Five people, including a Westchase couple, filed 50 fraudulent mortgage loan applications over a five-year period to take advantage of the state’s real estate boom, the Florida Department of Law Enforcement said.
Duration : 0:2:5
http://realestatemarketingthisweek.com/loan-modification/attorney-negotiated-loan-modification-process-going-thru-the-legal-door/ – Attorney negotiated loan modification process. Going thru the Legal Door –
Part 7 – 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… http://RealEstateMarketingThisWeek.com
Duration : 0:6:47
Company Promises Lower Mortgage Payments | http://www.cbsatlanta.com/news/25133432/detail.html | CBS Atlanta News has found Bishop Eddie Long and another local megachurch leader, Gary Hawkins, are linked to a questionable mortgage venture that is being investigated by the feds. CBS Atlanta was the first to report on Matrix Capital’s long list of victims. The company promised to lower people’s mortgages for $1,500 upfront. Police say thousands of homeowners paid Matrix money, but according to investigators, most of them ended up in bankruptcy and losing their homes.
Additional tags include: bishop, pastor, prophet, prophetess, apostle, evangelist, church, tbn, dianetics, scientology, witchcraft, COGIC, baptist, methodist, episcopal, catholic, catholicism, charismatic, pentecostal, cult, apologetics, islam, muslim, israel, apologetics, eternal security, spiritual warfare, false teacher, false prophet, antichrist, prosperity, dominion, Jehovah, Jesus, Jim Jones, Ed Young, Juanita Bynum, Thomas Weeks, Rick Warren, Eddie Long, Creflo Dollar, TA Body, Medina Pullings, Terry Hornbuckle, Renee Hornbuckle, Benny Hinn, T.D. Jakes, Robert Schuller, Marilyn Hickey, Paul Crouch, Jan Crouch, Rod Parsley, Carlton Pearson, Kenneth Copeland, Gloria Copeland, John Hagee, Jessie Duplantis, Oral Roberts, EW Kenyon, Kenneth Hagin, Frederick Price, Tony Alamo, Todd Bentley, Sherman Allen, Jack Van Impe, Joyce Meyer, Morris Cerullo, Clarence McClendon, Paula White, Kim Clement, Mark Chironna, Aleister Crowley, Jack Van Impe, Jack Hayford, Lord Maitreya, Dalai Lama, Joseph Prince, Nasir Siddiki, Al Sharpton, Sherman Allen, Billy Graham, Firpo Carr, E. Bernard Jordan, Dorinda Clark Cole, Clark Sisters, gospel music, nytn, atlanta, georgia, Barack Obama, Al Sharpton, George Bush, Mitt Romney, Pat Robertson, Jerry Falwell, James Dobson, Charles Stanley, Sarah Palin, president, congress, senate, cbs, abc, cbs, nbc, msnbc, fox, fox news, cnn, news, media, business, economy, politics, lgbt, gay, black, african american, united states, israel, hamas, gaza, big meech, larry hoover, bmf, rick ross
Duration : 0:7:33
My Ideal Customer Coupon Code – http://CouponCode.MyIdealCustomer.com – This is to test how much room I get on the first line.
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
Company Promises Lower Mortgage Payments | http://www.cbsatlanta.com/news/25133432/detail.html | CBS Atlanta News has found Bishop Eddie Long and another local megachurch leader, Gary Hawkins, are linked to a questionable mortgage venture that is being investigated by the feds. CBS Atlanta was the first to report on Matrix Capital’s long list of victims. The company promised to lower people’s mortgages for $1,500 upfront. Police say thousands of homeowners paid Matrix money, but according to investigators, most of them ended up in bankruptcy and losing their homes.
Additional tags include: bishop, pastor, prophet, prophetess, apostle, evangelist, church, tbn, dianetics, scientology, witchcraft, COGIC, baptist, methodist, episcopal, catholic, catholicism, charismatic, pentecostal, cult, apologetics, islam, muslim, israel, apologetics, eternal security, spiritual warfare, false teacher, false prophet, antichrist, prosperity, dominion, Jehovah, Jesus, Jim Jones, Ed Young, Juanita Bynum, Thomas Weeks, Rick Warren, Eddie Long, Creflo Dollar, TA Body, Medina Pullings, Terry Hornbuckle, Renee Hornbuckle, Benny Hinn, T.D. Jakes, Robert Schuller, Marilyn Hickey, Paul Crouch, Jan Crouch, Rod Parsley, Carlton Pearson, Kenneth Copeland, Gloria Copeland, John Hagee, Jessie Duplantis, Oral Roberts, EW Kenyon, Kenneth Hagin, Frederick Price, Tony Alamo, Todd Bentley, Sherman Allen, Jack Van Impe, Joyce Meyer, Morris Cerullo, Clarence McClendon, Paula White, Kim Clement, Mark Chironna, Aleister Crowley, Jack Van Impe, Jack Hayford, Lord Maitreya, Dalai Lama, Joseph Prince, Nasir Siddiki, Al Sharpton, Sherman Allen, Billy Graham, Firpo Carr, E. Bernard Jordan, Dorinda Clark Cole, Clark Sisters, gospel music, nytn, atlanta, georgia, Barack Obama, Al Sharpton, George Bush, Mitt Romney, Pat Robertson, Jerry Falwell, James Dobson, Charles Stanley, Sarah Palin, president, congress, senate, cbs, abc, cbs, nbc, msnbc, fox, fox news, cnn, news, media, business, economy, politics, lgbt, gay, black, african american, united states, israel, hamas, gaza, big meech, larry hoover, bmf, rick ross
Duration : 0:3:41
http://realestatemarketingthisweek.com/foreclosure/foreclosure-rates-on-forbearance-agreements-done-with-banks-reaches-58/ – Foreclosure rates on Forbearance Agreements done with banks reaches 58% –
Part 3 – In studio with us today on this fine New years eve is Dan Havey, the co founder of the modification hotline as well as the author of The Foreclosure Sharks a great white paper he put together. He is also the author of Real Estates Future and this segment we are talking about loan modifications and some specific information.
You also have a great story to tell about this to. Well unfortunately I have too many stories about people who have had to go through foreclosures, bankruptcies, loan modifications. The one story I want to talk about real quick is a friend of mine who unbeknownst to me went out and did a loan modification on her own and not to get into a whole bunch of technical details on it she ended up getting a pretty decent interest rate because they actually cut her mortgage payment in half and she was pretty happy about that.
She owed a little bit more than the house was worth, she wasnt terribly upside down, but by the time they got done with her she certainly was going to be because the modification, and actually I should not call it a modification, I should call it a forbearance agreement, what they did to her was to say, OK we will cut your interest rate in half, we will cut your monthly payment in half, but we will take all of that deferred interest and tack it onto the back end of the loan. So that by the time her interest rate went back to where it had been, it was going to adjust up over the next five years, so that within that five year time period she was actually going to owe $60,000 in back interest on top of the principal balance that she had before she went to go talk to her bank.
What kind of a deal is that? I didnt think it was a very good one and she ended up eventually not taking it and just recently let the house go back to the bank, because she just looked at it and said, Wait a second here, I am already $20,000 upside down, by the time Im done with you guys I will be $80,000 upside down and so great I get a cheaper payment for a while. She moved into a rental property that was even cheaper then what she would have had to pay to stay in the house and from what she tells me the house is nicer.
Some of the unfortunate scenarios that come up that we get to see. Unfortunately we talk to lots of people that have similar situations, trying to do these on their own and it is possible to do a loan modification on your own. We know that, the program is designed for you to do that. The problem is it generally does not work out.
The re-default rate on loan modifications done on your own is significantly higher than loan modifications facilitated by an attorney that is representing you, for a number of reasons. Number one you have to pay an attorney to represent you. The other is that I think you are going to get a better modification based its not just a negotiation between you and the loss mitigation department for the bank. We are talking about using a professional attorney who is a trained negotiator to negotiate on your behalf with another attorney. By the way, theyre not talking to the same loss mitigation people in India that you may be talking too.
Here are some numbers that just came out from John Dugan who is the Office of the Comptroller of the Currency and they did a study of the loan modifications that have been done to date. In many cases these were forbearance agreements, not loan modifications. If an individual talks to his bank, generally speaking he will not get the same as result as what an attorney would do, so most of these are really forbearance agreements. And in that case, 36% had defaulted or were 30 days past due after 6 months and 58% were in default after 8 months. Again that is 58% in default after eight months and I saw some numbers the other day and unfortunately I didnt bring them in with me today, that according to some study of the very few modifications that have been done using an attorney, I say very few, but it is still thousands or tens of thousands, but few compared to what is getting done directly with the bank, the number is only like 5% of the ones done with an attorney have re-defaulted and again I dont have the numbers with me so I cant site the source…
Duration : 0:5:47
Consumers beware! Truman Foreclosure has conveniently changed their name to Franklin Financial Group and are being investigated by the Florida Attorney generals office. See all of their rip off reports online
Duration : 0:3:53
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http://realestatemarketingthisweek.com/real-estate/beware-of-phishing-schemes-and-bank-scams-gmacs-clients-hit-hard/ – Beware of phishing schemes and bank scams GMACs clients hit hard –
Part 3 – As promised just before the break, I told you to, listen in if you know anyone who has a GMAC Mortgage, this is one of those too good to be true things. Heres the thing, I have no issues what-so-ever with GMAC, thats not what Im saying, what Im saying is there is a scam of sorts that is going around. A client of ours received a letter, we did a second mortgage for this person a few years ago, they received a letter from GMAC, it looked like GMAC, it sounded like GMAC, and it said that we are willing to forgive your second mortgage of 200 and some thousand dollars in lieu of a one time payment, payable within the next 30 days, of say 20 thousand dollars.
I dont recall the exact amount or what it was. There is a phone number on there, it says loss mitigation department on it, a person assigned to this case. They called the phone number, they answered the phone as if you were calling into the loss mitigation department, and verified if you just send us this amount they will release the lien. Well it is completely false. It is absolutely not true.
These people are not going to seek you out on their own, now whether it be GMAC, today we have actually seen that one, there may be other ones out there. Folks, if you are getting stuff like this you need to verify it and you need to verify it by sources other than the information on the letter that you have received. If you get an email that says your bank account has been tapped into you need to check, chances are it is some kind of a phishing scam and this is no different.
We have gone back to identity theft through the mail and if you have been a party to this you need to verify and check into it, and you need to contact the authorities immediately for more information, if you need help with this sort of situation you are welcome to give us a call at 480 Velocity.
It is pretty amazing that that kind of thing still exists, and with the announcement by Paulson today that the fact is they are no longer willing to buy bad mortgages off the books of the banks. When you come across a phishing scam such as this one there is not a bank out there, I dont care what kind of trouble they are in, that is going to take $0.10 on the dollar to forgive a loan.
In a situation where things are going well, you are right in a situation where things are going well, and the status quo, they are going to be pursued by an attorney, that is entirely different, they are not just going to volunteer up and give you the money, its not going to happen.
Absolutely not and thats where we get back into what a loan modification is, who it benefits, and how it works and so forth, you are starting to see these wheels in motion amongst all of these banks. One of those wheels is certainly not well forgive $200,000 in debt if you write us a check for $20, 000.
And when we have talked about this Brett you and I have had many conversations in regard to what does it take? Can a person do this on their own, we will get to that a little later, but the answer is Yes. A consumer can actually do it on their own, up until very recently with the new announcements made from some of these major servicers and investors, up until then, a person trying to do it on their own would take days upon days and hours and hours on the phone not getting calls back trying to find time during the day while working to get this done and in many cases they are going to get a temporary fix.
The loss mitigation department for the bank that you have your mortgage with, their job is not to mitigate your loss its to mitigate their loss. They are out to protect the bank, thats why we use the national network of attorneys that we do, that are specialists, that have done thousands of these loan modifications, that go to bat for you. By the way folks, they are not going through the loss mitigation door that you would have to go through they are going right to the legal department, they are going to threaten suit if necessary, they are going to do discovery work, they are going to find out if there was anything that was misrepresented either by the bank or the broker and take that angle… http://realestatemarketingthisweek.com
Duration : 0:5:36
Dawn Welsh a 54 year grandmother is raided in her own home, for what…owning her own home. If this sounds like something straight out of the Twilight Zone, well welcome to America in 2009. Listen as the fascist U.S. government steals an American grandmother’s home and terrorizes her!!!!!
Dawn Welsh of Hillsboro, MO Arrested for Trespassing in Her Own Home After Supposed Mortgage Scam. Dawn Welsh knows her house was paid off. She received paperwork from the original mortgage company showing it was paid off. However through a fraudulent conversion of the mortgage, Wachovia Bank claimed authority of the mortgage and then claimed Welsh still owed on her home despite her having proof from the original bank that the note was paid in full.
Today, Hillsboro, Missouri police came onto her property and broke her door down to remove her from her property.
They used a battering ram to enter her home, despite her showing evidence that she owned the property. She had gone to court previously and showed a judge the mortgage was paid in full, and it is a record of the court.
However, these are desperate times for the fraudulent vampirian banksters and they will go after anyone they want, threatening innocent hard-working Americans at every turn. And to top it off the Hillsboro sheriff was an accomplice to this crime, executing the fraudulent crime and rubbing it in further by seizing all of the 54-year-old woman’s possessions.
When these mortgages are sold from the original mortgagee to another bank, an illegal conversion takes place. No valid contract is ever initiated between the mortgage holder and this new entity. In fact many people wind up in court after they are told they owe more money on their homes after a series of mortgages being pushed back and forth through the mortgage process.
Ref: http://worldreports.org/news/108_subprime_slide_that_masks_fraudulent_finance
Wachovia Mortgage took over the mortgage and said they weren’t going to honor the paperwork from the previous mortgagee and continued to harass this woman. So we have a woman with the proper papers showing her house is paid off with the police and the courts ignoring the paperwork.
Duration : 0:10:13