http://RealEstateMarketingThisWeek.com – Real Estate Marketing – What is a Short Sale? – Short Sale experts discuss How to Negotiate to Stop a Foreclosure… Produced by Dan Havey of Real Estate Marketing This Week

- Short Sale and Loan Modifications; great alternative to Foreclosure –

Kalyn Roberts and Jeri league, welcome to the program. Jeri and Kalyn are short sale experts and have graciously decided to come to the program to discuss some of the short sale important things that people do need to know, and were going to get to all of this short sale information, but a couple of things important to mortgage interest rates. Today is a fantastic day in the mortgage rate world. Leslie and Staci at Velocity Financial were kind enough to put together a scenario for us so listen to this folks.

This is not the teaser, this is not the loss leader, this is the real deal as of today, a $417,000 loan amount, the interest rate is 4.875%, thats 4.875% that is below 5% obviously, the APR is 4.948% and that is for a no cash out loan, and that is a special rate and we have a certain allotment of loans that were allowed to do at that special rate. If youre interested in talking to a member of my staff or myself or anyone else about that program you would call. There are people there standing by to take your phone call.

Were a local licensed firm and one of the only 15% of the mortgage companies in the state of Arizona that is licensed to do FHA loans as well. Any mortgage related needs that you have were here to help but for the next hour were going to be talking about Short Sales.

Now over the last several months we have been talking about loan modifications on the show a lot, Velocity Financial was one of the first companies to work with a national network of attorneys, a 16 year old firm that were working with. They have done thousands of these loan modifications, and the loan modification industry in Arizona is for the most part unregulated, but you want to make sure youre working with a licensed firm, and you want to make sure youre utilizing an attorney.

You dont want to be giving money to anybody that says they can get you a loan modification, the only money you give is to an attorney, dont be giving money to people who come by and say they can help you out. Youre going to have to be very careful on how you handle that, but interestingly enough the loan modification is for the mortgage side, essentially the loan modification is to the loan officer what a short sale would be to a realtor.

Now the short sale part of real estate is not something you want to trust to somebody starting out doing short sales, unless they are being supervised by a pro, you dont want to mess around with it. This is not a time to be trying it out, this is not a time for people to be using you as their guinea pig, not a good idea at all.

That is why we brought Jeri and Kalyn in and were going to talk about some of the specifics. You definitely want to make sure that if you need to do a loan modification, if youre facing foreclosure or you want to do a short sale, whatever scenario is the better decision for you and your family, you have got to work with a professional, Jeri and Kalyn have extensive experience, they have an unbelievably great success rate.

It doesnt have to take six months to get this done they can execute this for you and they are the pros so were going to go through some questions over the next hour, there is just one more thing I want to talk about and that is if a loan modification is something you think you need call the office and we have put together a video for you that you can watch, its very short, it explains the process and we will then get together with you and answer any questions that you have… http://realestatemarketingthisweek.com/short-sales-and-loan-modifications-great-alternatives-to-foreclosure/

Duration : 0:5:36

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http://RealEstateMarketingThisWeek.com – Real Estate Marketing – What is a Short Sale? – Short Sale experts discuss How to Negotiate to Stop a Foreclosure… Produced by Dan Havey of Real Estate Marketing This Week

Part 2 – Were just going to go ahead if we could and just jump right into the short sale information. Jeri, again thank you so much for taking the time to be with us. What is the name of your firm?

Our group is Dream Vesting Group and our brokerage is Keller Williams Arizona Realty.

So that is great, licensed agents with Keller Williams and I know the two of you and I know of your history and we will talk a little bit more about that, but you have been working together for awhile. You and I had a chance to speak about the short sales and your success rate, very, very impressive proven results always helps. So the natural first question for those that are listening today. What is a short sale exactly?

A short sale is a property sale where the bank or lender agrees to accept less than what is owed to them. So the bank is agreeing to take a loss on the sale of your property, and I like what you said earlier about not trusting a loan modification or a short sale to just anybody, you definitely dont want to be the guinea pig and you dont want to approach the bank yourself and ask them to please take a loss because you need to sell your home.

And that is one of the things that is funny nowadays. I know people have seen them pop up all over the town, the ugly yellow bill boards all over the place. Advertising on the radio about loan modifications and they have 100% success rate, all kinds of these different things. The same thing with short sales, you actually have a process and you have a lot of experience doing it, you know the ins and the outs and this isnt a part time job this is a fulltime job.

Absolutely is a fulltime more than fulltime job, the last three Sundays I have been on the phones with lenders when they are open, one of them has a call center in India. I have been on the phone from 10 oclock at night until Midnight and again at 6am with the same lender trying to stop foreclosure.

Well that is good that you have the time, Take the time to do that. I am sorry that you have to work that many hours but you know Kalyn, is it not true that the sooner we get through all of these short sales and loan modifications the better off were all going to be anyway right?

Absolutely, a lot of people ask, what does it take? Who should be considering a short sale? If youre late on your mortgage currently, if your mortgage has adjusted, if you can no longer afford your monthly payment, if you foresee yourself not being able to afford your monthly payments, any of these instances plus several more, you should definitely be sitting down with someone and talking about your options which would be most likely a short sale or loan modification.

Yes the last thing anyone wants, and I mean anyone, is a foreclosure, that is the last resort. Nobody wants a foreclosure; you dont want it on your record, you dont want to have to deal with that. Its a very public event, a foreclosure is, the banks dont want you to foreclose and that is probably why they are so willing to work with you would you say? Absolutely the banks dont want the home back no matter what they tell you.

Exactly and on the loan modification side people try on their own to do this and its true that people can actually do a loan modification on their own but there are so many pitfalls and its just not something you want to try on your own. Surely you dont want to try a short sale on your own. So Jeri let me ask you this, what are some of the main objections?

The main objection that we hear from most of our clients is the cost to them, they already cant afford the payment on their mortgage or they wouldnt be in that particular situation 9 times out of 10 and so they are concerned about cost. Most people have already resigned themselves to the fact that they are losing their home and they dont want to spend any more money on it.

The good news is in a short sale you dont have to spend anymore money, all of the costs are absorbed by the bank. They agree to lose more money basically, so there is no realtor fees and the majority of the time we can negotiate an as is contract so if there are repairs that need to be made they dont come to you and ask you to do it, its just factored into the cost. So its very effective for homeowners.

And again it keeps them from going into foreclosure. They get to stay in the house and they get to save whatever is left of their dignity, some people take it very pride fully as well. So Kalyn, the second most common objection is?… http://realestatemarketingthisweek.com/short-sale-and-loan-modification-make-sure-you-work-with-an-expert/

Duration : 0:6:34

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http://realestatemarketingthisweek.com – Real Estate Marketing – Short Sale Objections, Advantages and Hardship Letters; Keeping the Home Owner in the Home helps fight vandalism – Produced by Dan Havey of Real Estate Marketing This Week

Part 3 – One of the things I mentioned at the beginning of the last segment is this special allotment of funds that we received from one of our mortgage banks that we currently have available, a 30 year fixed, no pre payment penalty this is the real deal just what youre looking for a 4.875% interest rate with an APR of 4.95% and that is available we do have people at the office right now if you have questions in regard to that they can answer them for you. You would call 480-Velocity

Michael, I have some clients who are buyers that would love that rate. Is that available to buyers as well? Actually, yes its that rate is for a no cash out refinance, no higher than 80% LTV, they have to have perfect credit to hit this number but even in some cases, well with this particular loan there are some closing costs, but one of the things we have available too is a no cost option and that interest rate is for people who are doing the purchase or refinancing and that rate is only 5.5%. The interest rate is 5.5% and the APR is 5.5% so that is for purchase money as well.

Were back talking here with Jeri League and Kalyn Roberts, were talking about the objections to doing short sales, there is another one you wanted to point out Jeri?

Yes, one more objection that people often have when we talk to them about their particular situation is that people feel that they have to be behind on their mortgage payment in order for a bank to consider a short sale and that is not true, the bank analyses everyones entire situation, we have people write a hardship letter, they want to see your financials and there is an entire situation not just being behind on your mortgage payment.

Your hardship may be that youre being relocated by your employer and you simply cant sell your home for what you owe on it due to todays market conditions. The banks will definitely look at that.
People think that the key is that you have to be late but that is not the case. That is really good to know, so we talked about the objections or the pitfalls rather what about the advantages to doing a short sale?

The biggest advantages to doing a short sale are: that its less impactful on your credit typically than a foreclosure and one of the most exciting benefits is that we can often extend the foreclosure and keep you in your house longer. In Arizona banks have a right to start a foreclosure as soon as youre over 30 days late on one mortgage payment. In todays current economic situation most banks are not starting that process for three to six months, but again that is most banks. They can start after one month.

Yes, but once they start the foreclosure process its a 90 day process in Arizona. So you will get a notice that says basically you have 90 days to come current with the note or to move and they are taking your house and selling it in 90 days. Now once we start the short sale process many times we can extend that foreclosure date.

I have personally done one that we had the home owner in for almost a year from when they stopped making their mortgage payments. Its not uncommon to be two or three months past the original foreclosure date that they gave you which of course gives people a lot longer time to decide what they are going to do, especially if its a family, they are not in such a rush to move, they can keep their kids in the same school district, there are so many reasons that that is a good advantage.

So Kalyn the truth is that homes that are occupied generally are better off and easier to sell than vacant homes right? So long as people are in the house and taking care of the house, if the house looks lived in but not trashed. What youre saying is lenders would just as soon leave them in the house then to have it vacant and potentially vandalized.

Definitely, the lenders prefer to have somebody living in there because they are taking care of the home, like you just said when the homes are vacant there is a high risk of them being vandalized, unfortunately and the worse the economic situation in the country gets the higher the vandalism rate on homes goes. In fact we were talking with a realtor in our office who typically takes listings in some of the lower income areas in town and they are going to stop putting signs on vacant listing because they are getting vandalized so much… http://realestatemarketingthisweek.com/short-sale-objections-advantages-and-hardship-letters/

Duration : 0:6:19

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4/23/10 – California – TRILOGY PROPERTY SOLUTIONS (www.trilogypropertysolutions.com/(888) 803-0505)
met with our attorney, RON BALLARD, (www.californiashortsalelawyer.com/(949)597-9596),
the Top Short Sale Attorney in California, in Orange County to discuss and shed some light on the April 2010 Freddie Mac Newsletter article on “Short Payoff Fraud” regarding the licensing of short sale negotiators, highest and best offers on short sales, realtors fiduciary responsibility, and more. The intention of this discussion is to clarify misstatements, misunderstandings, and fact from fiction. We discuss the impact of this article on legitimate investors and other short sale buyers and their large role in helping to resolve the current housing crisis. We also talk about the advantages on your credit and your future of a short sale over foreclosure, filing bankruptcy, and deed-in-lieu of foreclosure.

From our Attorney, Ron Ballard:
“First, its valuable to note that the author is not named nor is any specific contact information provided for follow up (just generic contact points). This brings the level of authority of the article into immediate question.

Second, the article is entirely inconsistent with Attachment A to Freddie Mac Bulletin 2009-24 of October 2009 which states: Property flips are not inherently illegal and not all transactions involving a rapid purchase and resale are improper. Legitimate property flips are acceptable transactions in connection with loans purchased by Freddie Mac. It goes on to specify, Some indications of property flip transactions that may be legitimate
include: . . . Sales of properties that the seller acquired at below market value after purchasing as a result of a distress sale (i.e. . . ., short sale, . . . ) where any increase in the sale price over the property sellers acquisition cost can be clearly shown to be result of the difference (if any) in the markets reaction to distress sales and typical arms-length sales. Bulletin 2009-24 came from the division in Freddie Mac which determines the standards for loans it will purchase. The April 12 online article is attributed to a member of Freddie Macs Fraud Investigation Unit
with respect to the discount Freddie Mac will allow on loans for which it agrees to a short payoff. Apparently these two units are not aware of each others opinions. Freddie Macs general counsels office needs to reconcile these discrepancies.

For reasons explained below, I am confident that the ultimate direction of Freddie Mac will be more consistent with Bulletin 2009-24.”

Duration : 0:3:22

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http://www.loanmodificationsupport.info/ – When you write your hardship letter to a mortgage company you need to do it the right way to ensure the maximum chance of being approved. The hardship letter is one of the most important parts of a loan modification or short sale application. If you follow these 3 steps to writing a good hardship letter your mortgage company will look at your application that much more favorably.

Step 1: Your hardship letter needs to be professional:
It needs to be in a professional business letter format, printed and delivered with registered mail. You will want to see proof that it has been delivered.

Step 2: Include all the relevant financial details and be honest:
If you are writing a mortgage or short sale hardship letter you need to be transparent. Your lender will look upon your application favorably if you give them all the details. You will also be including up to date pay stubs, bank statements, tax returns and utility bills.

Step 3: Remain Positive and Practical:
Even though you are going through a tough time you should demonstrate that you are working towards a constructive solution whether it is a loan modification or short sale that will benefit both you and the bank.

For Part 2 of this video go to http://www.loanmodificationsupport.info/ where you will learn the 4 essential steps to getting your loan modification approved.

Duration : 0:1:8

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