Mortgage Modification Scheme

February 18, 2011 by  
Filed under Mortgage Modification Scheme

The Rise & Fall of the Mortgage Modification Scheme


Joshua Anderson, Lexington Realty Chief Correspondent, Los Angeles, Ca

Friday, February 18, 2011

Los Angeles- We have all heard the horror stories, desperate homeowners paying thousands of dollars to so called modification specialist, in hopes to save their homes, only to find out they were victims of fraud. Julio Salazar of Falls Church, Va, knows this all too well. When the economic crisis caused his hair-cutting business to plummet last March, he became desperate and was willing to do anything to save his home. That’s when Miami based “Friendly Financial Services” solicited Salazar for a permanent loan modification. He was immediately coaxed into paying a $2,300 attorney fee in exchange for the modification. He was told that CitiMortgage and One West Bank would be contacted by the firm’s attorney, this never came to fruition.

According to the state laws in Florida, homeowners are never supposed to pay upfront fees for modification and as a result of thousands of complaints, a federal ban on collecting upfront fees went into effect on January 31st. Frank Dorman, who is a spokesperson for the Federal Trade Commission, said that “loan modification scams have increased with the recession to take advantage of increased foreclosures.”

When a homeowner has exhausted all of their options there is little to do to salvage the situation. One increasingly popular solution is to short sale. www.housingassist.com provides in depth solutions to short sales and has a proven track record of success, and best of all there are no fees involved whatsoever. It is the responsibility of the homeowner to do their due diligence on any company before they hire them. In the case of Salazar, he was lucky to have his foreclosure stopped, but not without yet another financial loss.

Deficiency Judgment

February 17, 2011 by  
Filed under Deficiency Judgment

What is a deficiency judgment?

A deficiency judgment is an unsecured money judgment against a borrower whose foreclosure sale did not produce sufficient funds to pay the underlying promissory note or loan, in full.  Generally speaking the homeowner is ordered to pay this judgment back.

What is a short sale realtor?

February 17, 2011 by  
Filed under What is a short sale realtor?

Short Sale Realtor

A short sale realtor is a party who acts as an intermediary between sellers and buyers of real estate, in which the lender is accepting a discounted payoff to release the existing mortgage.  Short Sale realtors must negotiate with the homeowners lenders to get them to accept the discounted payoff.

CALL 888-877-0078 to be matched with the best short sale realtors in your area.

The Truth Behind the Real Estate Market Recovery

Joshua Anderson, Lexington Realty Correspondent, Los Angeles

Los Angeles- While over 100,000 delinquent homeowners flocked to the NACA convention over the past week to get their mortgages modified, only about 30 percent of them were successful. The growing number of foreclosures in California is increasing dramatically and there are absolutely no signs of a slowdown.  Disgruntled homeowners left the convention looking as hopeless as they did upon entering. What lenders are not disclosing to the public is that their efforts to foreclose have been stepped up; misleading homeowners who still believe the mortgage modification program will benefit them. One woman left the convention stating that last time they were in town, about 90 days ago, they told her she would qualify the next time around, only to find out she was denied yet again.

Amidst the crisis the number of homeowners who are “underwater” has surged to 27 percent, up from 23 percent before the fourth quarter of 2010.  The situation is dire and experts predict that it will only get worse.  There are still a few homeowners who believe a temporary modification will solve the problem, but as the economy continues to decline, that possibility will soon fade.  The mortgage foreclosure moratorium has spotted several loans with faulty paperwork, but this will not solve any immediate problems and those who are delinquent will remain on the chopping block.  The overall situation could potentially regain itself within the next five years but the countries deficit puts that figure at risk. “Home value trends in the fourth quarter remained grim, but the good news is that these declines, while painful in the short-term, mean we’re getting closer to the bottom,” said Zillow’s chief economist, Dr. Stan Humphries.

Across the nation the foreclosure figures are devastating. In Albuquerque , New Mexico, one in 46 homes are being foreclosed on, which is an increase, in 2010 it was at 60.32%.

Other hard hit cities include Spartanburg, S.C., Myrtle Beach, S.C, and Savannah, Ga. Of course the larger metropolitan cities have been devastated as well with the more affluent communities like Bel Air and Beverly Hills remaining stable.

In a small effort to stabilize the housing market the Obama administration released information regarding the reform of Fannie Mae and Freddie Mac. The exact details have yet to be released but the majority of the information was in regards to the government greatly reducing its role in the mortgage market.  The Republicans have made it clear that they would like to accelerate this plan; however experts have estimated at least five years.  There are reports that Fannie, Freddie and FHA loan limits will reduce from $729,750 down to $625,000. There is nothing solidified as of yet but these may be some of the changes that will take place in the near future.

In lieu of the deplorable mortgage crisis there is one short term solution that will benefit everyone in the long run, short sales.  The process in which a lender accepts less than what’s owed on the mortgage and generally releases the homeowner of liability upon the closing of the short sale. The Home affordable foreclosure alternative or simply HAFA, is the latest in programs that benefit the homeowner with a $3,500 relocation assistance fee. Housing assist of America, a Los Angeles based firm handles these short sales in bulk and says that they have a solid system that works and it procures favorable results for all parties involved. Their site www.housingassist.com provides an in depth look into what the actual approvals look like from various lenders including BofA & Chase.

The problematic mortgage market will continue to falter as the years come, but the bottom may also be getting closer, this will eventually lead to a full recovery. But there is a lot of work that has to be done, and not just by the banks.

Los Angeles Short Sale Realtor

February 1, 2011 by  
Filed under Los Angeles Short Sale Realtor

Are you looking for a Los Angeles Short Sale Realtor?

If you are considering a short sale realtor or agent in the Los Angeles, it is important to make sure you know that your realtor or agent understands short sales like the back of their hand.  A short sale is a complicated transaction that can take anywhere from 3 months to a year to complete.  Make sure the short sale realtor you choose in los angeles is fully equipped to handle the transaction.  The experts of Housing Assist make sure that your file is handled with urgency because we understand that these are peoples homes we are dealing with and not just commissions.  Work with a company who has completed over 500 successful short sales.  We are here to help you at No Cost.  Please feel free to give us a call at (888) 877-0078.

Short Sale Realtor Beverly Hills

February 1, 2011 by  
Filed under Short Sale/Loan Modification Blog

Are you looking for a Short Sale Realtor in Beverly Hills?

When dealing with high end homes it is important to know that you are working with not just a single short sale realtor, but many qualified short sale Realtors.  You want to make sure that your short sale is successful.  It is important to know that you have a team of experts on your side to make sure that you are not left with delinquency payments and liens to payback.  Housing Assist of America specializes in short sales located in Beverly Hills.  We have a team of experts who will help walk you through the entire process, and make sure to work diligently to get your short sale approves.  Everyone these days is a short sale realtor, trust a company that has dealt with over 5oo short sales.

Housing Assist Coldwellbanker