Short Sale Designations-WHO’S Real and WHO’s NOT

Fannie Mae & Freddie Mac jumped into the short sale arena.

Can you really make money with all the new programs

Our guest Vanessa Liddell reveals short sale secrets and will flush out Myths about professional designations on Monday night at 6:00pm. 

Vanessa Liddell, Short Sale Trainer and Consultant has agreed to talk with us about the new Fannie Mae and Freddie mac movement into the Short sale arena this Monday at 6:00 pm at  http://budurl.com/wetalk

Due to a souring real estate market, there has been a great deal of confusion and uncertainty. Program after program, company after company, Designation after Designation popping up daily!  After all those expensive Designations and programs, who is really qualified to assist distressed homeowners in trouble?  Do those acronyms with no experience really mean anything? WHO’S WHO in the short sale ZOO? 

Don’t miss this show.  Tune in on Monday at 6:00pm on www.WeTalkRealEstate.com with Butch Grimes and hear the real deal about Fannie Mae, Freddie Mac, Hafa and Designation Myths!

Click on the link to hear the show. http://budurl.com/wetalk

 BIO:

Vanessa Liddell, coach and consultant in the real estate industry, specializes in short sales and working with distressed homeowners.  Most recently, Vanessa was featured as a guest panelist discussing the new HAFA program at California Association of Realtors SWAT programs which reached over 2,000 California agents held in eight cities across the state. She continues her work with C.A.R. as an instructor for the “Distressed Property” program as well as “Navigating Through the Mortgage Process”, a newly formed class created with the assistance of Freddie Mac and Citibank.

Vanessa is also the author and presenter of her own 4 hour HAFA Workshop – which she is teaching in California to offices, real estate association and boards.  Vanessa’s information on distressed properties and working within the short sale world comes from an extensive background within the title and escrow industry spanning more than 25 years.  Before short sales were even a household word – Vanessa developed and managed a short sale processing company where over 600 short sales were processed with contacts to more than 100 lenders. 

I look forward to answering your questions on Monday!

I was just in Laguna Hills teaching a GRI class and met some great new real estate professionals.  The more I teach, the more I realized how important it is for us to connect, share and become better educational ambassadors in the industry.  Distressed homeowners are looking to all that are in the real estate industry to be equipted and well informed to assit them with their questions, problems and concerns.  

Step it up fellow colleagues and Educate yourself!

Trying something new…This post will likely change several times before we are done today.

I have been wondering when the govt. is going to take this crisis a little more serious.  Not that they haven’t been, but I think there is so much more to work on then givining institutions all that tarp money to find out that it never reaches those that really need it.  Here is an article that briefly outlines some of the new changes that will be made tio move the procvess along!      

The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed “short sales” of homes and other loan modification alternatives to stem a rising tide of foreclosures.

The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed, according to an announcement on the Treasury’s website.

Guidelines address barriers that have often sidelined short sales by setting limits on the time it takes a bank to approve an offer, freeing borrowers from debt and capping claims of subordinate lenders.

The incentives, first announced in May, expand on the government’s Home Affordable Modification Program, known as HAMP, that has seen limited success in lowering payments for distressed homeowners. The Treasury earlier on Monday stepped up pressure on mortgage companies to make permanent the 650,000 trial modifications they have started.

“While HAMP program guidelines are intended to reach a broad range of at-risk borrowers, it is expected that servicers will encounter situations where they are unable to approve” or offer a modification, the Treasury said in its announcement.

Financial incentives for completing short sales or similar deed-in-lieu transactions — in which the deed is simply transferred to the lender — include a $1,000 payment to servicers, and a maximum of $1,000 to go to investors who sign off on payments to subordinate lien holders, the Treasury said. Borrowers would receive $1,500 in relocation expenses.

Short sales are favored by real estate agents and community groups over foreclosure because they can preserve the borrower’s credit rating and leave the property in better condition than when a homeowner is evicted. While primary lenders typically realize steep losses, their recovery is typically far better than under foreclosure.

But short sales have been frustrating for borrowers and real estate agents, often hung up by negotiations with multiple lien holders and mortgage insurance companies. Real estate agents have complained that sales fall through as lenders bicker over the sales price, what they should receive from the proceeds, and whether the borrower will be held accountable for the debt in the future.

Among requirements, mortgage servicers have 10 days to approve or disapprove a request for short sale, and when done the transaction must fully release the borrower from the debt.

It also prohibits mortgage servicing companies from reducing real estate commissions on the sale, a practice that has dissuaded many agents from taking short sale listings.

In one of the most contentious issues gumming up negotiations between lenders, the guidance caps the aggregate proceeds to subordinate lien holders at $3,000.

Second lien holders in recent months have begun demanding more money from the first lender, seller, buyer or agent in exchange for releasing their claim, agents have said. Because primary lenders would face larger losses in a foreclosure, some subordinate lenders have felt empowered, the agents said.

The largest second-lien holders are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co and Citigroup Inc.

Second lien holders may proceed with a short sale outside of the Treasury program, if they felt the cap was too low, a Treasury official said in October.

“If there was a short sale program that didn’t recognize the second lien holder position, it could have pretty damaging consequences for the industry,” Sanjiv Das, chief executive officer of CitiMortgage, said in an interview last week.

This is a warning to everyone to be careful

when showing properties.  Know who you are

showing the property to before showing

Realtor Found Murdered in Foreclosed Home

Ricardo Contreras, 45. (KTLA / July 19, 2009)

 

WESTCHESTER — Authorities say a man who was found murdered inside a Westchester home being shown to a prospective buyer was not robbed.

Family members and neighbors have identified the victim as 45-year-old Ricardo Contreras.

Contreras, also a real estate agent, had been missing since Tuesday evening when he didn’t come home after work, his family members said. They had put out fliers in an effort to find the father of five.

Contreras’ body was discovered around 7 p.m. Saturday inside a foreclosed home located at 8917 Kittyhawk Avenue.

Police at the scene said a real estate agent was preparing to show the three-bedroom, two-bath house when she discovered the key was missing from the lockbox.

The agent then went with the client to the backyard and noticed a window had been broken.

Upon further investigation, they found the body of a man lying motionless on the living room floor, officials said.

The real estate agent called police, who had to wear masks inside the home because of the odor.

Paramedics pronounced the victim dead at the scene.

The coroner removed the body from the home around 10:30 p.m. An autopsy was being performed to determine the cause of death.

Police detectives called the death a homicide, and said a white car on the street may have belonged to the victim. Detectives towed the car to a police station for further investigation.

Family members tell KTLA that Contreras was stabbed multiple times.

It wasn’t immediately clear if Contreras was killed inside the house.

Investigators, searching for a motive in the murder, say Contreras was not robbed and still had his wallet, wedding ring and other personal belongings, including a lap top, in his possession.

The 1900-square foot house is owned by the bank and was being listed by the Modern Realty Co. for more than a half-million dollars.

Each day I turn on the television and watch all the real estate shows featuring the best of the best.  Clean pools, manicured gardens and grasses, presitne homes.  Well the real world is not like that.  Most properties sold in the market are in a very “RAW” state.  Last I checked, most everyone I speak to is looking for a “DEAL”.  Raw Real Estate Today is a little quirky little show that shows you real property in it’s raw state.  If you are an investor, first time buyer or savy real estate tycoon, we got something for you.  Tune in weekly to our outta the box, you-nique, internet real estate show featuring foreclosure, probates, REO’s, Multi-family deals and much more.   Trust me there will be some great deals on this show.

Click on the link in my video box above and check out a very RAW property today!

“RAW REAL ESTATE TODAY”

with  BUTCH GRIMES

Everyones is always aksing me. What is podcasting. I have a simple answer. Podcasting is downloadable media. In short, it is like having your own radio show that can be uploaded to an IPOD or any feed aggregator. That’s why they call it podcasting.

I was really honored to be asked to speak at the CAR convention in Anaheim last week on Podcasting and Blogging and was sitting here writing and felt compelled to continue to carry the torch for real estate professionals and consumers alike to better educate each other. Therefore, i decided to drop a few words into this blog.

With the market changing and the increase in foreclosures and REO’s (Real Estate Owned-Bank owned Properties), It is important for real estate professionals and consumers to reach out and touch each other with this new media. Real Estate Professionals need to become better “EDUCATIONAL AMBASSADORS” and consumers need to reach out and educate themselves a well. The finger pointing must stop. We are all in this together. A great deal of the problems that have taken place in the real estate industry today is because of lack of education.There have been a few bad offenders and a lot of folks that say they didn’t understand……. That’s no excuse. Therefore, it’s time for us to stop reading the bad press about our industry and stop getting down on the industry and ourselves. There is still a great deal of business out here to be had. There is plenty for everyone. We can’t go get it, if don’t let folks know we are still in business.

NOW IS THE TIME TO MARKET LIKE CRAZY AND EDUCATE OUR CUSTOMERS.

That wasn’t really the reason for Blogging on this issue, the issue was to make sure more folks learn about “PODCASTING” what a great way to cast a big net to get a bigger catch. Podcasting has defintely helped me to BRAND myself and bring more referrals in. As an educational ambassador, I am not selling! I am educating! Thinkl about it, no one wants to be sold. DO YOU? Of course not, you want to be educated! PODCASTING is the new big eye catching technology piece to help many real estate professionals to get back into the game. In my next blog, I am going to talk about making money with your podcast.

YES, MAKING MONEY WITH A PODCAST. 2 INCOMES IS ALWAYS BETTER THEN 1.

YES, I’m sure everyone want’s to know about that! Before, i go any further, don’t forget. Here is a little “BUTCHISM” for you.

“IT’S NOT WHAT YOU KNOW, IT’S NOT WHO YOU KNOW,

IT’S WHO KNOWS YOU”. a little BUTCHISM for you!!

Trust me, Podcasting is getting Bigger by the day. I have more information on my website at http://www.wetalkrealestate.com/ and check out my new book called “PODCASTING FOR REAL ESTATE PROFESSIONALS” by BUTCH GRIMES

Stay tuned to how to make money with your podcast!

Mortgage lenders may not foreclose while you are on active duty or within 90 days after military service without court approval. A lender would be required to show in court that your ability to repay the debt was not affected by your military service. If you ar having problems and need relief you can go to www.legalassistance.law.af.mil/content/locator.php. There is protection and that protection is under the Servicemembers Civil Relief Act of 2003 (formerly The Soldiers’ and Sailors’ Civil Relief Act of 1940). Reservists, guardsmen and other military personnel can find answers to questions about mortgage payment relief and protection from foreclosure provided by the Servicemembers Civil Relief Act of 2003 (formerly The Soldiers’ and Sailors’ Civil Relief Act of 1940). Who is eligible? The Act applies to active duty military personnel who had a mortgage obligation before enlistment or before being ordered to active duty. This includes: Members of the Army, Navy, Marine Corps, Air Force, Coast Guard Commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration engaged in active service Reservists ordered to report for military service People ordered to report for induction (training) under the Military Selective Service Act Guardsmen called to active service for more than 30 consecutive days. In limited situations, dependents of servicemembers are also entitled to protections. Mortgage lenders Information The mortgage lenders listed below have voluntarily joined the federal government to assist homeowners who are concerned about the future or have suffered due to recent changes in the economy.

If your lender is listed here, you can help protect your home by contacting them immediately! Bank of America (800) 846-2222 (716) 635-2264 Chase Home Finance (800) 848-9136 Chase Home Finance (800) 526-0072 ext. 533 (800) 527-3040 CitiMortgage (800) 926-9783 Countrywide (800) 763-1255 (800) 669-4576 HSBC Mortgage Corporation (800) 338-6441 (888) 648-3124 Irwin Mortgage Corporation (888) 444-6446 James B. Nutter & Company (800) 315-7334 Midland Mortgage (800) 552-3000 (800) 654-4566 Mortgage Service (800) 449-8767 National City Mortgage (800) 367-9305 Principal Residential Mortgage, Inc. (800) 367-6448 (800) 962-4450 Wells Fargo Mortgage (800) 766-0987 Wendover Financial Services Corporation (888) 934-1081 (800) 436-1022 Washington Mutual Home Loans, Inc. (866) 926-8937 (800) 254-3677 This information is provide by a joint efforts of HUD/FHA, Department of Veterans Affairs, Department of Labor, Fannie Mae, Freddie Mac, members of the Mortgage Industry-at-large, and other industry participants.

I really hope this helps those that are in need!!

I always get calls from active duty families that are having hard time weathering the storm or need information. I hope this information is helpful and we really appreciate those service members that have risked their lives for our country. Keep up the great work and be careful.

There are many ways to get your name out there or sale your brand.  Blogging is incredible but can also be very boring. Why not try something different, audio or video blog.  I love to talk on the radio and educate others. Of course,  I have termed myself as the educational ambassador, but it’s nothing wrong with that if you are really passionate about what you do. For instance, I am compelled to help as many people as i can learn about foreclosures or short sales so they can get out of this subprime mess that has plagued our real estate market.  Take some time to audio blog. most people are lazy and don’t want to spend time reading. IPODS, MP3’s, audio devices are churning the market.  Jump on the band wagon and be a part of it.  MAKE SOME NOISE! In my next blogs,  I am going to give you some step by step tips on how to make NOISE and get paid for it.

STAY TUNED!!!

BY THE WAY. PRESS THE ARROW BELOW TO HEAR MY AUDIO BLOG.

[podcast]http://wetalkrealestate.com/blog2/wp-content/uploads/audio/younique_blog_post.mp3[/podcast]

DON’T FORGET TO DROP ME AN E-MAIL AT BUTCH@BUTCHGRIMES.COM.