes up 1% until it caps out at 4.50%
$1,203.59 Principal and Interest Only
$902.23 Property Taxes and Homeowners Insurance
$2,105.82 Total Mortgage Payment with Taxes and Insurance

The savings per month is $1,131.49 equaling to $67,889.40 after 5 years
when you minus the OLD Payment of $3,237.31 to the new payment.

The savings per month after on the 6th year is $936.79
The savings per month after on the 7th year is $731.27
The savings per month after on the 8th year is $625.55

In all the Homeowner is going to save hundreds of thousands of dollars since the loan is not in danger of adjusting to a higher interest rate since I DO SEE INTEREST RATES climbing to Double Digits in about 5 years Good Luck asking the banks to give you 2% or 4.50% down the road!
The new loan is now fixed for life at the low rate of 4.50%! That is the lowest interest rate you can possibly get in today's low interest rate market!

Existing Home Sales Hit 15-Year Low; Housing Market Weakens

State of Housing

Today's Interest Rates

4.50% 30 Year Fix

4.00% 15 Year Fix

New Approval!!!! First Franklin 2nd Mortgage

Just Got another Approval! for a client with First Franklin on a 2nd Mortgage.
Client is saving $447.00 a month and the interest rate has gone from 8.375% to 0%
Below is the Old and New Terms!

Old Terms

$137,800.00 Loan Amount
8.375% Interest Rate
30 Years
$1,047.00 Payment
11 Payments behind

New Terms

$124,749.00 Loan Amount
0.00% Interest Rate
$600.00 a month
17 Years 4 Months
Current

My Client is saving $114,506.72 in Interest alone!!!!! On top of that the Bank has agreed to allow the Client to payoff the loan for 25% of the balance down the road if the Client chooses too.

Let me help you Modify or Settle Your Mortgages! 

Fixed mortgage rates hit record lows: Freddie Mac Mortgages - MarketWatch

NEW YORK (MarketWatch) -- Fixed-rate mortgages continued their decline to record lows this week and the 5-year adjustable rate also reached a new low, Freddie Mac reported Thursday.

"Low rates are helping to heal many battered local housing markets by increasing home-purchase activity," said Frank Nothaft, vice president and chief economist at Freddie Mac, in a news release.

Fixed mortgage rates hit record lows: Freddie Mac Mortgages - MarketWatch

Loan Modification Approvals

Call today to get started Save Hundreds even Thousands.  Below is a example of one the previous approvals.  Here is the link for our Loan Modification Approvals
http://www.mediafire.com/?sharekey=8sum968m68ldm

ASC

Old Terms

$548,000.00 Mortgage Balance
7.625% Interest Rate (Adjustable Rate)
$3,878.71 Principal & Interest
$644.02 Escrow
$4494.73 Total Payment
6 months behind
$1,396,335.50 total payments over the life of the loan
$848,335.50 total interest over the life of the loan

New Terms

$531,631.45
5.00% Interest Rate (Fixed Rate)
$3,145.30 Principal & Interest
$644.02 Escrow
$3,789.32 Total Payment
$1,027,869.54 total payments over the life of the loan
$495,999.54 total interest over the life of the loan
$368,465.96 Saved over the life of the loan.
Homeowner is now current.

Challenges for the Economy and State Governments

The Chairman of the Federal Reserve, Ben Bernanke, gave a speech today at the the Annual Meeting of the Southern Legislative Conference of the Council of State Governments. The topic: Challenges for the Economy and State Governments
Below is an outline using excerpts from his speech. We've been grinding this ax for the last year or so and think it is an important perspective to keep in mind.

Read Story here http://www.mortgagenewsdaily.com/08022010_educate_america.asp

Read the Speech here http://www.federalreserve.gov/newsevents/speech/bernanke20100802a.htm

Need to Refinance, Purchase or Modify your home loan

Refi Help for Homeowners

25% Cashback offer to refinance or buy today!

Foreclosure Filings Increase By 21%

A massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog.
Recent data from RealtyTrac showed over 3.9 million foreclosure filings, including default notices, scheduled foreclosure auctions and bank repossession were reported on 2.8 million properties in 2009, up 21% from 2008 and 120% from 2007.
"As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans," said James Saccacio, chief executive officer of RealtyTrac, Irvine, Calif.
"After peaking in July with over 361,000 homes receiving a foreclosure notice, we saw four straight monthly decreases driven primarily by short-term factors: trial loan modifications, state legislation extending the foreclosure process and an overwhelming volume of inventory clogging the foreclosure pipeline."



MortgageStats

Fixed-rate mortgages break record lows

CHICAGO (MarketWatch) -- Mortgage rates took another drop this week, with fixed-rate mortgages again hitting record lows, according to Freddie Mac's weekly survey of conforming mortgage rates, released Thursday.

Thirty-year fixed-rate mortgages averaged 4.56% during the week ending July 22, down from 4.57% last week and 5.20% a year ago. Fifteen-year fixed-rate mortgages averaged 4.03%, down from 4.06% last week and 4.68% a year ago.

http://www.marketwatch.com/story/fixed-rate-mortgages-break-record-lows-2010-07-22

June 2010 California Foreclosure Report

Five U.S. bank failures raises 2010 tally to 101 - MarketWatch

SAN FRANCISCO (MarketWatch) -- Five U.S. bank failures have raised the year's total to 101, according to the Federal Deposit Insurance Corp. on Friday. The largest of the five, Crescent Bank and Trust Co. in Jasper, Ga., will have its $965.7 million in deposits assumed by Renasant Bank /quotes/comstock/15*!rnst/quotes/nls/rnst (RNST 14.23, +0.35, +2.52%) of Tupelo, Miss. Sterling Bank of Lantana, Fla. will have its $372.4 million in deposits assumed by Iberiabank /quotes/comstock/15*!ibkc/quotes/nls/ibkc (IBKC 50.21, -0.20, -0.40%) of Lafayette, La. First Citizens Bank and Trust Co. of Columbia, S.C. will assume the $134.3 million in deposits from Williamsburg First National Bank of Kingstree, S.C. Bennington State Bank of Salina, Kan., will assume the $28.5 million in deposits at Thunder Bank of Sylvan Grove, Kan. Finally, Roundbank of Waseca, Minn. will assumes the $108 million in deposits at Community Security Bank of New Prague, Minn. The total cost for the five banks to the deposit-insurance fund will be $319.8 million.

Five U.S. bank failures raises 2010 tally to 101 - MarketWatch

4 Reasons To Fear Deflation - Yahoo! Finance

Can you say "Race to the bottom"

Rick Newman, On Tuesday July 20, 2010, 11:29 am EDT

When the price of cars or sweaters or iPods declines, it's a break for consumers and a welcome sign that economic productivity is improving. That helps drive up living standards. But when the price of everything drops, it's an alarming development that portends stagnation.

The consumer price index, which measures inflation, declines every now and then, usually when there's a big drop in the price of volatile goods like energy or food. But there hasn't been sustained deflation in America since the early 1930s. Now, we may be on the verge of yet another unnerving economic adventure. Inflation over the last 12 months has been a scant 1.1 percent, which is below the level most economists deem optimal. And so far this year, inflation on a monthly basis has been negative as often as it's been positive. The odds are growing that low inflation could become deflation--with some economists worried that it has already started to happen.

[See 14 things that are getting cheaper.]

If you feel like cheering, don't. The Federal Reserve, with a mandate to keep inflation in check, prefers a "Goldilocks" economy, neither too hot nor too cold, with modest growth and an annual increase in prices of 1 to 3 percent. But inflation projections for the next couple of years are now coming in lower than that, and Fed policymakers have begun to hash out what to do if overall prices actually start falling. Here's why deflation can be such a thorny problem:

Once it arrives, deflation is hard to cure. Sustained deflation can become a pernicious problem that's hard to shake even when the government attacks it, as Japan has learned over a prolonged deflationary period that began in 1991. Falling prices cut into revenue at firms that build things and provide services, so they need to cut costs to remain profitable. That usually leads to layoffs and pay cuts. When people bring home less money, they invariably feel worse off and buy less. So demand for products falls further, forcing even deeper price cuts to entice consumers. Breaking the cycle becomes a destructive game of chicken between companies and consumers, with neither willing to take the first step.

[See why raises are so scarce.]

The mere fear of deflation can cause it. The level of confidence in the economy can be self-fulfilling, especially with deflation. If consumers believe that prices in general are falling, they'll wait as long as possible to buy stuff they don't immediately need, to get the lowest price. Falling demand then forces merchants to cut prices even more, to lure buyers. A good illustration is the struggling U.S. housing market, where falling prices have kept buyers on the sidelines as they wait for the market to bottom out--while lack of demand sends prices even lower. This is one reason why moderate inflation is considered healthy. If consumers believe overall prices are going up over time, they might wait for discounts or seasonal sales on some stuff, but they won't wait indefinitely to make ordinary purchases. Deflation, by contrast, can badly distort buying decisions.

Falling prices can be ruinous. Deflation also wreaks havoc with lending and credit, which is essential to a healthy economy. When prices and wages are falling, debts become more expensive over time, which is the opposite of what happens with normal inflation. If your income were falling by 3 percent a year, for example, and you made a fixed mortgage payment every month, then the mortgage payment would eat up an increasing amount of your income over time. Such perverse economics encourages savvy investors and ordinary consumers alike to hoard cash, since a 0 percent return on money stashed under the mattress is better than "investing" money in a home, business, or other asset that's likely to fall in value. Since credit is the lifeblood of capitalism, a sharp cutback in lending and investing is a sure way to torpedo growth or make a recession worse. That's what happened in Japan during its "lost decade," and even now, Japan still struggles with deflation and its nasty side effects.

[See 4 things financial reform won't do for you.]

Preventing deflation is tricky. The Fed has lots of experience at fighting inflation and fairly precise ideas for how to do it: Basically, raise short-term interest rates in order to raise the cost of borrowing, tamp down spending, and reduce the demand for goods, to help drive down prices. Doing the opposite to fight deflation works for a while, as lower rates make money cheap and boost the incentive to borrow and spend. The problem comes when the Fed's short-term rates get close to zero, which they are now. Since interest rates can't go below zero, this "zero-bound" problem forces the central bank to start pulling other, less-proven levers--like buying assets to inject money into the economy, which is essentially the same as printing money.

[See 6 strains on your financial future.]

The Fed has already executed some of those maneuvers, taking more aggressive action than bankers in Japan in the 1990s, who dawdled and made the problem worse. The Fed could do more if it seems necessary. The danger is that the Fed overshoots or guesses wrong, and ends up creating inflationary pressure that could force it to jack up rates down the road, which could choke off a recovery. At the moment, the Fed feels that deflation is possible but not likely, so it's sticking with policies geared toward low inflation. But the Fed has guessed wrong on the extent of unemployment and other issues, and its extended low-rate policy earlier this decade is widely viewed as a mistake that helped fuel the housing bubble. Let's hope the Fed has learned a thing or two.

4 Reasons To Fear Deflation - Yahoo! Finance

Wonk Room » GOP Calls For Ending Mortgage Modification Program, Leaving Homeowners To The Mercy Of The Banks

For months now, the Obama administration’s Home Affordable Modification Program (HAMP), which is meant to facilitate mortgage modifications for troubled borrowers, has been sputtering along, with more borrowers dropping out of the program than receiving permanent modifications. Banks have been reluctant to go along with the program, as it includes no stick when they fail to provide a modification for eligible borrowers. Alternate programs meant to cut loan principal (the outstanding loan amount) have also been slow to get up and running.
As Shahien Nasiripour pointed out, according to a recent Government Accountability Office report, the average homeowner in HAMP “owes their mortgage lender more than $1.50 for every dollar their home is worth, which means they fall into the stratum of homeowners most likely to simply walk away from their mortgages.” This has led a duo of Republican lawmakers to call for ending the program “immediately,” and to advocate leaving borrowers at the mercy of private modification programs:

“It defies common sense that taxpayer money is being used to pay banks to modify loans that are likely to default anyway,” said Rep. Darrell Issa (Calif.), the ranking Republican on the House Committee on Oversight and Government Reform. “In cases where loan changes could keep borrowers out of foreclosure, banks have a clear incentive to make changes without a need for public funds”…Issa and [Rep. Jim] Jordan (R-OH) argued that homeowners and taxpayers would be better off in private modification programs.

Despite all of HAMP’s troubles, private modification programs are likely to be much worse, leaving homeowners up to the whims of banks that can’t even keep their borrowers’ documents straight. As Tim Fernholz pointed out, private modifications “don’t usually lower monthly payments enough to keep borrowers in their homes. Even the best industry modifications [only] attempt to make mortgage payments 38 percent of monthly income.”
“What [the industry] calls a loan-modification is really a workout plan. It is designed to bring their arrears up to date because of a one-time economic dislocation,” said Kathleen Day of the Center for Responsible Lending. “That is not a remedy for someone who holds a loan that is fundamentally flawed and unaffordable.” Diane Thompson, a lawyer with the National Consumer Law Center, said that homeowners would be worse off 90 percent of the time if they were forced into private modifications instead of public.
HAMP has absolutely been a disappointment and desperately needs some fixes if it is ever going to achieve the administration’s stated goal of keeping millions of homeowners in their homes. But abandoning any attempt to help borrowers who were buried by the bursting of the housing bubble will only result in more foreclosures and blighted neighborhoods, thus prolonging our economic difficulties.



Wonk Room » GOP Calls For Ending Mortgage Modification Program, Leaving Homeowners To The Mercy Of The Banks

Which Banks are -- and Aren't -- Modifying Home Loans? | BNET Financial Services Blog | BNET

 The federal Making Home Affordable initiative is off to a slow start in its mission of offering mortgage relief to millions of Americans hurt by the real estate bust. That’s mostly because adjusting the loan terms, interest rate or principal for, say, a recently unemployed homeowner doesn’t pay for banks. Drawing on data released today by the Treasury Department, let’s examine how actively financial institutions are using the so-called Home Affordable Modification Program (full disclosure — my wife and I were recently rejected for loan modification; fuller disclosure — I’m pissed):

Of the big banks, Bank of America has the worst record in using HAMP (regrettably not my mortgage lender). Of the roughly 796,000 mortgages B of A serviced that were at least 60 days late (counting loans made by its Countrywide unit), it invited some 100,000 homeowners, or 13 percent, to adjust their mortgages and started trial modifications with some 28,000, or four percent.
Such figures sound markedly less impressive than those cited by B of A chief executive Ken Lewis. In congressional testimony in June, he said his company had adjusted more than 311,000 loans since buying Countrywide in July 2008 (those numbers include all B of A modifications, not only those arranged under HAMP), telling lawmakers that the bank remains committed to “working with distressed homeowners to help them retain their homes.”
Nor does that four percent total seem entirely consistent with the sentiment recently expressed by Barbara Desoer, president of B of A’s home loans and insurance division. “We can control how we build our business to help families achieve their homeownership dreams,” she told the California Bankers Association in June. “And all of us can focus on finding solutions to the current crisis that help restore financial security and peace of mind to those we serve.”
Wells Fargo has the next worst record among large banks in helping keep families’ homeownership dreams alive, with only six percent of its mortgage customers getting a trial modification. Unfazed by single digits, Mike Heid, co-president of Wells Fargo Home Mortgage, nevertheless asserted in a statement today that “HAMP is an important part of the [Obama] administration’s efforts to provide mortgage relief and stabilize the housing market.” Evidently unconvinced, however, in this case by himself, Heid goes on in the news release to ruefully acknowledge that “we know we’ve fallen short of our customer service goals in some cases.”
The feds aren’t pleased with mortgage lenders. “I think we’ve been disappointed . . . about their performance in helping people in a timely fashion with the respect they deserve under difficult circumstances,” Assistant Treasury Secretary Michael Barr told McClatchy.
If it seems like I’m picking on big banks, I am. When they were struggling, both B of A and Wells Fargo sucked down taxpayer dollars like binge drinkers at a frat party. Some of that money came from their own mortgage customers, many of whom need help.
Still, it’s worth noting that no mortgage lender of any size is using HAMP as much as the government expected them to when it launched the program in February. Lenders avoid modifying loans for two major reasons: Fear that borrowers who get a modification will re-default on the loan, and hope that financially distressed homeowners will somehow manage to keep up their payments.
Fear and hope. The very stuff dreams are made of.


Which Banks are -- and Aren't -- Modifying Home Loans? | BNET Financial Services Blog | BNET

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Mortgage Rates Suffer as Lenders Process Influx of New Applications

Mortgage rates extended their losing streak to a whopping TWO (2) days yesterday. Scary! No not really though. Although borrowers who were floating their note rate did see closing costs rise by a few basis points, in the grand scheme of things, the increases were tiny. Gotta put it in perspective...
The most aggressive loan pricing we've ever witnessed was offered by lenders last Friday. If you were trying to call a bottom, that's the latest one.  The Mortgage Bankers Association confirmed this for us today when they released the results of their Weekly Loan Applications Survey.
From the Release:
"The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.59 percent from 4.69 percent, with points increasing to 1.04 from 0.96 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  This was the lowest 30-year contract rate ever recorded in the survey. "
When the modest two day change in consumer borrowing cost is put in that light, a TWO(2) day losing streak doesn't seem all that bad. Does it?

Before you answer, I have more bad news to share. Total consumer borrowing costs rose again this morning, this time the increases were bigger though. Lenders worsened loan pricing by almost 20 basis points!  This extended the mortgage rate losing streak to a month long THREE(3) days.
I still have one more thing to share, this time it's good news: LENDERS REPRICED FOR THE BETTER THIS AFTERNOON!
They were a bit slow to do so and it took a hefty sell off in stocks to force it out, but lenders eventually reprice for the better this afternoon. Some reprices were big enough to erase the previous two days of weakness, but most just offset the cost increases seen this morning on first pricing releases.
The best par 30 year fixed mortgage rates are still in the 4.375% to 4.625% range.  4.50% is "best execution" on a no points loan.  These quotes assume a borrower has minimal risk-based loan level pricing adjustments. On conventional loans, this means borrowers with 740+ middle FICO scores, looking to do an 80% or less loan to value  rate and term (or purchase) on their primary residence. If this is not your credit/collateral profile, your borrowing cost will be higher. The highest rates that should be charged: 5.25% (lots of LLPAs!)
Because mortgage rates are near all time lows,  more and more consumers (not as many as last year) are coming down off their fences and applying for a refinance. Refinance demand is driving activity in the mortgage market. The MBA's refinance applications index hit a 14 month high last week! This means lenders are  operating near full-capacity.  When this happens, lenders generally let loan pricing worsen to slow down new loan production.  This is playing out right now in the primary mortgage market...(at three very large lenders specifically)
The manner in which loan pricing worsened today (wider primary/secondary spreads) indicates some lenders are trying to slow down the pace of new loan production via higher mortgage rates (relative to MBS prices/yields).   Besides potentially higher borrowing costs, consumers and loan officers should also notice  longer "turn times" at lenders, which is basically the amount of time it takes to go from application to closing.
Have you noticed longer "turn times" lately? 

http://www.mortgagenewsdaily.com/consumer_rates/163946.aspx

25% of your Closing Costs* back to you in Cash once your loan closes!

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A Look at Foreclosures Costs

Earlier this month a reader, Pamela Norvell, wrote a suggestion for lessening the foreclosure crisis. She suggested a freeze and/or a rollback of interest rates to their original levels. In making her suggesting Ms. Norvell wondered what it was causing lenders to foreclose on properties rather than do a workout or a restructure. Made us curious too.

The cost of a foreclosure, it turns out, is pretty staggering and we wonder why lenders and the investors they represent aren't jumping at a solution, any solution, that would allow them to avoid going to foreclosure whenever possible.

According the Joint Economic Committee of Congress, the average foreclosure costs $77,935 while preventing a foreclosure runs $3,300.

The cost of preventing a foreclosure is not easily categorized. We assume that it includes the staff costs of talking to the borrower, collecting financial documents (a task we have noted seems unreasonably difficult for the borrower) reviewing the documents, ordering and reviewing the appraisal, the cost of that appraisal (more likely to be a less expensive brokers price opinion or BPO) and the preparation of a justification to decision makers for any workout plan.

Read the full story here!

A Look at Foreclosures Costs

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Major Decline in Credit Scores Is Latest Blow to US Recovery - CNBC

Providing yet another headwind for economic recovery, FICO, a leading provider of credit scores, said more Americans are seeing their average credit scores fall to new lows.

Please click below to read the full story.

Major Decline in Credit Scores Is Latest Blow to US Recovery - CNBC

Loan Modification Approvals!

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Survey: Homeowners Working with Servicers Often Blindsided by Foreclosures - ProPublica

In May, we published a story about how disorganization at the big banks has led to mistaken foreclosures: homeowners were under review for a modification, but were suddenly foreclosed on because of a communication breakdown within the mortgage servicer.
A recent survey of California housing counselors demonstrates that a widespread problem, at least in the Golden State.

Read the Whole below.
Survey: Homeowners Working with Servicers Often Blindsided by Foreclosures - ProPublica

Loan Modification Progress Chart | Eye on the Bailout | ProPublica

Visit our Eye on Loan Mods for our complete coverage of the government's foreclosure prevention program.
This Treasury Department data, reflecting activity through May 31, 2010, shows how the largest mortgage servicers participating in the administration's $75 billion foreclosure prevention program have been performing.
The estimated number of "Eligible Loans" comes from the Treasury Department and is based on the number of eligible loans that are more than 60 days delinquent.
The program features a 3-month trial period for modifications before they’re eligible to become permanent. However, many trials have gone much longer. The "Aged" column shows how many trials have gone longer than six months at each servicer, while the "In Trial" shows trials that have not yet lasted that long. See note below.


Loan Modification Progress Chart | Eye on the Bailout | ProPublica

Ocwen Mortgage Contact Information

New Contact information for Ocwen Loan Modification Department


MOD@OCWEN.COM --Email to send in Documents after you submit to the actual Negotiator.

407-737-6174 --Fax number to send in Documents after you submit to the actual Negotiator.

877-596-8580 --Main Number to Ocwen Mortgage


Good Luck!!! Feel free to contact me at 800-208-4753 Office or refionce@gmail.com

Bank reform: Fake it 'til you make it - Street Sweep: Fortune's Wall Street Blog

Great Article on Fortune.com about the Water down Bank Reform the Dodd-Frank bill is.

"As Northern Trust recently noted, there have been five consecutive quarters of credit contraction since 2008 -- compared with zero quarters of contraction in the previous 58 years"


Bank reform: Fake it 'til you make it - Street Sweep: Fortune's Wall Street Blog


Call me today to get started "Taking Real Financial Steps to save you money" 800-208-4753 Office or refionce@gmail.com

HAMP Guidelines Updated to Improve Loan Modification Conversion Rate

Beginning June 1, a borrower's eligibility for a modification must be fully verified before the borrower enters the trial period. An earlier directive gave servicers the option of placing a borrower into a trial period based on verbal financial information supplied by the borrower which was subject to verification during the trial period. New applicants will now have to supply an Initial Package which will include a request for modification including a hardship statement and optional demographic information; acceptable evidence of income, and IRS Form 4506-T, Request for Transcript of Tax Form.

HAMP Guidelines Updated to Improve Loan Modification Conversion Rate

Why Foreclosure Happens

Despite the fact that the vast majority of foreclosures are driven by negative equity from price declines, there is a base rate of foreclosure that happens during even the best economic times and housing markets. This base rate can largely be explained by the Five D's of Foreclosure:

http://www.foreclosureradar.com/foreclosure-guides/foreclosure-101/why-foreclosure-happens

Loan Modificaton Guideline Changes

Many banks are now granting Trial Loan Modification Payments at the end of the loan modification process. This is due to the fact that many homeowners were getting stuck with "NO True PERMANENT Loan Modification" Banks started implementing this Guideline change a few months back. This allows the bank to verify all the documentation you provided with your loan modification package. It also allows the bank to see if you can "make" loan payment on time.

Call today to get start 800-208-4753 Office or refionce@gmail.com

Former President Clinton: U.S. budget is broken

"25% Unemployment among Construction workers! 2 1/2 times the National Average"

Fortune http://bit.ly/dulxvI

Call me today to get started "Taking Real Financial Steps to save you money" 800-208-4753 Office or refionce@gmail.com

Refinance or Buy Today Lowest Interest Rates in 50 YEARS Won't last!!!

Contact me now if you are in the market to Buy or Refinance for Cash out!

800-208-4753 Office or refionce@gmail.com 

Fannie Mae Fights Back Against Strategic Defaulters

Great Article!

Fannie Mae announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure.

Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure

Troubled borrowers who work with their servicers, and provide information to help the servicer assess their situation, can be considered for foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure. A borrower with extenuating circumstances who works out one of these options with their servicer could be eligible for a new mortgage loan in three years and in as little as two years depending on the circumstances


Call today to get started on foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure (800)208-4753 or email me at refionce@gmail.com

Click on the link below to see full article!

Fannie Mae Fights Back Against Strategic Defaulters

Recap of Real Estate News from CNBC Realty Check

Updated Interest Rates

NEED TO REFINANCE ? 30 Years Fix 4.50% 0 points to close with CASH OUT!!!
(Based on 680 Fico, 80% LTV, Full documentation)

Call today to get started 800-208-4753 Office or email me at refionce@gmail.com

Refinance or Purchase at Historical Low Interest Rates 0 points to close!!!

4.50% 30 year fix with 0 points to close!!!
4.50% 20 year fix with 0 points to close!!!
4.25% 10 year fix with 0 points to close!!!



CALL TO GET STARTED 800-208-4753 office or dreyes@refionce.com








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New rule expedites answers to short sale requests | democratandchronicle.com | Democrat and Chronicle

Based on what is happening right now hopefully these rules will speed the process up.

If you have any questions or need any help you can contact me at 800-208-4753 Office or refionce@gmail.com

New rule expedites answers to short sale requests | democratandchronicle.com | Democrat and Chronicle

Completed Loan Modification Most Updated Approvals!

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Interest Rates in the Mid 4% Fix for 15, 20, 30 Years Refinance or Purchase Now!

Contact me now if you are in the market to Buy or Refinance for Cash out!

800-208-4753 Office or refionce@gmail.com 

NEW APPROVAL!!!! SLS or Specialized Loan Servicing, LLC 2nd Mortgage Settled!

This is a 2nd mortgage with SLS.  The borrower owed the bank
$19,208.00! We just settled for $5,162.59!! that's over 70% off the original loan balance!

This was the fastest turn around for us about 5 days! We worked with this very nice person at the bank and followed up with her for the 5 days and we got the written approval just yesterday!

This borrower will be saving over $27,000.00 in just interest alone since the loan was amortized over 30 years at 7.25% fix over the life of the loan.

Check out the approval below!

http://www.mediafire.com/?mgyoi3fd52n

If you are in need of help with a Loan Modification or Settlement of a 2nd mortgage Contact me let's get started!
You can also give me a call with any questions you may have 800-208-4753 or by email at refionce@gmail.com

Time to Secure your Financial Foundation? HELL YEAH Check this out!

The economical BAD news keeps coming and I hate to say it but I hate it when I'm right. Down the road we will see HIGHER INTEREST RATES, HIGHER TAXES ESPECIALLY IN CALIFORNIA, MORE JOB LOSSES due to our slow down in our economy!

90% of home loan business is the Government.
Were down 4% on home loan applications for the 4th straight month.
Were down 40% on home loan applications from 1 month ago.

CHINA - How does this play out and matter to YOU and I Everyone is now talking about a slow down in China and a BUST IN REAL ESTATE! just like here!

EUROPE - About to Default without major CUTS many don't see that happening!

Most experts are now saying that if ALL this plays out then we WILL face a DOUBLE DIP RECESSION but in my opinion...WE ARE IN A DEPRESSION!

If you are in Financial Trouble LET ME HELP! Settle your Credit Card Debt! Do a Refinance Loan with Historical Interest Rates or do a Short Sale or Loan Modification! CALL ME NOW! 800-208-4753 Office or refionce@gmail.com

Loan Modification Approvals (Most Current)

Past Loan Modification Approvals! Save your money and your home!
Free Pre-Approval based on your Debt Ratio Gross Monthly & Monthly Mortgage Payment

PAST LOAN MODIFICATION APPROVALS CLICK BELOW & CALL TODAY 800-208-4753

http://www.mediafire.com/?sharekey=3d1ffe6f43605ab0ab1eab3e9fa335ca6c1c07dfff641360

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

SEE OUR PAST APPROVALS BELOW!

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For Some Homeowners in Foreclosure, a Rent-Free Approach - NYTimes.com

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.

For Some Homeowners in Foreclosure, a Rent-Free Approach - NYTimes.com


Feel free to contact me with any questions you may have at anytime. 800-208-4753 or refionce@gmail.com

Leading index posts first drop since early 2009 | Reuters

Leading index posts first drop since early 2009 | Reuters

Eye on the Loan Modifications - ProPublica

Awesome Site! With some much data and stories relating to Loan modifications and the Real Estate Industry!

Feel free to contact me with any questions you may have at anytime. 800-208-4753 or refionce@gmail.com



Eye on the Loan Modifications - ProPublica

Notice of Default Time Frame

STATES	NOTICE OF DEFAULT                  TIME   FRAME IN MONTHS
Alabama	3
Alaska	4
Arkansas	3
Arizona	3
California	4
Colorado	5
Connecticut	6
Delaware	7
Missouri	3
Montana	6
Nebraska	4
Nevada	4
New Hampshire	3
New Jersey	9
New Mexico	5
New York	10
DC	4
Florida	6
Georgia	3
Hawaii	7
Idaho	8
Illinois	7
Indiana	7
Iowa	7
Kansas	4
Kentucky	7
Louisiana	6
Maine	8
Maryland	5
Massachusetts	5
Michigan	3
Minnesota	4
Mississippi	4
North Carolina	4
North Dakota	4
Ohio	8
Oklahoma	7
Oregon	5
Pennsylvania	8
Phode Island	3
South Carolina	6
South Dakota	4
Tennessee	3
Texas	2
Utah	5
Vermont	9
Virginia	4
Washington	5
West Virginia	4
Wisconsin	9
Wyoming	3
Feel free to contact me with any questions 800-208-4753 or refionce@gmail.com

Underwater? Many are walking away!

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

One in 7 US Homeowners Late Paying or In Foreclosure - CNBC

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

One in 7 US Homeowners Late Paying or In Foreclosure - CNBC

Past Loan Modification Approvals! Save your money and your home!

Free Pre-Approval based on your Debt Ratio Gross Monthly & Monthly Mortgage Payment

PAST LOAN MODIFICATION APPROVALS CLICK BELOW & CALL TODAY 800-208-4753

http://www.mediafire.com/?sharekey=3d1ffe6f43605ab0ab1eab3e9fa335ca6c1c07dfff641360

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

SEE OUR PAST APPROVALS BELOW!

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Move Your Money!!!!

Need Help Call me today! 800-208-4753 Office

America's Underclass: The Growing Gap Between the Rich and Poor

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.

Foreclosure numbers for California

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.