Real Estate

Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To http://RealEstateMarketingThisWeek.com

Part 7 (Excerpt)

Attorney negotiated loan modification process Going thru the Legal Door

We have Dan Havey with us talking about loan modifications. This segment we want to talk about the specifics of the actual mechanics of, how does it actually work for the homeowner? Let me just start it off and if you would then explain the back end of how it works. Our job is to determine where you’re at now, be very specific about where you’re at with your mortgage now, what the rate is, what it’s done, those specifics. How much you make? We have to help the lender with one thing which is to establish a hardship which is crucial to this. You can’t be making half $1 million a year paying $5000 a month in a mortgage, they are not just going to lower your interest rate because you want it. There actually has to be some sort of change, financial change, hardship.

We determined that and then there is a significant amount of paperwork involved, Velocity Financial takes care of that for you. We fill out the paperwork along with your help, review all of the documentation, we then recommend be right loan modification, whether it be an interest rate reduction, or extending the term of your loan, waiving some of the balance that you owe which is very very rare. To make sure that once we’re done with this whole process you can sustain and live in that house and be happy forever.

So the process itself really is not that much different than what people went through when they got their loan in the first place. That is correct and it’s kind of funny, this has to be exactly the reverse. There is paperwork that we need to collect on your mortgages, we check the value of the property to see where you’re at and in most cases youre underwater with the value. We dont do an appraisal though, there is no credit analysis, we do review your finances, and these sorts of things but essentially it’s just like doing a loan. What we’re trying to determine is exactly what is sustainable for you.

So what we do at the modification hotline at Velocity Financial is to put together the entire package, just like we do for a loan package because we basically send this to a underwriter, theyre not known as an underwriter they’re known as a loan modification coordinator but at modification hotline we are the first set of eyes. We work with you directly, getting all the paperwork in, getting it put together because we know exactly what has to be in that file, how it has to be stacked, how it has to be presented, before it goes to the loan modification coordinator who works for the attorney.

Then once it is at the attorneys office with their modification coordinator, they take a look at it, they make sure that everything is in there, they make sure that it is a doable modification. This all happens before it is ever presented to an attorney.

There are a whole lot of steps and there is a lot of paperwork. The process like you said is very similar to a loan with the exception that there are no costs of the title company and all that other stuff. Those dont exist, we dont charge an upfront fee, and we do collect a retainer for the attorney. At some point during our process we make our recommendations and we turn it in. Then the attorney does their due diligence and thats where I really want you to explain what happens, what are these attorneys looking for?

Well this is where it completely goes off track, versus what a homeowner would do if they were doing their own modification, because they would do everything we just talked about, they would fill out the paperwork, get together tax returns, pay stubs, whatever the lender wanted and they would present all of it to the lender. Now they probably wouldn’t know exactly how to stack some of the paperwork, and how to calculate some of the things that we know how to calculate, but they would put all that they work together.

Where the difference comes in is once it gets to the attorney because the attorney ultimately wants to get you a loan modification but they can’t just call up the bank and say hey I want loan modification, because he is going to get the same result you did. So what he has to do is he has to go through the file, and he has to look for things like, I am going to use a bunch of acronyms here, he’s looking for things like TILA, RESPA, HOEPA, HUD violations, all these different guidelines that the lender was required to meet while giving you the loan.

Duration : 0:6:47

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My neighborhood was a quiet place with restrictive covenants. A business next to our neghborhood expanded to within 20 feet of my property and put a truck repair shop that works sometimes up till 10:30 at night . We have to hear air compressers run 24 7 , 18 wheelers pass within 30 feet of my bedroom and they call each other over an outdoor intercom system that you can hear for three or four blocks . A realestate agent told me i will never be able to sell like it is

Petition your county to have your home designated commercial. Then sell for about twice what it’s worth. P.S. Your agent is an idiot. You’ve literally just hit a financial jack pot.

Another production from http://ustarvideos.wordpress.com. Video for Lang Realty’s First Annual Film Festival in Boca Raton, Florida. Lang asked their REALTORS to submit a two minute video telling why Lang is the best place to work. My friend Joan asked me to help her with her video.

I think a format like this would make for a great REALTOR agent profile video…to add to your webpage.

Duration : 0:2:0

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im currently renting a house with 2 mate, we all signed a lease for six months, and its coming to an end in a few weeks. thing is one of my ‘mates’ girlfriend is the realestate agent. me and him haven’t been getting along that well and now he wants to renew the lease with out me and get one of his other friends in. sept this place is the only place i can rent, i have no other options. the other guy on the lease doesn’t want to get involved. so pretty much i want to know if the guy who wants me out can get his girlfriends mom the realestate agent to renew the lease without me in it? we all went equal halfs in the bond so what will happen to that? also how long do i have to get out if the lease is terminated?

I’d suggest you find another place. Unless you’re in a rent controlled area, I doubt you have many rights when it comes to lease renewal. The least of your problems is the place you’re living; your bigger problem is the quality of life you’re living with in your current environment.

Negotiate with them to return your share of the security deposit and any last month rent in return for your agreement to find another property. Your current lease has a date on it though it may be a "term" as opposed to a specific date. Yes, you need to read it since it may give you other rights I’ve not considered.

I know moving isn’t fun, but neither is being in an adversarial position with roommate.

Good luck

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“Secrets to Excellent Real Estate Marketing”

There are 3 key ingredients of personal real estate marketing, and they are listed in order of importance in the video.

In order to execute and make huge commissions, you first need to implement all 3 ingredients. Once you have all 3 ingredients in place, you will have an excellent personal real estate marketing system!

Top producing real estate agents will credit their success to consistency. And only a personal system will help you through the toughest of real estate transactions, or lack of!

You Can Get a Glimpse Of The Key Personal Real Estate Marketing Principles I Use At

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Duration : 0:5:15

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We are looking for a (cheap) place, that is to say, we would like to find something that needs work or motivated seller around eureka springs or betonville Arkansas for a get-a-way place to have to go to on mini vacations. We go to Arkansas several times a year and am tired of paying out to the hotels.

Best to do this kind of looking yourself. Next time you visit ask around at some of your favorite places and I’ll bet you get lots of help.

best of luck to you!

I just turned 18 and I plan to move out, and begin working towards a successful and stable future. My plans are to attend college and finish with a degree, and then invest in realestate while im working.
I have helped my father for years now, with his realestate investing, (flipping properties) but I am uncertain about one thing. Since I will be living in SF, obviously I cannot buy anything in the city, possibly the state…. How and where do I go about getting a place to makeover and resell for more, I am at abit of a loss here. Any tips or advice is greatly appreciated!

Ahh, but that is what makes you an investor. You need to know where the leads are and then chase them down until you come up with something you like that is reasonable. You might want to start looking at FHA HUD housing.

FHA Reform
The proposal in Congress, Expanding the American Homeownership Act, when enacted, will help FHA to reach more prospective borrowers and allow millions more families to achieve the American dream of homeownership.

Part 2 of episode #813 featuring Meg in Atlanta. Real estate agent Justin Seeby of Atlanta’s Nine Mile Trolley is on hand to help.

Duration : 0:9:57

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http://realestate.yahoo.com/promo/americas-10-best-places-to-grow-up.html;_ylc=X3oDMTFyMm5kZzRjBF9TAzI3MTYxNDkEX3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNiZXN0LXBsYWNlcy1ncm93LXVw

Boston is a drug infested cesspool. A friend’s daughter came to visit, her first time in Boston, bought heroin, ODed and died within an hour of arriving. If junkies can find the drugs, why can’t the cops?

My husband grew up in Boston. We laughed at that article. The public school system is absolutely horrible. The traffic is mad. It is drug infested. Over the past several years has turned into a police state. Property taxes are over the top. Energy prices are taxed to death and cost a fortune to get through the winter. Gun laws benefit the criminals instead of law abiding citizens. The cops can’t protect you and you can’t protect yourself. It is a total haven for criminals.

If my landlord threatens to nickel and dime my security deposit away, because he is upset that I told the realestate agent that he wasn’t a responsive landlord, do I have any options? He never did a pre-inspection when i moved in so there is no documentation on what the place looked like. The house we live in is spotless and actually cleaner than when we moved in.

One thing you can do to protect yourself is to ask him to conduct a walk through when you are ready to turn in the keys. If you have cleaned properly and there are no damages, you should not be charged for those items. If you do a walk through with him on the date of move out, he can tell you exactly what he will be charging you, and you can fix those things right then and there. He should have an inspection sheet and have him sign it (and you sign it) and get a copy before you leave. That way, if anything shows up out of your deposit when it comes to you, you have his signature stating exactly what he said he would charge you, and you have legal precedent to fight it.