shorter short sale

Saturday afternoon and evening I spent my time at a wedding reception.

This was no ordinary wedding reception.  The wedding was 3 weeks earlier and in Gatlinburg, TN.  And I wasn’t there.

But I was invited to the reception.  It was an outdoor picnic with family and friends. – Approximately 60 or so.

And who was the Groom?  None other than a family friend.  And what is his job by day?  A loss mitigator for a bank I can’t name.

Yep, a Loss Mitigator.

• One of those guys who you try and try to get on the phone to negotiate DOWN their offer.
• One of those guys who normally, you can’t get to answer the phone when you really need them.
• One of those guys who hold the keys to the kingdom to how the banks really work and can get your deal to the decision makes.

Not to worry.  The gift for the bride and groom was appropriate and memorable.

Stayed tuned and see if there are any “information updates” from smoozing with family friends!

Deb McMillan

The Short Sale Queen® and Coach

www.shortsalequeen.com

Get Free Tips and techinique at

www.BestShortSaleCourse.com

www.MyShortSaleTraining.com

Well, they changed the law again at the last minute. It’s the HAMP law, silly.  I know, I can hardly keep up with the government and their changes in their infinite wisdom.

The bill now gives $1,500 to homeowners who get a short sale.  I think that comes from the lender not us. (more investigation will be done)

The 2nd mortgage will get $6,000 if they forgive the debt.  That’s good but the wording I found was “$6,000 of the short sale proceedings” so I think that means we pay the $6,000.  Boo.

But if it get the negotiations done within ten minutes, that’s a reward in itself!  And you can budget that amount.

The homeowners have to NOT qualify for the HAMP (modification program) before they are eligible for all this.  AND

The bank has to have a sale value on the house BEFORE it gets listed.  HUH?

And the Realtor commission can’t be cut after submission of the offer.

A Realtor (BPO – not appraiser) will determine the value of the property and not be shared with the owner.  (does that mean it can be shared with the Buyer?)

The feds are expecting 10 million foreclosures in the next 3 years.  TEN MILLION?!?!  Now is the time for short sales.  I’ve ALWAYS said that.

They do expect this program to help 4 million.  A drop in the bucket.  Get busy!  Buy my home study course and coaching!  We have more ways to get leads and include doing the short sale yourself or having a qualified negotiator do it for you.    NOW IS THE TIME!  Click here for my link.

Personally I think it is a little bit dangerous when the government gets involved in all this. It is easy for me to say, because I am not (or at least I think) underwater with my mortgage.  But even if we aren’t receiving this help from our government, the fact is that we all still have to pay for it – and so much more important is the fact that we are slowly exchanging more of our freedoms for the comfort of having the government “look out” for us and fix our problems.  Scary, scary, scary.

Deb McMillan

The Short Sale Queen® and Coach

www.shortsalequeen.com for the best short sale course anywhere!

Are you sick of hearing that real estate and the economy is in the worse shape it has ever been since the Great Depression? No one is buying real estate and anyone who does is just plain stupid?

The qualifications have changed so much no one can get a mortgage, so houses are just sitting on the market and the market is flooded with more houses than ever?

They even say the best in Short Sale Training won’t get you any money in your pocket or save you from an income crunch.

Well parts of those statements are true
– qualifications to get a loan have changed

If you want to borrow money you have to have the Visible Means to pay it back. That means the borrower has to have a job.

That doesn’t seem like such an unreasonable expectation.

No they aren’t giving loans away. They are not altering peoples’ income so on paper it looks like they can afford a house.

The cool thing is those borrowers are out there! I am closing on houses and selling them right away every month!

It’s because I follow my own short sale training and short sale coaching plan and success systems!

The biggest piece of this whole pie is the house MUST be priced right! And that is what is really selling housing. Pricing the house right for the condition, the area and the buyer and you can do that with my Short Sale Training!

Getting Short Sale Training can get you the information you need to do it all yourself! Yes, you work with other people but you are the one who talks to the banks. You aren’t dependent on somebody else getting a deal for you and saying all the right things.

Don’t let this scare you. In the Short Sale Training with the Short Sale Queen you get individual attention so you do know what to say and you do get a great deal!

You’ll discover all the right things to say, the right things to do, the paperwork to get to the banks, and the most direct way to the closing table.

With all the news stations saying how the short sale market has increased, anybody and everybody is teaching short sales, claiming to be the one and only Short Sale Coach. Lawyers, shysters, everybody!

So how do you decide on whom to give your money to and believe you will get the best information so you can help your homeowner, save the bank, get a qualified buyer into the house and you still make money?

Count on somebody who has been closing deals for longer than the current fad. Somebody who still attends seminars to learn more because one person just can’t know it all. And if the guru’s say they know it all – they ARE lying!

Choose a short sale program or short sale training that other students have great things to say about their teacher!

Choose the Short Sale Queen! We have a proven system that gets you to the closing table more often. We have testimonials from successful students. I still attend seminars, I still close my own short sale deals, and I offer a one-on-one coaching class so you get the best information first!

Log on to www.shortsalequeen.com

Believe in your own success!

Deb McMillan
The Short Sale Queen and Coach

PS Stay tuned too! We’ll be coming out with our own “Short Sale Forum” sorta’ like Facebook. You’ll see it first here!

It’s true! The big czar of the Treasury Secretary. The home he bought in Westchester County New York in 2004 for $1.602mm won’t sell for that same amount. He’s dropped the price to $1.575 million and still no buyers. He’s renting.

The answer when you can’t sell. Rent. And hope for almost enough money to cover the mortgage and not kill yourself coming out of pocket for the rest.

He owes $1.25million with 2 loans and is renting the house for $7500 per month.

finance.yahoo.com/news/Geithner-faces-sluggish-apf-15419661.html?.v=6

According to my handy dandy payment calculator, an interest rate as low as 6% ON BOTH LOANS will cover the mortgage payment. You know the 2nd mortgage interest rate is never that low. Unless he got a special deal. And of course there is taxes and insurance on a $1PLUS million dollar house.

I think he might be hurting…or looking for another way, ethical of course, to get his mortgage paid.

Maybe I’ll send him one of my marketing letters to get him to do a short sale.  Maybe we should all send him letters. 

Read the article.  It’s a shame actually.  Maybe he can find a solution…like taking offers from people – whether they are too low – and sell the house for what people want to pay.  We could get more short sales accepted.

Obama’s Real Estate Rescue Plan -

Homeowner Affordability and Stability

Plan

Are you wondering how this new plan will affect short sales and the 9 million people in foreclosure that we’ve been thinking need our help and possibly a short sale?

Worry no more.  I’ve included the details but there will be few people who will get helped by this plan.  Obama says 3-4 million when there is 9 million borrowers to help.  I say maybe 1.5 million.

Short Sales are here to stay.

I’m sorry for the homeowners but as I’ve said before, the criteria from the government makes it pretty tough to qualify.

You can only be mortgaged 5% above the current market value of your house to get refinanced through this program.  That wipes out all of Florida.  Many of
them are 40-50% upside down.

Short Sale Coaching at its Finest!

Here’s the criteria as I got it from CNN.

Homeowner Affordability and Stability Plan

To refinance under the New Plan They must:

• Be current on their loans
• Have conforming loans
• Have loans Owned by Freddie or Fannie
• Owe <$417,000 on your current balance
• and have <105% LTV
• be able to prove their current income will cover the new house payment

Who is NOT eligible to refinance?

• >105% LTV

• Jumbo loan holders

Mortgage Modification

• Originated before 1/1/09
• Unpaid balance <$729,750 SF
• 55% Debt to income may still qualify and requested
  to accept debt counseling in a HUD program.
• Mortgage payments would be reduced to 31% of
  gross income (by reducing the interest rate, length
  of loan to 40 years, last resort to reduce the principal
• Payments stay the same for 5 yrs then the interest is to
  increase to market rate.-at no more than 1% per year.
• Have to modify all eligible mortgages unless
  prohibited by contract signed with investors who own the note.

Who is NOT eligible for a Mortgage Modification?

• Speculators
• Investors
• Property must be owner occupied,
  not vacate or condemned.
• Homeowners who were Irresponsible in
  borrowing, misrepresenting their income in a no-doc loan

The article said go to www.hud.gov for “self assessment” to determine if a person is eligible for the plan but I can’t find anything about it on the website

It might be up in a couple days.  If you find it, let me know.  But knowing this information will help you respond to your seller’s objections if they want the government to help them instead of a short sale.

Look at their income, expenses and the current market value of their house versus the amount they owe.  If they don’t fit the above categories, –

Short Sales It Is!

Short Sale Coaching at its Finest!

Deb McMillan
The Short Sale Queen and Coach