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Home Equity vs Line of Credit

admin — Sun, 29 Aug 2010 09:00:00 +0000

While the credit crunch has made borrowing for… or against… your home more difficult, home equity loans and lines of credit remain popular for those with equity. Stacy Johnson explains what these loans do and if you should consider them.

Duration : 0:1:28

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Loan Modification, Home Loan Modification, Mortgage Loan Modification, Mortgage Modification

admin — Wed, 25 Aug 2010 15:03:08 +0000

http://realestatemarketingthisweek.com/real-estate/were-in-recession-and-hank-paulson-holds-the-purse-strings/ – Were in Recession and Hank Paulson holds the purse strings. -

Part 1 – Brett has brought with him some updates on the economy and how things are changing theses days and he brought some great information to discuss with you. We talk about all these different things in the economy and let’s be honest there are a lot of problems out there, no one can dispute that, the unemployment rate is the highest it’s been in many year, with Fannie Mae, Freddie Mac AIG being taken over by the government, Lehman brothers Bear Sterns, WAMU, Countrywide all gone, banks and insurance companies getting their bailout, the auto industry is the next one to get a bailout, were already working on our second stimulus package.

95% of the people according to President elect Obama are going to be getting a tax cut soon. Where is all of the money for all of this going to come from? It just seems to be a downward spiral. Brett’s got some great insight on this that he wants to talk about and some more, unfortunately, a little bit more dismal news, just want you to know before you drive off a cliff there is light at the end of the tunnel. We are going to talk about that so Brett, why don’t you share a little information if you could.

Yeah, I would be happy to, you mentioned a couple of things in your opening comments and one was about, the market seems to be anticipating bad news, and it certainly is not surprising it was a pretty significant down day on Wall Street again today, most of that was attributed to two things. Retailers such as Best Buy and Macy’s came out with their projections for consumer spending. Best Buy actually said something to the effect that it is the lowest level of consumer spending that they have ever experienced in the history of their business. Best Buy is actually one that hopefully will stick it out as we know Circuit City is filling for bankruptcy.

The other thing that you mentioned was jobless rate has climbed, the number has definitely increased, the NEBR is the government agency that is responsible for reporting when a recession begins and when it ends. They call it. They officially have not called one, but I think every reasonable person believes that we have been in one and probably have been in one for some time already.

So right supposedly there is some technical factor that says this is a recession that doesn’t mean that we flip the switch and boom here we are out of the recession is that right?

That is absolutely right and in hindsight is how they judge that time of when it started and when it comes to an end, and it’s usually several months after the fact, but it remains to be seen. We believe we are in a recession but we are going to talk about a couple of things that people are feeling this economic crunch and what they can do about it, specifically as it is regarding their home ownership and their mortgages.

A couple of interesting things that came out, Secretary of the Treasury Hank Paulson today made an announcement this morning regarding a change in the governments, they call it a rescue plan. Others call it a bailout. Thats the 700 hundred billion dollar plan, and apparently Wall Street is unhappy with the changes that took place, pretty significant.

The idea at the time this legislation was passed in congress and ultimately signed by President Bush into law was to use the funds to buy the bad assets, mortgage backed assets from banks and lending institutions, they changed that and recanted that today, Hank Paulson specifically announced that they are no longer going to be using those funds, that the current plan calls for 250 billion dollars of the 700 billion to be used to buy stock of those banks and financial institutions

Does Hank Paulson, does he need to get approval for this? One of the things that have been discussed all week long has been, was the fact that as this legislation was passed and approved, is that he has full power to make these types of decisions, without the benefit of it being discussed through congress and those traditional channels. He is currently the most powerful man in the world. He has the whole checking account to himself to decide what the best distribution of those funds is. It certainly appears that way and apparently he changed his mind and announced it today… http://realestatemarketingthisweek.com

Duration : 0:5:40

Why Refinance a Mortgage Loan ?? Whats in it for YOU?

admin — Sun, 22 Aug 2010 23:44:14 +0000

Visit http://best-refinance-home-mortgage-loan-rates.com/
If you wish to refinance your mortgage, and are not sure if it is the right solution that will save you money.. This video and website link is for people who think refinancing their home loan. You can get some of the monthly payments down, or get a longer mortgage term, a change from 15 to 30 years will lower your payments. If you cannot pay the monthly bills then a foreclosure is a unwanted end to your home.
Some tax deduction is allowed for home loan interest you pay, so by refinancing you may have other debts covered, like student loans or credit card loans.
Bad credit refinancing –
Before you apply for a mortgage refinance you need to clear your credit score, or the lenders would not lend you the money, or give you a high mortgage rate. Every change in the precentage % means thousands of dollars over the mortgage lifetime.
Information tips and guidelines on refinancing your home loan. Check the refinance calculators and the Rent vs. Buy Calculator. Check if it payes of to refinance your mortgage | People ask should I refinance my mortgage now.. Check more here: http://best-refinance-home-mortgage-loan-rates.com/

Duration : 0:1:21

How To Get A Loan With Imperfect Credit

admin — Sun, 15 Aug 2010 08:36:55 +0000

As you read this artcicle there are thousands of people applying or thinking about applying for a loan. Many lenders, in particular the major banks, are still reluctant to lend unsecured money, especially to people that have a bad or poor credit history. Unless you have collateral in property, business or other assets your chances of securing a loan from the major banks are greatly reduced. Often, the people that need a loan the most do not fall into this category.

Where can you still get a Loan?

Online lenders offer Bad Credit Loans to people in most financial situations. As long as you are over 18 years old you are able to apply for a personal loan online. Bad Credit Loans in Australia are more common than not and most online lenders realise that there is huge market to service. Lenders will try to get your business by offering the best deals.

The approval process starts by filling out a simple online form that generally asks for some basic details. The lender reviews your application and determines eligibility. As we have already mentioned, there is huge competition among the lenders and they are desperate to secure your business. In so doing, they offer lower interest rates and establishment costs so the borrower often gets the best deal without having to search for it themselves.

Your loan approval is a quick process and once you receive the money the choice is yours as to how you spend it. You can spend your money in many ways, here are just a few of thousands of ways:

-Pay off credit cards

- Car Purchases: buy a New or Used Car

-Cosmetic Surgery Procedures: anything from implants to teeth whitening

- Televisions : buy the newest Plasma or LCD television

- Furniture: furnish your house with a new sofa or recliner

-School Fees or Study: pay school, university or other education expenses

-Unexpected Bills

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How to Refinance Home Mortgage Loan

admin — Wed, 11 Aug 2010 03:14:46 +0000

For real information click HERE: http://best-refinance-home-mortgage-loan-rates.com/
Getting the best refinance home mortgage loan rate, then, can be important to almost any homeowner. READ here to Save your money: http://best-refinance-home-mortgage-loan-rates.com/

Duration : 0:1:38

Bad Credit Loans Personal Loan Approved Today Auto Loans,Home Loans Dept Consolidation and More, visit us now and Apply Online Fast Easy And Safe

admin — Wed, 11 Aug 2010 03:12:59 +0000

Bad Credit Loans Personal Loan Approved Today Auto Loans,Home Loans Dept Consolidation and More, visit us now and Apply Online Fast Easy And Safe Find information on bad credit loans and debt consolidation. Articles on personal finance, easy online loan applications, and credit repair services All About Bad Credit Loans, cheap US bad credit loans specialist, bad credit online loans application for US residents with bad credit, US Loans.Bad credit? Compare credit cards, home loans, auto loans, personal loans, and other offers for people with bad credit. Apply online for a bad credit. to learn more about this great offer, please visit our website at Private Fast Loans.com

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Duration : 0:9:8

Short Sale – Expert to Negotiate Loan Modification and Short Sale

admin — Tue, 03 Aug 2010 00:45:19 +0000

http://realestatemarketingthisweek.com/short-sales/short-sale-and-loan-modification-make-sure-you-work-with-and-expert/ – Short Sale and Loan Modification; Make sure you Work with an Expert –

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

Duration : 0:6:34

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Real Estate Financing – Avoid Deceptive Mortgage Practices – RealEstateMarketingThisWeek.com

admin — Fri, 16 Jul 2010 08:20:04 +0000

http://realestatemarketingthisweek.com/real-estate/b-of-a-and-countrywide-pay-150m-fine-for-deceptive-mortgage-practices/ – B of A and Countrywide pay $150M fine for deceptive mortgage practices –

Part 8 – I have here in my hand something from the office of the attorney general Terry Goddard, this is in regard to B of A and Countrywide. The state has alleged that prior to 2008 that Countrywide used unfair and deceptive tactics in its loan originating and servicing activity and placed borrowers in structurally unfair and unaffordable loans. These are not my words folks this is from the office of Terry Goddard the Attorney General of Arizona

They are talking about lowering peoples rates for the first year only. Look a good loan modification, you dont need a 12 month reprieve if you are 2, 3, or 4 months behind on your mortgage, it is going to take a little bit more than 12 months to get back on your feet.

I was going to say what an important point that you are making is because the announcement today by Paulson regarding the money not being used to buy these bad mortgages any longer, because of Barney Franks comments about how banks need to do more to help avoid foreclosures for mortgagees, what that really is amounting to for me as someone who studies the financial marketplace every single day as part of my profession, what that really amounts to is banks being able to set terms, and the short term reprieves, and the importance of what you are doing right now is critical for people to understand.

You are ahead of the curve, you go to the bank for these modification purposes, you take the proactive steps to make the terms suitable for you, my point is if the bank, by Terry Goddards letter, already has asserted that they have made some type of poor judgment in the way that they treated their mortgagees or the people that they gave loans to, why would you then go back to that bank as the owner of that mortgage and try to negotiate with them on your own? Why then would you have the trust in them that it was going to work to your best possible out come? I find that to be absurd.

You are absolutely right; they have essentially admitted to it, they have a $150,000,000 settlement. I just want to throw one more thing out there, they have a $150,000,000 bill that they have to pay because, according to the Attorney General, deceptive business practices, a hundred and fifty million dollar check that they have to write, somebody is going to have to make that up.

And that is a good point, the point of this would be to take this action yourself prior to these banking institutions making the decisions on your behalf, theyve already done this, they have already made those decisions on your behalf, whether or not you knew exactly what type of loan program you were getting involved with when you took out the loan and all of that.

If you find yourself in a position of not being able to maintain your existing mortgage payment under the terms that you have been issued by the bank, modification is something you should consider, you make the terms going forward, you should use the professional expertise and the negotiating abilities of these attorneys that specialize in this area and make this work for you before the rules are placed at your feet yet again.

We talk about people doing this on there own, what I see being the problem is they are going to send you out a packet of paperwork, maybe email it to you or fax it. I have seen the paperwork that they send out, it is more than 36 pages of legalese, once it goes back it is going to sit in front of the loss mitigation department in a stack, Ive seen the stacks, literally thousands of cases sitting there waiting to be reviewed by someone who may very well not be qualified to make a real decision, in my opinion using the loss mitigation department at the bank you may be dealing with a clerk that was answering sales calls for someone else two months ago.

Versus going to the legal department and dealing with those individuals directly. There is no doubt you absolutely have to use professionals, you need to put your head on the pillow and turn this over to somebody who knows what they are doing, an expert negotiator, a paid attorney that does this for a living, put your head on your pillow and keep your family safe in your home… http://RealEstateMarketingThisWeek.com

Duration : 0:6:10

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Real Estate & Mortgage Marketing 7 – Home Loan Modification Dec08 Attorney Negotiated Loan Mod

admin — Sat, 10 Jul 2010 10:51:05 +0000

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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Real Estate Woes: Subprime Mortgages Are a Ticking Timebomb

admin — Mon, 05 Jul 2010 00:04:20 +0000

Center for American Progress Senior Fellow Dr Christian Weller appeared on CNBC to discuss subprime mortgages and how consumers can protect themselves.

For more on subprime mortgages and foreclosure rates please see:

http://www.americanprogress.org/issues/2007/03/foreclosures_numbers.html

What if 40 hours a week were enough?
www.AMERICANPROGRESS.org

Duration : 0:4:20

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