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Archive for May, 2011

Here is a great tool I’ve found to determine if you qualify for a loan modification:

CheckMyNPV.com is a free (loan modification) tool provided by the United States Department of the Treasury, and the Department of Housing and Urban Development in conjunction with the President Obama Administration.

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, June 4, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

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 I really didn’t think there would be a part 2 to my previous post regarding Strategic Defaults. I had a very public and graphic discussion yesterday with sincere people that are paying their mortgage every month and desire to modify the terms of their loan. There were damning comments to a very large lending institution in the United States, who shall remain nameless. This particular institution was not trying to help. They are more interested in foreclosing and NOT modifying. The sellers were considering a strategic default. These borrowers had to ‘go against’ the right thing to get the banks to notice their situation. As a Realtor, I cannot disclose what they had to do but their method DID modify the terms of their loan. The other question I had for them was how can Realtors get in front of the people who need the help, whether it’s a loan modification or short sale?

I have contacts that get modifications approved. I can sell your home through a short sale and more than likely you will get the relocation costs from Home Affordable Foreclosure Alternatives Program (HAFA), that’s $3,000. I have about an 85% success rate in getting relocation costs. A strategic default remains a bad option.

Here are a few links regarding the HAFA Program:

http://articles.latimes.com/2010/apr/09/local/la-me-tax-break9-2010apr09

http://www.aolnews.com/2010/04/13/homeowners-offered-3-000-to-sell-short/

http://www.housingwire.com/2010/06/01/fannie-mae-announces-its-own-foreclosure-prevention-plan-under-hafa

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, June 4, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

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I just read this article on Strategic Default from 5/13/2011: http://www.dsnews.com/articles/survey-more-underwater-homeowners-open-to-strategic-default-2011-05-13

Strategic default, really? Congress, as I am writing this blog, is thinking of the best way to stop strategic defaulters: deficiency judgments and lawsuits.

Check out these articles:

http://blogs.wsj.com/developments/2010/06/10/congress-may-bar-strategic-defaulters-from-fha-loans/

http://washingtonindependent.com/87547/house-bill-penalizes-strategic-defaulters

And House bill HR 5070

Is a future law suit really worth walking away, especially if you can make your payments? Modify your loan or sell it, don’t harm your future livelihood by walking away. So many homeowners need real help and cannot afford to make a mortgage payments let alone a water bill payment and the more fortunate are walking away and buying new homes. I’m having a real problem with this line of thinking. There are banks that are making an effort to help homeowners who are in distress. And the truly distressed are walking away because it’s the popular trend. The most popular choice is not the best choice. Strategic default IS a bad choice.

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, June 4, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

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Take this Short Sale Poll:

Thank you for taking the short sale poll.

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Avoiding Foreclosure for California Homeowners

New YouTube video

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The Greatest Loan Modification in the World

I honestly want to meet the family that has executed the “Greatest Loan Modification in the World.” Their payments were reduced and the graduated payment increases are truly working for them. I’m a notary signing agent as well as a Realtor. A notary signing agent is a mobile notary that specializes in notarizing signatures on loan documents. Here are some things I found out about loan modifications:

Repayment plans only work well if your financial set back is TEMPORARY because it requires you to have money, just not all of it. This option requires that you are back to the point where you can pay your mortgage and then some. Unfortunately, lenders will not automatically set up a program to bring deficient loans up-to-date. The homeowner must put the plan into motion and provide the lender with the documentation they require to analyze your financial situation. Although lenders do not want to foreclose, they do want to make sure whatever plan to bring accounts current is followed through on.

Many borrowers who have applied for a loan modification were SURPRISED to find out that their mortgage payment actually increased with the new loan terms! 

How can this happen?  Well, for borrowers who had interest only loans or negative amortization loans the result of converting those into fixed rate plans where principal and interest are included often resulted in a HIGHER monthly loan payment.

A beneficial loan modification will offer a very low interest rate-perhaps as low as 2%-for at least 5 years and then GRADUALLY increase until the rate caps at about 4.875%.  Also, the BEST case scenario is when the loan balance is actually reduced to reflect the homes current market value.

Loan modification terms to WATCH OUT for include a temporary “repayment plan” or a balloon payment after a certain period of time. 

Let me know if the Home Affordable Modification Plan (HAMP) is working for anyone out there.

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, June 4, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

Read Full Post »

Apples and Butterflies

Have you ever had a fresh apple from an apple tree? Imagine plucking your favorite apple from an apple orchard, rubbing it on your shirt and taking a bite. What will it taste like? I can think of sweet, juicy, crunchy among other adjectives. Now, what about a field of wildflowers filled with butterflies of various shapes, colors and sizes. Does a field of butterflies fill you will joy, happiness or wonder? What did you feel when you signed the papers for your first house? What adjectives come to mind? How about when you turned the key in the lock for the first time? Or when you slept in your new neighborhood and woke up the next morning? Maybe it wasn’t apples and butterflies but it was a great feeling, wasn’t it?

It was a house you never thought you would have to let go of. The end of your financial story is not like “It’s a Wonderful Life.” George Bailey’s story ends with a table full of money from all of his family and friends and all of his financial troubles were wisked away. Life has its challenges and ups and downs. The economy were in is not for the faint of heart. For some there is a cross roads and a choice has to be made, keep the house or sell the house. Wouldn’t you do everything you could to protect your asset? In psychology, there is a condition of fight or flight. If you are faced with a difficult challenge our human nature says to fight or flee (flight). Many homeowner’s have fled. Other have attempted to fight, through loan modification and when it failed they fled. One of two options will work, either a loan modification or short sale. Learn what your options are in this market. You can get through this and its not the end. Ask for the help.

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, June 4, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

Read Full Post »