If your budget allows, I strongly encourage you to let our team do your negotiating so you can focus on simply signing up leads. Let us do some of the heavy lifting for you. We are doubling the setup fee as promised on Midnight this Friday, so if you have interest get it now.
Go here to read more…
http://www.ShortSaleology.com/unlimited.html
Associated Press Writers David Espo and Sara Lepro contributed to this report.
WASHINGTON — Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn’t go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.
But there’s a catch. The plan focuses on loans Fannie and Freddie own or guarantee. They are the dominant players in the U.S. mortgage market but represent only 20 percent of delinquent loans.
Sheila Bair, chairman of the Federal Deposit Insurance Corp., said the plan “falls short of what is needed to achieve wide-scale modifications of distressed mortgages.”
With the government spending billions to aid distressed banks, “we must also devote some of that money to fixing the front-end problem: too many unaffordable home loans,” Bair said in a statement.
Democrats on Capitol Hill aren’t satisfied, either. “When the loan is chopped up into a million pieces and any investor can block a modification from happening, a program like this will only scratch the surface of the mortgage crisis,” said Sen. Charles Schumer, D-N.Y.
The economic crisis is still unnerving Wall Street. Stocks fell again as investors found few industries safe from the consumer spending slump. With Starbucks Corp. and luxury homebuilder Toll Brothers Inc. both posting disappointing quarterly results, the Dow Jones industrial average closed down nearly 180 points.
The financial crisis took on a new dimension on Capitol Hill. House Speaker Nancy Pelosi called for “emergency and limited financial assistance” for the battered auto industry and urged the outgoing Bush administration to join lawmakers in reaching a quick compromise during a postelection session of Congress.
The new mortgage assistance plan was announced by the Federal Housing Finance Agency, which seized control of Fannie and Freddie in September, and other government and industry officials.
Officials say they hope the new approach, which takes effect Dec. 15, will become a model for loan servicing companies that collect mortgage payments and distribute them to investors. These companies have been roundly criticized for being slow to respond to a surge in defaults.
James Lockhart, director of the housing finance agency, urged investors to “rapidly adopt this program as the industry standard.”
Still, government officials had no estimate of how many homeowners would be able to qualify. Fannie and Freddie own or guarantee nearly 31 million U.S. mortgages, or nearly six of every 10 outstanding. But they have far lower overall delinquency rates — under 2 percent.
To qualify, borrowers would have to be at least three months behind on their home loans and would have to owe 90 percent or more than the home is worth. Investors who do not occupy their homes would be excluded, as would borrowers who have filed for bankruptcy.
Qualified borrowers would get help in several ways: The interest rate would be reduced so that they would not pay more than 38 percent of their gross income on housing expenses. Another option is for loans to be extended to 40 years from 30, and for some of the principal to be deferred, interest-free.
Though lenders have beefed up their efforts to aid borrowers over the past year, their action hasn’t kept up with the worst housing recession in decades.
More than 4 million American homeowners, or 9 percent of borrowers with a mortgage, were either behind on their payments or in foreclosure at the end of June, according to the most recent data from the Mortgage Bankers Association.
Indeed, Tuesday’s announcement comes too late for Troy Courtney, a 44-year-old San Francisco police officer.
He moved out of his home in Mill Valley, Calif., earlier this month — taking his children, three dogs and one cat with him — after failing at several attempts to get a loan modification or a short sale. A short sale occurs when the lender agrees to receive less than the loan is worth.
Courtney worked overtime and tapped into his retirement account to try to catch up with two loans on his home. But in the end, he couldn’t persuade Countrywide Financial, which managed the loan for Wells Fargo, to modify the loan.
“I feel like I missed the boat,” he said of the new efforts to help more homeowners. “I’m just mad at the whole system.”
One reason the problem has been so tough to solve for borrowers such as Courtney is that the vast majority of troubled loans were packaged into complex investments that have proved extremely hard to unwind.
Deutsche Bank estimates more than 80 percent of the $1.8 trillion in outstanding troubled loans have been packaged and sold in slices to investors worldwide. Most of those loans won’t likely be helped by the new plan.
The rest are “whole loans,” which are easier to modify because they have only one owner.
Still, after more than a year of slow and weak initiatives, there seems to be a serious effort among major retail banks to get at the heart of the credit crisis: falling U.S. home prices and record foreclosures.
Citigroup said Monday it is halting foreclosures for borrowers who live in their own homes, have decent incomes and stand a good chance of making lowered mortgage payments.
JPMorgan Chase & Co. last month expanded its mortgage modification program to an estimated $70 billion in loans, which could aid as many as 400,000 customers. The bank already has modified about $40 billion in mortgages, helping 250,000 customers since early 2007.
Starting Dec. 1, Bank of America Corp. plans to modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. as part of an $8.4 billion legal settlement reached with 11 states in early October.
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Associated Press Writers David Espo and Sara Lepro contributed to this report.
Someone emailed me and said this.
“Dude Cory… Do you realize you have like 700 people following you on Twitter?”
I went to my Twitter account and found out he was wrong. I actually have 737 people following me.
Now if you don’t know what Twitter is exactly it is understandable. Twitter is getting more popular by the minute and I just so happened to join it early because I’m a techy nerd guy so I “roll” like that.
Now, here is what I’m thinking. I understand that serving others is an attribute of a successful person. Success being described as considering your life with optimism, not self serving, but with a synergy and genuine desire to help others reach their goals.
I am considering giving away one of my short sale courses, some bonuses, useful/helpful investor tools, a full year ShortSaleology membership, and maybe even an hour of personal consulting. It’s at least going to be worth a few thousands dollars. But here’s the only way you can get it. You have to be registered on Twitter and you have to be following me.
Any ideas on how to structure the contest?
Here is a simple breakdown of what Twitter is and why I want you to create a free login. As soon as you do that, I will start following you too. All of this “following” will make sense in just a second.
Here is how you get started.
1. Watch the video below.
2. Go to http://www.TwitterCory.com and sign up and follow me. I will see you signed up and send you a message.
3. Give me your thoughts below or “twitter me” with how you think I should run the Twitter contest
If you don’t feel comfortable or don’t have time to negotiate your deals. Let us do them for you. Go check out http://www.ShortSaleology.com and join our Community. You’ll be glad you did.
Remember… be a servant,
Cory Boatright
Loss Mitigation Specialist
http://www.ShortSaleology.com
http://www.1DayFunds.com - Need Private Money for 2pts?
Resource: News: Yahoo.com
Treasury Secretary Henry Paulson, Jr. speaks during a news conference in AP ??? Treasury Secretary Henry Paulson, Jr. speaks during a news conference in Washington, Sunday, Sept. 7, ???
WASHINGTON ??? The Bush administration seized control Sunday of troubled mortgage giants Fannie Mae and Freddie Mac , aiming to stabilize the housing market turmoil that is threatening financial markets and the overall economy.
Treasury Secretary Henry Paulson is betting that providing fresh capital to the two firms will eventually lead to lower mortgage rates, spur homebuying demand and slow the plunge in home prices that has ravaged many areas of the country.
The huge potential liabilities facing each company, as a result of soaring mortgage defaults, could cost taxpayers tens of billions of dollars, but Paulson stressed that the financial impacts if the two companies had been allowed to fail would be far more serious.
"A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance," Paulson said.
But more importantly, "Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great …read full story
new "Virtual Bird Dog Blueprint" I emailed you about?
If not, please let me urge you to go ahead and do so.
This is some of the most brilliant, cutting
edge, "4-Hour Workweek" stuff out there right now.
You’ll find a TON of good stuff in there about virtual
real estate investing and how you can start saving
time, money, and effort through a true virtual bird dog
network.
straight from the course… and I actually just found
out he’s giving out AUDIO sessions from the course as
well.
Your cost: $0 (still)
VirtualBirdDogBluePrint
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How to get a nice discount (one day only)…
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Andy’s full digital course launches THIS WEDNESDAY at
12 Noon Eastern/9 AM Pacific.
I own this course. And if the ideas I’m kicking around
here resonate with you at all, then I hope you’re wise
enough to take a couple minutes to give it a good look
for yourself beforehand.?? You’ll be glad you did.
ESPECIALLY because Andy just gave me 50 dis-count
tickets, that’ll slash the cost of the course BIG TIME
for you.
BUT…(and please consider this fair warning right now)
on Wednesday. It pays to have connections, my friend.
But for now, make sure you grab the FREEBIES and look
them over for yourself, so you can size this thing up
in advance and see exactly what I’m talking about.
Again, I don’t want to get all hype-y about this. But
know that early adopters of the "blueprint" for this
system have been doing an extra $5,000 to $30,000 in
deals every single month.
I’m sure you can too. If you’re willing to plug into
this blueprint, follow the steps to a "T"…then simply
rinse and repeat.
So you might want to mark your calendar now for this
Wednesday at 12 Noon Eastern/9 AM Pacific.
And in the meantime, download the goods and look them
over…
Cory Boatright
Loss Mitigation Specialist
from Andy…cool?
Attorney List
Earlier this week, Fannie Mae announced that it is increasing the fees it charges lenders for purchasing their mortgages and making adjustments to its pricing structure for home-loan securities. The government-sponsored enterprise (GSE) said these changes, which are effective October 1, will better align its pricing with credit risks, help to mitigate losses, and support its ability to provide a stable source of liquidity to lender partners. Fannie Mae will raise its Adverse Market Delivery Charge, a fee that applies to all mortgages that it finances, from 0.25 percent to 0.5 percent. The company has also issued updates to its standard loan pricing structure, or loan level price adjustments (LLPAs), based on down payment and borrower credit score criteria. Costs will decrease on loans made to borrowers with credit scores over 620 and a loan-to-value (LTV) ratio of more than 85 percent. Fees will increase for mortgage loans with LTV ratios below 85 percent. To view Fannie Mae’s announcement to lenders and updated LLPA grids, click here . In additional company news, Fannie Mae released its updated retained attorney list today. The list, effective October 1, 2008, was compiled following a rigorous application and evaluation process, and reflects the firms that Fannie Mae considers to be the foremost in the industry. For Fannie Mae’s full list of attorneys by state jurisdiction, click here .
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This BREAKING NEWS report just came in from Mortgage News Daily. I’m really curious on how some of you think this is going to affect your short sale investing. All you 21-Day foreclosure states just got a hand up to 300 DAYS! How’s that for assistance? Also… read the part about how they are DOUBLING the pay for short sales to the services that complete them. HMMMMMmmmm… Now if I’m a lender and I just got DOUBLE the pay… do you think that would motivate me a little more to complete one?
I THINK SO!
What are your thoughts on this? Comment by clicking the comment number box above then scroll down the page to write your comment.
Freddie Mac Doubles Financial Incentives to Servicers Who Help Borrowers Avoid Foreclosure
Report Source: Mortgage News Daily
Freddie Mac today told mortgage servicers it was doubling the amount of money it pays for each workout that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of foreclosure. Freddie Mac also announced it will start reimbursing servicers for the cost of door-to-door outreach programs, give servicers more time to negotiate workouts in states with fast foreclosure processes, and make administrative changes intended to streamline the workout process.
"We are taking these steps because we want to reinforce the tremendous importance of workouts and reward their use," said Freddie Mac Vice President of Servicing and Asset Management Ingrid Beckles. "Giving our servicers more time and greater compensation to help troubled borrowers is fundamental to preserving homeownership and maximizing our efforts to minimize foreclosures."
According to Beckles, starting August 1, 2008, compensation for repayment plans will rise from $250 to $500 while loan modification compensation will increase from $400 to $800. For short sales or pre-foreclosure sales, where Freddie Mac agrees to accept less than the full amount owed on a borrower’s loan, compensation will go from $1,100 to $2,200. (The higher amount recognizes the greater servicer staff time involved when negotiating property sales.) Freddie Mac also said it will now reimburse the cost of leaving a door hanger up to $15 per mortgage and up to $50 per mortgage for a door knocking that results in the borrower contacting their servicer. Freddie Mac will also reimburse servicers up to $200 for additional fees paid to vendors for door knocking that results in successful alternatives to foreclosure. This policy is effective from August 1, 2008, through March 31, 2009.
To qualify for the reimbursement, the servicer must show that the mortgage was at least 90 days delinquent, the servicer had no prior contact with the borrower, and that the outreach was done by an independent third party vendor.
Freddie Mac also announced it is extending the time for foreclosures so servicers will have more time, if needed, to negotiate workouts with delinquent borrowers in Washington, DC, and 20 states with relatively fast foreclosure processes.
In addition to Washington, DC, the affected states include Alabama, Alaska, Arizona, Arkansas, California, Georgia, Hawaii, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, North Carolina, Rhode Island, Tennessee, Texas, Virginia, West Virginia and Wyoming.
Specifically, starting August 1, 2008, servicers are allowed up to 300 days (10 months) from the due date of the last payment to the foreclosure sale in these states to seek aggressive and sustainable workout solutions for the borrowers and still meet the standards set in Freddie Mac’s Servicer Performance Profiles. The company uses the Servicer Performance Profiles to measure and reward the quality of a servicers’ investor reporting and default management.
Even though the laws in these states permit a lender to foreclose in less than 300 days, this announcement means Freddie Mac will permit its servicers more time to complete foreclosures. The new policy won’t affect borrowers in states where the foreclosure process already exceeds 300 days.
I had a rather interesting email sent to me that made me think that others would have a lot to contribute to the subject of it. It is an interesting way to think about solving challenges you are dealing with in short sale investing, but I believe from all the responses we get from this it can serve many people with answers they are seeking for it.
So… here is the email.
Cory,
As in your attached message, you frequently ask for success testimonials, which is good and encouraging to everyone. Do you ever ask for feedback from your students that have not experienced success to understand why they are not successful to offer them suggestions and encouragement? It is not expected that you would respond to every message, but instead to analyze and address the patterns of unsuccessful effort.
Thanks, in advance, for your being a servant to your "still to be"
successful students, as well!
I think this is a great subject to discuss so what do you have to contribute towards it?
What are some the things you are struggling with now in your short sale investing? Leave a few comments so we can get a lot of feedback to help others.
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So… let’s see happens THIS time.
I’m running a little CONTEST on a design logo for the new launch of ShortSaleology 2.0. If you haven’t heard about it don’t worry… you will soon.
I need your help. Would you mind sharing your opinion on which logo you think is best and WHY? I really appreciate it.
Go look at all the Shortsaleology logo examples here
Here is what I’m going to do on my end for you doing that. I’m going to AWARD ONE SHORT SALE FUNDAMENTALS HOME STUDY SYSTEM 
($897 VALUE) AND 6 MONTH FREE MEMBERSHIP INTO SHORTSALEOLOGY ($582 VALUE) FOR A TOTAL AWARD VALUE OF $1,479!!! to one person that in this Blog Community that votes. You could really make out like a bandit so listen up! If you already own my short sale system you will get ONE FULL HOUR of private consultation with me. We can discuss specifically about your area, your challenges, ideas, fears, business tools, ANYTHING your heart desires. You got me for one full hour. I charge $997 hr so our time together is something I consider very valuable. I am dedicated to your success. I want you to get your first short sale completed or show you ways to DOUBLE OR TRIPLE the amount of deals you are doing now and spend LESS TIME doing them. This is an awesome gift that someone could receive from simply voting.
Short Sale Fundamentals Home Study System description
ShortSaleology description (just a few benefits)
Here is how it is going to work. This is really easy.
WHAT YOU DO:
1. You go the link above and choose a logo design you like. Note: new designs will be coming up everyday and every night till the contest ends in approximately 7 days from (6/29/08). That means you will want to frequently visit the link above to see new ones.
2. You write WHY you like the design best
3. You submit your review—-> here
——————
RULES TO CONTEST:
1. You can only vote once per logo. You can vote again , but it must be for a different logo.
2. All answers must be at least 150 words
3. You must answer on THIS blog
4. When you answer you must reference the logo # (located in bottom left hand corner of each design)
That’s it. Have fun and be creative with your answers. This is going to be truly a community driven effort. Hopefully all of us will decide on a majority vote for a logo. That would be awesome because it would mean YOU actually got to pick the logo that YOU wanted. What a novel concept eh… working together.
Go pick your logo and vote NOW.
I’ve started the process so you can see exactly how it works here. :0)
http://news.yahoo.com/s/ap/20080624/ap_on_go_co/congress_housing
Summary:
The centerpiece of the package is a foreclosure rescue program in which the Federal Housing Administration would provide $300 billion in new, cheaper mortgages for distressed homeowners who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.
Borrowers would be eligible for the housing rescue if their mortgage holders were willing to take a substantial loss and allow them to refinance, and would ultimately have to share with the government a portion of any profits they made from selling or refinancing their properties.
HOW DO YOU THINK THIS WILL AFFECT YOUR SHORT SALE BUSINESS? I appreciate your comments.