Homeowner Foreclosure Audio CD Help

Housing plan details which borrowers get help

2009-03-14T11:38:00.000-04:00

John W. Schoen Senior producer The Obama administration’s plan to help head off millions of foreclosures came into clearer focus Wednesday when the government issued detailed guidelines governing which homeowners will qualify and how lenders will go about refinancing their mortgages. But Treasury officials conceded it may not know for some time just how many of the estimated 9 million borrowers targeted by the $75 billion plan will be able to stay in their homes.“It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets,” Treasury Secretary Timothy Geithner said in a statement.

Foreclosure scam artists rarely face jail time

2009-03-14T11:37:00.000-04:00

LAS VEGAS - They call themselves loan modification consultants, negotiators or specialists. Some are legitimate, but many are simple con artists looking for desperate marks facing foreclosure amid the wreckage of the nation's housing market. It's a good business, too, since in most states, there's not much of a chance they'll ever end up before a judge facing any time in jail. "It's difficult for us to get prosecutors to do the investigations on misdemeanors," said North Carolina Attorney General Roy Cooper.

House OKs bill to let judges rewrite mortgages

2009-03-14T11:36:00.000-04:00

WASHINGTON - The House has passed legislation to give debt-strapped homeowners a chance to win lower mortgage payments through bankruptcy courts. The vote was 234-191 to approve the measure. It faces a tough road in the Senate, where Republicans and some Democrats oppose the idea. The bill gives bankruptcy judges new power to reduce the interest rate and principal on a home mortgage. It's part of President Obama's housing rescue plan.

The new rules of mortgage lending. Shopping for a home loan? Things have changed - here's what you need to consider. CNN

2009-02-09T12:55:00.003-05:00

The home you save could be your own. In foreclosure crisis, more Americans representing themselves in court. By Mike Stuckey Senior news editor msnbc.

2009-02-07T01:20:00.009-05:00

Fight building over judges redoing mortgages. Lending industry, other businesses fighting moves in Congress. Bank repo, foreclosure and for sale signs

2009-02-07T01:16:00.003-05:00

Fannie Mae may need another $16 billion in aid. Mortgage giant was seized by regulators in last fall as losses mounted. WASHINGTON - Mortgage finance

2009-02-06T22:31:00.004-05:00

Foreclosure!!! I Don't Have Money To Hire Anyone.

2008-12-29T16:41:00.014-05:00

I would like to answer some FAQ's I have been receiving this week. I plan to answer FAQ's as they come in on a daily basis or weekly basis. I welcome your Questions. (Q) Do I need to Hire an Attorney to Avoid Foreclosure? (A) No! You can avoid Foreclosure and Salvage your Credit on your own. Only If you know what you need to do and when to do it. Educate Yourself. The Key is knowing the True Fact's to Escape Foreclosure. If you have the funds to Hire an Attorney. Hire them. If you do not have the funds to hire an Attorney. Order My CD or Speak to a Realtor. (Q) I'm getting calls from Loss Mitigation Services and they say they can Help me. Should I trust them? (A) There are honest, ethical companies out there. But Be Careful. Here's the problem if some so called Loss Mitigation service wants Hundreds to Thousands of dollars up front from you to help you. I would really think Twice about that. It may be a SCAM. I would check with the BBB to see if they have had any complaints toward them. Or if they're even a member. I would also ask Real Estate Professionals to see if they have heard of that company. A Message to All Homeowners Facing Foreclosure. You can avoid a Foreclosure on your own and Salvage your Credit. Do not let anyone tell you anything different. Just get educated. Its not as hard as you may believe. Matter of fact Let me Help you Help yourself. Will Weaver Nation Real Estate Educator/ Real Estate Professional. WILL WEAVER Will has over 12 years of real estate experience. He's a National Real Estate Educator. Will brings an enormous amount of expertise in the field of Avoiding Foreclosure & Short Sales and truly teaches from experience—not theory. His work with lenders and sellers in this arena brings him great pride as he has had the ability to bring hope to clients in tough situations. It is an incredible joy to now bring those processes, tools and strategies to real estate professionals and Homeowners across the nation. Will can be reached at http://www.househelp101.com/

Short Sales Can and Do Make a Difference

2008-10-16T18:27:00.000-04:00

A Personal Look at This Industry Trend

By Short Sale Specialist Will Weaver

On any given day, I receive three to four calls from people who are in foreclosure and find themselves in a frightening whirlwind of red tape, debt and decisions most feel too overwhelmed to absorb. Many I meet have been met with brick walls, intimidation and apathy and are truly desperately in need of an ally. Those are the days when you know that having a job that helps people can be extraordinarily rewarding and that providing solutions can and does make a difference.

I listed a property with a woman who had lost her job, her family and was just about to lose her home. With a debt of $410,000 in a deflated market, we managed to sell the home for $305,000. While that might not sound like a joyous ending to most people, in this situation, the lender was happy to accept the offer and not seek a deficiency and the homeowner happy to have the weight of the world off her shoulders and the capacity to move on with her life. Across the closing table you could actually see the light come on in her eyes again, she cried and the experience once again solidified how important and incredible it is to be a resource for today’s consumers.

There are so many questions to be answered for agents and sellers alike across the nation. I hear them in my workshops, see them on blogs and message boards and certainly they are reflected in media publications far and wide. The top three from my experience and my best answer for each are as follows:

How do you justify the list and sale price for a short sale? You don’t. It is not up to you as the REALTOR^® to justify either. The lender just needs an offer. It is then their job to look at everything, analyze the numbers, determine how much has been paid, interest earned, etc. It is your job to present the offer. It is when agents try to be all things to all people in this situation that they begin to muddy the waters. So, it is vitally important that you are the REALTOR^® and nothing else.
What advice do you have for someone who wants to file bankruptcy because of a foreclosure? I would recommend that they talk to their tax advisor first. The reason being that they may not have much by way of additional debt such as credit cards, etc. and sometimes filing bankruptcy can create more damage to their credit than a short sale. Each situation is different and carries its own set of entanglements. We are not bankruptcy attorneys or tax advisors but always caution consumers to get the best professional advice possible before making a decision of that nature.
Can a real estate agent do a short sale on their own property? I would strongly advise against it. I would tell that agent to refer their property to another associate. Why? Because it avoids conflict of interest, lenders prefer to work with a third party negotiator and finally – it is just too personal. The ability to look at these cases objectively is critical for everyone involved.

The decision to become a short sale specialist for some agents is a very personal one. For others it seems like a viable business opportunity. For me, it was a couple of reasons. One, the market in the Detroit area was declining at a rapid rate and I needed to make an income. I also began to see the effect that decline had on honest, hard-working people. The economy shifted, corporations began laying people off in record numbers and good people were losing their homes. I felt it was my duty as a real estate professional to do what was within my power to help them save their credit.

From a speaking standpoint, I saw an industry trend of seminar after seminar pop up teaching agents and investors how to take advantage or essentially steal people’s homes. There was also an influx of companies out there claiming to be “Loss Mitigation Services,” stating that they had relationships with all the banks. As a REALTOR^®, I knew that just wasn’t true. As a speaker, I wanted to teach agents what is true, and a step-by-step process for helping their customers in their market area out of a tough circumstance. In my experience, lenders prefer to work with REALTORS^® rather than investors or Loss Mitigators for four reasons:

We are licensed by the state.
We adhere to a code of ethics.
We carry E & O (errors and omissions) insurance.
We have too much to lose. As licensed professionals we are less likely to commit fraud for fear of losing our ability to practice real estate.

As an organization, Floyd Wickman and our entire team have always made it our mission to bring the best possible tools to the table for real estate professionals. We saw good agent after good agent having to leave the industry they loved for lack of business in a shifting economy. Sharing with them ways that they could stay in real estate, earn a living and help the customers they had dedicated their careers to is something we are passionate about.

There is a very real connection made when you work with families in crisis like this. I helped a gentleman who, because of an auto accident, had extensive liens on his property and no viable source for work and was facing foreclosure. We sold his home, the lender accepted the offer, removed the liens and now that nice man is restarting his life in another area.

Matt Hodges from Exit Realty shared this recent experience with me. “I went to Will's seminar about 2 months ago and it sparked interest with me. Obviously in this market "traditional" real estate was getting harder and harder. As a brand new agent, I knew I needed an edge in order to compete and survive. Will showed me a way to get listings that were almost guaranteed to sell if you price them right, and that is the great thing about it, you have more control to price it to sell quickly even in a down market.

In the two months since the seminar I have created five new listings and helped two of my existing clients go thought the process. I have closed three of these so far and predict many more on the horizon. In fact just this week I have had three homeowners call me and asked me for help.”

There are literally hundreds of stories just like these that I could share about the magic of seeing that light come on for people when they realize that they have options to survive the storms they are facing. So, if you, like me, want to learn first hand how short sales really do make a difference, I am happy to help, and I wish you every success.

WILL WEAVER Will has over 12 years of real estate experience and is a three time graduate of Floyd’s results getting training systems. He is also a Floyd Wickman Certified Trainer and Speaker. Will brings an enormous amount of expertise in the field of Short Sales and truly teaches from experience—not theory. His work with lenders and sellers in this arena brings him great pride as he has had the ability to bring hope to clients in tough situations. It is an incredible joy to now bring those processes, tools and strategies to real estate professionals across the nations who look to offer that same kind of hope to their customers. Will can be reached at www.willshortsale.com

The American Dream.

2008-10-15T19:14:00.002-04:00

Understanding the economy’s toll on the American Dream and how dedicated REALTORS^® can make a difference

An insightful Q&A session with Julie Escobar and Will Weaver

These are challenging times, to be sure. Our economic conditions, market fluctuations and, of course, the extraordinary efforts our media puts forth to fuel the negative all play a part in what has become a “perfect storm” for consumer fear and information. Perhaps none as evident as the market in Detroit, Michigan.

It’s there that I caught up with national speaker & Real Estate Agent Will Weaver. To discuss how that perfect storm affects our ability as a nation to realize the American Dream. Here are a few excerpts from that conversation:

Q: Will, you have an interesting take on what you believe to be the American Dream. Can you share that with our readers?

A: The American Dream means something different for everyone, really. Some would say it’s freedom or the pursuit of happiness, or the ability to work hard and get paid accordingly. Others believe home ownership defines the phrase. I believe it’s all of those things and more. In fact, historian and writer James Truslow Adams coined the phrase “The American Dream” in his 1931 book The Epic of America and shared that it is "that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.”

Unfortunately, today’s shifting economy has created shortcomings and loss for many consumers who are working hard to live richer, fuller lives yet find themselves losing jobs, family and homes. What’s more unfortunate is that so many feel like they are all alone, with nowhere and no one to turn to for help.

Q: It’s something that affects so many people these days, Will. I know that you and a team of Floyd Wickman trainers specialize in teaching real estate professionals how to really be there for their customers with the information and resources they need to keep their heads above water. What can you share with them here?

A: First of all, get educated so you can educate. So many customers are in the dark as to their legal rights and the options that are available to them. They’re starving for information and an ally they can trust. I urge all real estate professionals to be both for them. A partner and I recently ran a full-page ad in four local papers inviting consumers to a free workshop called What Every Homeowner Needs to Know About Foreclosures and Short Sales. The response was tremendous, and the opportunity to really help some folks in need was priceless.

Q: What should agents teach their customers about those two things?

A: What worked for us was starting with a relatively simple format. Our goal was to give them the basics they needed to make the right decisions for their families. It’s always amazing to me to see the “light bulbs” go on for people who realize that there really is hope.

We covered a handful of important topics, including:

Definition of a short sale
The Top 10 short sale situations
Why a short sale is a win
Short sales vs. foreclosure
Steps to a short sale
Three stages of a short sale

Q: Well, then, I guess that begs the next question: “What is the definition of a short sale?”

A: Good question! The “short” in short sale actually refers to the fact that the payoff amount agreed to in the transaction is “shorter” than the mortgage balance on the property. Simply put, there is more owed on the home than it will sell for.

Q: And how about sharing the “Top 10” list with us?

A: I’m happy to! The Top 10 hardship situations are:

health issues

rate increase (3-5 year ARM expiration)

predatory lending/borrowing
divorce/separation
overextension of credit/number of mortgages
job loss or transfer
two house payments
distressed sellers
declining market
pre-foreclosures

Q: Short sale is a scary term for those who don’t understand what they are and how they work. Can you tell us why they can be considered a “win” for many of today’s distressed homeowners?

A: Short sales can be a win because they can provide a way to avoid foreclosure and, in many cases, bankruptcy. It’s important to note the differences in terms of the long-term effects on consumer credit. Let’s take a look at short sales vs. foreclosures:

Short Sale

negotiated settlement
seller’s credit bruised
no attorney fees
peace of mind
buy again in two years
liens negotiated

Foreclosure

court settlement
seller’s credit ruined
big attorney fees
no peace of mind
buy again in 10 years
all liens exhausted

Q: That sure makes short sales look like a much better option for many. Do you have time to take us through the steps of a short sale?

A: To start, it’s important for consumers to find an advocate–agent they can really trust who will walk them through this often-emotional process. I would say that’s definitely the first step. Here they all are in a nutshell:

Talk to a REALTOR^®
List the property
Gather the needed information
Complete a hardship package
Get an offer accepted

Q: You mentioned three stages earlier. What are you referring to there?

A: There are three stages of foreclosure: pre-foreclosure, foreclosure and post-foreclosure. It is in this initial phase that we can help so many people lessen their credit damage, get out from under a tough situation and move on to the next stage of their lives. That offers great relief.

Q: There’s no doubt a lot of fine print that real estate professionals need to comprehend to be the best resource possible for their clients. Can we visit those in a future article, and can you tell agents how they can reach you to learn how to become the “short sale specialist” in their area?

A: Absolutely. I’m happy to help. There is a lot of fine print. As the old saying goes, “The devil’s in the details!” In our next article, we’ll explore:

the components of a hardship package
the benefits to a lender
why lenders prefer to work with REALTORS^®
the truth about loss mitigation companies
when a short sale isn’t a good idea
how commissions are paid

I think it’s our job and our responsibility to help protect the American Dream whenever and however we can.

I am reminded of a great quote by President Lincoln: “I am a firm believer in people. If given the truth, they can be depended on to meet any national crisis. The great point is to bring them the real facts.” That’s my passion: to bring people the facts.