April 2009 Newsletter
What impact will U.S. PresidentObama’s Housing Affordability and Stability plan have on the private loan modification industry?
Written By: G. David Lapin
The Housing Affordability and Stability plan’s "Making Home Affordable" (MHA) program is comprised of two components targeting owner-occupied residential properties with conforming loans owned or guaranteed by two agencies – the Federal National Mortgage Association (FNMA), commonly known as Fannie Mae and the Federal Home Loan Mortgage Corporation
(FHLMC), known as Freddie Mac.
Banks Starting to Walk Away on Foreclosures
This is amazing to me, the lenders are now walking away from the foreclosed homes and puting the financial burden back on the homeowner. The lenders can't sell the houses so they turn them back to the homeowner. This is exactly what I have been preaching to people. When people move out of the home it becomes a distressed poperty and that needs to be brought to the attention of the lender.
Loan Modifications Exceed Repayment Plans in February
I think they are starting to get the picture, finally!!! I hope this trend continues.
Nearly a quarter-of-a-million loan workouts were carried out by foreclosure prevention alliance Hope Now last month as modifications finally accounted for more than half.
Court Halts Bogus Mortgage Loan Modification Operations
This article is about your competition, the ones that have no integrity. I am amazed at how many people put more effort in trying to do people wrong than they do trying to do right. This article shows what happens to people that have bad intentions and act on them.
Merchant Account
Anyone thinking about accepting money over the Internet or over the phone needs to consider getting a merchant account. A merchant account allows you to accept credit cards from your clients over the phone or via the Internet. I would not be able to conduct my business without my merchant account.
Fannie Mae Teams Up With Law Firms To Tackle Foreclosures
You may want to take advantage of the money being paid out by the Fannie and Freddie!
Fannie Mae, the largest mortgage finance firm in US has taken a more proactive stand to tackle the foreclosure problem. It is appointing various law firms to work out repayment terms. Hitherto these law firms like Phelan, Hallinanan & Schmieg LLP would, when approached by borrowers, link them to the mortgage servicers. But now, under the prodding of Fannie Mae, these law firms are working out repayment plans directly. The plan is expanding. Fannie Mae is making the process more easy by removing one layer in the hierarchy.
Loan Modification Software for you
This software makes the loan modification process much easier for the loan modifier. The program walks you through the loan modification process start to finish. It is great for people wanting to have a modification business as it saves you many hours per file in processing time.
Average Negative Equity at Foreclosure Exceeds $200,000
Notices of Default and Properties Sold at Auction Continue to Rise in February
Discovery Bay, CA (PRWEB) March 13, 2009 -- ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure, and provides daily auction updates, issued its monthly California Foreclosure Report for February 2009. The average difference between current market value and outstanding loan amount exceeded $200,000 for properties sold at foreclosure auction in February. This represents a 189 percent increase in negative equity when compared to properties foreclosed on a year earlier. Notices of Default have increased 21.3 percent from January and have nearly returned to the peak levels reached in April 2008, despite the President's Day holiday and February being a short month. Properties sold at foreclosure auction (trustee sales), rose 11.9 percent from January to 17,131.
New FICO Credit Score for Mortgage Lenders Debuts
This new program may change the way lenders look at your borrows. It will be very interesting to see what actually becomes of this program.
BEACON Mortgage Score from Equifax offers unprecedented predictive power to help mortgage lenders and loan servicers make smarter mortgage decisions.
March 11, 2009 BEACON® Mortgage Score, a new FICO® industry score specifically designed to help mortgage lenders make the best possible risk decisions when addressing both current homeowners and those aspiring to own. Equifax plans to make the new score available in April to mortgage lenders and servicers for use in their loan servicing decisions including mortgage loan modifications.
Great Ideas
Here is a few companies I would like to point out to you that offers support for your mission.
Become a Trainer and Speaker
I am getting tired LOL. I have been on the road for over two years traveling from city to city training thousands fro people on loan modifications. I have come to the conclusion that I can not train all of the people that need the knowledge to handle the loan modifications.
I have decided to train and mentor people all over the country that have an interest in becoming a loan modification trainer teaching people how to get modifications done the proper way. You will be trained on conducting seminars, holding in office trainings and developing your speaking skills.
Marketing and Sales
How is your marketing and sales going? What progress have you made? Do you have a plan for your marketing and sales? If you have a plan are you following the plan? Are you making the money you deserve to make? What are your goals, do you have goals? How much money do you want to make? Are you on track to make the money you want? Are you ready to make the money your family needs?
LoanModACHIEVER®
THE NEW KIT ON THE BLOCK
HELPING OUR GREAT NATION GET BACK ON ITS FEET
First off, I would like to thank you for being involved with helping your community by serving those people that are struggling with keeping their homes. Your business is one that, at times, is heaven sent for those who can utilize your services; it is a step in the right direction in helping them and our great nation get back on its feet.Secondly, I’d like to introduce a loan modification software program that can make writing loan modifications simple, quicker and less intimidating. It is the newest and most complete web based self-starter tool in today’s market.
Financial Network USA
Founded in 2008, Financial Network USA was designed and built to address the serious economic challenges that are facing our country. As a result of this worsening economic storm, many loan modification companies have sprung up to service this need. At Financial Network USA, we have taken this process to the next level by developing the Family Rescue Plan. How is this different, you may ask?
Estimated 600,000 Bank Owned Properties Not on the Market
An estimated 600,000 foreclosed homes owned by banks and mortgage lenders nationwide haven’t been resold or listed, according to a report from the San Francisco Chronicle.
This so-called “shadow inventory” could drive home prices much lower if unloaded on the market, and clearly distorts the inventory picture that appeared to be improving.
In California alone, estimates of shadow inventory range from 80,000 to 100,000 properties.
