FREE ONLINE WEBINAR: How A Short Sale Can Save You Thou$ands, Salvage Your Credit, Put Money In Your Pocket & Enable You To Buy Again Sooner!

How A Short Sale Can Save You Thou$ands, Salvage Your Credit, Put Money In Your Pocket & Enable You To Buy Again Sooner! occurs several times.

Please register for the date and time that works best for you:

https://attendee.gotowebinar.com/rt/6332641964678827008

This powerful, informational presentation will take the worry, fear and apprehension OUT of considering a short sale. You will be informed of your options and be able to decide for yourself the best option for you in dealing with your hardship and frustrating home mortgage. We will answer your questions and put your mind at ease, enabling you to better understand what is going on, and how you can make the best decisions for you and your family. You don't have to be a foreclosure statistic! Acting now can only save you time, money, and frustration. Join us and get the valuable information you need! After registering, you will receive a confirmation email containing information about joining the webinar.

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I strongly believe that a SHORT SALE is your best possible option if you are dealing with a frustrating mortgage! I have seen it liberate so many people and set them on the path for better home ownership, conquering debt and relieving much of the stress that was in their life! For a FREE consultation to see if a SHORT SALE or a LOAN MODIFICATION is right for you, do not hesitate to CALL ME at 661-706-6922!

Mortgage Insurance Approval No Longer Needed for Freddie Mac Short Sales

This is a BIG DEAL!

From Freddie Mac: On November 1, 2012, you can begin approving short sales and deeds in lieu of foreclosure that are completed in accordance with the Guide without obtaining pre-approval from the participating MI companies. With the new delegation agreement, you will experience greater efficiencies in evaluating borrowers for foreclosure alternatives.

Freddie Mac Bulletin Announcement Here.


An added plus to distressed homeowners! Mortgage Insurance Companies have been a big approval blocker for homeowners trying to short sale their home. This is a big plus if your loan is serviced by Freddie Mac!

Call Mike Towers at 661-706-6922 and request a free consultation to see if a short sale or a loan modification is right for you!

I strongly believe that a SHORT SALE is your best possible option if you are dealing with a frustrating mortgage! I have seen it liberate so many people and set them on the path for better home ownership, conquering debt and relieving much of the stress that was in their life! For a FREE consultation to see if a SHORT SALE or a LOAN MODIFICATION is right for you, do not hesitate to CALL ME at 661-706-6922!

BEWARE OF CON MAN REAL ESTATE AGENTS

I am HOT MAD right now. I just got a phone call from a new client that could only tell me her story through tears. She trusted a good for nothing rat who somehow swindled himself a real estate license. This lady was conned into paying a CA real estate agent almost $1000 A MONTH for a YEAR under the hopes he would help her keep her home. Then she and her husband were shocked when someone told them they were about to LOSE their home to foreclosure. Hopefully we can help them SHORT SALE and salvage this situation.

BOTTOM LINE: PAYING A REAL ESTATE AGENT IN ADVANCE FOR LOAN MODIFICATION SERVICES IS 100% COMPLETE AND UTTER MORTGAGE FRAUD. A real estate agent CANNOT be paid until AFTER the bank modifies your loan with a SIGNED loan modification agreement. PERIOD!

Mike Towers Mortgage Assistance Relief Services does NOT charge their clients for LOAN MODIFICATIONS until AFTER we successfully modify your loan with a written agreement from the bank. We also do not charge for SHORT SALES (we are paid by the bank).
P.S.- I will also be strongly recommending my new client to report this agent to his local board and the Department of Real Estate. Shady Agents... BE WARNED!

I strongly believe that a SHORT SALE is your best possible option if you are dealing with a frustrating mortgage! I have seen it liberate so many people and set them on the path for better home ownership, conquering debt and relieving much of the stress that was in their life! For a FREE consultation to see if a SHORT SALE or a LOAN MODIFICATION is right for you, do not hesitate to CALL ME at 661-706-6922!

Short Sale Now- Buy A House Again Sooner and For Less Money Than You Currently Owe

Why should you consider a short sale? What is in it for you? What do you gain out of a short sale?

Well, it's pretty simple. If you short sale now, you could potentially buy a house again sooner than if you were foreclosed on, and you would be able to buy that home for less than what you currently owe on your home right now (which is NOT currently worth what you owe- remember?).

Let's think about this and sincerely consider it for a moment. Let's use an example of a home that was sold as a short sale for $217,000. The owner owed $348,000. The owner can potentially requalify to buy a home again in 2 years (with a conventional loan) to 3 years (with a FHA loan). Let's assume the house he sold at $217,000 went up in value 5% per year for 3 years. This would be FAST appreciation, especially in this current market. After 3 years of fast appreciation, the home would appraise for about $251,000. He could buy the same exact home for $97,000 LESS than what he owed. Or he could buy a home with 1000 more square feet, plus more amenities, for maybe $265,000? That is still over $80,000 LESS than what he owes. Do you see the benefit now?

What if he was foreclosed upon? He wouldn't be able to purchase a home again for approximately 7-10 years, according to current guidelines. In seven years at the same appreciation rate the house would appraise at $305,000. Ten years would be $353,000. Either one of these options, except waiting 10 years, is less than what he owes. But let's consider purchasing a similar home in this hypothetical situation 3 years after his short sale, compared to 7 years after his foreclosure. The same home would cost him $40,000 MORE after a foreclosure than a short sale. Considering it another way, he would LOSE $40,000 IN EQUITY if he DID NOT SHORT SALE!

If he considered a loan modification, at this fast appreciation, he would be looking at about 7-9 years JUST UNTIL HE BREAKS EVEN and is no longer underwater. After 7-9 years, he could sell his home and make zero profit from the sale.

PLEASE CONSIDER WHAT IS BEST LONG TERM! LET'S TALK AND SEE IF A SHORT SALE IS BEST FOR YOU!

I strongly believe that a SHORT SALE is your best possible option if you are dealing with a frustrating mortgage! I have seen it liberate so many people and set them on the path for better home ownership, conquering debt and relieving much of the stress that was in their life! For a FREE consultation to see if a SHORT SALE or a LOAN MODIFICATION is right for you, do not hesitate to CALL ME at 661-706-6922!

Let Housing Lead The Economic Recovery

Considering the depth of these debates and the months of political advertisements in this campaign, it is discouraging that there has not been a serious discussion about housing. As leaders, you ignore housing at our peril.

Dear President Obama and Governor Romney,

Let housing lead the recovery.

We have just witnessed the last of three presidential debates in anticipation of elections now just 2 weeks away. Considering the depth of these debates and the months of political advertisements in this campaign, it is discouraging that there has not been a serious discussion about housing. As leaders, you ignore housing at our peril.

Although the economy is recognized as the single most important issue in this campaign, and housing is commonly blamed for the recession and sluggish recovery, it is unimaginable that relevant solutions to housing issues have not been front and center. Over 3.5 million homes have been foreclosed on in the last four years, another 3 million are likely in the next four, one in 213 homes had a foreclosure filing in the third quarter, and over 10.8 million homes remain underwater with mortgages greater than their market value.

Housing has always led the country out of the dark days of recession, but that has not happened this time. Still, housing does have the ability to promote a stronger overall recovery if it is allowed to do so. But it will take real political leadership in the White House and Congress to acknowledge this fact and take the appropriate steps.

It has been a long and painful road for homeowners and real estate professionals alike, but market performance in recent months has everyone feeling a bit more optimistic. Prices are rising and many underwater homeowners have received a lifeline. But we’re not on solid ground just yet. Significant obstacles remain on the road to recovery.

Simple steps would quickly increase home sales by another 700,000, create over a quarter of a million jobs and deposit millions of dollars into the economy. So, what are the obstacles?

One aspect of the fiscal cliff you have not discussed is the Mortgage Forgiveness Debt Relief Act of 2007, which is set to expire on December 31. If not extended, this has the potential of immediately reducing home sales by as much as 20%. Troubled homeowners who meet the qualifications for a loan modification or short sale are not likely to pursue either of these options if the remaining mortgage balance is considered taxable income.

Many of us in real estate have long been promoting the short sale as a viable alternative to foreclosure. In 2012, short sales began to shed their reputation as a cumbersome and time-consuming process, and their numbers have been steadily increasing. This helped reduce foreclosures and kick-start a struggling housing market. Now, the transaction that serves as salvation for many families facing foreclosure will come to an abrupt halt.

The CBO says a two-year extension will save distressed families about $2 billion. The average debt forgiveness in a short sale is $65,000. How are these struggling families going to pay taxes on this amount? Without debt relief they will eventually be forced into bankruptcy or foreclosure. What will the associated costs to society be then?

In normal times, most of us would never consider forgiving unpaid tax bills, but these are not normal times. It is more important for our country to get housing on a solid footing, put people back to work and have an economy that everyone can be confident in again. Just like a debt relief policy that is more appropriate to another place and time, unrealistic lending standards are also slowing the recovery.

Even with improving home sales, nearly 15% of sales contracts are falling through. This is largely the result of strict lending requirements. Obviously, we’re obsessed with fighting the last war. Today’s lending requirements may have prevented the housing crisis five years ago, but the pendulum has swung too far in the opposite direction. Otherwise creditworthy individuals are being denied or too intimidated to apply for a home loan.

Financing appears to be getting more difficult, not less. In August, the average FICO score of a rejected mortgage application at Fannie and Freddie was 734, two points higher than one year ago. And the average down payment of a rejected applicant was 19%. Historically, these are numbers that would seem like a solid lending risk, but for some reason that’s not the case today.

Additionally, requirements in the Dodd-Frank Consumer Protection Act that would unreasonably define Qualified Mortgages will certainly have the unintended consequences of making mortgages more difficult to obtain and perhaps add to the cost of financing a home. Even the authors of this legislation have said this was not their intent. Our message to you is simple, “first, do no harm.” Do not disrupt the ability of a fragile housing market to positively impact a stalled economic recovery at this critical time. Housing is a powerful economic engine that can easily add a large number of jobs and cash to the overall economy if it is not prevented from doing so.

The Debt Relief Act must be extended, reasonable lending standards established, housing-specific provisions of Dodd-Frank re-examined, and the mortgage interest deduction untouched. These steps will build a solid foundation, restore confidence, and provide clarity to lenders and relief to troubled homeowners. Take these simple steps and watch housing lead the country to real recovery, as it has many times in the past.
President Obama and Governor Romney, you still have time to detail your vision. For many Americans, housing is still a crisis and they are anxiously waiting for solutions.

David Liniger is Co-Founder & Chairman of the Board at RE/MAX. The opinions expressed here are his own. Article from HousingWire.com

I strongly believe that a SHORT SALE is your best possible option if you are dealing with a frustrating mortgage! I have seen it liberate so many people and set them on the path for better home ownership, conquering debt and relieving much of the stress that was in their life! For a FREE consultation to see if a SHORT SALE or a LOAN MODIFICATION is right for you, do not hesitate to CALL ME at 661-706-6922!

Hire A Certified Foreclosure Prevention Specialist

People are losing their homes left and right. It's not just you. It's your neighbor, teacher, co-worker, nurse, check-out lady, pizza delivery guy, maybe even your pastor or doctor! And they don't have to. There are options. I know you are feeling uneasy. I know you don't like answering your phone. Please let me help you. You don't want to call your bank? I understand. Let me and my team do it for you. We have training and experience. We have procedures and strategies. We know what it takes to get short sales and loan modifications successfully completed. Call us today! We'll give you a confidential consultation over the phone (free of charge) to see what the best option would be for you. WE CAN HELP! So please let us help you!
We can handle anyone in California, and we can provide referrals to other experienced agents in any State in the Nation. Call Mike Towers at 661-706-6922 and let's get you moving!

Freddie Mac: New short-sale guidelines are win-win for everyone

SHORT SALES ARE BECOMING EASIER AND EASIER TO GET DONE ON BEHALF OF DISTRESSED HOMEOWNERS. CONTACT US TODAY SO WE CAN HELP YOU IN POSSIBLY AVOIDING FORECLOSURE!
The GSEs new short-sale guidelines take effect Nov. 1. HousingWire invited Ryan McGuinness, senior servicing policy analyst at Freddie Mac, and Simone Beaty, operations policy director at the GSE, to discuss what servicers and borrowers can expect when the new standards hit.

New short sale guidelines from Fannie Mae and Freddie Mac are designed to prevent deceptive transactions that pop up in times of distress when servicers and borrowers are negotiating short sales, representatives from Freddie Mac said in an exclusive webinar with HousingWire.com.

The new Federal Housing Finance Agency short sale guidelines take effect Nov. 1, prompting HousingWire to invite Ryan McGuinness, senior servicing policy analyst at Freddie Mac, and Simone Beaty, operations policy director at the GSE, to go in-depth on what servicers and borrowers can expect when the new short sale guidelines hit.

The guidelines were launched to streamline short sales while also giving servicers the power to expedite the process of identifying qualified borrowers, so they can smoothly transition into a short sale when needed.

McGuinness said the new FHFA process also will educate homeowners about their options for short sales. For example, if a borrower acts in good faith on a short sale, Freddie will not pursue deficiency, and may provide up to $3,000 in relocation assistance.

Freddie is confident the new guidelines will help root out fraud.

Since the threat of short-sale property flipping can undermine the GSEs' approach to helping distressed borrowers, all short-sales transactions are required to be arms-length deals, McGuinness and Beaty pointed out during the webinar.

Short-sales flipping occurs when a party buys a short-sale and sells it for a profit the same day, McGuinness explained. The arm's length transaction requirement is in the guidelines to prevent this type of practice. Arm's length transactions are defined as deals between parties who are independent of each other and not related by either family, marriage or commercial enterprise, McGuinness and Beaty said.

The webinar also broke down the new powers delegated to servicers in the short-sale process. A replay will be available on this page by Friday, October 26.

Servicers will have the authority to approve a standard short sale for borrowers who are 31 days or more delinquent and borrowers who are less than 31 days delinquent as long as they are facing a hardship.

If a borrower is less than 31 days delinquent and facing a hardship like divorce, death, disability or military change of station orders, servicers can submit short sale recommendations to Freddie Mac, the webinar hosts said.

HousingWire routinely hosts webinars to give our readers a more in-depth look at the many changes impacting the mortgage servicing space.

Written by Kerri Ann Panchuk at HousingWire.com