Mortgage Assistance and Foreclosure Prevention

Discussion in 'BD Business Hookup's' started by seriola_killer, Sep 20, 2010.

  1. wils

    wils lazy-ass well known "member"

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    Hey, loan guys.

    I'm not behind on my payments; nor am I have difficulty making my payments. I just finished year 4 of my 5 year no-doc, fixed rate, interest only loan. I want to switch it to a 20-30 year fixed with the same basic no-doc. I now owe what it would appraise for. credit numbers are 800-825. Can you do a 125% fixed rate for me?
     
  2. christo

    christo Fishing Fool

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    Those types of loans are no longer around. Fannie/Freddie does have a program that would let you go to 103/105%, but you would need to go full doc. I only know of one bank still doing stated income, but the loan to value needs to be low and no cash out. There are always "relationship loans" if you have a high enough net worth or balances with some banks.
     
  3. christo

    christo Fishing Fool

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    But that only gets you out of the tax consequence, not the judgement. When a creditor forgives a debt, the IRS used to count it as income and tax you on it.

    SB 931 protects homeowners from judgements in a short sale transaction. But with a foreclosure the general rule in California is that a lender, secured by a trust deed against real property, cannot recover any loan deficiency from a borrower if the beneficiary uses the non-judicial trustee's sale procedure to process their foreclosure. The foreclosing beneficiary must, right from the very beginning, use the longer, more involved, judicial approach as a pre-requisite to obtaining a deficiency judgment. Furthermore, any lender who makes a "purchase money" type loan is barred altogether from pursuing any deficiency action against the borrower, regardless of the type of foreclosure procedure used. This doesn't apply to second trust deeds/home equity line of credits - and most people have those as 80/20 type of transactions were very common. Unless the second trust deed/home equity line of credit was used to purchase the property, then it would be a non-recourse loan.
     
  4. seriola_killer

    seriola_killer Dalurker's #1 Fan

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    In a nutshell, I don't get paid. I also do regular real estate transactions to make my money. I don't do loan mods. I just help determine whether or not someone may be eligible for one. A huge problem is that so many people are out there in limbo as to whether they will be approved or not. I had a guy who has been making the trial payment 8 months after it expired, and he has no idea as to whether the loan mod will be approved. I collect info and let them know "yes, it looks like you should be approved." or "no, you won't be approved, and here's why.".
     
  5. LoanMonkey

    LoanMonkey Newbie

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    Jerry,

    so do you do loan mods or just answer questions?
     
  6. raraush

    raraush Newbie

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    He will likely answer your questions regarding a loan mod, then offer to list your property as a short sale.
     
  7. Stanley

    Stanley Pro Boat Scrubber

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    CYNIC! I do a shitload of short sales and they're a pain in the ass! Usually, the seller has nothing to gain from the short sale and nothing to lose if it goes back to the bank. Each deal is different. What worked for your neighbor/friend/relative may not work for you. Between the Short Sale Negotiators, Loan Modification Companies, Unethical Realtors and Attorneys...it's an absolute cluster fuck out there. 3 year interest only ARMs created the recent debacle, now get ready for the 5 year ARMs to adjust.

    Almost forgot...Anyone want to live on the water (with a boatslip)...great fishing, wakeboarding, kayaking, etc. in North San Diego County (Carlsbad)? Lemme know.
     
  8. seriola_killer

    seriola_killer Dalurker's #1 Fan

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    I ask questions to help determine your chances of a loan mod going through.
     
  9. seriola_killer

    seriola_killer Dalurker's #1 Fan

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    Yes and No. I am just giving you options. If it looks like you qualify for a loan mod, great! If it doesn't look like you qualify, then you have a decision to make. Either way, if a homeowner chooses not to make a decision it will get made for them, and I can guarantee you that they won't like the decision that is made for them.

    Do I do short sales? Yes... and so do hundreds, if not thousands, of others all over the state of California. If it comes to that, feel free to use whomever you choose. But before you ink up with some "Superstar" realtor with a glamour photo pic on their business card, ask for some (minimum of 10-12) copies of short sale approvals that they or their company have attained.
     
    Last edited: Oct 21, 2010
  10. seriola_killer

    seriola_killer Dalurker's #1 Fan

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    Bolded type #1: Yes

    Bolded type #2: Very True

    Boldet type #3: Get ready for another economic/housing shitstorm. If people think we are on the road to recovery they have their head in the clouds. Oh, and don't forget the 7 year ARM's.

    Hey guys! This is a very real problem, and lot's of experts are predicting a further 20% decline in home values over the next three years.
    Kondaur Capital sees another 20% drop in housing prices « HousingWire

    I will, however, say that I respectfully disagree with you regarding whether a seller has nothing to gain on a short sale. First of all, in many instances, we've seen people's credit bounce back remarkably fast (15-24 months) after a successful short sale, whereas with a foreclosure, they are pretty much dead in the water for buying another home for at least 4-5 years, minimum. But you're right, each case is different and people need to realize that what worked for a friend or family member may not work for them.
     
  11. blowboater

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    Here's a good one for the brain trust - for whatever it's worth.

    I just found myself in a shit storm. I have a house built in 1914 or something. I'm definitely under water on it. But, being a responsible person I don't really believe in walking away from my debts.

    Well, I had a problem with the electric meter. The city called me - no worries - I'll get an electrician out and bring it up to code. No argument. I've even sent bi-weekly e-mails with my progress to the inspector. I can have it fixed in 2 days - up to code and acceptable to all.

    Guess what? Inspector wants to come into house and force me to take it all back to the ORIGINAL footprint on record with the city. There has been something like 90 years worth of undocumented and more than likely unpermitted repairs to the house.

    I was told the city will put a lien on the house so it can't be sold without all repairs made.

    Even better - they disconnected the electricity on Monday with no written notice or anything. Losing my tenants - they're sitting in the dark trying to figure out what to do about housing. Won't be able to pay the mortgage. (I've been spending most of my time out of town since the girlfriend is Canadian and can't come live in San Diego due to child custody issues - we have a baby due in 3 weeks.).

    Place was a shithole when I bought it. But, in 2006 - you bought a shithole with no questions asked - or you didn't buy a house. Now, it's a clean and safe shithole. The neighbors love me for cleaning everything up.

    Now the value of the house will be nothing. And I don't have the $$ to do all the repairs - which at this point I might as well redo the entire house. I have plans for a major remodel but w/ economy, lower paying job, new baby about here, etc, etc, that's been put on hold. Not sure where to get the $$ to move forward.

    Question:

    If I walk away - will they come after my retirement account? 401K, IRA? If I try to take $$ out of that I lose about 50%. So theoretically, I might be able to take out all my retirement funds, and make the repairs. Of course I would lose 50% of what I have in there and lose EVERYTHING I have put into that tax free account for the last 15 years.

    Funny thing is I was told that this is not SOP for the city. Somebody just pissed in the inspector's Cheerios and she's got it out for me. But, at the end of the day, they have the power and can do whatever they want.

    Kinda sucks.

    I need to talk to a financial lawyer.
     
  12. raraush

    raraush Newbie

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    I didn't mean it to come across badly. I just figured since he specializes in short sales and doesn't do loan mods that that was the likely outcome. Not necessarily a bad thing if that is what is needed.
    I agree with everything you said about short sales. I do them and they suck for everyone.
    However I wrote a lot of mortgages back in those days and I do not remember too many 5-7yr fixed subprime products. I think many of 5yr fixed loans will adjust down not up (at least for now) whether their rate is based on prime or the 1yr treasury both rates are really low. I have a 5yr fixed on a property and it's a bitchen loan. The bad ones were the the neg-am's.
    I don't think I ever wrote a 7yr fixed as their rate was too close to a 30yr fixed and they had the same underwriting guidelines.
    Then again I could be wrong.
     
  13. raraush

    raraush Newbie

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    In my limited experience with inspectors it seems their biggest issue is usually with recent repairs being done without permits and not to code. Like rebuilding a deck, making it bigger, and not to todays building code (like reusing origional footings etc.).
    I would first get a list of his specific issues he wants dealt with. It might not be that bad.
    I've never heard of the city/county shutting power off of to an occupied house unless it was a health/fire hazard. Is there an issue with the power company? Did you get a permit for the new meter/service?
    Good luck.
     
  14. blowboater

    blowboater Fishing with Papa

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    The meter wasn't safe. But it's been like that for probably 15 years. AND, more importantly, I had an electrician there within a week to get it figured out and fixed. Inside of 2 weeks - I'm ready to pull the trigger and do it. No arguments, no fuss, and all politeness on my part.

    The issue is that they want to come thru now and check out EVERYTHING. I'm certain there's permitting issues.

    Any finance lawyers here?
     
  15. LoanMonkey

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    I hear you brother. It defineately seems like when it rains it freaking pours. But congrats on the new addition to the fam!

    For all of you looking to keep the home and getting the run-a-round from your bank here are a couple of links for ya:
    Foreclosure Help & Foreclosure Assistance Through The Foreclosure Process | You Walk Away - Strategic Default Help - Foreclosure Protection - Strategic Default Assistance

    Home First - Loan Modification & Consulting Firm

    certified housing counselor specializing in loan mods. Working for this legit place called Home First outta San Diego. NO UP FRONT FEES. weight on our shoulders to perform. Loan mod doesn't make sence, we dont get paid.Paid only when you get a mod you're satisfied with. No keeping you in the dark. submitting info hoping for a good result? We'll let you know within 3 days what the mod looks like. if it makes sense, we get the mod underwritten and approved in 30-45days. Boss gots the hook up with executives of all the major lenders.
    Needs some real help ht me up.
    Juan
    (858) 812-9110
     
  16. christo

    christo Fishing Fool

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    That strategic default site/company is only adding to the problem IMO. Here's a quote from their site:

    "Strategic default, also known as voluntary foreclosure is when the borrower decides to stop paying a mortgage even though they can still afford the payment."

    Now when you can't afford the payment and your upside down, that is a different story. But in that case a short sale is a much better option IMO.
     
  17. LoanMonkey

    LoanMonkey Newbie

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    Legally I cannot tell someone to fall behind on their mortgage but the fact of the matter is that banks are not helping homeowners who are current on their mortgage. The bank will tell you to send in your info but to KEEP making your payment. strining you allong for 6+months to come find out that they wont help you. It's a tactical option to getting the lender to pay attention to you.

    Check out this article from today:
    "Obama foreclosure-relief plan fails to show gains"
    Official blasts Treasury over foreclosure program - Yahoo! Finance=<CITE></CITE>
     

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