UMMAA February Newsletter
Wow, have things been happening in the loan modification industry!!!!
This months newsletter is filled with very exciting news. I was so glad to see 2008 end and 2009 kick off. I am even more excited now as the lenders are becoming much more practical. We have gotten rates dropped to 1% and fixed for 5 years. The lenders have started helping in principle balance reductions. Brian Fox from NLR told me he got a client a reduction of over $400,000. I guess the lenders have seen the light and are now ready fix this problem.
I have talked forever about getting involved with non-profit's to help there people get loan modifications. Greg and I decided to give it a more important role in our business. I guess, I don't work enough because Katie has gotten me booked all over the country speaking along side our members at non-profit events. It is amazing how many people need our help. Half of the people that attend the non-profit events call the office for additional help in getting a modification. So, if you are not working with non-profits or hosting public seminars you are missing out on a wonderful opportunity.
If you want me to speak at an event for you please give Katie a call and she will put it on my schedule.
CBS News is doing a special on our training program. I will be filming the segment in Houston TX on Tuesday. I will be sure to post the report on the website for all to view.
We also got some copies of the documentary movie that was made about my life. If you would like to check it out give us a call at the office.
Have a wonderful week and help as many people as you can.
Thanks a ton,
Kev
Lender Updates
I have some great information this month regarding Lender Updates. The lenders have gotten much better with the modification process. We are seeing balance reductions like never before. We are seeing the best reduction to date and the process is taking less time to complete.
Loan Modification Results
We have some great loan modification results this month. We have seen some amazing things since the start of the year. Hold onto your hats folks because this is getting good.
Advance Training Pleasanton California
The Advance Training in Plesanton was great. We had a small but very good group of loan modifiers. I would like to thank everyone that attended and made such a wonderful weekend.
Loan Modification Processing Training Now Offered
I am very proud to announce a new training program we just rolled out this year. We have had several request to offer a training class on just processing. Some of the UMMAA members wanted to learn just the processing side of the business. Mitzi has designed an 8 hour program to accommodate them. I am excited about this opportunity to work with these wonderful people. Be sure to check out the information regarding this workshop as I am sure it will help you in your modification business. The best part of this program is the cost, we have gotten it down to $500.00 for the full day of training and we limit the class size to 25 people. This way you get the most out of the experience. I hope to see you at the next processing training.
Even Congresswoman Gets the Runaround by Bank
In a revealing example of what she says the average homeowner faces, a California Congresswoman spent more than two hours on the phone trying, without success, to find someone at the Bank of America who could help a struggling constituent modify his mortgage payments. ABC News "Nightline" cameras were rolling as Congresswoman Maxine Waters (D-Ca.) was repeatedly put on hold for long stretches, disconnected, transferred to extensions that did not work and ultimately switched to a recording which directed her to the bank's website.
Paulson favors abolishing Fannie, Freddie
In his last speech as Treasury secretary, Henry Paulson advocated abolishing Fannie Mae and Freddie Mac and replacing them with highly regulated utilities with a narrower housing finance mission. This could change the way mortgages are written in this country.
Chase Extends Modification Effortsto Include the $1.1 Trillion of Investor-Owned Mortgages It Services
I think Chase woke up this week and looked in the mirror. They must have seen an image they did not like. Chase has had major foreclosure problems the last two years. They came out and said they are having a difficult time getting modifications done because the investors have stalled them. Chase has taken a stand and will modify loans without the investors approval. Get ready for a wild ride because once this program gets off the ground it's going to get crazy.
US House Panel Approves 'Cram Down' Mtge Relief
This is a great article on the new bankruptcy law allowing judges to force lenders into a modification. The good thing about this new program is the help it will give us. The lenders would much rather deal with us then deal with a judge. The lenders are already becoming much more consumer friendly in dealing with the modifications. So please take the time to read the article as it will help you when negotiating with the lenders. Bankruptcy is now a REAL THREAT to the lenders.
HOPE NOW JOINS WITH GOVERNMENT TO CREATE STREAMLINED MORTGAGE
HOPE NOW, the private sector alliance of mortgage servicers, non-profits, counselors, and investors that has already helped almost 2.5 million homeowners avoid foreclosure, today announced that, working with the U.S. Treasury, the Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and a number of major mortgage loan servicers, it has helped develop a new program that will make it easier and faster for the most at-risk homeowners to modify their mortgages and stay in their homes.
Home Foreclosure Rates by State
This is amazing, take a look at your state to see the amount of foreclosures.
I am amazed at some of the changes over 2007. Some of the states foreclosure rates have increased 300-400% over 2007. I don't see this problem getting much better for a few years.
2008 foreclosure filings set record
Foreclosure filings surpassed 3 million in 2008, setting a record that has Washington, D.C., policymakers calling for more aggressive efforts this year to aid troubled homeowners.
Freddie Mac to rent foreclosed properties
The goal of the new policy, announced Friday, is to prevent properties from becoming vacant so they won't fall into disrepair.
Freddie Mac also said it will allow renters to remain in their homes even if their landlord enters foreclosure. The McLean, Va.-based company currently has about 8,500 properties in the foreclosure process, but many of those are vacant.
