ForeclosureNightmare.com

Two-thirds of home sales are either foreclosures or banks taking a loss on the mortgage. This is an amazing statistic right now.  Of the remaining 36%, only 10% are as a result of something we could call a normal selling process. And that is nationwide.  Look at the chart below from Rick Sharga at RealtyTrac. Today we learned from them that foreclosures set a new monthly record of 360,149 properties that received a default or auction notice or were seized last month. One in 355 households got a filing, the highest monthly rate in RealtyTrac records. Many hard-hit areas have rates higher than 1 in 39 homes! Foreclosures are now running about six times higher than just four years ago.  There is little relief in sight, There is typically about one foreclosure for every 6-10 jobs lost. It will be higher this cycle, as so many homebuyers are underwater on their mortgages and have little incentive to try and keep up payments while they are unemployed. Further, there are 500,000 REO-owned homes that are not on the market as of yet (what Sharga calls shadow inventory), and a wave of foreclosures will result from option ARMs and Alt-A loans resetting next year. Note: July’s record numbers are not in the chart below.  You may think from readin the above that now is the best time ever to just sell your house on a short sale, with the mortgage debt relief act only good until 2012, it’s important to take advantage of that credit.  The market isn’t going to improve anytime soon, so it may not make sense to wait it out.

Here are some key points below:

• The market for home purchases can be divided into segments of 26% for damaged REO, 23% for move-in ready REO, 14% for short sales, and [only!] 36% for non-distressed properties. [REO means "real estate owned," typically by a bank as a result of a foreclosure.]
• 43% of homebuyers are first-time homebuyers, 29% are current homeowners (relocation or retirement homes), and another 29% are investors.
• Only 31% of non-REO home sale listings are unforced or optional;

Let us call your bank, and solve your bank issues.  We can help you with numerous scenarios.  If you are interested in doing a short sale please go to www.WeCallYourBank.com

Short Sale Assistance Group discusses if you will qualify for a short sale. A short sale is when the bank is willing to take less than what’s owed on the property. The bank will want to review your financial situation to see if they need to help you out with a short sale. If you want to get started on qualifying with a short sale please go to www.WeCallYourBank.com

The 4 questions are discussed about foreclosure. What is discussed is pre-foreclosure, sheriff sale, redemption period, and your credit. A good point he makes, is that the damage is already done with your credit score once you miss payments. They can discuss your options with you. He discusses how you want to avoid a judgment from your 2nd mortgage. It can take up to 7 years before you can get a new loan after a full foreclosure, whereas with a short sale it’s only 2 years. He talks about getting full satisfaction on your mortgages with the way they do a short sale. Short Sale Assistance Group would like to help you get your short sales done. Please go to www.WeCallYourBank.com

This video discusses how real estate agents can work in the twin cities with Ascendant Realty, LLC and Metro Property Buyers, and get paid commissions. You can plug-in to our system, we have been doing this for many years now, with a high volume of short sales. 85% of the time they are getting the bank discounting the mortgage. They will get you certified to work with them. There is a comparison slide showing the way SSAG does it compared to the normal method that agents do with short sales. The method works great for agents to get full commission with 1/2 of the paperwork. If you are interested in working as an agent with Ascendant Realty, LLC please email info@metropropertybuyers.com

www.WeCallYourBank.com

Short Sale Assistance Group discusses how many people will not qualify for a loan modification. You must have a Fannie Mae or Freddie Mac loan. If you are unemployed you won’t qualify he states. If it’s a rental property, or you have a high debt to income ratio. More than 110% over financed, it probably won’t work for you. Go to www.WeCallYourBank.com to fill out your info to get started on a short sale.

Todd answers some common questions about foreclosure. Todd has been in the financial business over 20+ years. He gives an overview of each process from deed in lieu, bankruptcy, loan modification, etc. Whenever possible you don’t want a bank foreclose if you can help it. He explains how it could take 5-7 years to be able to buy another house. You are better off doing a short sale where the window is as little as 2 years. Please fill out your info at www.WeCallYourBank.com

Todd talks about how 14.7% of all loan modifications are working out. If you make too much money you may not be approved for a loan modification and be turned down. If they can see that a little bit of a lower interest rate still doesn’t fix your problem, you will likely be turned down. You are unlikely to find a loan modification that will lower your principle balance so that is why a short sale is needed.
If you decide a short sale is best for you go to www.wecallyourbank.com

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In this video Todd talks about Credit Counseling.  He talks about common myths and truths about credit counseling. He talks about 90% failure rate on credit counseling.  He talks about missing a payment into the payment plan, and how all of the internet and penalties accrue forward putting you in a worse spot then when you started.

If you want to do a short sale go to www.wecallyourbank.com

Todd Rooker tells you that a lot of the information on the internet about deed in lieu on the internet are probably out dated. It would be based on an older market when real estate was different. He explains that people aren’t getting away scott free with no deficiency these days, the market is different now, the deed-in-lieu has changed from what it meant in the past. He said the most recent ones won’t eliminate late payments. He doesn’t think it gives you good options.

If you owe too much on your house and want to sell on a short sale please go to www.wecallyourbank.com

This video is about bankruptcy, and the implications related to it. This video is about moving forward afterwards. He talks about Chapter 7 and Chapter 13 bankruptcy. He tells you a little about credit counseling and how it affects your credit report. He tells you how bankruptcy sometimes is the best choice.  He talks about how you can get financing within about 2 years after bankruptcy.

If you have questions about your house being foreclosed on or being over financed please go to www.wecallyourbank.com